Market Outlook 30th April 2012

Market Outlook
April 30, 2012
Dealers Diary
The Indian markets are expected to open in green tracking positive cues from
Asian markets.
Domestic Indices
BSE Sensex
0.3
53.1 17,187
Globally, U.S. stocks moved mostly higher over the course of the trading day on
Friday due to some upbeat earnings news as well as a better than expected
reading on consumer sentiment index which came in at 76.4 for April compared to
the Marchs reading of 76.2. The Commerce Department reported U.S. GDP
numbers which increased by 2.2% (expected 2.5%) in the first quarter compared to
the 3.0% growth seen in the fourth quarter CY2011. Most European stock markets
also closed with weekly gains on Friday, after release of U.S. consumer spending
data.
Nifty
0.4
18.4
5,209
MID CAP
0.5
31.5
6,272
SMALL CAP
0.4
28.3
6,726
BSE HC
0.4
26.0
6,778
BSE PSU
1.3
93.4
7,193
BANKEX
0.6
75.2 11,760
AUTO
0.5
47.0 10,575
METAL
0.7
78.9 10,969
Meanwhile, Indian shares ended another lackluster trading session on as the news
of Spain's credit rating and downgrade by S&P prompted investors to take a
cautious stance.
OIL & GAS
0.1
4.3
7,882
BSE IT
0.1
4.2
5,572
(Pts)
(Close)
Markets Today
The trend deciding level for the day is 17,133 / 5,189 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 17,244 17,353 / 5,224 5,258 levels. However, if NIFTY trades below
17,133 / 5,189 levels for the first half-an-hour of trade then it may correct up to
17,024 16,913 / 5,156 5,121 levels.
Dow Jones
0.2
23.7 13,228
NASDAQ
0.6
18.6
3,069
FTSE
0.5
28.4
5,777
Nikkei
(0.4)
(40.9)
9,521
Hang Seng
(0.3)
(68.3) 20,741
Straits Times
(0.1)
(3.2)
2,979
Indices
S2
S1
PIVOT
R1
R2
Shanghai Com
(0.4)
(8.4)
2,396
SENSEX
16,913
17,024
17,133
17,244
17,353
NIFTY
5,121
5,156
5,189
5,224
5,258
Chg (%)
(Pts)
(Close)
0.4
0.2
$47.1
WIT
(0.4)
(0.0)
$9.8
IBN
2.5
0.8
$33.3
HDB
1.6
0.5
$34.4
Indian ADRs
INFY
News Analysis
Global Indices
4QFY2012 Result Reviews ICICI Bank, Axis Bank, HCC

4QFY2012 Result Previews BOI, Dabur, Godrej Consumer, Exide industries,
OBC, Vijaya Bank, KPIT
Chg (%)
Chg (%)
(Pts)
(Close)
Refer detailed news analysis on the following page
Net Inflows (April 26, 2012)
Advances / Declines
` cr
Purch
Sales
Net
MTD
YTD
FII
1,861
1,929
(68)
(749)
44,577
483
477
(409)
(5,983)
MFs
BSE
NSE
1,120
770
Declines
640
502
Unchanged
430
66
Advances
FII Derivatives (April 27, 2012)

` cr
Purch
Sales
Net
Open Interest
Index Futures
1,955
2,058
(103)
11,536
Stock Futures
2,453
2,952
(499)
24,019
Gainers / Losers
Gainers
Company
Losers
Price (`)
chg (%)
Hindustan Copp
291
14.8
Company
CRISIL
MMTC
Apollo Tyres
Price (`)
chg (%)
1,026
(1.8)
744
10.0
92
(1.6)
Lanco Infra
14
8.2
Thermax
444
(1.3)
Chambal Fert
78
5.1
ING Vysya Bank
362
(1.2)
Neyveli Lignite
85
4.5
Siemens
781
(1.2)
www.angelbroking.com
Volumes (` cr)
BSE
1,451
NSE
9,948
Market Outlook
April 30, 2012
Result Reviews
ICICI Bank (CMP: `869 / TP: 1,183 / Upside: 36.1%)
ICICI bank delivered an all-round performance during 4QFY2012, both on the
operating and asset quality front. The banks domestic NIM improved by 27bp
qoq, leading to healthy sequential NII growth of 14.5%. The banks non-interest
income also saw traction during the quarter growing by 17.8% qoq (up 35.8%
yoy). The banks asset quality also improved during 4QFY2012 with both gross
and net NPA levels declining by 2.5% qoq and 9.1% qoq, respectively. Healthy
performances overall resulted in net profit for ICICI bank growing by a strong
31.0% yoy to `1,902cr (up 10.0% qoq). We recommend a buy on the stock with a
target price of `1,183.
Y/E
Op. Inc
NIM
PAT
EPS
ABV
RoA
RoE
P/E
P/ABV
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
22,209
2.8
7,843
67.9
561.4
1.5
14.7 12.8
1.5
FY2014E
26,512
2.8
9,369
81.1
607.4
1.5
16.0 10.7
1.4
March
Axis Bank (CMP: `1,121 / TP: 1,587 / Upside: 41.6%)

Axis bank reported a healthy PAT growth of 25.2% yoy (up 15.9% qoq) to
`1,277cr, which were ahead of our estimates. The banks NIMs declined
sequentially on a qoq basis by 20bp, resulting in a lower operating profit than
estimated by us. However, the bank surprised positively on the asset quality front
with provisioning expenses declining by 67.0% qoq (down 45.2% yoy), resulting in
a healthy bottom-line. Both gross and net NPA levels were down sequentially by
5.7% qoq and 30.8% qoq, respectively. We recommend a buy on the stock with a
target price of `1,587.
Y/E
Op. Inc
NIM
PAT
EPS
ABV
RoA
RoE
P/E
P/ABV
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2013E
16,157
3.2
4,969
116.4
630.8
1.6
20.0
9.6
1.8
FY2014E
19,557
3.2
5,939
139.1
738.0
1.5
20.3
8.1
1.5
March
Maruti Suzuki (CMP: `1,397 / TP: 1,510 / Upside: 8.1%)

For 4QFY2012, Maruti Suzuki (MSIL) reported an in-line opearting performance;
whereas bottom-line was signifiacntly ahead led by steep increase in other income.
Net sales for the quarter registered a strong growth of 17.2% yoy (51.7% qoq) to
`11,727cr aided by 4.9% yoy (50.4% qoq) increase in total volumes (led by new
Swift and Dzire) and 11.7% yoy (1.4% qoq) increase in net average realisation
(driven by superior product mix - higher contribution of diesel vehicles and price
increases). On the operating front, EBITDA margins nosedived 281bp yoy to 7.3%
largely on account of higher raw-material costs (up ~200bp yoy to 79.6% of sales)
due to higher outgo relating to vendor compensation. Employee expenses too
increased 66bp yoy impacted by higher variable pay during the quarter. As a
Market Outlook
April 30, 2012
result operating profit declined 15.3% yoy `859cr. Net profit however, was down
by only 3% yoy to `640cr as substantial increase in other income (up 155% yoy)
boosted the profitability.
At `1,397, MSIL is trading at 18x and 13.9x FY2013E and FY2014E earnings,
respectively. We maintain our Accumulate rating on the stock with a target price
`1,510.
Y/E
Sales
OPM
PAT
March
(` cr)
(%)
(` cr)
FY2013E
42,752
FY2014E
49,296
EPS ROE
EV/EBITDA
EV/Sales
(x)
(x)
(x)
(x)
7.1
2,246 77.7 13.9 18.0
2.4
10.6
0.7
8.0
2,908100.6 15.7 13.9
2.0
7.7
0.6
(`)
P/E P/BV
(%)
HCC (CMP: `20 / TP: - / Upside: -)

For 4QFY2012, HCC continued its poor performance on the numbers front as
expected. On the top-line front, HCCs revenue declined by 3.9% yoy to `1,156cr
against our estimate of `1,022cr. However, it includes ~`166cr (total arbitration
award `256cr) of arbitration award, excluding which it would have stood at
~`990cr. EBITDAM came in at shocking 7.6%, a dip of 680bp yoy and lower
than our estimate of 11.8%. On the earnings front, HCC reported a loss of `54cr
vs. profit of `23cr in 4QFY2011, against our estimate of loss of `23cr owing to
lower EBITDA margin and higher interest cost. Interest cost witnessed an increase
of 39.4% and 6.3% on yoy and qoq basis respectively. The total outstanding order
book stands at `15,336cr (excluding L1 orders of `1,713cr) with dismal order
inflow of `1,889cr (decline of ~44% on yoy basis) for FY2012. Owing to concerns
such as slowdown in order inflow, high debt and stretched working capital, we
remain 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)
FY2013E
4,239
11.1
(109) (1.8) (9.5)
1.2
11.7
1.3
FY2014E
4,522
11.7
(47)
1.3
10.3
1.2
(%)
(0.8) (4.7)
Hexaware (CMP: `130 / TP: - / Upside: -)

For 1QCY2012, Hexaware reported a healthy set of results. Major highlights
of the results were whopping 6.6% qoq volume growth even in a seasonally
soft quarter for IT companies. The USD revenue came in at US$88mn, up
4.7% qoq. In INR terms, revenue came in at `438cr, up 1.5% qoq. The
companys EBITDA and EBIT margins declined by 61bp and 77bp qoq to
22.4% and 20.8%, respectively, majorly due to qoq INR appreciation against
USD. PAT for the quarter stood flat qoq to `88cr. Hexaware has been
outperforming in the mid-cap space since eight quarters by reporting a
scorching 7.7% CQGR. Management has been outperforming its guidance
every quarter and has maintained CY2012 yoy USD revenue growth guidance
of at least 20%. We expect the company to continue its revenue growth on the
back of increasing traction for enterprise services as well as continue its
operational exuberance. We value the company at 12x CY2013E EPS of
Market Outlook
April 30, 2012
`10.7, which gives us a target price of `128. The stock price has run up
significantly and we see limited upside from current levels. We maintain our
Neutral rating on the stock.
Y/E
Sales
OPM
March
(` cr)
(%)
CY2012E
1,821
CY2013E
2,105
PAT EPS ROE

(` cr)
(`)
(%)
P/E P/BV
EV/EBITDA
EV/Sales
(x)
(x)
(x)
(x)
19.0
295 9.8 23.7 13.2
3.1
9.5
1.8
18.6
321 10.7 22.4 12.1
2.7
8.1
1.5
Result Previews
Bank of India
Bank of India is scheduled to announce its 4QFY2012 results today. We expect the
bank to report a decline of 6.5% yoy in net interest income to `2,157cr. The noninterest income of bank is expected to report a moderate growth of 10.4% yoy to
`909cr. Operating expenses are expected to decline by 35.0% yoy to `1,251cr
(high base due to employee provisioning related to pension) expenses in
4QFY2011), leading to 50.6% yoy growth in PPP. Provisioning expenses are
expected to rise by a substantial 76.2% yoy to `842cr, however the net PAT is still
expected to increase by a strong 42.6% yoy. We have a buy rating on the stock
with a target price of `392.
Dabur
Dabur is slated to announce its 4QFY2012 results. For the quarter, we expect
Dabur to post a 17.4% growth in its consolidated Top-line to `1,301cr, driven by
both higher volumes and better realizations. The OPMs are expected to contract by
106bp yoy to 17.5% due to input cost pressures. The Bottom-line is expected to
register a modest growth of 9.7% yoy to `161cr. We recommend a Neutral on the
stock.
Godrej Consumer
Godrej Consumer (GCPL) is slated to announce its 4QFY2012 results. For the
quarter, we expect GCPL to post a strong 28.3% yoy growth in its Top-line to
`1,283cr, driven by healthy performance from both the domestic and international
businesses. The OPMs are expected to remain flat at 17.5%. The Bottom-line is
expected to register a growth of 13.0% yoy to `160cr. We maintain a Neutral on
the stock.
Exide Industries
Exide Industries (EXID) is slated to announce its 4QFY2012 results today. We
expect the top-line to grow by 8% yoy (healthy growth of 6% qoq) to `1,325cr led
largely pick up in the OEM sales. On the operating front, EBITDA margin is
expected to decline by 425bp yoy to 14.5% on account of price cuts carried out in
Market Outlook
April 30, 2012
September 2011 to counter competitive pressures. Hence, bottom line is expected

to post a 20% yoy decline to `130cr. The stock rating is under review.
Oriental Bank of Commerce

Oriental Bank of Commerce is scheduled to announce 4QFY2012 results today.
The Net Interest Income is expected to grow by a healthy 16.8% yoy (muted 3.9%
qoq) to `1,184cr. Non-interest income is expected to increase by 15.8% yoy
(17.6% qoq) to `347cr. Operating expenses are expected to increase by 21.5%
yoy (decline by 6.0% qoq) to `571cr. While pre-provision profit is expected to
increase by 13.8% yoy (16.0% qoq), Provisioning expenses are expected to decline
by 39.0% yoy and 10.2% qoq. We expect the net profit of the bank to increase by
25.3% yoy (18.0% qoq) to `418cr. At the CMP the stock is trading at 0.5x
FY2014E P/ABV. We recommend Buy on the stock with a Target Price of `296.
Vijaya Bank
Vijaya bank is scheduled to announce 4QFY2012 results. Net interest income is
expected to grow at a muted 2.8% yoy (3.6% qoq) to `492cr. Non-interest income
is expected to decline by 3.0% yoy (increase by 19.8% qoq) to `139cr.
Consequently, the operating income is expected to increase by 1.5% yoy (6.8%
qoq) to `630cr. The operating expenses are expected to decline by 36.6% yoy to
`324cr on account of higher pension related provisioning in 4QFY2011.
Reduction in operating expenses would aid pre-provisioning profit to grow by
178.3% yoy to `306cr. Provisioning expenses are expected to increase by 55.2%
yoy to `133cr (decline by 20.4% qoq). Consequently, the net profit is expected to
increase by 138.8% yoy (4.0% qoq) to `129cr. At the CMP, the stock is trading at
valuations of 0.7x FY2014E ABV. We recommend Neutral on the stock.
KPIT
KPIT Cummins Infosystems (KPIT) is slated to announce its 4QFY2012 results
today. We expect the company to post revenue of US$95.8mn, up 30.4% aided by
revenues coming in from Systime acquisition. In rupee terms, the revenue is
expected to come in at `481cr, up 27.0% qoq. EBITDA margin is expected to
expand to remain almost flat qoq at 15.4% as Systime had EBITDA margin in
single digits. PAT is expected to come in at `38cr. We maintain Accumulate rating
on the stock with a target price of `98.
Market Outlook
April 30, 2012
Quarterly Bloomberg Brokers Consensus Estimates

Exide Industries - (30/04/2012)
Particulars (` cr)
4Q FY12E
4Q FY11
y-o-y (%)
3Q FY12
q-o-q (%)
1,353
1,226
10
1,250
EBITDA
209
222
(6)
166
26
EBITDA margin (%)
15.4
18.1
Net profit
135
163
Net sales
13.2
(17)
104
30
Bank of India Ltd - (30/04/2012)

Particulars (` cr)
Net profit
4Q FY12E
4Q FY11
700
y-o-y (%)
494
42
3Q FY12
q-o-q (%)
716
(2)
United Phosphorous Ltd - Consolidated- (30/04/2012)

Particulars (` cr)
4Q FY12E
4Q FY11
y-o-y (%)
3Q FY12
q-o-q (%)
1,915
1,805
1,872
EBITDA
348
317
10
348
(0)
EBITDA margin (%)
18.2
17.5
Net profit
164
217
Net sales
18.6
(25)
112
45
Dabur India Ltd - Consolidated- (30/04/2012)

Particulars (` cr)
Net sales
4Q FY12E
4Q FY11
y-o-y (%)
3Q FY12
q-o-q (%)
1,345
1,116
21
1,453
(7)
19
232
(3)
EBITDA
224
188
EBITDA margin (%)
16.7
16.9
Net profit
161
147
10
173
(7)
4Q FY12E
4Q FY11
y-o-y (%)
3Q FY12
q-o-q (%)
2,231
1,768
26
2,440
(9)
EBITDA
179
106
68
213
(16)
EBITDA margin (%)
8.0
6.0
Net profit
134
84
60
164
(18)
4Q FY12E
4Q FY11
y-o-y (%)
3Q FY12
q-o-q (%)
5,683
4,899
16
5,770
(2)
EBITDA
819
647
27
970
(16)
EBITDA margin (%)
14.4
13.2
Net profit
653
569
16.0
Titan Industries Ltd - (30/04/2012)

Particulars (` cr)
Net sales
8.7
Hindustan Unilever Ltd - (01/05/2012)

Particulars (` cr)
Net sales
16.8
15
754
(13)
Market Outlook
April 30, 2012
Hero Moto Corp Ltd - (02/05/2012)

Particulars (` cr)
4Q FY12E
4Q FY11
y-o-y (%)
3Q FY12
q-o-q (%)
5,981
5,351
12
5,984
EBITDA
884
830
943
-6
EBITDA margin (%)
14.8
15.5
Net profit
620
502
Net sales
15.8
24
613
Bharti Airtel Ltd - Consolidated (02/05/2012)

Particulars (` cr)
4Q FY12E
4Q FY11
y-o-y (%)
3Q FY12
q-o-q (%)
18,937
16,265
16
18,477
6,264
5,444
15
5,964
33.1
33.5
1,232
1,401
Net sales
EBITDA
EBITDA margin (%)
Net profit
32.3
(12)
1,011
Economic and Political News
EGoM given sweeping powers on 2G auction

Business confidence improves but input costs a worry: CII
NHAI lines up new road maintenance deals
Corporate News
India Cements to invest `750cr in Tamil Nadu unit expansion

Reliance-RTL JV to launch entertainment channel Thrill
Rajasthan scraps power project tenders won by BHEL
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
22
Market Outlook
April 30, 2012
Result Calendar
Date
Company
May 03, 2012
Titan Inds., Bank of India, Dabur India, Godrej Consumer, Exide Industries, Oriental Bank, United Phosphorus, Areva,
Vijaya Bank, Punj Lloyd, KPIT Cummins, Automotive Axle, Taj GVK
HUL
May 04, 2012
Bharti Airtel, Hero Motocorp
May 05, 2012
Marico, Aventis, KEC International, Finolex Cables
May 06, 2012
Bank of Baroda, Corporation Bank, D B Corp, ITD Cementation
May 07, 2012
Grasim Inds, Allahabad Bank, IOB, Syndicate Bank, UCO Bank, United Bank, Bank of Maharashtra
May 08, 2012
May 09, 2012
HDFC, Bosch India, GlaxoSmith Con, South Ind.Bank
May 10, 2012
Kotak Mah. Bank, Asian Paints, Hindalco, IDFC, Shriram Trans., CEAT
May 11, 2012
Punjab Natl.Bank, Ranbaxy, ABB
May 12, 2012
Lupin, Cadila Healthcare, Apollo Tyres, HEG
May 13, 2012
Dr Reddy's, Thermax
May 14, 2012
May 15, 2012
May 16, 2012
Mundra Port
May 17, 2012
May 02, 2012
Source: Bloomberg, Angel Research
Global economic events release calendar

Date
May 01, 2012
May 02, 2012
May 03, 2012
May 04, 2012
May 10, 2012
May 11, 2012
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported
Estimated
China
PMI Manufacturing
Value
Mar-12
53.10
53.60
India
Imports YoY%
% Change
Feb-12
20.65
--
India
Exports YoY%
% Change
Feb-12
4.28
--
UK
PMI Manufacturing
Value
Mar-12
52.10
51.50
Germany
PMI Manufacturing
Value
Apr-12
46.30
46.30
Germany
Unemployment change (000's)
Thousands
Mar-12
(18.00)
(10.00)
US
Initial Jobless claims
Thousands
21-Apr-12
388.00
379.00
Euro Zone
ECB announces interest rates
Apr-12
1.00
1.00
Germany
PMI Services
US
Change in Nonfarm payrolls
US
Unnemployment rate
China
Exports YoY%
UK
BOE Announces rates
UK
Industrial Production (YoY)
India
Industrial Production YoY
US
Value
Apr-12
52.60
52.60
Thousands
Mar-12
120.00
165.00
Mar-12
8.20
8.20
% Change
Mar-12
8.90
9.10
% Ratio
May-12
0.50
0.50
% Change
Feb-12
(2.30)
--
% Change
Feb-12
4.10
--
Producer Price Index (mom)
% Change
Mar-12
--
0.10
China
Industrial Production (YoY)
% Change
Mar-12
11.90
--
China
% Change
Mar-12
3.60
--
% Change
Mar-12
6.89
--
% Change
Mar-12
0.30
--
May 14, 2012
India
May 15, 2012
US
Consumer Price Index (YoY)

Monthly Wholesale Prices
YoY%
Consumer price index (mom)
Euro Zone
Euro-Zone GDP s.a. (QoQ)
% Change
Dec-11
(0.30)
--
Germany
GDP nsa (YoY)
% Change
Dec-11
1.50
--
Source: Bloomberg, Angel Research
Market Strategy
April 30, 2012
Macro watch
Exhibit1: QuarterlyGDPtrends
(%)
(%)
9.8
10.0
Exhibit2: IIPtrends
12.0
9.4
9.0
8.0
7.5
8.3
7.8
7.6
7.4
8.0
7.7
6.9
5.8
5.3
6.0
7.0
6.0
4.0
6.1
5.9
6.2
3.7
4.1
3.4
2.5
2.5
1.1
2.0
(6.0)
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
Jul-11
Jun-11
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
1QFY10
4QFY09
3QFY09
Source:CSO,AngelResearch
(4.0)
May-11
(2.0)
5.0
Apr-11
Mar-11
6.0
9.5
9.4
10.0
8.5
(5.0)
Source:MOSPI,AngelResearch
Exhibit3: MonthlyWPIinflationtrends
Exhibit4: ManufacturingandservicesPMI
(%)
9.7
9.6
9.5
9.4
9.8
10.0
9.9
Services PMI
58.0
9.5
7.7
8.0
6.9
7.0
6.9
56.0
Source:MOSPI,AngelResearch
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
May-11
Jul-11
Mar-11
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
48.0
Aug-11
0.0
Jul-11
50.0
Jun-11
2.0
May-11
52.0
Apr-11
4.0
Jun-11
54.0
6.0
Apr-11
10.0
Mfg. PMI
60.0
12.0
Source:Market,AngelResearch;Note:Levelabove50indicatesexpansion
Exhibit5: Exportsandimportsgrowthtrends
(%)
Exports yoy growth
Exhibit6: Keypolicyrates
Imports yoy growth
90
(%)
9.00
75
8.00
60
Repo rate
Reverse Repo rate
CRR
8.00
7.00
45
7.00
6.00
30
4.75
5.00
15
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
Jul-11
Jun-11
May-11
Source:RBI,AngelResearch
Mar-12
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
Jul-11
Jun-11
May-11
Apr-11
Mar-11
Source:Bloomberg,AngelResearch
Apr-11
4.00
Market Outlook
April 30, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Agri / Agri Chemical

Rallis
Buy
114
133
2,217
1,570
1,884
17.9
17.9
9.8
11.1
11.6
10.3
2.8
2.3
25.9
24.3
1.4
1.1
United Phosphorus
Buy
114
210
5,243
7,797
8,150
19.7
19.7
16.0
18.6
7.1
6.1
1.1
0.9
16.1
16.4
0.7
0.7
Amara Raja Batteries
Buy
294
345
2,508
2,691
3,032
15.6
15.5
29.4
32.8
10.0
8.9
2.4
1.9
26.5
23.6
0.9
0.7
Apollo Tyres
Accumulate
92
100
4,652
13,580
15,007
10.1
10.2
10.5
12.5
8.8
7.4
1.5
1.2
21.8
30.7
0.5
0.5
Ashok Leyland
Buy
32
37
8,408
15,008
16,906
9.5
9.5
2.6
3.1
12.3
10.2
2.6
2.2
15.5
17.0
0.6
0.6
Automotive Axle
Neutral
526
795
1,211
1,390
11.6
11.4
48.1
55.3
10.9
9.5
2.7
2.2
26.8
25.2
0.7
0.6
Bajaj Auto
Buy
1,594
1,888
46,134
22,362
25,633
19.8
19.0
115.9
125.9
13.8
12.7
5.4
4.3
44.4
37.9
1.7
1.4
Bharat Forge
Buy
316
372
7,361
7,173
7,998
16.3
16.5
22.3
26.6
14.2
11.9
2.7
2.3
21.0
21.0
1.1
0.9
Bosch India
Neutral
8,670
27,222
9,335
10,564
18.3
18.3
394.5
439.3
22.0
19.7
4.4
3.7
20.1
18.7
2.6
2.2
CEAT
Buy
110
140
378
5,057
5,620
5.4
5.6
22.2
31.1
5.0
3.6
0.6
0.5
11.9
16.8
0.3
0.3
Exide Industries
Buy
128
155
10,850
5,812
6,710
16.2
16.5
7.6
8.9
16.9
14.3
3.1
2.7
19.4
19.8
1.5
1.2
FAG Bearings
Neutral
1,550
2,576
1,531
1,748
18.8
18.5
118.0
132.8
13.1
11.7
2.9
2.3
24.0
21.9
1.4
1.2
Hero Motocorp
Neutral
2,184
43,602
25,852
29,106
15.0
15.2
135.0
141.4
16.2
15.4
7.6
5.9
54.5
43.2
1.4
1.1
JK Tyre
Buy
88
113
361
8,058
9,025
5.4
5.5
24.8
32.2
3.5
2.7
0.4
0.3
11.4
13.2
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Accumulate
715
802
43,884
35,095
40,213
10.7
10.5
44.6
48.7
16.0
14.7
2.8
2.5
18.8
18.1
0.9
0.8
1,397
1,510
40,364
42,752
49,296
7.1
8.0
77.7
100.6
18.0
13.9
2.4
2.0
13.9
15.7
0.8
0.6
180
216
6,988
23,342
26,366
7.8
8.2
13.3
18.0
13.6
10.0
3.2
2.6
26.2
28.4
0.5
0.4
Neutral
32
194
1,225
1,393
8.5
8.2
4.2
5.0
7.7
6.5
0.8
0.8
10.3
11.8
0.4
0.3
Tata Motors
Neutral
313
84,259 191,183 213,150
12.6
12.6
38.7
42.9
8.1
7.3
2.8
2.2
39.8
33.9
0.6
0.5
TVS Motor
Buy
39
56
1,855
7,965
8,897
6.4
6.3
5.0
5.6
7.8
7.0
1.4
1.2
18.9
18.3
0.2
0.2
ABB*
Sell
808
503
17,119
8,926
10,220
7.7
7.5
18.6
20.9
43.4
38.6
5.9
5.3
14.5
14.5
1.9
1.6
BGR Energy
Sell
333
274
2,404
4,170
5,396
11.5
10.4
27.2
30.4
12.3
11.0
2.0
1.8
17.3
17.4
1.2
1.1
BHEL
Neutral
229
56,136
46,344
46,916
18.3
18.6
23.5
24.1
9.7
9.5
1.9
1.7
21.3
18.9
1.1
1.0
Blue Star
Buy
185
221
1,662
3,250
3,551
5.9
5.9
12.4
15.8
14.9
11.7
3.0
2.6
21.2
23.8
0.6
0.5
Crompton Greaves
Buy
131
164
8,375
12,936
14,101
9.6
10.0
10.9
11.7
12.0
11.1
2.1
1.8
18.4
17.3
0.7
0.6
Jyoti Structures
Buy
45
67
370
2,622
2,801
10.6
11.0
10.9
13.4
4.1
3.4
0.5
0.4
12.7
13.9
0.3
0.3
KEC International
Buy
58
72
1,500
6,865
7,650
8.5
8.7
9.7
12.1
6.0
4.8
1.2
1.0
27.6
27.0
0.5
0.4
LMW
Buy
1,653
2,609
1,862
2,663
3,130
12.8
12.8
185.0
217.4
8.9
7.6
1.8
1.6
21.2
21.7
0.2
0.2
Thermax
Neutral
445
5,301
5,473
5,497
10.1
9.8
30.4
28.7
14.7
15.5
2.8
2.5
20.5
16.9
0.8
0.8
Maruti
Accumulate
Motherson Sumi
Buy
Subros
Capital Goods
Market Outlook
April 30, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Cement
ACC
Neutral
1,205
22,621
11,018
12,663
19.9
21.2
70.7
81.2
17.1
14.8
3.0
2.7
18.0
19.0
1.8
1.5
Ambuja Cements
Neutral
149
22,851
10,035
11,504
23.5
23.8
10.1
10.6
14.7
14.1
2.9
2.6
18.5
19.4
1.9
1.5
India Cements
Neutral
85
2,619
4,423
4,906
18.2
18.8
9.9
12.7
8.6
6.7
0.7
0.7
8.6
10.5
0.9
0.8
J K Lakshmi Cements
Buy
66
79
804
1,880
2,201
19.0
22.6
12.2
16.4
5.4
4.0
0.6
0.5
11.9
14.3
0.6
1.0
Madras Cements
Neutral
143
3,395
3,434
3,777
25.5
26.1
14.1
18.1
10.1
7.9
1.4
1.2
15.2
16.9
1.6
1.3
Shree Cements
Neutral
2,799
9,750
5,552
6,193
25.7
26.0
130.3
182.0
21.5
15.4
4.4
3.8
19.1
22.3
1.5
1.1
UltraTech Cement
Neutral
1,417
38,845
20,116
22,655
21.3
22.5
82.1
97.5
17.3
14.5
2.7
2.4
16.8
17.4
1.9
1.8
214
302
1,127
2,014
2,294
22.4
22.4
28.4
30.8
7.6
6.9
1.0
0.9
14.1
13.3
2.4
2.6
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
16
289
2,526
2,792
5.7
6.6
1.8
2.8
8.5
5.5
0.5
0.4
5.6
8.2
0.3
0.3
Hind. Const.
Neutral
20
1,231
4,239
4,522
11.1
11.8
(1.8)
(0.8)
(11.3)
(26.0)
1.2
1.3
(9.5)
(4.7)
1.3
1.2
IRB Infra
Buy
170
228
5,644
3,821
4,582
42.3
40.2
15.0
16.9
11.3
10.0
1.7
1.5
16.3
15.9
3.1
2.8
ITNL
Buy
189
265
3,672
6,619
7,263
23.8
24.2
24.7
26.2
7.7
7.2
1.2
1.1
17.0
15.7
2.1
2.2
IVRCL Infra
Buy
62
79
1,645
5,758
6,860
9.2
9.2
4.7
6.0
13.2
10.2
0.8
0.7
6.0
7.3
0.7
0.7
Jaiprakash Asso.
Buy
73
104
15,512
16,017
18,359
24.4
23.5
4.2
5.0
17.4
14.5
1.5
1.4
8.8
9.7
2.3
2.0
Larsen & Toubro
Buy
1,220
1,641
74,716
60,258
69,900
12.1
11.5
70.7
76.3
17.3
16.0
2.6
2.3
16.1
15.2
1.4
1.2
Madhucon Proj
Buy
51
84
375
2,503
2,903
10.7
10.7
5.8
6.6
8.8
7.8
0.6
0.5
6.6
7.0
0.7
0.7
Nagarjuna Const.
Buy
51
76
1,302
5,790
7,022
9.2
9.5
3.5
5.4
14.6
9.4
0.5
0.5
3.7
5.6
0.8
0.8
Patel Engg.
Neutral
104
729
3,609
3,836
13.1
13.1
14.0
14.6
7.4
7.2
0.5
0.4
6.3
6.1
1.1
1.1
Punj Lloyd
Neutral
53
1,760
10,592
12,193
8.4
8.4
2.9
4.6
18.3
11.7
0.6
0.5
3.9
3.1
0.6
0.6
Sadbhav Engg.
Buy
144
199
2,159
2,989
3,315
10.6
10.6
10.2
11.3
14.1
12.7
2.2
1.9
17.6
16.3
0.9
0.8
Simplex Infra
Buy
234
316
1,156
6,732
7,902
9.3
9.6
27.2
35.1
8.6
6.7
0.9
0.8
11.0
12.6
0.5
0.5
Allahabad Bank
Buy
165
205
8,225
7,700
8,677
3.4
3.3
37.4
40.9
4.4
4.0
0.7
0.6
19.0
17.0
Andhra Bank
Neutral
115
6,438
5,284
5,998
3.3
3.2
23.6
27.0
4.9
4.3
0.8
0.7
16.5
16.7
Axis Bank
Buy
1,121
1,587
46,306
16,157
19,557
3.2
3.2
116.4
139.1
9.6
8.1
1.8
1.5
20.0
20.3
Bank of Baroda
Buy
764
943
29,926
16,013
18,849
2.7
2.7
131.4
153.3
5.8
5.0
1.0
0.9
19.7
19.2
Bank of India
Buy
337
392
19,356
13,139
15,255
2.4
2.3
50.0
65.4
6.8
5.2
1.0
0.9
15.1
16.5
Bank of Maharashtra
Buy
51
62
3,019
3,665
4,107
3.5
3.5
10.7
13.5
4.8
3.8
0.7
0.6
17.8
17.5
Canara Bank
Buy
430
532
19,058
12,120
14,009
2.2
2.2
85.7
95.4
5.0
4.5
0.8
0.7
17.2
16.7
Central Bank
Neutral
95
6,978
6,860
7,934
2.4
2.4
13.1
19.9
7.2
4.8
0.9
0.8
10.5
13.8
Financials
Market Outlook
April 30, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Financials
Corporation Bank
Buy
410
508
6,071
5,361
5,995
2.2
2.1
108.3
111.5
3.8
3.7
0.7
0.6
17.9
16.2
Dena Bank
Buy
91
118
3,184
3,003
3,366
3.0
2.9
23.2
25.6
3.9
3.6
0.6
0.6
18.0
16.9
Federal Bank
Neutral
417
7,125
2,766
3,163
3.4
3.3
49.5
57.2
8.4
7.3
1.1
1.0
14.0
14.5
HDFC
Neutral
677
100,092
7,244
8,625
3.3
3.3
31.2
37.2
21.7
18.2
4.3
3.8
34.2
31.3
HDFC Bank
Neutral
543
127,460
21,831
27,477
4.3
4.3
28.3
35.5
19.2
15.3
3.7
3.1
20.8
22.1
ICICI Bank
Buy
869
1,183
99,858
22,209
26,512
2.8
2.8
67.9
81.1
12.8
10.7
1.6
1.4
14.7
16.0
IDBI Bank
Buy
101
117
9,984
8,004
9,589
1.9
2.0
19.9
23.9
5.1
4.2
0.7
0.6
13.8
14.9
Indian Bank
Accumulate
213
240
9,161
6,469
7,244
3.5
3.3
45.5
48.8
4.7
4.4
0.8
0.7
19.6
18.2
IOB
Buy
87
104
6,926
7,328
8,264
2.5
2.5
15.9
21.1
5.5
4.1
0.6
0.5
12.7
13.9
J & K Bank
Neutral
895
4,341
2,420
2,792
3.5
3.6
178.0
195.8
5.0
4.6
0.9
0.8
19.5
18.6
LIC Housing Finance
Accumulate
255
286
12,094
2,108
2,607
2.6
2.6
24.5
30.6
10.4
8.3
1.9
1.7
20.1
21.4
Oriental Bank
Buy
242
296
7,049
6,359
7,218
2.6
2.5
50.8
60.9
4.8
4.0
0.6
0.5
12.5
13.6
Punjab Natl.Bank
Buy
839
1,138
26,587
20,708
24,094
3.5
3.5
156.3
178.7
5.4
4.7
1.0
0.8
19.7
18.5
South Ind.Bank
Neutral
24
2,681
1,368
1,557
2.8
2.7
3.7
3.9
6.5
6.0
1.1
1.0
19.1
17.7
St Bk of India
Buy
2,131
2,593
143,003
69,568
81,445
3.7
3.7
220.9
269.8
9.7
7.9
1.6
1.3
18.9
19.1
Syndicate Bank
Buy
101
128
6,062
7,069
7,961
3.1
3.0
23.3
27.5
4.3
3.7
0.7
0.6
17.4
17.2
UCO Bank
Neutral
76
4,753
5,727
6,443
2.5
2.5
17.8
18.8
4.3
4.0
0.8
0.8
17.8
16.2
Union Bank
Buy
219
266
11,488
10,352
11,988
2.9
2.9
40.7
49.5
5.4
4.4
0.8
0.7
16.8
17.4
United Bank
Buy
65
87
2,352
3,666
4,128
2.9
2.9
18.4
21.7
3.5
3.0
0.6
0.5
15.9
16.0
Vijaya Bank
Neutral
57
2,680
2,678
3,010
2.2
2.2
9.5
11.5
6.0
4.9
0.8
0.7
12.1
13.2
Yes Bank
Buy
350
470
12,346
3,209
4,144
2.7
2.8
33.9
41.5
10.3
8.4
2.2
1.8
23.1
23.3
3,540
33,954
10,961
12,773
16.3
16.3
120.3
142.5
29.4
24.8
9.8
7.7
36.9
34.7
3.0
2.5
561
650
6,707
5,906
6,856
6.9
7.0
22.3
28.3
25.2
19.9
10.3
7.6
45.2
44.1
1.1
1.0
1,120
15,233
3,007
3,417
21.1
22.1
37.7
42.6
29.7
26.3
35.4
28.6
129.4
120.1
4.9
4.4
FMCG
Asian Paints
Neutral
Britannia
Buy
Colgate
Neutral
Dabur India
Neutral
111
19,250
6,010
6,929
17.4
17.6
4.4
5.2
25.0
21.3
9.4
7.6
41.4
42.1
3.2
2.8
GlaxoSmith Con*
Neutral
2,872
12,078
3,111
2,687
16.9
15.8
100.6
86.1
28.6
33.4
8.7
10.6
33.3
33.8
3.6
4.1
Godrej Consumer
Neutral
527
17,920
5,904
6,905
17.8
18.1
22.6
26.9
23.3
19.5
6.4
5.2
29.9
36.3
3.2
2.8
HUL
Neutral
417
90,092
25,546
29,031
15.2
15.3
14.1
16.1
29.6
25.9
22.5
27.9
84.3
76.7
3.4
3.0
ITC
Neutral
247
192,920
28,955
33,595
35.9
35.7
9.2
10.5
26.9
23.5
8.6
7.1
34.8
33.1
6.4
5.5
Market Outlook
April 30, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
( )
Price ( )
( cr )
FY13E
OPM(%)
FY14E
FY13E
FY14E
EPS ( )
FY13E
PER(x)
P/BV(x)
FY14E
FY13E
FY14E
FY13E
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FMCG
Marico
Neutral
179
11,032
4,669
5,467
13.0
12.9
6.8
8.2
26.5
21.9
7.2
5.6
30.5
28.8
2.4
2.0
Nestle*
Neutral
4,710
45,415
8,731
10,539
21.0
21.4
119.3
147.9
39.5
31.9
24.2
16.5
73.0
61.6
5.2
4.3
Tata Global
Buy
116
136
7,198
7,011
7,712
9.7
10.0
6.0
7.1
19.6
16.3
1.8
1.7
8.9
10.2
0.9
0.8
HCL Tech
Accumulate
510
560
35,304
22,792
25,743
17.4
17.4
37.8
43.0
13.5
11.9
3.0
2.5
22.3
21.3
1.5
1.3
Hexaware
Neutral
129
3,823
1,829
2,099
18.7
18.3
9.3
10.4
14.0
12.5
3.0
2.6
22.0
21.6
1.8
1.5
Infosys
Buy
2,397
2,792
137,631
37,615
42,491
31.1
30.6
158.5
174.5
15.1
13.7
3.4
2.9
22.5
20.8
3.0
2.5
Infotech Enterprises
Accumulate
160
177
1,788
1,758
1,972
17.0
16.6
16.8
18.6
9.5
8.6
1.3
1.1
13.6
13.2
0.6
0.5
KPIT Cummins
Buy
84
98
1,496
2,042
2,139
15.2
14.9
9.6
10.9
8.8
7.7
1.5
1.3
19.2
18.0
0.7
0.6
Mahindra Satyam
Buy
75
89
8,832
7,142
8,042
15.4
15.0
7.7
8.3
9.8
9.1
1.4
1.2
13.8
13.0
0.8
0.7
Mindtree
Neutral
573
2,323
2,172
2,450
16.1
15.5
53.9
58.5
10.6
9.8
2.0
1.7
18.9
17.0
0.9
0.7
Mphasis
Buy
367
433
7,702
5,904
6,320
18.3
17.9
38.7
41.2
9.5
8.9
1.4
1.2
14.9
13.7
0.8
0.7
NIIT
Buy
44
61
726
1,105
1,200
16.4
16.9
7.5
9.2
5.8
4.8
1.0
0.9
17.6
19.0
0.4
0.2
Persistent
Neutral
347
1,386
1,098
1,227
22.3
20.8
36.2
39.1
9.6
8.9
1.4
1.2
14.6
13.8
1.0
0.8
TCS
Accumulate
1,203
1,360
235,444
57,294
66,696
29.5
28.9
62.5
69.8
19.2
17.2
6.3
5.2
32.6
29.9
3.9
3.3
Tech Mahindra
Accumulate
693
750
8,830
6,030
6,511
16.3
15.7
81.1
87.0
8.5
8.0
1.7
1.4
20.1
18.0
1.4
1.2
Wipro
Accumulate
406
463
99,924
43,249
48,043
19.7
19.3
27.1
30.3
15.0
13.4
3.0
2.6
20.2
19.3
2.0
1.6
D B Corp
Buy
204
274
3,748
1,656
1,869
26.0
26.8
14.0
16.1
14.6
12.7
3.4
2.8
24.8
24.1
2.2
1.9
HT Media
Buy
129
170
3,031
2,255
2,555
17.8
18.3
10.0
12.0
12.9
10.7
1.8
1.5
14.7
15.4
1.1
0.9
Jagran Prakashan
Buy
100
137
3,156
1,499
1,642
27.4
28.8
7.6
9.1
13.1
11.0
4.4
3.9
34.6
37.7
2.1
1.9
PVR
Neutral
148
384
625
732
17.4
16.9
12.4
15.8
11.9
9.4
1.9
2.0
8.5
9.9
0.8
0.7
Sun TV Network
Neutral
282
11,097
2,135
2,458
75.2
74.4
20.9
24.0
13.5
11.7
3.2
2.7
26.0
25.1
4.2
3.3
Bhushan Steel
Neutral
421
8,936
9,232
13,557
30.8
31.1
48.0
58.6
8.8
7.2
1.1
1.0
14.5
7.5
3.1
2.1
Coal India
Neutral
351
221,925
65,654
71,756
26.8
27.3
24.0
26.3
14.6
13.3
4.0
3.3
30.4
27.0
2.4
2.1
Electrosteel Castings
Buy
21
27
718
1,984
2,074
10.6
12.0
2.7
3.3
7.7
6.3
0.4
0.2
5.2
6.2
0.5
0.4
Hind. Zinc
Accumulate
126
139
53,408
13,043
14,223
51.8
52.8
14.8
16.6
8.5
7.6
1.7
1.4
21.2
19.9
2.4
1.8
Hindalco
Accumulate
120
136
22,936
84,638
88,753
9.6
10.5
15.2
17.3
7.9
6.9
0.7
0.6
8.7
9.2
0.5
0.5
JSW Steel
Neutral
680
15,181
39,161
43,958
17.8
17.9
72.2
89.5
9.4
7.6
0.8
0.8
10.1
11.4
0.6
0.6
MOIL
Neutral
261
4,391
979
1,061
45.7
46.8
24.5
26.6
10.7
9.8
1.6
1.5
16.1
15.8
2.3
2.0
Monnet Ispat
Buy
482
585
3,101
2,986
3,908
22.1
28.9
50.5
83.4
9.5
5.8
1.2
1.0
13.5
19.2
1.9
1.3
IT
Media
Metals & Mining
Market Outlook
April 30, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY13E
OPM(%)
FY14E
FY13E
FY14E
EPS ( )
FY13E
PER(x)
P/BV(x)
RoE(%)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
EV/Sales(x)
FY14E
FY13E
FY14E
Metals & Mining

Nalco
Reduce
NMDC
Accumulate
59
51
15,128
8,276
8,578
12.7
16.4
2.5
3.5
23.2
16.8
1.3
1.2
5.6
7.5
1.4
1.4
176
185
69,640
11,726
12,890
77.8
78.4
18.6
20.6
9.4
8.5
2.2
1.9
26.1
23.8
3.8
3.2
SAIL
Sesa Goa
Accumulate
96
102
39,529
52,461
62,935
18.0
18.8
13.2
14.5
7.3
6.6
0.9
0.8
12.4
12.3
1.1
1.0
Accumulate
185
206
16,113
9,067
9,316
35.7
35.5
44.5
44.3
4.2
4.2
0.9
0.8
23.5
19.5
0.4
0.1
Sterlite Inds
Buy
106
123
35,522
45,805
49,029
21.2
23.5
16.5
19.1
6.4
5.5
0.7
0.6
11.5
12.0
0.4
0.3
Tata Steel
Accumulate
463
503
44,982 141,358 142,265
11.1
13.7
45.8
58.9
10.1
7.9
1.0
0.9
10.0
11.7
0.6
0.6
Cairn India
Accumulate
338
372
64,473
15,513
16,074
74.0
69.7
51.1
48.6
6.6
7.0
1.1
1.0
18.3
14.8
3.0
2.3
GAIL
Buy
330
392
41,885
50,472
55,503
15.3
15.6
35.4
37.0
9.3
8.9
1.6
1.4
18.7
17.0
0.5
0.4
ONGC
Buy
264
319
225,737 148,157 150,563
37.6
39.5
31.0
33.6
8.5
7.9
1.5
1.3
18.8
18.1
1.2
1.0
Reliance Industries
Buy
740
872
242,284 325,734 328,669
10.9
11.7
65.8
70.1
11.3
10.6
1.2
1.1
11.9
11.5
0.7
0.7
Oil & Gas
Pharmaceuticals
Alembic Pharma
Buy
55
95
1,027
1,576
1,813
15.9
16.9
8.2
9.5
6.7
5.7
2.3
1.9
35.0
34.3
0.9
0.8
Aurobindo Pharma
Buy
131
175
3,817
5,243
5,767
14.6
14.6
13.8
14.7
9.5
8.9
1.1
0.5
11.4
10.9
1.1
0.9
Aventis*
Neutral
2,247
5,174
1,401
1,569
15.3
15.0
89.7
110.3
25.0
20.4
4.1
3.3
17.1
15.4
3.1
2.6
Cadila Healthcare
Buy
740
1,016
15,149
6,196
7,443
18.5
19.5
43.3
50.8
17.1
14.6
4.4
3.5
25.4
24.8
2.4
2.0
Cipla
Buy
311
380
24,943
7,006
8,164
20.0
21.2
17.0
19.0
18.3
16.4
3.3
2.9
16.8
18.2
3.6
3.0
Dr Reddy's
Neutral
1,781
30,191
9,183
10,063
25.7
25.1
92.1
89.9
19.3
19.8
4.2
3.6
22.8
18.8
3.4
3.1
Dishman Pharma
Buy
46
91
367
1,282
1,538
17.9
17.9
10.1
13.0
4.5
3.5
0.4
0.3
8.5
10.1
1.0
0.9
GSK Pharma*
Neutral
2,209
18,711
2,788
3,148
35.6
35.2
87.9
96.7
25.1
22.8
8.2
6.8
34.8
32.1
5.9
5.1
Indoco Remedies
Buy
470
665
577
685
837
15.2
15.2
55.5
66.5
8.5
7.1
1.3
1.1
16.4
16.9
1.0
0.9
Ipca labs
Buy
347
443
4,363
2,907
3,541
21.5
21.5
32.7
40.6
10.6
8.5
2.7
2.1
27.8
27.7
1.6
1.3
Lupin
Buy
540
656
24,121
8,272
9,929
19.7
20.0
29.7
32.8
18.2
16.5
4.7
3.7
25.0
22.9
2.9
2.4
Orchid Chemicals
Buy
178
270
1,250
2,143
2,508
21.8
21.8
28.3
38.1
6.3
4.7
1.3
1.0
19.3
23.4
1.5
1.2
Ranbaxy*
Neutral
507
21,420
12,023
12,264
19.9
16.9
41.1
36.9
12.4
13.8
2.6
2.3
30.0
17.6
1.5
1.4
Sun Pharma
Accumulate
599
634
61,717
9,272
11,080
40.3
36.3
26.7
28.8
22.4
20.8
4.6
3.9
22.1
20.8
5.6
4.6
CESC
Buy
250
342
3,129
4,927
5,429
23.8
23.9
41.0
46.2
6.1
5.4
0.6
0.6
10.4
10.7
1.2
1.2
GIPCL
Buy
67
98
1,019
1,557
1,573
28.7
27.5
10.4
10.2
6.5
6.6
0.7
0.6
10.5
9.6
1.1
1.0
NTPC
Buy
162
201
133,948
73,558
84,843
23.4
23.6
12.6
14.1
12.9
11.5
1.6
1.5
13.3
13.6
2.6
2.4
58
78
1,698
657
875
52.0
56.1
8.4
12.7
6.8
4.5
0.4
0.4
6.3
8.9
3.9
2.9
182
30,936
9,878
12,033
44.7
46.1
9.6
13.4
19.0
13.6
1.2
1.2
6.4
8.7
5.6
4.6
Power
Real Estate
Anant Raj
Buy
DLF
Neutral
Market Outlook
April 30, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
79
115
3,327
2,441
3,344
53.0
46.7
21.4
25.4
3.7
3.1
0.3
0.3
8.4
9.1
3.2
2.4
Real Estate
HDIL
Buy
Telecom
Bharti Airtel
Neutral
308
116,793
80,967
88,684
33.1
33.4
17.9
22.0
17.2
14.0
2.0
1.7
11.5
12.5
2.1
1.8
Idea Cellular
Neutral
81
26,702
23,002
25,921
26.6
26.9
3.3
4.6
24.7
17.7
1.9
1.7
7.7
9.7
1.6
1.4
Rcom
Neutral
74
15,356
21,899
23,740
32.7
32.7
4.2
6.7
17.6
11.1
0.4
0.4
2.1
3.2
2.1
1.7
199
245
1,984
3,670
4,384
8.5
8.5
18.3
22.3
10.9
8.9
2.4
2.0
23.9
24.3
0.5
0.5
zOthers
Bajaj Electrical
Buy
CRISIL
Neutral
1,034
7,247
982
1,136
34.3
34.3
34.3
40.0
30.1
25.9
13.6
10.9
50.9
46.9
7.0
5.9
Finolex Cables
Buy
33
60
505
2,341
2,656
8.5
8.8
8.0
10.0
4.2
3.3
0.6
0.5
18.1
20.2
0.2
0.1
Graphite India
Buy
90
116
1,766
2,053
2,437
22.6
22.4
13.5
16.3
6.7
5.5
1.0
0.9
15.4
16.5
1.0
0.8
Greenply
Buy
199
298
479
1,800
2,047
11.1
11.6
34.1
49.6
5.8
4.0
1.1
0.9
20.2
23.7
0.5
0.4
Page Industries
Neutral
3,164
3,529
935
1,168
19.6
19.6
99.7
122.2
31.7
25.9
18.4
14.7
64.2
63.1
3.8
3.0
Sintex
Buy
72
129
1,961
5,219
5,912
16.5
16.9
15.8
21.4
4.6
3.4
0.7
0.6
14.7
17.1
0.6
0.5
Siyaram Silk Mills
Buy
254
439
238
1,045
1,173
12.3
12.4
61.5
73.2
4.1
3.5
0.8
0.7
20.2
20.4
0.5
0.4
SpiceJet
Neutral
30
1,327
5,384
6,443
(1.0)
4.1
(3.4)
2.4
(8.8)
12.6
(12.2)
25.6
0.4
0.4
Taj GVK
Buy
61
116
380
322
355
36.3
35.8
8.3
9.6
7.3
6.3
1.0
0.9
14.5
14.9
1.5
1.3
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on April 27, 2012
Market Outlook
April 30, 2012

Market Outlook 30th April 2012

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Market Outlook 30th April 2012

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Market Outlook

April 30, 2012

OIL & GAS

4QFY2012 Result Reviews ICICI Bank, Axis Bank, HCC

Refer detailed news analysis on the following page

Net Inflows (April 26, 2012)

FII Derivatives (April 27, 2012)

ING Vysya Bank

Axis Bank (CMP: `1,121 / TP: 1,587 / Upside: 41.6%)

Maruti Suzuki (CMP: `1,397 / TP: 1,510 / Upside: 8.1%)

2,246 77.7 13.9 18.0

2,908100.6 15.7 13.9

HCC (CMP: `20 / TP: - / Upside: -)

(109) (1.8) (9.5)

Hexaware (CMP: `130 / TP: - / Upside: -)

PAT EPS ROE

295 9.8 23.7 13.2

321 10.7 22.4 12.1

September 2011 to counter competitive pressures. Hence, bottom line is expected

Oriental Bank of Commerce

Quarterly Bloomberg Brokers Consensus Estimates

EBITDA margin (%)

Bank of India Ltd - (30/04/2012)

United Phosphorous Ltd - Consolidated- (30/04/2012)

EBITDA margin (%)

Dabur India Ltd - Consolidated- (30/04/2012)

EBITDA margin (%)

EBITDA margin (%)

EBITDA margin (%)

Titan Industries Ltd - (30/04/2012)

Hindustan Unilever Ltd - (01/05/2012)

Hero Moto Corp Ltd - (02/05/2012)

EBITDA margin (%)

Bharti Airtel Ltd - Consolidated (02/05/2012)

Economic and Political News

EGoM given sweeping powers on 2G auction

India Cements to invest `750cr in Tamil Nadu unit expansion

May 03, 2012

May 04, 2012

Bharti Airtel, Hero Motocorp

May 05, 2012

Marico, Aventis, KEC International, Finolex Cables

May 06, 2012

Bank of Baroda, Corporation Bank, D B Corp, ITD Cementation

May 07, 2012

May 08, 2012

May 09, 2012

HDFC, Bosch India, GlaxoSmith Con, South Ind.Bank

May 10, 2012

May 11, 2012

Punjab Natl.Bank, Ranbaxy, ABB

May 12, 2012

Lupin, Cadila Healthcare, Apollo Tyres, HEG

May 13, 2012

May 14, 2012

May 15, 2012

May 16, 2012

May 17, 2012

May 02, 2012

Source: Bloomberg, Angel Research

Global economic events release calendar

May 01, 2012

May 02, 2012