Market Outlook: Dealer's Diary
Market Outlook: Dealer's Diary
Market Outlook: Dealer's Diary
Dealers Diary
Indian markets are expected to open in green tracking gap up opening in almost
all the Asian indices, after Lawrence Summers dropped from the race to be head of
the Federal Reserve and investors wagered that U.S. monetary policy would stay
easier for longer should the other leading candidate for Fed chair, Janet Yellen, get
the job. In addition, US and Russia reached an agreement to secure Syrias
chemical weapons
The US markets rose on Friday, with the Dow industrials posting their best week
since January, as worries about Syria ebbed and as investors looked to monetarypolicy decision by the Federal Reserve. The Commerce Department released a
report showing 0.2% retail sales growth in the month of August following an
upwardly revised 0.4% increase in July. This disappointing data seemed to
generate some optimism that the Federal Reserve will delay plans to begin scaling
back its asset purchase program at this weeks meeting.
Meanwhile, the domestic markets a volatile session modestly lower on Friday,
weighed down by weak global cues as traders refrained from taking fresh positions
ahead of this week's FOMC meeting. Many analysts expect the central bank to
announce a modest reduction in its bond-buying program at the end of the twoday policy meeting slated to end Wednesday.
The trend deciding level for the day is 19,769 / 5,853 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,863 19,993 / 5,882 5,914 levels. However, if NIFTY trades below
19,769 / 5,853 levels for the first half-an-hour of trade then it may correct up to
19,639 19,546 / 5,821 5,791 levels.
Chg (%)
(Pts)
(Close)
BSE Sensex
(0.2)
Nifty
(0.0)
(0)
5,851
MID CAP
0.6
32
5,629
SMALL CAP
0.6
33
5,509
BSE HC
0.2
15
9,375
BSE PSU
1.9
101
5,574
BANKEX
0.1
15 11,589
AUTO
0.9
94 10,943
METAL
0.5
45
8,459
0.6
49
8,582
(1.4)
(113)
7,802
Chg (%)
(Pts)
(Close)
BSE IT
Global Indices
Dow Jones
NASDAQ
FTSE
Nikkei
Markets Today
Indices
Domestic Indices
(49) 19,733
0.5
75 15,376
0.2
3,722
(0.1)
(5)
6,584
0.1
17 14,405
Hang Sang
(0.2)
(38) 22,915
Straits Times
(0.0)
(1)
3,120
Shanghai Com
(0.9)
(19)
2,236
Chg (%)
(Pts)
(Close)
INFY
(0.7)
(0.3)
$48.0
Indian ADR
S2
S1
PIVOT
R1
R2
WIT
(1.1)
(0.1)
$9.7
SENSEX
19,546
19,639
19,769
19,863
19,993
IBN
1.2
0.4
$30.7
NIFTY
5,791
5,821
5,853
5,882
5,914
HDB
0.6
0.2
$31.9
News Analysis
Advances / Declines
Purch
Sales
Net
MTD
YTD
FII
3,778
2,820
958
6,472
65,685
552
538
14
(823)
(14,241)
Purch
Sales
Net
Open Interest
Index Futures
2,266
2,260
12,674
Stock Futures
1,933
2,118
(184)
28,742
Gainers / Losers
Company
Gainers
Price (`)
chg (%)
Company
Losers
Price (`)
chg (%)
JPPower
17
8.0
Financial Tech
199
(8.4)
NHPC
19
6.5
886
(3.8)
Oriental Bank
172
6.1
Wipro
455
(3.6)
United Brew-$
864
5.9
Pipavav Defence
45
(3.4)
19
5.6
Hindustan Zinc
126
(2.9)
GMR Infra
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NSE
Advances
1,356
777
Declines
1,043
500
155
86
Unchanged
MFs
BSE
Volumes (` cr)
BSE
1,856
NSE
11,035
Market Outlook
September 16, 2013
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Market Outlook
September 16, 2013
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Market Outlook
September 16, 2013
earnings. We maintain our Accumulate rating on the stock with a target price of
`9,096.
Former U.S. treasury secretary Lawrence Summers withdraws name for federal
reserve chairman position
Government asks airlines to reduce cancellation, rescheduling charges
Narendra Modi formally anointed BJP's prime ministerial candidate
Petrol price increased by `1.63 a litre
PowerMin unveils model Bill on distribution responsibility
Corporate News
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
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Market Outlook
September 16, 2013
Global economic events release calendar
Date
Time
Unit
Period
Bloomberg Data
Last Reported Estimated
12:00PM
India
% Change
Aug
5.79
5.70
2:30PM
Aug F
1.30
1.30
6:45PM
US
Industrial Production
Aug
0.04
0.40
2:00PM
UK
CPI (YoY)
% Change
Aug
2.80
2.70
6:00PM
US
% Change
Aug
0.20
0.20
6:00PM
US
Housing Starts
Thousands
Aug
896.00
920.00
6:00PM
US
Building permits
Thousands
Aug
954.00
950.00
11:30PM
US
Sep 18
0.25
0.25
7:30PM
US
Million
Aug
5.39
5.25
11:00AM
India
Sep 20
7.25
--
11:00AM
India
Sep 20
4.00
--
11:00AM
India
Sep 20
6.25
--
7:30PM
Value
Sep A
(15.60)
(14.50)
1:00PM
Value
Sep A
52.80
--
1:00PM
Value
Sep A
51.80
--
7:30PM
US
Consumer Confidence
S.A./ 1985=100
Sep
81.50
81.00
7:30PM
US
Thousands
Aug
394.00
425.00
2:00PM
UK
GDP (YoY)
% Change
2Q F
1.50
--
6:00PM
US
% Change
2Q T
2.50
2.70
6:30AM
China
PMI Manufacturing
Value
Sep
51.00
--
2:00PM
UK
PMI Manufacturing
Value
Sep
57.20
--
Thousands
Sep
7.00
--
Oct 2
0.50
--
Thousands
Sep
169.00
--
October 1, 2013
1:25PM
October 2, 2013
5:15PM
October 4, 2013
6:00PM
US
6:00PM
US
Unnemployment rate
Sep
7.30
--
October 9, 2013
2:00PM
UK
% Change
Aug
(1.60)
--
4:29PM
India
Imports YoY%
% Change
Sep
(0.68)
--
4:29PM
India
Exports YoY%
% Change
Sep
13.00
--
4:30PM
UK
% Ratio
Oct 10
0.50
0.50
4:29PM
China
Exports YoY%
% Change
Sep
7.20
--
7:00AM
China
% Change
Sep
2.60
--
Market Outlook
September 16, 2013
Macro watch
Exhibit 1: Quarterly GDP trends
(%)
(%)
10.0
11.4
9.2
6.0
4.0
2.0
Mfg. PMI
60.0
8.1
7.3
7.2
7.3
Jul-13
Jun-13
May-13
(2.8)
(%)
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
(1.8)
(4.0)
Aug-12
1QFY14
4QFY13
3QFY13
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
(1.0) (0.6)
(0.7)
7.3
Services PMI
58.0
7.3
5.8
5.7
4.8
4.9
4.6
56.0
54.0
52.0
50.0
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
(%)
15.0
46.0
Jun-12
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Sep-12
48.0
Oct-12
Repo rate
(%)
9.00
12.0
CRR
8.00
9.0
7.00
6.0
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Sep-13
Aug-13
Jul-13
Jul-13
Jun-13
May-13
May-13
Apr-13
Mar-13
Mar-13
Feb-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Jan-13
3.00
(9.0)
Jan-13
4.00
(6.0)
Dec-12
(3.0)
Nov-12
5.00
Sep-12
0.0
Nov-12
6.00
3.0
Oct-12
9.0
0.6
(2.0)
2.6
1.5
Apr-13
Feb-13
Jan-13
6.0
3.5
2.5
2.0
Dec-12
6.5
Mar-13
7.5
Nov-12
7.7
Oct-12
8.6
8.4
8.0
9.9
Sep-12
9.5
3QFY10
12.0
11.0
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
Market Outlook
September 16, 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
Neutral
152
2,961
1,674
1,923
13.7
13.7
6.8
7.6
22.4
20.0
4.2
3.7
20.0
19.6
1.9
1.7
United Phosphorus
Buy
134
225
5,909
10,091
11,302
16.5
16.5
19.2
22.5
7.0
5.9
1.1
1.0
17.0
17.2
0.8
0.6
Neutral
303
5,172
3,474
3,952
15.5
15.5
19.0
21.0
15.9
14.4
3.9
3.2
27.2
24.2
1.5
1.3
Apollo Tyres
Neutral
64
3,228
13,409
15,106
11.8
11.6
13.1
15.4
4.9
4.2
0.8
0.7
17.9
17.8
0.4
0.3
Ashok Leyland
Buy
14
18
3,621
12,945
15,049
6.3
8.2
0.2
1.5
78.2
9.1
1.2
1.1
1.1
9.1
0.4
0.3
Automotive Axle#
Neutral
200
303
700
890
8.7
10.7
11.1
25.8
18.0
7.8
1.1
1.0
6.2
13.9
0.5
0.4
Bajaj Auto
Accumulate
1,978
2,115
57,244
22,042
25,399
19.3
19.3
121.1
141.0
16.3
14.0
5.8
4.6
39.4
36.6
2.2
1.8
Bharat Forge
Neutral
258
6,004
5,942
6,417
15.2
15.5
15.6
19.7
16.5
13.1
2.4
2.1
15.4
17.3
1.2
1.0
Bosch India*
Accumulate
8,284
9,096
26,009
9,301
10,895
16.8
18.0
339.9
423.1
24.4
19.6
4.1
3.5
16.6
17.6
2.4
2.0
CEAT
Buy
111
170
400
5,159
5,628
9.3
9.0
43.5
48.6
2.6
2.3
0.4
0.4
18.4
17.5
0.2
0.2
Exide Industries
Buy
127
148
10,833
6,899
7,873
14.7
14.7
7.9
9.0
16.1
14.1
2.8
2.4
18.3
18.0
1.3
1.1
FAG Bearings*
Neutral
1,160
1,928
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
Neutral
2,011
40,152
25,543
28,228
14.5
14.5
110.5
148.1
18.2
13.6
6.9
5.5
40.8
44.9
1.4
1.2
JK Tyre
Buy
89
152
365
7,376
8,262
10.0
9.8
56.0
60.9
1.6
1.5
0.3
0.3
22.7
20.2
0.4
0.4
813
999
50,084
42,003
47,250
12.0
12.2
58.1
66.1
14.0
12.3
2.8
2.4
21.5
20.8
0.9
0.8
1,320
1,571
39,861
45,877
52,733
11.2
11.2
93.0
104.7
14.2
12.6
1.9
1.7
14.2
14.0
0.7
0.6
216
242
12,669
27,905
31,297
7.8
8.0
13.8
16.6
15.7
13.0
4.1
3.2
29.9
27.7
0.6
0.5
20
23
117
1,230
1,398
10.5
10.5
2.3
3.8
8.4
5.1
0.4
0.4
4.8
7.6
0.3
0.3
333
360
13.5
13.7
38.3
41.1
8.7
8.1
2.2
1.7
28.2
23.7
0.5
0.4
6.0
6.2
4.9
5.9
6.3
5.1
1.1
0.9
17.8
19.0
0.1
0.1
Maruti
Buy
Motherson Sumi
Accumulate
Subros
Buy
Tata Motors
Accumulate
TVS Motor
Buy
31
36
1,451
7,659
8,528
ABB*
Sell
550
442
11,662
8,037
9,087
5.8
6.9
12.2
17.0
45.1
32.4
4.3
4.2
9.8
13.1
1.4
1.2
BGR Energy
Neutral
122
881
3,541
4,041
11.8
10.7
21.1
22.9
5.8
5.3
0.7
0.6
21.8
19.5
0.5
0.5
BHEL
Neutral
135
32,994
42,227
38,453
16.0
14.4
18.8
15.0
7.2
9.0
1.5
1.3
21.7
15.4
0.6
0.7
Blue Star
Buy
150
208
1,349
2,941
3,099
3.4
4.2
6.0
9.3
25.1
16.1
3.1
2.7
12.9
18.0
0.6
0.5
Crompton Greaves
Buy
88
103
5,655
13,418
14,654
5.8
6.7
5.8
7.8
15.2
11.3
1.5
1.4
10.1
12.5
0.5
0.5
Jyoti Structures
Neutral
21
170
3,312
3,555
9.0
9.0
4.5
6.5
4.6
3.2
0.2
0.2
5.6
7.7
0.3
0.3
KEC International
Buy
26
36
674
7,709
8,399
6.2
6.9
5.1
8.1
5.1
3.2
0.5
0.5
16.6
21.5
0.3
0.2
Thermax
Neutral
578
6,890
5,832
6,397
9.1
9.6
28.8
32.9
20.1
17.6
3.3
2.9
17.2
17.3
1.1
1.0
1,026
1,225
19,270
11,581
13,009
17.6
19.3
63.9
81.5
16.1
12.6
2.4
2.2
15.6
18.2
1.4
1.2
Capital Goods
Cement
ACC
Buy
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Market Outlook
September 16, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
FY14E
Sales ( cr )
FY15E
FY14E
OPM(%)
FY15E
FY14E
EPS ( )
FY15E
FY14E
PER(x)
FY15E
FY14E
P/BV(x)
FY15E
FY14E
RoE(%)
FY15E
FY14E
EV/Sales(x)
FY15E
Cement
Ambuja Cements
Neutral
181
27,896
9,975
11,409
22.4
23.1
9.4
11.1
19.3
16.2
2.9
2.7
15.7
17.2
2.3
1.9
India Cements
Neutral
49
1,505
4,796
5,357
16.4
16.1
7.3
9.5
6.7
5.2
0.4
0.4
6.4
8.0
0.7
0.6
J K Lakshmi Cement
Buy
64
79
756
2,235
2,684
19.4
21.4
15.0
18.4
4.3
3.5
0.5
0.5
13.2
14.3
0.5
1.0
Madras Cements
Neutral
167
3,968
4,010
4,524
23.5
23.4
14.9
18.3
11.2
9.1
1.5
1.3
14.0
15.2
1.6
1.4
Shree Cement^
Neutral
3,865
13,466
6,316
7,162
26.5
25.7
294.6
340.5
13.1
11.4
2.9
2.3
24.0
22.7
1.6
1.3
UltraTech Cement
Neutral
1,751
48,025
22,021
25,274
22.0
21.6
99.5
113.3
17.6
15.5
2.8
2.4
16.7
16.6
2.2
2.0
49
60
774
1,912
2,131
21.0
21.5
5.0
5.5
9.8
9.0
0.7
0.7
8.8
7.6
1.7
1.8
107
1,715
1,824
2.4
6.2
(2.9)
(0.4)
(2.0)
(16.1)
0.2
0.2
0.5
0.5
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
IRB Infra
Buy
74
106
2,458
3,805
4,248
45.1
45.3
15.0
15.8
4.9
4.7
0.7
0.6
14.5
13.9
2.9
3.1
ITNL
Buy
118
156
2,290
7,423
7,970
27.5
28.7
30.3
32.0
3.9
3.7
0.6
0.5
15.0
14.0
2.4
2.5
IVRCL Infra
Neutral
12
380
5,673
5,892
7.8
7.6
(1.7)
(2.0)
(7.5)
(6.3)
0.2
0.2
0.6
0.6
Jaiprakash Asso.
Neutral
38
8,510
12,946
14,897
24.7
25.6
1.2
2.7
31.2
14.3
0.6
0.6
2.0
4.3
2.5
2.3
Buy
814
1,002
75,288
68,946
78,040
10.0
10.0
49.0
55.2
16.6
14.7
2.4
2.1
14.9
15.3
1.2
1.1
Nagarjuna Const.
Buy
20
30
500
6,167
6,945
8.0
8.2
2.7
3.6
7.3
5.4
0.2
0.2
2.7
3.6
0.4
0.4
Punj Lloyd
Neutral
25
829
12,726
14,226
8.2
8.2
0.9
1.0
29.1
24.4
0.3
0.3
1.0
1.2
0.6
0.6
Sadbhav Engg.
Buy
57
99
859
2,462
2,731
10.6
10.6
5.3
6.0
10.8
9.5
1.0
0.9
9.2
9.6
0.6
0.6
Simplex Infra
Neutral
65
323
6,237
6,908
9.1
9.0
9.9
13.9
6.6
4.7
0.2
0.2
3.7
5.0
0.5
0.5
Unity Infra
Neutral
20
145
2,146
2,339
12.9
13.0
9.3
9.6
2.1
2.0
0.2
0.2
8.0
7.7
0.7
0.7
Allahabad Bank
Neutral
77
3,865
6,843
7,528
2.5
2.5
26.0
30.1
3.0
2.6
0.5
0.4
11.8
12.4
Andhra Bank
Neutral
53
2,991
4,868
5,390
2.4
2.5
12.3
16.6
4.4
3.2
0.4
0.4
7.9
10.0
Axis Bank
Buy
1,021
1,218
47,875
19,280
22,886
3.3
3.3
130.7
157.1
7.8
6.5
1.3
1.1
17.3
18.1
Bank of Baroda
Neutral
521
21,935
15,896
17,947
2.2
2.3
95.4
124.4
5.5
4.2
0.7
0.6
12.0
14.2
Bank of India
Neutral
166
9,871
14,482
16,069
2.3
2.2
55.0
62.2
3.0
2.7
0.4
0.4
13.7
13.9
Bank of Maharashtra
Neutral
38
2,540
4,529
4,780
3.0
2.8
12.3
11.8
3.1
3.3
0.5
0.4
16.5
14.1
Canara Bank
Neutral
225
9,950
11,454
12,378
2.0
2.0
52.4
60.5
4.3
3.7
0.5
0.4
9.8
10.4
Central Bank
Neutral
58
6,079
8,196
9,202
2.4
2.4
6.1
15.9
9.6
3.7
0.7
0.6
5.2
12.8
Corporation Bank
Neutral
270
4,135
5,641
6,083
2.0
2.0
82.7
98.1
3.3
2.8
0.4
0.4
12.6
13.5
Dena Bank
Neutral
51
1,787
3,307
3,531
2.2
2.4
17.5
21.6
2.9
2.4
0.4
0.3
11.9
13.2
Federal Bank
Neutral
297
5,078
2,798
3,250
3.0
3.0
38.1
51.9
7.8
5.7
0.7
0.7
9.8
12.3
Financials
www.angelbroking.com
Market Outlook
September 16, 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
Accumulate
816
908
126,897
8,679
10,350
3.6
3.6
37.5
44.7
21.7
18.3
4.5
4.1
30.1
30.7
HDFC Bank
Buy
636
743
151,955
27,392
33,264
4.6
4.6
36.3
45.1
17.5
14.1
3.5
3.0
21.9
22.8
ICICI Bank
Buy
951
1,126
109,778
25,727
29,969
3.2
3.2
83.2
96.7
11.4
9.8
1.5
1.4
14.9
15.4
IDBI Bank
Neutral
59
7,883
9,598
10,551
2.0
2.0
15.9
22.5
3.7
2.6
0.4
0.3
10.4
13.5
Indian Bank
Neutral
71
3,056
5,940
6,396
2.7
2.7
24.9
32.9
2.9
2.2
0.3
0.3
10.3
12.4
IOB
Neutral
45
4,140
7,692
8,627
2.2
2.3
8.1
15.2
5.5
2.9
0.4
0.3
5.9
10.5
J & K Bank
Neutral
1,179
5,715
3,038
3,370
3.7
3.9
214.2
202.6
5.5
5.8
1.0
0.9
19.8
16.3
Neutral
181
9,150
2,001
2,495
2.2
2.3
23.8
28.8
7.6
6.3
1.3
1.1
17.3
18.2
Oriental Bank
Neutral
162
4,734
6,918
7,459
2.6
2.5
46.7
52.5
3.5
3.1
0.4
0.4
10.8
11.1
Punjab Natl.Bank
Neutral
494
17,467
20,766
23,515
3.4
3.4
135.0
164.8
3.7
3.0
0.6
0.5
14.4
15.7
South Ind.Bank
Neutral
21
2,769
1,800
2,023
2.7
2.7
3.7
4.2
5.6
4.9
0.9
0.8
16.2
16.2
St Bk of India
Neutral
1,658
113,420
65,392
74,467
3.0
3.0
178.5
226.1
9.3
7.3
1.2
1.0
12.1
14.0
Syndicate Bank
Neutral
73
4,385
6,740
7,512
2.5
2.5
21.0
23.5
3.5
3.1
0.4
0.4
12.6
12.8
UCO Bank
Neutral
58
4,377
6,770
7,017
2.8
2.6
14.8
15.5
3.9
3.7
0.7
0.6
14.4
13.5
Union Bank
Neutral
119
7,102
10,458
11,809
2.5
2.5
32.0
40.6
3.7
2.9
0.5
0.4
11.6
13.4
United Bank
Neutral
33
1,237
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
38
1,888
2,718
2,941
1.8
1.9
7.0
9.0
5.4
4.3
0.5
0.4
8.2
9.8
Yes Bank
Neutral
281
10,132
4,417
5,486
2.7
2.8
42.9
49.5
6.6
5.7
1.4
1.2
23.9
22.8
Asian Paints
Neutral
438
41,984
12,332
14,524
16.3
16.1
13.9
16.0
31.5
27.3
10.0
8.0
35.2
32.5
3.3
2.8
Britannia
Neutral
746
8,942
6,422
7,367
6.9
7.3
24.2
29.7
30.9
25.2
10.9
8.4
39.6
37.7
1.4
1.2
Colgate
Neutral
1,219
16,575
3,588
4,130
18.9
19.4
41.2
48.4
29.6
25.2
26.3
20.4
100.0
91.0
4.5
3.8
Dabur India
Neutral
169
29,523
7,183
8,297
16.8
16.9
5.4
6.3
31.7
26.9
11.1
8.8
39.2
36.7
4.1
3.5
GlaxoSmith Con*
Neutral
4,748
19,966
3,617
4,259
16.1
16.4
122.2
148.7
38.9
31.9
12.1
9.7
34.1
33.7
5.1
4.2
Godrej Consumer
Neutral
846
28,789
7,801
9,017
16.2
15.9
25.1
29.7
33.7
28.5
7.3
6.0
24.9
24.2
3.8
3.3
HUL
Neutral
627
135,539
28,415
31,962
13.6
14.1
16.7
18.2
37.6
34.5
36.1
26.2
112.2
88.1
4.6
4.1
ITC
Neutral
336
265,992
34,294
39,991
36.8
37.0
11.3
13.3
29.8
25.2
9.8
7.9
36.1
34.9
7.4
6.3
Marico
Neutral
214
13,793
5,104
5,876
15.1
15.2
7.2
8.6
29.9
24.9
5.8
4.8
21.1
20.9
2.8
2.4
Nestle*
Neutral
4,973
47,951
9,330
10,860
21.8
21.9
123.3
149.7
40.3
33.2
19.8
14.5
56.4
50.3
5.2
4.4
Tata Global
Neutral
151
9,322
8,070
8,958
9.8
9.9
7.6
8.5
19.9
17.7
2.3
2.2
9.3
9.7
1.2
1.0
FMCG
www.angelbroking.com
Market Outlook
September 16, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
FY14E
Sales ( cr )
FY15E
FY14E
OPM(%)
FY15E
FY14E
EPS ( )
FY15E
FY14E
PER(x)
FY15E
FY14E
P/BV(x)
FY15E
FY14E
RoE(%)
FY15E
FY14E
EV/Sales(x)
FY15E
IT
HCL Tech^
Neutral
1,074
74,834
32,266
35,103
23.5
22.6
69.7
74.0
15.4
14.5
4.2
3.4
26.5
23.0
2.1
1.9
Hexaware*
Neutral
126
3,774
2,273
2,575
22.2
21.5
12.4
13.4
10.2
9.4
2.6
2.2
25.4
23.5
1.5
1.3
Infosys
Neutral
3,064
175,952
48,731
52,962
26.9
27.1
180.8
200.3
17.0
15.3
3.7
3.1
20.4
19.3
3.0
2.6
Infotech Enterprises
Neutral
185
2,066
2,128
2,341
17.2
17.6
21.3
23.2
8.7
8.0
1.3
1.2
14.9
14.0
0.6
0.5
KPIT Cummins
Accumulate
147
155
2,839
2,769
3,122
18.3
17.8
15.3
16.6
9.6
8.8
2.0
1.6
20.9
18.4
1.0
0.8
Mindtree
Neutral
1,060
4,404
2,871
3,110
20.4
20.7
102.6
111.2
10.3
9.5
2.5
2.0
24.8
20.3
1.3
1.0
Mphasis&
Neutral
439
9,221
6,826
7,373
18.1
17.2
41.1
43.5
10.7
10.1
1.6
1.4
14.3
14.2
0.9
0.7
NIIT
Neutral
21
353
1,144
1,267
9.0
9.1
4.3
5.4
5.0
4.0
0.5
0.5
10.3
12.0
0.1
Persistent
Reduce
605
570
2,419
1,590
1,774
23.5
23.8
48.5
56.9
12.5
10.6
2.0
1.7
16.4
16.1
1.1
0.9
TCS
Neutral
1,968
385,083
82,186
91,561
30.5
30.0
92.2
103.2
21.3
19.1
7.0
5.6
31.5
29.2
4.5
3.9
Tech Mahindra
Buy
1,310
1,531
30,438
17,823
19,729
22.5
21.4
113.1
117.7
11.6
11.1
3.4
2.7
27.9
22.1
1.4
1.2
Wipro
Neutral
472
116,442
43,610
47,320
21.6
22.2
30.0
33.0
15.8
14.3
3.5
3.0
20.7
19.4
2.2
1.9
D B Corp
Accumulate
251
267
4,606
1,783
1,968
23.8
25.0
13.6
16.0
18.5
15.7
4.5
3.9
22.5
22.9
2.5
2.2
HT Media
Buy
87
112
2,055
2,205
2,380
14.1
14.4
7.6
8.4
11.5
10.4
1.3
1.2
10.7
10.7
0.6
0.5
Jagran Prakashan
Buy
82
104
2,730
1,683
1,845
19.7
20.8
5.9
6.9
14.0
11.9
2.6
2.4
19.4
21.2
1.7
1.5
PVR
Neutral
432
1,716
1,359
1,540
17.3
17.4
17.2
21.6
25.1
20.1
2.5
2.3
10.3
12.0
1.7
1.5
Sun TV Network
Neutral
390
15,377
2,287
2,551
69.7
70.5
20.0
23.3
19.5
16.8
4.8
4.2
26.4
27.3
6.4
5.6
Bhushan Steel
Reduce
478
419
10,816
12,640
15,667
28.5
31.5
25.9
38.6
18.5
12.4
1.1
1.0
6.1
8.5
2.7
2.2
Coal India
Neutral
285
179,953
68,303
69,884
32.5
30.3
27.5
25.0
10.4
11.4
3.9
2.8
40.2
33.1
1.8
1.7
Electrosteel Castings
Buy
12
15
391
1,976
2,017
11.8
12.7
0.1
1.2
187.4
9.9
0.1
0.1
1.9
0.6
0.1
GMDC
Buy
86
115
2,749
1,701
1,985
47.8
48.8
17.4
20.6
5.0
4.2
1.0
0.8
20.7
20.9
1.1
0.8
Hind. Zinc
Buy
130
151
54,824
12,652
13,537
49.3
51.9
15.7
17.5
8.3
7.4
1.5
1.3
19.1
18.3
2.2
1.7
Hindalco
Neutral
111
21,281
95,465 102,491
8.4
9.0
13.9
17.2
8.0
6.5
0.6
0.5
7.6
8.7
0.6
0.5
JSW Steel
Neutral
625
15,098
45,022
48,140
16.0
15.9
68.5
77.0
9.1
8.1
0.8
0.8
9.3
9.7
0.8
0.8
MOIL
Neutral
216
3,631
956
982
42.3
44.3
25.3
26.2
8.6
8.2
1.2
1.1
14.6
13.7
1.1
1.2
Monnet Ispat
Accumulate
127
139
810
2,199
2,575
21.6
22.8
30.7
38.6
4.1
3.3
0.3
0.3
7.7
8.9
1.4
1.1
Nalco
Neutral
33
8,492
7,270
7,521
13.6
13.8
2.8
2.9
11.9
11.4
0.7
0.7
5.9
6.0
0.6
0.6
NMDC
Buy
124
148
49,024
10,992
11,837
67.5
65.5
15.9
16.7
7.8
7.4
1.6
1.4
21.8
20.5
2.4
2.1
SAIL
Neutral
49
20,341
44,060
54,227
9.2
10.9
5.3
6.8
9.3
7.3
0.5
0.5
5.2
6.5
0.7
0.6
Media
www.angelbroking.com
Market Outlook
September 16, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
FY14E
Sales ( cr )
FY15E
FY14E
OPM(%)
FY15E
FY14E
EPS ( )
FY15E
FY14E
PER(x)
FY15E
FY14E
P/BV(x)
FY15E
FY14E
RoE(%)
FY15E
FY14E
EV/Sales(x)
FY15E
54,283
3,817
5,781
12.1
17.7
27.0
29.6
6.8
6.2
0.8
0.7
12.9
12.5
15.0
9.9
9.4
10.5
32.8
53.5
9.2
5.7
0.8
0.7
9.0
13.2
0.5
0.5
Neutral
183
Tata Steel
Buy
303
389
Sarda
Accumulate
89
98
320
1,323
1,398
17.2
17.9
25.3
27.8
3.5
3.2
0.3
0.3
9.5
9.6
0.6
0.5
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Accumulate
32
37
436
2,486
2,637
15.2
15.0
13.7
14.2
2.4
2.3
0.2
0.2
9.1
8.7
0.4
0.4
Reduce
83
78
271
2,171
2,317
14.9
15.8
36.4
46.6
2.3
1.8
0.2
0.2
11.6
13.0
0.5
0.5
Cairn India
Accumulate
319
364
60,944
18,403
17,925
71.9
62.1
62.1
57.4
5.1
5.6
1.1
0.9
22.6
17.8
2.1
1.9
GAIL
Neutral
309
39,171
49,700
48,822
16.0
16.6
32.9
33.4
9.4
9.2
1.4
1.3
15.9
14.4
0.3
0.2
ONGC
Buy
279
350
33.7
36.6
30.0
38.7
9.3
7.2
1.4
1.3
16.0
18.5
1.2
0.9
Reliance Industries
Accumulate
874
953
8.4
8.4
70.3
75.2
12.4
11.6
1.3
1.2
12.0
11.6
0.7
0.6
Gujarat Gas*
Neutral
212
2,715
3,270
3,414
12.8
12.6
22.6
23.1
9.4
9.2
2.5
2.2
28.2
25.6
0.7
0.6
Indraprastha Gas
Neutral
273
3,819
3,656
4,456
21.5
18.6
25.7
26.8
10.6
10.2
2.2
1.9
22.1
19.6
1.1
0.8
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Accumulate
119
135
8,918
39,449
43,315
5.3
5.9
14.1
16.9
8.5
7.0
1.7
1.4
21.7
21.9
0.3
0.3
Buy
50
67
2,822
1,002
1,021
91.4
91.5
8.2
8.4
6.1
6.0
0.8
0.7
14.3
13.0
2.3
2.1
Alembic Pharma
Buy
136
165
2,571
1,736
2,008
17.1
18.9
10.5
13.8
13.0
9.9
4.0
3.0
34.4
34.7
1.6
1.3
Aurobindo Pharma
Buy
183
271
5,322
6,641
7,637
15.9
15.9
17.3
20.6
10.6
8.9
1.7
1.4
19.5
18.9
1.3
1.1
Aventis*
Neutral
2,386
5,496
1,682
1,917
15.6
15.6
91.9
101.7
26.0
23.5
3.7
3.6
15.6
17.1
2.8
2.2
Cadila Healthcare
Buy
664
894
13,598
7,123
8,367
15.5
15.7
37.3
44.7
17.8
14.9
3.7
3.1
22.9
22.9
2.2
1.9
Cipla
Buy
438
504
35,128
9,274
10,796
23.1
23.1
21.0
23.8
20.8
18.4
3.3
2.9
17.2
16.8
3.5
3.0
Dr Reddy's
Accumulate
2,243
2,535
38,123
13,377
15,350
20.4
20.1
112.1
126.6
20.0
17.7
4.3
3.5
23.5
21.8
2.9
2.5
Dishman Pharma
Buy
47
73
380
1,394
1,534
22.5
22.4
14.8
16.6
3.2
2.8
0.3
0.3
10.8
11.0
0.9
0.7
GSK Pharma*
Neutral
2,405
20,371
2,744
2,964
22.0
23.4
59.2
66.6
40.6
36.1
10.1
9.7
24.9
27.5
6.6
6.1
Indoco Remedies
Buy
66
78
608
747
906
15.3
15.3
5.9
7.6
11.2
8.7
1.3
1.2
12.5
14.4
1.0
0.9
Ipca labs
Neutral
695
8,771
3,296
4,087
20.5
21.7
36.8
48.3
18.9
14.4
4.5
3.5
26.5
27.3
2.8
2.3
Lupin
Neutral
866
38,787
11,576
13,855
22.0
22.0
35.8
43.0
24.2
20.1
5.9
4.7
27.1
25.8
3.4
2.8
Ranbaxy*
Reduce
457
426
19,345
10,400
11,331
6.6
8.4
11.4
15.2
40.1
30.1
4.2
3.7
11.1
13.1
2.0
1.7
Sun Pharma
Neutral
556
115,164
13,509
15,846
41.0
41.0
16.5
19.9
33.7
27.9
6.8
5.6
22.0
22.0
8.0
6.7
Power
GIPCL
Accumulate
59
65
889
1,444
1,482
33.4
33.0
13.7
14.8
4.3
4.0
0.5
0.5
12.3
12.0
0.7
0.4
NTPC
Buy
139
163
114,653
75,046
81,780
23.5
23.9
12.7
13.6
11.0
10.2
1.3
1.2
12.2
12.0
2.2
2.2
Buy
149
179
26,556
8,293
9,622
36.5
36.1
5.7
6.7
26.1
22.1
0.9
0.9
3.7
4.1
5.3
4.4
Real Estate
DLF
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Market Outlook
September 16, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
FY14E
Sales ( cr )
FY15E
FY14E
OPM(%)
FY15E
FY14E
EPS ( )
FY15E
FY14E
PER(x)
FY15E
FY14E
P/BV(x)
FY15E
FY14E
RoE(%)
FY15E
FY14E
EV/Sales(x)
FY15E
Buy
417
483
1,703
888
1,002
27.0
29.9
33.9
42.1
12.3
9.9
1.2
1.1
9.9
11.2
2.5
2.2
Bharti Airtel
Accumulate
329
350
131,514
83,535
92,173
32.0
33.1
9.2
12.9
35.9
25.5
2.3
2.1
6.8
8.9
2.3
2.0
Idea Cellular
Neutral
164
54,278
26,717
29,443
30.6
29.8
5.5
6.7
30.1
24.3
3.3
2.9
11.1
12.0
2.4
2.1
Rcom
Neutral
141
29,144
22,050
23,647
30.6
30.8
3.2
5.2
44.2
27.1
0.9
0.8
1.9
3.1
3.0
2.7
Real Estate
MLIFE
Telecom
Others
Abbott India*
Buy
1,379
1,628
2,931
1,788
1,996
12.5
12.7
71.7
81.4
19.2
17.0
3.9
3.3
21.7
21.2
1.4
1.2
Bajaj Electricals
Accumulate
166
184
1,653
3,885
4,472
4.0
5.8
6.8
15.4
24.6
10.8
2.2
1.9
8.8
17.3
0.4
0.4
Cera Sanitaryware
Buy
506
613
640
631
797
14.5
13.7
42.6
51.1
11.9
9.9
2.8
2.3
26.5
25.3
1.0
0.8
Cravatex
Accumulate
267
307
69
248
284
6.5
7.3
27.2
38.2
9.8
7.0
1.6
1.3
15.7
18.5
0.4
0.4
Finolex Cables
Buy
52
68
791
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
301
349
392
2,304
2,649
3.1
3.6
28.0
43.7
10.8
6.9
0.3
0.3
3.1
4.7
0.1
0.1
Goodyear India*
Accumulate
303
345
698
1,458
1,542
8.3
9.0
32.3
37.0
9.4
8.2
1.7
1.5
19.5
19.3
0.3
0.2
Hitachi
Buy
116
153
315
1,080
1,199
8.9
9.1
18.3
19.1
6.3
6.1
1.1
1.0
19.2
17.0
0.4
0.4
2,525
2,232
1,842
2,131
7.7
7.8
111.1
130.9
22.7
19.3
2.9
2.5
13.3
13.9
1.1
1.0
IFB Agro
Accumulate
141
156
127
491
642
12.3
13.8
35.0
50.9
4.0
2.8
0.7
0.5
18.2
21.6
0.2
0.1
ITD Cementation
Buy
158
194
182
1,365
1,502
10.9
11.2
18.2
28.0
8.7
5.7
0.4
0.4
5.1
7.4
0.6
0.5
Jyothy Laboratories
Buy
144
199
2,382
1,244
1,523
14.1
14.2
5.9
10.0
24.2
14.4
2.9
2.5
12.7
18.8
2.3
1.8
MRF
Buy
12,893
16,218
5,468
11,799
12,587
14.1
7.2
7.2
1.5
1.3
23.5
19.2
0.6
0.5
Page Industries
Accumulate
4,097
4,669
4,570
1,059
1,296
19.5
19.8
125.0
155.6
32.8
26.3
16.2
11.9
56.3
52.2
4.4
3.6
Relaxo Footwears
Buy
706
981
847
1,196
1,401
11.9
12.6
55.6
75.4
12.7
9.4
3.0
2.3
27.1
28.1
0.9
0.7
Buy
194
228
182
1,158
1,322
10.6
11.0
60.5
75.9
3.2
2.6
0.5
0.4
16.8
18.1
0.4
0.3
Buy
370
492
651
1,007
1,108
8.4
8.7
30.3
35.1
12.2
10.5
1.4
1.2
11.7
12.2
0.6
0.6
TAJ GVK
Buy
56
108
352
300
319
35.8
36.2
7.9
9.1
7.1
6.2
0.9
0.8
13.9
14.4
1.5
1.2
Buy
275
371
424
814
849
17.0
17.6
64.6
69.2
4.3
4.0
0.6
0.5
14.5
13.8
0.1
(0.1)
TTK Healthcare
Buy
505
632
392
416
481
4.5
6.1
16.2
25.3
31.2
19.9
3.8
3.4
12.6
18.1
0.8
0.7
Tree House
Buy
236
297
850
153
194
53.0
52.8
12.4
15.6
19.1
15.1
2.3
2.0
11.8
13.1
5.7
4.4
TVS Srichakra
Buy
United Spirits
Neutral
Vesuvius India*
Buy
183
230
140
1,591
1,720
6.1
6.4
30.5
38.3
6.0
4.8
0.8
0.7
13.5
15.5
0.3
0.3
2,561
37,216
12,294
14,162
12.0
12.0
42.1
67.7
60.8
37.8
4.3
3.9
9.1
10.7
3.4
2.9
355
439
721
600
638
20.1
19.4
35.7
36.6
10.0
9.7
1.8
1.6
19.4
17.1
1.0
0.9
5.2
0.5
0.5
7.6
9.4
0.7
0.6
HSIL
Buy
85
117
561
2,042
2,363
14.6
14.8
12.3
16.5
6.9
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on September 13, 2013
*Note: Sesa Goa's numbers reflect the standalone Sesa Goa business only. We will revise our numbers once the consolidated entity Sesa- Sterlite is formed.
www.angelbroking.com
Market Outlook
September 16, 2013
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