Market Outlook 28th Dec

Market Outlook
December 28, 2012
Domestic Indices
Dealers Diary
The Indian market is expected to open flat tracking flattish start to SGX Nifty. Most
Asian markets are however trading in the green on falling consumer prices in
Japan which has raised speculations that the Japanese central bank will respond to
government calls for more asset purchases.
Chg (%)
(Pts)
(Close)
BSE Sensex
(0.5)
(93.7) 19,324
Nifty
(0.6)
(35.5)
5,870
MID CAP
(0.5)
(32.0)
7,037
SMALL CAP
(0.7)
(54.1)
7,322
BSE HC
(0.4)
(33.0)
8,144
6.5
7,227
The U.S. markets staged a substantial recovery attempt late in the session on
Thursday before ending the day roughly flat. Uncertainty about the looming fiscal
cliff contributed to the volatility on Wall Street. The consumer confidence index in
U.S. fell to 65.1 in December 2012 from a downwardly revised 71.5 in November
2012. Meanwhile, traders largely shrugged off a report from the Labor
Department showing an unexpected drop in initial jobless claims in the week
ended December 22, 2012. The Commerce Department also released a report
showing a rebound in November new home sales, which reached their highest
level in over two years.
BSE PSU
0.1
BANKEX
(0.1)
(10.9) 14,331
AUTO
0.1
10.2 11,346
METAL
(0.6)
(71.8) 10,974
OIL & GAS
(0.7)
(57.5)
8,313
BSE IT
(0.8)
(43.9)
5,619
(Pts)
(Close)
Meanwhile in India, domestic shares remained volatile on Thursday as traders

rolled over positions in the derivatives segment ahead of the expiry period. Going
ahead, developments in U.S. are likely to remain in focus, although traders may
also keep an eye on reports on Chicago area business activity and pending home
sales
FTSE
Nikkei
0.9
92.6 10,323
Hang Seng
0.4
78.6 22,620
Straits Times
0.1
3.1
3,184
(0.6)
(13.2)
2,206
Chg (%)
(Pts)
(Close)
(1.0)
(0.4)
$41.7
Markets Today
The trend deciding level for the day is 19,377 / 5,889 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,451 19,579 / 5,912 5,955 levels. However, if NIFTY trades below
19,377 / 5,889 levels for the first half-an-hour of trade then it may correct up to
19,249 19,175 / 5,846 5,822 levels.
Indices
SENSEX
NIFTY
S2
19,175
5,822
S1
19,249
5,846
PIVOT
19,377
5,889
R1
19,451
5,912
R2
19,579
5,955
News Analysis
Global Indices
(0.1)
NASDAQ
(0.1)
(4.3)
2,986
0.0
0.1
5,954
Shanghai Com
Indian ADR
INFY
0.5
0.0
$8.8
IBN
(1.2)
(0.6)
$43.8
HDB
0.6
0.3
$41.1
Advances / Declines
BSE
NSE
Advances
1,228
525
Declines
1,664
970
127
91
L&T hydrocarbon bags orders worth `781cr

Bank of India increases deposit rates
Refer detailed news analysis on the following page
Volumes (` cr)
` cr
FII
MFs
Purch
2,158
290
Sales
1,267
401
Net
891
(111)
MTD
22,548
(2,615)
YTD
127,568
(20,212)
FII Derivatives (December 27, 2012)

` cr
Index Futures
Stock Futures
Purch
2,966
7,919
Sales
3,392
8,806
Net
(427)
(887)
Open Interest
7,890
30,005
Gainers / Losers
Gainers
Company
Losers
Price (`)
chg (%)
1,296
7.3
Bayer Crop
Company
Price (`)
chg (%)
Strides Arcolabs
1,085
(4.1)
SJVN
21
4.6
Eicher Motors
2,758
(3.8)
NHPC
26
4.5
Jain Irrigation
75
(3.4)
Torrent Power
186
4.2
Hexaware Tech.
84
(2.6)
Madras Cements
244
3.2
Zee Entertainment
220
(2.5)
www.angelbroking.com
(18.3) 13,096
WIT
Unchanged
Net Inflows (December 26, 2012)
Chg (%)
Dow Jones
BSE
2,520
NSE
13,803
Market Outlook
December 28, 2012
L&T hydrocarbon bags orders worth `781cr

Larsen & Toubro (L&T) has bagged an order worth `781cr from ONGC in the
hydrocarbon segment for 3 Wellhead platforms. The offshore contract comprises
of total Engineering Procurement Construction & Installation (EPCI) of three
wellhead platforms, spread over Heera and South Heera fields of the ONGC. We
continue to maintain our Accumulate rating on the stock with a target price of
`1,748.
Bank of India increases deposit rates

Bank of India has increased the interest rates on deposits of `10cr and above for
maturity between 1-2 years by 25bp to 9%, w.e.f December 27, 2012. Recently
Dena Bank and Federal Bank had also revised its retail term deposit rates by 35bp
and 25bp in maturity between 1-2years and 1-3years, respectively. Increase in
deposit rates, in our view, is partly due to asset liability mismatch (as clearly
affirmed by Dena Bank management, in their case) and due to moderating
deposit growth and tightening liquidity situation. Even going ahead, deposit
growth can be expected to remain moderate as real interest rates continue to
remain negative (considering CPI inflation remaining at levels of 10%) and
scheduled line up of tax free bonds of infra-finance companies. Recent increase in
stock prices has resulted in Bank of India trading at 0.9x FY2014E ABV. We would
recommend Neutral on Bank of India.
Economic and Political News
`10/litre hike in diesel, kerosene if Oil Ministry proposal okayed

Oil slips below US$111 on US budget worries
Government notifies MCX-SX as recognised stock exchange
Power generation at Dabhol plunges on dwindling gas supplies
Corporate News
Aurobindo gets USFDA approval for Nafcillin injections

Realty sector in Bangalore to see demand in 2013
Kalpataru Power Transmission bags orders worth `955cr
Office space absorption dips 23% in 2012: Cushman & Wakefield
UP mills bitter with sugarcane arrears of `1,580cr
Clariant sells units, includes India business for US$550mn
Bristol-Myers sues Dr Reddy's for patent breach in US
Tata Sons pledges shares worth `2,600cr in group companies
CCI approves proposed merger of DHFL and its two arms
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
December 28, 2012
Global economic events release calendar
Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
January 1, 2013
6:30AM
China
PMI Manufacturing
Value
Dec
50.60
51.00
January 2, 2013
2:25PM
Germany PMI Manufacturing
Value
Dec F
46.30
--
3:00PM
UK
PMI Manufacturing
Value
Dec
49.10
49.10
January 3, 2013
2:25PM
Germany Unemployment change (000's)
Thousands
Dec
5.00
--
January 4, 2013
2:25PM
Germany PMI Services
Value
Dec F
52.10
--
7:00PM
US
Change in Nonfarm payrolls
Thousands
Dec
146.00
144.50
7:00PM
US
Unnemployment rate
Dec
7.70
7.70
January 8, 2013
3:30PM
Euro Zone Euro-Zone Consumer Confidence
Value
Dec F
(26.60)
--
January 9, 2013
5:29PM
China
Consumer Price Index (YoY)
% Change
Dec
2.00
--
5:29PM
China
Industrial Production (YoY)
% Change
Dec
10.10
--
5:29PM
India
Imports YoY%
% Change
Dec
6.40
--
5:29PM
India
Exports YoY%
% Change
Dec
(4.20)
--
5:29PM
China
Exports YoY%
% Change
Dec
2.90
--
5:30PM
UK
BOE Announces rates
% Ratio
Jan 10
0.50
0.50
6:15PM
Euro Zone ECB announces interest rates
Jan 10
0.75
0.75
3:00PM
UK
Industrial Production (YoY)
% Change
Nov
(3.00)
--
January 13, 2013
5:29PM
China
Real GDP (YoY)
% Change
4Q
7.40
--
January 14, 2013
12:00PM
India
Monthly Wholesale Prices YoY%
% Change
Dec
7.24
--
11:00AM
India
Industrial Production YoY
% Change
Nov
8.20
--
3:00PM
UK
CPI (YoY)
% Change
Dec
2.70
--
7:00PM
US
Producer Price Index (mom)
% Change
Dec
(0.80)
--
3:30PM
Euro Zone Euro-Zone CPI (YoY)
7:00PM
US
Consumer price index (mom)
7:45PM
US
Industrial Production
7:00PM
US
7:00PM
US
January 22, 2013
8:30PM
US
Existing home sales
January 23, 2013
3:00PM
UK
Jobless claims change
January 25, 2013
3:00PM
UK
GDP (YoY)
January 29, 2013
11:00AM
India
11:00AM
India
11:00AM
January 30, 2013
January 31, 2013
February 14, 2013
12:30PM
3:30PM
January 10, 2013
January 11, 2013
January 15, 2013

January 16, 2013
January 17, 2013
Dec
2.20
--
% Change
Dec
(0.30)
--
Dec
1.05
--
Housing Starts
Thousands
Dec
861.00
--
Building permits
Thousands
Dec
899.00
--
Millions
Dec
5.04
--
% Change
Dec
(3.00)
--
% Change
4Q A
--
--
RBI Repo rate
Jan 29
8.00
--
RBI Cash Reserve ratio
Jan 29
4.25
--
India
RBI Reverse Repo rate
Jan 29
7.00
--
7:00PM
US
GDP Qoq (Annualised)
% Change
4Q A
3.10
--
12:45AM
US
FOMC rate decision
Jan 30
0.25
--
Germany GDP nsa (YoY)
% Change
4Q P
0.40
--
Euro Zone Euro-Zone GDP s.a. (QoQ)
% Change
4Q A
(0.10)
--
Source: Bloomberg, Angel Research
Market Outlook
December 28, 2012
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
11.2
10.0
8.5
7.6
7.5
8.2
6.0
8.0
6.0
6.7
5.7
6.1
5.3 5.5 5.3
4.3
4.0
2.7
2.0
2.5
2.3
1.0
3.5
(0.7)
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
(2.0)
(2.8)
(4.0)
(0.1)
Exhibit 4: Manufacturing and services PMI
(%)
Mfg. PMI
60.0
8.0
7.7
7.5
7.4
(1.3)
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends
7.7
Mar-12
Feb-12
Jan-12
Dec-11
(2.0)
Nov-11
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
1QFY10
Source: CSO, Angel Research
7.6
7.6
Services PMI
8.1
58.0
7.5
56.0
7.5
7.2
54.0
6.9
52.0
Source: MOSPI, Angel Research
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends

(%)
48.0
Nov-11
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
50.0
Dec-11
8.2
8.0
7.8
7.6
7.4
7.2
7.0
6.8
6.6
6.4
6.2
8.2
8.0
9.2
9.0
4QFY09
12.0
11.0
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
Exports yoy growth
Exhibit 6: Key policy rates

Repo rate
(%)
9.00
Imports yoy growth
45.0
Reverse Repo rate
CRR
8.00
8.00
30.0
7.00
7.00
15.0
6.00
Source: Bloomberg, Angel Research
4.25
Source: RBI, Angel Research
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Feb-12
Jan-12
4.00
Dec-11
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
5.00
Nov-11
(30.0)
Apr-12
Mar-12
Feb-12
Jan-12
Dec-11
(15.0)
Nov-11
0.0
Market Outlook
December 28, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Agri / Agri Chemical

Rallis
Neutral
151
2,937
1,466
1,686
14.8
14.8
7.0
8.1
21.6
18.7
4.6
3.9
22.6
22.5
2.1
1.8
United Phosphorus
Buy
123
170
5,684
8,421
9,263
16.5
16.5
15.0
17.0
8.2
7.3
1.2
1.1
15.6
15.5
0.8
0.7
Amara Raja Batteries
Accumulate
245
270
4,192
2,911
3,321
16.2
16.2
17.3
19.8
14.2
12.4
3.9
3.0
31.1
27.6
1.4
1.2
Apollo Tyres
Accumulate
85
96
4,299
13,713
15,341
11.2
11.2
12.5
14.8
6.8
5.8
1.3
1.1
20.2
19.9
0.5
0.4
Ashok Leyland
Buy
27
31
7,144
14,490
16,606
9.5
9.6
2.2
2.9
12.1
9.4
2.3
2.0
13.6
16.1
0.6
0.5
Automotive Axle#
Neutral
364
549
1,103
1,240
11.0
11.3
39.1
45.0
9.3
8.1
1.7
1.6
19.5
22.8
0.5
0.4
Bajaj Auto
Neutral
2,135
61,773
21,121
23,642
18.4
18.5
108.7
122.6
19.6
17.4
8.1
6.5
46.2
41.6
2.6
2.2
Bharat Forge
Buy
255
324
5,939
6,754
7,565
15.5
15.7
18.8
23.2
13.6
11.0
2.4
2.0
18.5
19.7
1.0
0.9
Bosch India*
Neutral
9,115
28,619
8,776
10,276
16.6
18.0
331.9
417.7
27.5
21.8
5.1
4.3
18.7
19.5
2.9
2.4
CEAT
Buy
108
163
371
4,989
5,634
8.2
8.5
27.1
40.8
4.0
2.7
0.5
0.4
13.2
17.2
0.3
0.2
Exide Industries
Accumulate
139
155
11,819
6,229
7,200
14.8
15.8
7.2
9.0
19.4
15.5
3.4
2.9
18.5
19.9
1.6
1.3
FAG Bearings*
Neutral
1,695
2,817
1,489
1,750
16.5
17.5
103.3
126.9
16.4
13.4
3.2
2.6
21.3
21.6
1.7
1.4
Hero Motocorp
Neutral
1,869
37,317
24,743
27,996
14.8
15.2
118.2
130.4
15.8
14.3
6.8
5.4
48.3
41.9
1.2
1.0
JK Tyre
Buy
120
165
492
7,517
8,329
6.6
6.6
37.2
41.3
3.2
2.9
0.6
0.5
18.8
17.8
0.3
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Accumulate
931
986
57,162
40,035
46,272
11.5
11.6
54.7
62.8
17.0
14.8
3.8
3.2
24.3
23.4
1.2
1.0
Maruti
Neutral
1,482
42,812
42,019
50,246
7.3
8.6
66.1
94.4
22.4
15.7
2.5
2.2
11.9
15.1
0.9
0.7
Motherson Sumi
Neutral
197
11,604
24,285
27,317
6.7
7.2
8.1
10.6
24.5
18.7
5.2
4.2
22.9
24.7
0.6
0.6
Subros
Buy
30
35
182
1,286
1,479
9.4
9.7
2.6
5.1
11.7
6.0
0.7
0.6
5.6
10.3
0.4
0.4
Tata Motors
Neutral
82,489 192,330 219,770
12.8
13.1
37.0
44.5
8.4
7.0
2.3
1.8
31.2
28.9
0.5
0.4
TVS Motor
Accumulate
6.2
6.3
4.8
5.6
8.9
7.6
1.5
1.3
18.2
18.7
0.2
0.2
310
43
45
2,019
7,466
8,290
Capital Goods
ABB*
Sell
692
573
14,667
7,796
9,907
4.8
7.8
9.2
22.0
75.2
31.5
5.5
4.8
7.5
16.4
1.9
1.5
BGR Energy
Neutral
260
1,876
3,605
4,542
11.8
10.7
25.1
27.9
10.4
9.3
1.5
1.4
31.1
27.1
1.0
0.8
BHEL
Neutral
226
55,352
47,801
43,757
18.5
18.0
24.6
21.8
9.2
10.4
2.8
2.4
33.5
24.5
1.0
1.1
Blue Star
Buy
182
224
1,635
2,538
2,681
4.6
5.7
7.3
11.3
24.8
16.1
3.6
3.1
15.6
20.7
0.8
0.7
Crompton Greaves
Buy
113
145
7,230
12,370
14,277
5.2
7.3
4.0
7.8
28.2
14.5
1.9
1.7
6.9
12.6
0.6
0.6
Jyoti Structures
Buy
44
53
363
2,794
3,048
10.6
10.6
9.2
11.7
4.8
3.8
0.5
0.5
10.9
12.5
0.4
0.4
KEC International
Accumulate
67
73
1,725
6,858
7,431
7.1
7.5
8.3
9.8
8.1
6.9
1.4
1.2
25.1
24.0
0.4
0.4
LMW
Reduce
2,242
1,992
2,526
2,369
2,727
11.7
11.7
143.4
166.0
15.6
13.5
2.6
2.4
17.4
18.4
0.6
0.4
Thermax
Neutral
615
7,325
5,514
5,813
9.3
10.2
28.1
31.2
21.9
19.7
3.9
3.4
19.2
18.5
1.2
1.1
Market Outlook
December 28, 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
1,405
26,376
11,085
12,415
21.6
21.4
79.4
83.1
17.7
16.9
3.4
3.1
20.1
19.2
2.1
1.8
Ambuja Cements
Neutral
200
30,775
10,272
11,884
26.4
26.1
11.5
12.9
17.4
15.5
3.8
3.4
20.8
21.1
2.6
2.1
India Cements
Neutral
88
2,688
4,293
4,666
17.7
18.1
8.6
10.8
10.2
8.1
0.8
0.7
7.5
9.0
1.0
0.9
J K Lakshmi Cements
Neutral
160
1,957
2,082
2,423
22.9
23.1
20.8
22.5
7.7
7.1
1.4
1.2
18.4
17.4
1.1
1.3
Madras Cements
Neutral
244
5,811
3,814
4,045
29.3
27.5
18.7
19.2
13.0
12.7
2.4
2.1
19.9
17.4
2.2
1.9
Shree Cements^
Neutral
4,522
15,754
5,701
6,210
29.7
28.1
240.7
260.7
18.8
17.4
4.6
3.7
27.1
23.6
2.2
1.8
UltraTech Cement
Neutral
1,969
53,970
21,368
24,043
22.5
23.5
103.5
121.4
19.0
16.2
3.6
3.0
20.2
20.1
2.5
2.3
204
304
1,074
2,034
2,315
22.4
22.4
27.1
31.7
7.5
6.4
0.9
0.8
13.1
13.4
1.8
2.1
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
13
235
2,262
2,522
6.7
7.5
1.5
2.7
8.6
4.8
0.4
0.4
4.4
7.5
0.4
0.4
IRB Infra
Buy
126
164
4,178
3,843
4,212
43.1
43.6
16.8
17.8
7.5
7.1
1.3
1.1
18.3
17.0
3.2
3.5
ITNL
Accumulate
201
225
3,909
6,564
7,054
27.2
27.4
26.3
29.0
7.7
6.9
1.2
1.1
14.0
11.8
2.7
2.8
IVRCL Infra
Neutral
45
1,381
4,249
6,897
7.8
8.2
0.3
3.3
145.9
13.6
0.6
0.6
0.4
4.4
0.9
0.6
Jaiprakash Asso.
Neutral
Larsen & Toubro
Accumulate
Nagarjuna Const.
97
20,870
13,842
15,863
26.9
26.4
3.7
4.6
26.5
21.2
1.6
1.5
6.2
7.3
3.0
2.7
1,615
1,748
99,304
60,556
69,167
11.2
11.6
73.8
85.5
21.9
18.9
3.5
3.1
13.5
14.1
1.8
1.6
Sell
52
44
1,339
5,947
6,569
8.5
8.6
3.1
4.1
16.8
12.7
0.5
0.5
3.3
4.2
0.6
0.6
Punj Lloyd
Neutral
60
1,978
11,892
13,116
9.0
9.0
1.8
3.2
32.9
18.5
0.7
0.7
2.5
3.7
0.6
0.5
Sadbhav Engg.
Buy
136
168
2,057
2,344
2,804
10.6
10.7
7.2
8.7
19.0
15.7
2.3
2.0
13.0
13.5
1.2
1.1
Simplex Infra
Accumulate
230
251
1,140
6,882
8,032
9.1
9.1
23.2
31.3
9.9
7.4
0.9
0.8
9.1
11.2
0.5
0.5
Allahabad Bank
Accumulate
167
181
8,360
6,392
7,238
2.7
2.8
30.3
33.3
5.5
5.0
0.8
0.7
14.8
14.5
Andhra Bank
Neutral
116
6,488
4,731
5,431
2.9
3.0
21.5
21.8
5.4
5.3
0.9
0.8
15.2
13.8
Axis Bank
Accumulate
1,364
1,550
58,281
15,686
18,687
3.1
3.2
116.8
138.0
11.7
9.9
2.2
1.9
20.0
20.2
Bank of Baroda
Neutral
860
33,671
15,436
18,208
2.5
2.6
111.8
137.4
7.7
6.3
1.2
1.0
15.8
17.0
Bank of India
Neutral
338
19,371
12,491
14,883
2.2
2.4
43.8
63.7
7.7
5.3
1.0
0.9
12.1
15.8
Bank of Maharashtra
Accumulate
60
64
3,511
3,563
3,876
3.1
3.1
9.7
12.0
6.1
5.0
0.8
0.7
14.6
16.1
Canara Bank
Accumulate
488
544
21,607
10,699
12,213
2.1
2.2
67.3
80.1
7.3
6.1
1.0
0.9
13.7
14.6
Central Bank
Neutral
84
6,154
7,171
8,236
2.5
2.6
16.4
21.5
5.1
3.9
0.9
0.7
12.7
14.9
Corporation Bank
Accumulate
448
480
6,638
4,780
5,569
2.0
2.1
101.8
99.2
4.4
4.5
0.8
0.7
17.0
14.7
Dena Bank
Accumulate
115
132
4,010
3,087
3,453
2.7
2.8
25.9
24.1
4.4
4.8
0.8
0.7
19.4
15.6
Federal Bank
Neutral
535
9,150
2,617
2,968
3.3
3.2
45.9
51.7
11.7
10.4
1.5
1.3
13.1
13.3
Financials
Market Outlook
December 28, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY13E
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Financials
HDFC
Neutral
828
127,583
7,336
8,802
3.5
3.5
31.5
37.8
26.3
21.9
5.3
4.7
34.8
32.1
HDFC Bank
Neutral
679
160,708
21,696
26,811
4.4
4.5
28.7
36.0
23.7
18.9
4.5
3.8
20.7
22.0
ICICI Bank
Accumulate
1,137
1,296
130,772
22,271
26,690
3.0
3.0
69.2
83.1
16.4
13.7
2.0
1.8
14.2
15.7
IDBI Bank
Accumulate
109
119
13,935
7,684
9,264
1.8
2.1
15.6
22.0
7.0
5.0
0.8
0.7
10.9
13.9
Indian Bank
Buy
192
230
8,260
5,874
6,551
3.2
3.2
40.6
41.8
4.7
4.6
0.8
0.7
18.1
16.4
IOB
Neutral
84
6,711
7,050
8,313
2.3
2.5
12.3
19.9
6.9
4.2
0.6
0.6
8.8
13.1
J & K Bank
Neutral
1,304
6,320
2,762
2,885
3.6
3.6
226.7
193.0
5.8
6.8
1.3
1.1
24.4
17.7
LIC Housing Finance
Accumulate
289
313
14,577
1,799
2,255
2.3
2.4
20.3
27.3
14.2
10.6
2.3
1.9
16.9
19.7
Oriental Bank
Accumulate
336
370
9,809
6,277
7,090
2.6
2.7
60.5
65.1
5.6
5.2
0.8
0.7
15.0
14.4
Punjab Natl.Bank
Accumulate
845
890
28,667
19,652
22,601
3.2
3.3
135.0
164.3
6.3
5.2
1.1
0.9
16.3
17.3
South Ind.Bank
Buy
25
31
3,394
1,556
1,750
2.8
2.7
3.5
3.9
7.3
6.6
1.2
1.1
19.1
16.9
St Bk of India
Accumulate
2,389
2,520
160,299
61,883
71,546
3.4
3.4
227.2
257.5
10.5
9.3
1.8
1.5
17.8
17.7
Syndicate Bank
Accumulate
128
139
7,693
6,756
7,783
3.0
3.0
26.3
27.1
4.9
4.7
0.8
0.7
18.3
16.6
UCO Bank
Neutral
77
5,142
5,234
6,097
2.3
2.4
11.8
14.7
6.6
5.3
1.0
0.9
11.9
13.4
Union Bank
Accumulate
270
285
14,890
9,912
11,536
2.8
2.9
40.4
46.7
6.7
5.8
1.1
1.0
16.1
16.4
United Bank
Buy
76
91
2,731
3,500
3,912
2.6
2.8
15.8
21.2
4.8
3.6
0.6
0.5
13.1
15.7
Vijaya Bank
Accumulate
61
66
3,040
2,354
2,754
2.0
2.2
7.4
10.2
8.3
6.0
0.8
0.8
9.3
11.9
Yes Bank
Buy
466
542
16,654
3,270
4,240
2.8
3.0
34.5
42.2
13.5
11.1
2.9
2.4
23.5
23.5
4,352
41,744
11,198
13,184
16.2
16.2
123.7
146.4
35.2
29.7
12.0
9.4
38.1
35.4
3.7
3.1
493
584
5,888
5,627
6,581
4.9
5.7
18.3
24.7
26.9
20.0
9.8
7.5
39.1
42.7
1.0
0.8
FMCG
Asian Paints
Neutral
Britannia
Buy
Colgate
Neutral
1,525
20,744
3,146
3,573
20.6
21.4
36.4
42.5
41.9
35.9
38.8
32.5
102.0
98.5
6.4
5.6
Dabur India
Neutral
128
22,266
6,124
7,101
17.0
16.8
4.5
5.2
28.6
24.4
11.8
9.3
43.2
41.5
3.7
3.1
GlaxoSmith Con*
Neutral
3,816
16,049
3,124
3,663
17.1
17.6
104.5
123.8
36.5
30.8
11.4
9.1
34.4
32.8
4.8
4.0
Godrej Consumer
Neutral
728
24,772
6,355
7,548
18.4
18.6
22.8
27.6
31.9
26.4
7.3
6.0
26.4
26.1
4.1
3.4
HUL
Neutral
518
112,022
25,350
28,974
13.3
13.5
14.7
17.1
35.2
30.4
27.8
19.7
84.5
75.8
4.2
3.7
ITC
Neutral
289
227,446
29,409
34,060
35.7
36.1
9.3
10.9
31.0
26.4
10.3
8.6
35.8
35.3
7.4
6.4
Marico
Neutral
221
14,248
4,840
5,643
13.1
13.1
6.2
7.8
35.8
28.4
6.8
5.6
25.4
22.6
3.0
2.5
Nestle*
Neutral
4,947
47,693
8,529
10,079
20.8
21.1
113.1
137.8
43.8
35.9
26.3
18.4
70.5
60.2
5.7
4.7
Tata Global
Neutral
160
9,873
7,207
7,927
9.7
10.0
6.6
7.8
24.2
20.4
2.4
2.3
8.6
9.5
1.3
1.2
Market Outlook
December 28, 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
625
43,416
24,214
26,772
19.5
18.1
44.0
48.0
14.2
13.0
3.4
2.8
24.0
22.0
1.7
1.5
84
123
2,500
1,924
2,116
20.7
19.8
10.7
11.2
7.9
7.5
1.9
1.7
25.3
22.8
1.0
0.9
IT
HCL Tech^
Neutral
Hexaware*
Buy
Infosys
Accumulate
2,287
2,573
131,319
39,174
41,580
29.5
30.4
159.2
171.6
14.4
13.3
3.5
3.1
24.1
23.1
2.8
2.6
Infotech Enterprises
Accumulate
180
202
2,009
1,886
2,032
17.9
17.3
18.7
20.2
9.6
8.9
1.4
1.3
14.9
14.0
0.7
0.6
KPIT Cummins
Buy
107
132
2,062
2,195
2,317
15.5
15.0
10.7
12.1
10.0
8.9
2.1
1.7
21.0
19.8
0.9
0.8
Mahindra Satyam
Accumulate
104
115
12,293
7,597
8,141
20.0
18.8
9.7
10.4
10.8
10.0
3.0
2.3
27.5
22.9
1.2
1.1
Mindtree
Accumulate
698
747
2,867
2,324
2,437
20.0
17.7
73.3
74.7
9.5
9.4
2.3
1.8
24.1
19.7
1.0
0.9
Mphasis&
Neutral
379
7,972
5,700
5,993
18.0
16.9
37.0
37.3
10.3
10.2
1.5
1.3
14.3
12.6
0.9
0.8
NIIT
Buy
29
36
475
1,048
1,161
9.3
10.9
4.2
6.2
6.9
4.6
0.7
0.7
10.5
14.1
0.3
0.2
Persistent
Accumulate
513
540
2,053
1,261
1,352
26.4
24.7
48.2
54.0
10.7
9.5
2.0
1.7
19.0
17.9
1.3
1.1
TCS
Accumulate
1,250
1,410
244,682
61,053
67,313
28.7
29.1
69.7
76.2
17.9
16.4
5.9
4.8
32.6
29.1
3.8
3.4
Tech Mahindra
Buy
920
1,070
11,756
6,603
7,150
19.8
18.4
92.9
102.0
9.9
9.0
2.3
1.9
23.7
21.0
1.8
1.6
Wipro
Accumulate
386
421
95,101
43,219
47,241
20.0
20.0
26.1
28.1
14.8
13.8
2.8
2.5
19.3
17.9
1.9
1.6
D B Corp
Accumulate
225
259
4,134
1,581
1,784
23.3
25.0
11.6
14.4
19.5
15.6
3.8
3.2
21.0
22.3
2.5
2.2
HT Media
Accumulate
102
113
2,404
2,111
2,272
15.0
15.2
7.4
8.3
13.9
12.4
1.5
1.3
11.3
11.4
0.8
0.7
Jagran Prakashan
Accumulate
102
117
3,223
1,503
1,681
23.1
23.1
6.4
7.3
15.9
14.0
3.9
3.5
25.8
26.5
2.3
2.0
PVR
Neutral
284
821
682
786
17.3
16.9
17.6
19.7
16.1
14.4
1.9
1.7
14.9
14.5
1.5
1.3
Sun TV Network
Neutral
422
16,638
1,942
2,237
77.2
75.5
17.6
19.1
24.0
22.1
6.0
5.4
25.8
25.2
8.1
7.0
Bhushan Steel
Neutral
462
9,815
11,307
14,287
29.5
29.1
45.1
51.0
10.3
9.1
1.2
1.0
12.2
12.2
2.9
2.3
Coal India
Neutral
354
223,536
66,666
70,292
25.7
27.3
24.2
26.6
14.6
13.3
4.3
3.5
33.1
29.1
2.4
2.1
Electrosteel Castings
Accumulate
26
29
889
1,984
2,074
10.6
11.6
0.8
2.0
30.7
12.7
0.5
0.2
1.7
4.1
0.7
0.6
Hind. Zinc
Accumulate
135
145
57,190
12,446
13,538
52.3
52.9
15.0
16.4
9.1
8.3
1.8
1.5
21.4
19.7
2.7
2.1
Hindalco
Neutral
128
24,545
79,148
89,258
9.4
9.0
15.0
15.6
8.6
8.2
0.7
0.7
8.8
8.4
0.7
0.6
JSW Steel
Neutral
806
17,975
39,586
41,459
17.6
17.0
78.7
90.1
10.2
8.9
1.0
0.9
10.2
10.7
0.9
0.8
MOIL
Neutral
263
4,422
941
1,019
47.3
48.3
25.8
28.1
10.2
9.4
1.6
1.4
16.7
16.2
2.3
2.0
Monnet Ispat
Buy
279
344
1,792
2,501
3,264
22.2
24.6
41.8
55.2
6.7
5.0
0.7
0.6
11.3
13.4
1.8
1.3
Nalco
Reduce
NMDC
Buy
SAIL
Neutral
Media
Metals & Mining
50
44
12,886
6,898
7,841
9.9
14.7
2.0
3.2
25.2
15.7
1.1
1.1
4.3
6.8
1.4
1.3
160
198
63,455
11,209
12,525
78.4
78.3
18.5
20.6
8.6
7.8
2.1
1.8
27.0
24.6
3.7
3.1
89
36,844
47,252
60,351
14.2
14.8
9.6
11.7
9.3
7.6
0.8
0.8
9.4
10.6
1.2
1.0
Market Outlook
December 28, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY13E
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Metals & Mining

Sesa Goa
Neutral
192
16,704
4,551
6,640
32.8
34.4
33.7
39.3
5.7
4.9
1.0
0.8
18.3
18.3
4.3
2.9
Sterlite Inds
Neutral
114
38,395
43,185
45,442
23.3
23.7
16.8
17.9
6.8
6.4
0.8
0.7
11.6
11.2
0.9
0.8
Tata Steel
Accumulate
431
463
8.3
9.5
22.0
44.5
19.6
9.7
0.9
0.9
4.9
9.3
0.6
0.6
Sarda
Accumulate
134
153
479
1,442
1,494
17.6
17.3
27.2
28.7
4.9
4.7
0.5
0.5
11.5
11.0
0.7
0.6
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
51
73
679
2,694
2,906
14.6
16.6
16.4
20.8
3.1
2.4
0.3
0.3
11.4
12.8
0.5
0.3
Buy
117
143
371
2,342
2,470
13.7
15.3
27.7
33.8
4.2
3.5
0.4
0.4
10.9
11.4
0.6
0.6
Cairn India
Buy
316
382
60,372
17,567
17,643
76.2
72.3
61.1
56.8
5.2
5.6
1.0
0.9
22.0
17.5
2.6
2.2
GAIL
Neutral
348
44,124
46,652
54,142
15.7
15.7
34.0
35.3
10.2
9.9
1.8
1.6
18.5
16.8
0.7
0.5
ONGC
Buy
259
312
221,929 147,139 154,821
33.9
33.7
30.7
32.3
8.5
8.0
1.5
1.3
18.3
17.2
1.2
1.1
Reliance Industries
Neutral
818
267,875 362,700 380,031
7.9
8.0
60.0
63.3
13.6
12.9
1.3
1.2
11.1
10.6
0.7
0.7
Gujarat Gas*
Neutral
305
3,917
3,128
3,707
13.2
11.7
22.8
23.5
13.4
13.0
4.0
3.6
33.2
29.2
1.1
0.9
Indraprastha Gas
Neutral
249
3,492
3,213
3,643
23.3
23.5
24.3
25.7
10.3
9.7
2.3
2.0
25.0
22.1
1.2
1.0
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
159
183
11,918
30,077
33,570
6.6
6.3
15.1
15.3
10.5
10.4
2.7
2.2
28.4
23.1
0.4
0.4
76
4,265
1,079
1,034
91.8
91.9
8.8
8.4
8.7
9.0
1.4
1.3
17.9
15.0
3.7
3.8
Alembic Pharma
Buy
69
91
1,292
1,624
1,855
14.2
15.6
6.6
9.1
10.4
7.5
2.6
2.0
27.9
29.9
0.9
0.8
Aurobindo Pharma
Neutral
190
5,521
5,243
5,767
14.6
14.6
11.8
12.6
16.1
15.1
2.0
1.7
17.9
16.4
1.5
1.4
Aventis*
Neutral
2,290
5,274
1,482
1,682
17.5
16.6
82.9
87.8
27.6
26.1
4.3
3.5
16.3
14.8
3.4
2.9
Cadila Healthcare
Neutral
892
18,263
6,148
7,386
18.6
19.6
32.7
44.8
27.3
19.9
6.0
4.8
23.7
26.6
3.3
2.7
Cipla
Neutral
416
33,369
8,151
9,130
25.0
24.0
19.5
20.9
21.3
19.9
3.7
3.2
18.8
17.2
3.9
3.4
Dr Reddy's
Neutral
1,827
31,013
10,696
11,662
20.7
21.0
83.7
92.9
21.8
19.7
4.5
3.8
22.4
20.8
3.2
2.8
Dishman Pharma
Buy
115
145
927
1,280
1,536
20.2
20.2
10.4
14.5
11.0
7.9
0.9
0.8
8.7
11.0
1.4
1.2
GSK Pharma*
Neutral
2,109
17,860
2,651
2,993
31.7
31.2
76.0
82.4
27.7
25.6
8.0
7.1
20.1
26.3
5.9
5.2
Indoco Remedies
Buy
67
89
618
685
837
15.2
15.2
7.4
8.9
9.1
7.5
1.4
1.2
16.4
17.0
1.1
0.9
Ipca labs
Reduce
519
485
6,542
2,850
3,474
21.0
21.0
29.9
37.3
17.4
13.9
4.2
3.3
26.7
26.4
2.5
2.0
Lupin
Accumulate
614
652
27,478
8,426
10,082
19.7
20.0
26.3
31.3
23.4
19.6
5.5
4.4
26.0
24.7
3.4
2.8
Ranbaxy*
Neutral
501
21,162
12,046
11,980
18.0
15.8
31.3
29.8
16.0
16.8
5.5
4.4
39.1
28.9
1.8
1.7
Sun Pharma
Neutral
746
77,151
9,752
12,134
41.6
41.6
26.0
28.2
28.7
26.5
5.4
4.6
20.3
18.8
7.2
5.6
CESC
Neutral
305
3,813
5,218
5,644
24.2
23.8
44.6
47.6
6.9
6.4
0.7
0.7
11.0
10.6
1.5
1.5
GIPCL
Accumulate
68
78
1,034
1,523
1,568
30.3
30.3
5.4
11.5
12.7
5.9
0.7
0.6
5.6
11.3
1.1
1.0
Neutral
41,850 145,725 154,108
Power
Market Outlook
December 28, 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
155
128,176
74,111
85,789
22.7
23.1
12.1
13.7
12.9
11.3
1.6
1.4
12.6
13.2
2.4
2.2
Power
NTPC
Neutral
Real Estate
Anant Raj
Sell
92
78
2,718
657
875
52.0
56.1
8.4
12.7
11.0
7.2
0.7
0.6
6.3
8.9
5.4
4.1
DLF
Neutral
225
38,219
9,878
12,033
44.7
46.1
9.6
13.4
23.5
16.8
1.5
1.4
6.4
8.7
6.4
5.2
HDIL
Neutral
110
4,592
2,441
3,344
55.1
48.2
22.7
26.6
4.8
4.1
0.4
0.4
8.8
9.4
3.7
2.8
MLIFE
Neutral
411
1,678
813
901
26.2
26.6
32.0
37.1
12.8
11.1
1.3
1.2
10.4
11.0
2.4
2.1
Bharti Airtel
Accumulate
319
352
121,008
81,984
90,718
32.1
33.8
10.9
16.9
29.2
18.9
2.2
2.0
7.6
10.6
2.2
1.8
Idea Cellular
Neutral
105
34,858
22,234
24,161
26.9
27.7
3.3
4.9
31.8
21.3
2.5
2.2
7.7
10.3
2.0
1.8
Rcom
Neutral
73
15,150
21,090
22,308
31.8
29.9
3.0
3.8
24.1
19.3
0.4
0.4
1.7
2.1
2.4
2.2
Telecom
zOthers
Abbott India
Accumulate
1,477
1,590
3,139
1,629
1,886
11.8
13.3
60.8
79.5
24.3
18.6
5.0
4.2
22.0
24.4
1.7
1.4
Bajaj Electricals
Neutral
207
2,063
3,497
3,968
6.6
7.6
9.8
15.5
21.1
13.4
2.7
2.3
12.7
17.4
0.6
0.5
Cera Sanitaryware
Neutral
397
503
427
528
15.7
14.6
30.0
34.0
13.2
11.7
2.9
2.4
24.6
22.5
1.3
1.1
Cravatex
Buy
CRISIL
Neutral
Finolex Cables
Accumulate
Force Motors
441
545
114
272
308
7.2
7.3
37.5
45.4
11.8
9.7
2.8
2.2
23.7
22.7
0.5
0.5
1,038
7,288
982
1,136
34.3
34.3
34.3
40.0
30.2
26.0
13.7
10.9
50.9
46.9
7.0
5.9
57
61
878
2,304
2,552
9.9
9.1
8.2
10.1
7.0
5.7
1.0
0.8
13.7
14.7
0.3
0.3
Buy
457
537
596
2,318
2,700
5.0
5.7
45.0
67.0
10.2
6.8
0.5
0.5
5.0
7.0
0.1
0.2
Goodyear India
Neutral
345
796
1,494
1,607
6.4
7.8
23.9
33.0
14.4
10.5
2.3
2.0
16.5
20.1
0.3
0.3
Greenply Industries
Neutral
316
763
1,925
2,235
10.6
10.9
29.6
44.1
10.7
7.2
1.7
1.4
16.8
21.0
0.7
0.6
Hitachi
Neutral
151
347
873
989
4.4
6.5
6.4
12.2
23.8
12.4
1.9
1.7
8.3
14.4
0.5
0.4
Honeywell Automation* Neutral
2,726
2,410
1,745
1,993
4.0
5.3
59.5
90.4
45.8
30.2
3.5
3.0
8.1
11.3
1.3
1.1
Styrolution ABS India*
Neutral
751
1,321
1,059
1,116
8.5
9.5
36.0
42.0
20.9
17.9
3.0
2.6
15.4
16.0
1.3
1.2
ITD Cementation
Neutral
237
273
1,323
1,455
12.4
12.4
23.2
27.7
10.2
8.6
0.7
0.6
6.8
7.6
0.7
0.6
Jyothy Laboratories
Neutral
156
2,516
1,228
1,443
9.0
10.9
3.9
6.4
40.1
24.4
4.0
3.7
10.1
15.6
2.5
2.1
MCX
Neutral
1,472
7,505
553
624
65.3
66.3
62.5
72.0
23.6
20.4
6.5
5.6
27.5
27.4
10.6
8.9
MRF
Accumulate
12,532
13,416
5,315
13,030
14,405
10.3
10.6 1,418.1 1,677.1
8.8
7.5
1.5
1.3
19.1
18.7
0.5
0.4
Page Industries
Accumulate
3,382
3,602
3,772
836
1,023
20.2
20.6
105.6
133.4
32.0
25.4
16.3
11.5
59.3
53.2
4.6
3.7
Relaxo Footwears
Buy
768
933
921
1,019
1,208
11.0
12.5
47.0
66.7
16.4
11.5
4.1
3.0
28.2
30.1
1.1
0.9
Sintex Industries
Buy
64
79
1,917
4,751
5,189
16.3
16.6
13.6
15.8
4.7
4.1
0.6
0.5
12.9
13.2
0.8
0.6
Siyaram Silk Mills
Buy
303
366
284
1,043
1,149
12.3
12.9
65.7
73.3
4.6
4.1
0.9
0.8
21.0
19.6
0.5
0.5
S. Kumars Nationwide
Neutral
14
409
6,765
7,393
18.1
18.0
6.4
7.5
2.1
1.8
0.1
0.1
6.1
6.7
0.6
0.6
Market Outlook
December 28, 2012
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
( )
Price ( )
( cr )
FY13E
FY14E
OPM(%)
FY13E
EPS ( )
PER(x)
P/BV(x)
RoE(%)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
EV/Sales(x)
FY14E
FY13E
FY14E
zOthers
SpiceJet
Neutral
44
2,107
5,720
6,599
5.3
6.8
3.6
5.4
12.1
8.1
17.5
5.5
0.5
0.4
TAJ GVK
Buy
71
108
446
300
319
35.8
36.2
7.9
9.1
9.0
7.8
1.2
1.1
13.9
14.4
1.8
1.5
Tata Sponge Iron
Buy
312
384
480
750
803
18.6
18.4
65.4
69.1
4.8
4.5
0.7
0.7
16.5
15.3
0.3
0.2
TTK Healthcare
Buy
518
643
402
374
425
7.9
9.5
24.1
32.7
21.5
15.8
19.7
22.5
0.9
0.8
TVS Srichakra
Buy
265
335
203
1,476
1,643
7.0
8.2
32.6
55.9
8.1
4.7
1.3
1.1
16.8
24.8
0.4
0.3
United Spirits
Neutral
1,899
24,836
10,289
11,421
12.8
12.8
26.0
45.3
73.0
41.9
3.3
3.1
5.8
7.6
2.8
2.5
Vesuvius India
Neutral
320
650
560
611
16.1
17.0
24.7
28.8
13.0
11.1
1.9
1.7
15.8
16.2
1.0
0.9
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on December 27, 2012
Market Outlook
December 28, 2012

Market Outlook 28th Dec

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Market Outlook

December 28, 2012

OIL & GAS

Meanwhile in India, domestic shares remained volatile on Thursday as traders

L&T hydrocarbon bags orders worth `781cr

FII Derivatives (December 27, 2012)

Net Inflows (December 26, 2012)

L&T hydrocarbon bags orders worth `781cr

Bank of India increases deposit rates

Economic and Political News

`10/litre hike in diesel, kerosene if Oil Ministry proposal okayed

Aurobindo gets USFDA approval for Nafcillin injections

Country Event Description

Germany PMI Manufacturing

Germany Unemployment change (000's)

Germany PMI Services

Change in Nonfarm payrolls

Euro Zone Euro-Zone Consumer Confidence

Consumer Price Index (YoY)

Industrial Production (YoY)

BOE Announces rates

Euro Zone ECB announces interest rates

Industrial Production (YoY)

January 13, 2013

Real GDP (YoY)

January 14, 2013

Monthly Wholesale Prices YoY%

Industrial Production YoY

Producer Price Index (mom)

Euro Zone Euro-Zone CPI (YoY)

Consumer price index (mom)

January 22, 2013

Existing home sales

January 23, 2013

Jobless claims change

January 25, 2013

January 29, 2013

January 10, 2013

January 11, 2013

January 15, 2013

January 17, 2013

RBI Repo rate

RBI Cash Reserve ratio

RBI Reverse Repo rate

GDP Qoq (Annualised)

FOMC rate decision

Germany GDP nsa (YoY)

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

Source: Bloomberg, Angel Research

Exhibit 2: IIP trends

5.3 5.5 5.3

Exhibit 4: Manufacturing and services PMI

Source: MOSPI, Angel Research

Exhibit 3: Monthly WPI inflation trends

Source: CSO, Angel Research

Source: MOSPI, Angel Research

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

Exhibit 5: Exports and imports growth trends

Exports yoy growth