Market Outlook 08 March 2013

Market Outlook
March 8, 2013
Dealers Diary
The Indian market is expected to open flat today, mirroring flat opening trades in
the SGX Nifty in spite of positive opening in the Asian markets.
US market moved mostly higher over the course of the trading day on Thursday,
after turning in lackluster performance in the previous session. The modest strength
on Wall Street came following the release of a report from the Labor Department
showing an unexpected drop in weekly jobless claims. The report said initial jobless
claims fell to 340,000 in the week ended March 2nd, a decrease of 7,000 from
the
previous
week's
revised
figure
of
347,000.
Most
of
the
European markets ended the trading session on Thursday with modest gains. The
markets pared their gains after the ECB and the BoE both maintained their
respective interest rates. The European Central Bank maintained status quo in
March amid rising concerns that the political stalemate in Italy could kindle the
Eurozone sovereign debt crisis as the bloc battles a recession.
Meanwhile, Indian shares extended gains for a third straight session, as technology
stocks gained on expectations of improving sector earnings this year, especially in
the United States.
Markets Today
The trend deciding level for the day is 19,364/ 5,848 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally
up to 19,515 19,617 / 5,894 5,924 levels. However, if NIFTY trades below
19,364/ 5,848 levels for the first half-an-hour of trade then it may correct up to
19,262 19,111 / 5,817 5,771 levels.
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
0.8
Nifty
0.8
160.9 19,414
44.7
5,863
MID CAP
0.5
30.7
6,441
SMALL CAP
0.8
52.7
6,291
BSE HC
0.7
53.9
7,983
BSE PSU
(0.1)
(7.6)
6,898
BANKEX
0.9
117.8 13,734
AUTO
0.7
77.8 10,833
METAL
(0.4)
(40.2)
9,289
OIL & GAS
0.1
11.4
8,845
BSE IT
1.7
115.0
7,060
(Pts)
(Close)
Global Indices
Chg (%)
Dow Jones
0.2
NASDAQ
0.3
9.7
3,232
FTSE
0.2
11.5
6,439
Nikkei
0.3
35.8 11,968
(0.0)
(6.4) 22,771
Hang Seng
Straits Times
Shanghai Com
Indian ADR
33.2 14,329
0.2
6.7
3,299
(1.0)
(22.9)
2,324
Chg (%)
(Pts)
(Close)
(0.1)
(0.1)
$54.7
Indices
S2
S1
PIVOT
R1
R2
INFY
SENSEX
19,111
5,771
19,262
5,817
19,364
5,848
19,515
5,894
19,617
5,924
WIT
1.2
0.1
$10.1
IBN
2.7
1.2
$44.2
HDB
4.1
1.6
$39.3
NIFTY
News Analysis
Advances / Declines
Coal India reports production and offtake for February 2013

MM workers call off protests at Nashik plant
Divestment in RCF
Refer detailed news analysis on the following page
` cr
Purch
Sales
Net
MTD
YTD
FII
3,623
2,972
651
1,991
46,343
406
464
(58)
(195)
(5,756)
FII Derivatives (March 07, 2013)

` cr
Purch
Sales
Net
Index Futures
1,931
1,522
410
9,769
Stock Futures
1,343
1,139
204
25,158
Open Interest
Price (`)
chg (%)
Company
Bharat Forge
237
7.7
M&M Fin
214
4.9
MCX
55
4.5
Suzlon Energy
673
4.4
Essar Oil
2,033
4.1
Jindal Steel
Gainers / Losers
Gainers
Company
Opto Circuits
United Brew
Wockhardt
www.angelbroking.com
NSE
Advances
1,523
810
Declines
1,307
669
131
91
Unchanged
Net Inflows (March 06, 2013)
MFs
BSE
Losers
MMTC
Price (`)
chg (%)
302
(5.2)
1,016
(3.8)
17
(3.4)
87
(2.9)
347
(2.3)
Volumes (` cr)
BSE
1,931
NSE
10,163
Market Outlook
March 8, 2013
Coal India reports production and offtake for February 2013

Coal India (CIL) reported its February production and offtake numbers. The
production was 42.6mn tonne in the month of February which was 4% below the
target set by CIL while the offtake was 39.7mn tonne, ie 3% below their target. We
maintain our production and offtake targets at 458mn tonne and 470mn tonne,
respectively, for FY2013. We maintain our Buy rating on the stock with a target
price of `368.
MM workers call off protests at Nashik plant

According to media reports, the tool down protest which was carried out by the
workers at Mahindra and Mahindras (MM) Nashik plant has been called off and
normal production has been restored at the plant. This is following an agreement
with the Employee Union to withdraw suspension of two workers and finalize wage
agreement by April 15, 2013. Also, the management continues to negotiate with
the workers to arrive at a long term wage settlement agreement. We see this as a
positive development for MM and restoration of normal operations at the plant will
enable the company to meet the market demand. Although MM has lost ~1,100
units in production because of the protests, we do not expect any significant impact
of the same on its market share or the profitability given that MM has three weeks
of inventory in the pipeline. We continue to maintain our positive stance on the
stock. At `885, MM is trading at 13.8x FY2014 earnings. We maintain our Buy
rating on the stock with an SOTP based target price of `1,019.
Divestment in RCF
The government is to divest 12.5% stake in Rashtriya Chemicals and Fertilizers
(RCF) through the OFS route today. Government shareholding in the company is
expected to come down to 80% post the stake sale from 92.5%. So far, the
government has raised `21,500cr through its disinvestment program for FY2013
fiscal as against its revised estimate of `24,000cr for the period. The disinvestment
in RCF is likely to fetch the exchequer approximately `300cr. Going ahead,
MMTC, SAIL and NALCO are amongst the likely candidates for disinvestment. The
government has increased disinvestment target for FY2014 by 66.7% (at
`40,000cr) as compared to its revised estimate and meeting the budgeted target
would depend on buoyancy in the capital market.
Market Outlook
March 8, 2013
Economic and Political News
Government to cut subsidies outgo to 1.5% of GDP by FY2017

National free roaming likely before October: Sibal
Double-digit growth without reforms dangerous: Moody's
Corporate News
Coal India to set up ` 9,000cr power plant in Odisha

HPCL to set up ` 37,000cr project in Rajasthan
L&T approaches government to surrender SEZ, 16 companies seek more time
Wipro launches new platform for healthcare providers
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Market Outlook
March 08, 2013
Global economic events release calendar
Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
March 8, 2013
March 9, 2013
March 11, 2013
March 12, 2013
March 14, 2013
March 15, 2013
March 19, 2013
March 20, 2013
March 21, 2013
March 26, 2013
7:30AM
China
Exports YoY%
% Change
Feb
25.00
8.10
7:00PM
US
Change in Nonfarm payrolls
Thousands
Feb
157.00
162.50
7:00PM
US
Unnemployment rate
Feb
7.90
7.90
7:00AM
China
Consumer Price Index (YoY)
% Change
Feb
2.00
3.00
11:00AM
China
Industrial Production (YoY)
% Change
Feb
10.30
10.30
4:29PM
India
Imports YoY%
% Change
Feb
6.10
--
4:29PM
India
Exports YoY%
% Change
Feb
0.80
--
3:00PM
UK
Industrial Production (YoY)
% Change
Jan
(1.70)
--
11:00AM
India
Industrial Production YoY
% Change
Jan
(0.60)
--
6:00PM
US
Producer Price Index (mom)
% Change
Feb
0.20
0.70
12:00PM
India
Monthly Wholesale Prices YoY%
% Change
Feb
6.62
--
3:30PM
Euro Zone Euro-Zone CPI (YoY)
6:00PM
US
Consumer price index (mom)
6:45PM
US
Industrial Production
6:00PM
US
Housing Starts
6:00PM
US
Building permits
Thousands
Feb
2.00
--
% Change
Feb
--
0.50
Feb
(0.10)
0.30
Thousands
Feb
890.00
--
Feb
904.00
--
3:00PM
UK
CPI (YoY)
% Change
Feb
2.70
--
11:00AM
India
RBI Repo rate
Mar 19
7.75
--
11:00AM
India
RBI Cash Reserve ratio
Mar 19
4.00
--
11:00AM
India
RBI Reverse Repo rate
Mar 19
6.75
--
8:30PM
Euro Zone Euro-Zone Consumer Confidence
Value
Mar A
(23.60)
--
% Change
Feb
(12.50)
--
Mar 20
0.25
--
Value
Mar A
54.70
--
3:00PM
UK
Jobless claims change
10:00PM
US
FOMC rate decision
2:00PM
Germany PMI Services
2:00PM
Germany PMI Manufacturing
7:30PM
US
Existing home sales
7:30PM
US
Consumer Confidence
Value
Mar A
50.30
--
Millions
Feb
4.92
--
S.A./ 1985=100
Mar
69.60
--
7:30PM
US
New home sales
Thousands
Feb
437.00
--
March 27, 2013
3:00PM
UK
GDP (YoY)
% Change
4Q F
0.30
--
March 28, 2013
2:25PM
Germany Unemployment change (000's)
Thousands
Mar
(3.00)
--
6:00PM
US
GDP Qoq (Annualised)
% Change
4Q T
0.10
--
April 1, 2013
6:30AM
China
PMI Manufacturing
Value
Mar
50.10
--
April 2, 2013
2:00PM
UK
PMI Manufacturing
Value
Mar
47.90
--
April 15, 2013
7:30AM
China
Real GDP (YoY)
% Change
1Q
7.90
--
May 15, 2013
2:30PM
Euro Zone Euro-Zone GDP s.a. (QoQ)
% Change
1Q A
(0.60)
--
11:30AM
Germany GDP nsa (YoY)
% Change
1Q P
0.10
--
Source: Bloomberg, Angel Research
Market Outlook
March 08, 2013
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
11.2
10.0
8.5
7.6
7.5
8.2
6.0
7.5
6.5
5.7
6.0
5.3 5.5 5.3

4.5
2.5
2.0
1.0
2.0
(4.0)
7.5
7.6
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Exhibit 4: Manufacturing and services PMI

Mfg. PMI
58.0
7.7
Jun-12
Source: MOSPI, Angel Research
(%)
7.6
May-12
Apr-12
Mar-12
(2.0)
Feb-12
Jan-12
3QFY13
2QFY13
1QFY13
4QFY12
3QFY12
2QFY12
1QFY12
4QFY11
3QFY11
2QFY11
1QFY11
4QFY10
3QFY10
2QFY10
Exhibit 3: Monthly WPI inflation trends
7.6
7.5
8.0
Services PMI
8.1
7.3
7.2
7.2
56.0
6.6
54.0
52.0
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Source: MOSPI, Angel Research
Exhibit 5: Exports and imports growth trends

(%)
48.0
Feb-12
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
Apr-12
Mar-12
50.0
Feb-12
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
4.3
4.0
Source: CSO, Angel Research
9.0
8.3
8.0
9.2
9.0
1QFY10
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
(%)
9.50
Imports yoy growth
30.0
15.0
Reverse Repo rate
CRR
8.50
7.75
7.50
6.75
6.50
Source: Bloomberg, Angel Research
4.00
4.50
Source: RBI, Angel Research
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
3.50
Apr-12
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
5.50
Mar-12
(30.0)
Jul-12
Jun-12
May-12
Apr-12
Mar-12
(15.0)
Feb-12
0.0
Market Outlook
March 08, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Agri / Agri Chemical

Rallis
Neutral
117
2,274
1,466
1,686
14.8
14.8
7.0
8.1
16.7
14.4
3.5
3.0
22.6
22.5
1.6
1.4
United Phosphorus
Buy
124
170
5,484
8,421
9,263
16.5
16.5
15.0
17.0
8.3
7.3
1.2
1.1
15.6
15.5
0.8
0.7
Amara Raja Batteries
Accumulate
283
323
4,828
2,983
3,477
16.1
16.1
18.5
21.6
15.3
13.1
4.4
3.4
32.9
29.1
1.5
1.4
Apollo Tyres
Accumulate
92
97
4,640
13,066
14,503
11.5
11.8
13.0
14.5
7.1
6.4
1.4
1.1
21.0
19.4
0.5
0.5
Ashok Leyland
Buy
23
28
6,186
12,910
14,836
8.8
9.6
1.5
2.2
15.7
10.5
2.1
1.9
9.3
13.4
0.6
0.5
Automotive Axle#
Neutral
288
436
934
1,103
10.2
10.7
24.5
34.3
11.8
8.4
1.5
1.3
13.2
16.9
0.5
0.4
Bajaj Auto
Neutral
1,995
57,730
20,775
23,889
18.5
19.0
107.6
126.4
18.6
15.8
7.6
6.1
45.8
42.8
2.4
2.0
Bharat Forge
Neutral
235
5,476
5,973
6,707
14.4
15.2
13.4
18.6
17.6
12.7
2.3
2.0
13.6
16.9
1.1
0.9
Bosch India*
Accumulate
8,278
8,889
25,992
9,717
11,092
16.2
17.0
354.7
423.3
23.3
19.6
4.0
3.4
17.2
17.5
2.4
2.0
CEAT
Buy
96
163
328
4,822
5,403
8.2
8.3
29.8
40.8
3.2
2.4
0.4
0.4
14.5
17.0
0.3
0.2
Exide Industries
Neutral
127
10,795
6,016
7,026
12.7
14.4
5.8
7.8
21.7
16.2
3.2
2.8
15.4
18.2
1.5
1.2
FAG Bearings*
Neutral
1,513
2,515
1,619
1,879
16.0
16.6
108.6
130.7
13.9
11.6
2.4
2.0
18.8
19.1
1.3
1.1
Hero Motocorp
Accumulate
1,713
1,923
34,210
23,990
27,038
13.8
14.6
105.8
120.2
16.2
14.3
6.5
5.3
44.3
41.0
1.1
1.0
JK Tyre
Buy
105
165
432
7,169
7,929
6.9
7.1
40.4
41.3
2.6
2.6
0.5
0.4
20.5
18.0
0.4
0.3
Auto & Auto Ancillary
Mahindra and Mahindra Buy
885
1,019
54,337
40,060
46,301
11.5
11.7
55.3
64.3
16.0
13.8
3.6
3.0
24.5
23.8
1.1
0.9
Maruti
Accumulate
1,452
1,563
41,935
43,381
52,411
7.5
8.9
65.6
97.7
22.1
14.9
2.5
2.2
11.8
15.6
0.8
0.6
Motherson Sumi
Accumulate
194
209
11,419
25,769
29,010
7.1
7.5
10.2
13.1
19.1
14.9
4.8
3.8
28.1
28.3
0.6
0.5
Subros
Buy
26
35
153
1,296
1,476
9.8
9.9
3.4
5.0
7.6
5.1
0.5
0.5
7.2
10.2
0.4
0.4
Tata Motors
Accumulate
306
326
81,552 184,201 209,642
12.4
13.5
28.0
36.3
10.9
8.4
2.4
1.9
24.6
25.4
0.5
0.4
TVS Motor
Buy
39
47
1,862
7,019
7,827
6.0
6.3
4.3
5.3
9.2
7.4
1.4
1.3
16.4
18.0
0.2
0.2
ABB*
Sell
590
487
12,494
8,073
9,052
5.5
7.2
11.3
17.4
52.3
33.9
4.5
4.1
8.9
12.8
1.5
1.4
BGR Energy
Neutral
207
1,496
3,412
4,104
13.0
11.6
24.6
26.2
8.4
7.9
1.2
1.1
30.7
25.7
0.8
0.7
BHEL
Neutral
206
50,347
47,801
43,757
18.0
17.1
24.1
20.8
8.5
9.9
2.5
2.2
32.9
23.6
0.9
1.0
Blue Star
Buy
166
238
1,488
2,748
2,896
4.4
5.6
6.8
9.3
24.4
17.8
3.3
2.9
14.5
17.6
0.6
0.6
Crompton Greaves
Buy
99
129
6,357
12,136
13,790
3.8
6.3
3.3
6.9
30.0
14.4
1.7
1.6
5.8
11.5
0.6
0.5
Jyoti Structures
Buy
34
49
278
2,802
3,074
9.5
9.8
7.7
10.9
4.4
3.1
0.4
0.4
9.6
12.1
0.3
0.3
KEC International
Buy
55
75
1,402
6,909
7,723
6.2
7.2
5.4
8.4
10.2
6.5
1.2
1.0
17.0
22.8
0.3
0.3
LMW
Neutral
1,979
2,229
2,369
2,727
11.7
11.7
143.4
166.0
13.8
11.9
2.3
2.1
17.4
18.4
0.5
0.3
Thermax
Neutral
595
7,089
5,529
5,798
9.0
9.6
27.1
30.3
21.9
19.7
3.8
3.4
18.6
18.2
1.1
1.0
Capital Goods
Market Outlook
March 08, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Cement
ACC
Neutral
1,260
23,662
11,358
12,366
19.9
19.6
75.1
74.9
16.8
16.8
3.2
2.9
19.4
18.1
1.8
1.6
Ambuja Cements
Neutral
190
29,340
9,730
11,221
25.6
25.0
10.2
11.3
18.6
16.8
3.3
3.1
18.7
19.0
2.6
2.2
India Cements
Neutral
84
2,580
4,439
4,789
16.7
17.2
6.8
9.1
12.4
9.3
0.7
0.7
6.0
7.7
1.0
0.9
J K Lakshmi Cement
Buy
122
143
1,431
2,119
2,478
22.9
22.3
20.3
22.8
6.0
5.3
1.0
0.9
18.0
17.7
0.8
1.1
Madras Cements
Neutral
244
5,799
3,960
4,270
27.4
27.0
18.6
21.1
13.1
11.6
2.4
2.0
19.7
18.9
2.1
1.8
Shree Cement^
Neutral
4,254
14,819
5,678
6,251
29.0
28.6
288.1
334.0
14.8
12.7
4.1
3.2
31.7
28.4
2.1
1.7
UltraTech Cement
Neutral
1,879
51,508
20,466
23,017
23.3
24.3
100.0
117.1
18.8
16.0
3.4
2.9
19.6
19.5
2.5
2.3
207
268
1,090
20,466
23,017
22.5
22.5
24.4
27.0
8.5
7.7
1.0
0.9
12.3
12.1
0.2
0.2
Construction
Ashoka Buildcon
Buy
Consolidated Co
Neutral
11
203
2,262
2,522
5.9
6.3
0.9
1.6
12.0
7.1
0.3
0.3
2.7
4.6
0.4
0.4
IRB Infra
Buy
119
164
3,957
3,843
4,212
43.1
43.6
16.8
17.8
7.1
6.7
1.2
1.1
18.3
17.0
3.2
3.4
ITNL
Accumulate
202
225
3,926
6,564
7,054
27.2
27.4
26.3
29.0
7.7
7.0
1.2
1.1
17.0
16.3
2.7
2.8
IVRCL Infra
Buy
25
35
779
3,773
6,706
6.9
8.4
(3.9)
2.9
(6.5)
8.8
0.4
0.4
(5.4)
4.1
0.9
0.6
Jaiprakash Asso.
Buy
76
97
16,821
14,243
16,382
26.2
26.1
3.2
4.3
23.6
17.5
1.3
1.2
5.4
7.0
2.6
2.4
Larsen & Toubro
Buy
1,463
1,788
90,059
60,666
69,525
10.6
11.2
71.9
85.0
20.4
17.2
3.2
2.8
14.5
15.2
1.7
1.5
Nagarjuna Const.
Buy
38
44
966
5,863
6,576
8.1
8.2
3.1
4.1
12.2
9.2
0.4
0.4
3.2
4.2
0.6
0.5
Punj Lloyd
Neutral
46
1,528
11,892
13,116
10.2
10.2
(0.4)
3.0
(107.9)
15.5
0.5
0.5
3.8
0.5
0.5
Sadbhav Engg.
Buy
111
157
1,678
1,642
2,642
9.7
10.1
3.2
7.2
34.7
15.4
2.0
1.8
6.0
12.1
1.3
0.8
Simplex Infra
Buy
149
197
736
6,026
7,135
9.1
9.3
14.1
24.6
10.6
6.1
0.6
0.5
5.6
9.2
0.5
0.5
Unity Infra
Buy
33
58
244
2,180
2,455
13.7
13.4
12.9
14.8
2.6
2.2
0.3
0.3
12.1
12.5
0.5
0.5
143
160
7,148
6,509
7,264
2.7
2.8
28.2
33.5
5.1
4.3
0.7
0.6
13.8
14.7
99
5,548
4,795
5,475
3.0
3.0
21.8
21.9
4.5
4.5
0.8
0.7
15.4
13.8
Financials
Allahabad Bank
Accumulate
Andhra Bank
Neutral
Axis Bank
Buy
1,403
1,678
65,592
15,959
18,660
3.2
3.2
119.2
139.0
11.8
10.1
2.2
1.9
20.3
20.1
Bank of Baroda
Buy
726
850
29,848
14,889
17,393
2.5
2.6
108.2
134.0
6.7
5.4
1.0
0.9
15.3
16.7
Bank of India
Accumulate
314
350
18,022
12,793
14,823
2.3
2.4
49.5
65.1
6.4
4.8
0.9
0.8
13.6
16.0
Bank of Maharashtra
Neutral
53
3,137
3,720
4,268
2.9
2.8
10.9
13.0
4.9
4.1
0.7
0.7
16.2
16.9
Canara Bank
Accumulate
434
463
19,217
10,783
12,000
2.1
2.3
64.8
82.2
6.7
5.3
0.9
0.8
13.2
15.0
Central Bank
Neutral
Corporation Bank
Buy
Dena Bank
Accumulate
73
5,396
7,158
8,217
2.4
2.6
13.1
20.1
5.6
3.7
0.8
0.7
10.3
14.3
401
465
5,937
4,919
5,634
2.1
2.2
96.7
99.9
4.1
4.0
0.7
0.6
16.3
14.9
94
107
3,294
3,090
3,462
2.7
2.7
25.6
24.6
3.7
3.8
0.7
0.6
19.2
15.9
Market Outlook
March 08, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Financials
Federal Bank
Accumulate
490
536
8,377
2,667
2,920
3.2
3.2
49.1
51.4
10.0
9.5
1.3
1.2
13.9
13.1
HDFC
Neutral
782
120,665
7,446
8,923
3.5
3.5
32.2
38.5
24.3
20.3
5.0
4.4
35.4
32.6
HDFC Bank
Neutral
641
152,327
21,724
26,578
4.3
4.3
28.7
36.1
22.4
17.8
4.3
3.6
20.7
22.1
ICICI Bank
Buy
1,118
1,302
128,609
22,317
26,217
2.9
3.0
72.0
84.6
15.5
13.2
2.0
1.8
14.9
15.9
IDBI Bank
Buy
92
106
11,730
8,196
9,305
1.9
2.1
15.4
22.3
6.0
4.1
0.6
0.6
10.7
14.1
Indian Bank
Buy
171
208
7,343
5,716
6,362
3.2
3.2
37.7
41.1
4.5
4.2
0.7
0.6
16.9
16.2
IOB
Accumulate
74
85
5,910
7,231
8,369
2.4
2.5
10.2
20.2
7.2
3.7
0.6
0.5
7.4
13.4
J & K Bank
Accumulate
1,268
1,406
6,148
2,784
2,932
3.7
3.7
229.2
199.6
5.5
6.4
1.2
1.1
24.6
18.2
LIC Housing Finance
Accumulate
241
257
12,165
1,722
2,080
2.2
2.2
19.9
24.6
12.1
9.8
1.9
1.6
16.6
17.9
Oriental Bank
Accumulate
275
314
8,037
6,360
7,004
2.6
2.8
48.1
59.4
5.7
4.6
0.7
0.6
12.1
13.5
Punjab Natl.Bank
Buy
811
957
27,492
19,202
22,040
3.2
3.4
146.8
167.9
5.5
4.8
1.0
0.9
17.6
17.5
South Ind.Bank
Buy
25
30
3,306
1,583
1,789
3.0
2.9
3.5
4.1
7.1
6.1
1.2
1.0
19.1
17.7
St Bk of India
Buy
2,168
2,514
145,513
60,594
70,439
3.3
3.3
221.9
257.4
9.8
8.4
1.7
1.4
17.4
17.7
Syndicate Bank
Accumulate
122
135
7,353
6,673
7,644
2.9
3.0
32.0
27.9
3.8
4.4
0.8
0.7
22.0
16.5
UCO Bank
Neutral
Union Bank
Accumulate
United Bank
63
4,164
5,388
6,262
2.4
2.6
9.0
14.9
7.0
4.2
0.9
0.8
9.1
13.8
230
256
12,685
10,006
11,558
2.8
2.8
36.4
47.0
6.3
4.9
0.9
0.8
14.6
16.6
Buy
62
75
2,254
3,549
3,814
2.5
2.7
12.0
21.4
5.2
2.9
0.5
0.5
10.1
16.3
Vijaya Bank
Neutral
52
2,564
2,342
2,763
1.9
2.1
8.0
10.9
6.5
4.8
0.7
0.6
10.1
12.6
Yes Bank
Accumulate
485
526
17,386
3,364
4,260
2.8
3.0
36.3
42.6
13.4
11.4
3.0
2.4
24.6
23.6
4,572
43,857
11,198
13,319
15.9
15.7
122.1
147.1
37.4
31.1
12.6
9.9
37.7
35.7
3.9
3.2
FMCG
Asian Paints
Neutral
Britannia
Accumulate
518
564
6,190
5,580
6,417
4.8
5.0
18.1
21.7
28.6
23.9
10.4
8.3
38.7
38.7
1.0
0.9
Colgate
Neutral
1,332
18,112
3,120
3,588
20.3
21.1
38.4
45.1
34.7
29.6
32.2
25.9
104.6
97.0
5.6
4.8
Dabur India
Neutral
133
23,146
6,196
7,183
16.3
16.8
4.5
5.5
29.5
24.2
12.2
9.5
43.4
44.0
3.8
3.2
GlaxoSmith Con*
Neutral
4,187
17,610
3,084
3,617
15.2
16.3
103.9
123.0
40.3
34.1
12.9
10.6
34.9
34.3
5.2
4.5
Godrej Consumer
Neutral
782
26,602
6,386
7,743
15.7
17.0
20.8
27.1
37.6
28.8
8.1
6.6
23.7
26.4
4.4
3.6
HUL
Neutral
433
93,661
25,350
28,974
13.3
13.5
15.1
17.0
28.7
25.6
22.8
16.3
85.7
74.3
3.5
3.0
ITC
Neutral
292
230,178
29,148
34,191
35.7
36.1
9.4
11.1
31.1
26.3
10.4
8.6
35.9
35.7
7.6
6.4
Marico
Neutral
215
13,885
4,747
5,402
13.6
13.6
6.3
7.8
34.0
27.5
6.9
5.7
26.0
22.6
3.0
2.5
Nestle*
Neutral
4,701
45,321
8,302
9,739
22.0
21.5
110.7
130.8
42.5
35.9
25.2
18.1
69.5
58.6
5.5
4.6
Market Outlook
March 08, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Accumulate
132
145
8,141
7,272
7,998
9.1
9.9
6.9
8.1
19.2
16.4
2.0
1.9
8.9
9.7
1.0
0.9
HCL Tech^
Neutral
772
53,635
25,325
28,476
21.7
20.7
51.0
52.8
15.1
14.6
4.0
3.3
26.8
22.9
2.0
1.7
Hexaware*
Buy
90
113
2,674
1,948
2,136
20.9
18.3
10.9
10.1
8.3
8.9
2.2
1.8
27.2
21.0
1.1
0.9
Infosys
Reduce
3,005
2,850
172,544
40,746
44,283
28.9
28.8
162.6
172.9
18.5
17.4
4.4
3.7
23.5
21.3
3.6
3.2
Infotech Enterprises
Accumulate
172
184
1,920
1,881
1,987
17.9
17.4
18.5
19.4
9.3
8.9
1.4
1.2
14.8
13.6
0.7
0.6
KPIT Cummins
Buy
109
134
2,095
2,234
2,477
15.8
15.2
10.9
12.8
10.0
8.5
2.1
1.7
22.2
20.6
0.9
0.7
Mahindra Satyam
Neutral
124
14,591
7,711
8,683
21.6
20.3
8.7
11.3
14.2
10.9
3.4
2.6
30.6
23.7
1.5
1.2
Mindtree
Neutral
881
3,659
2,357
2,580
21.0
19.3
84.4
86.8
10.4
10.2
2.8
2.2
26.8
21.7
1.3
1.1
Mphasis&
Neutral
393
8,265
5,531
5,874
17.6
17.5
35.4
37.7
11.1
10.4
1.6
1.4
14.7
13.5
1.0
0.8
NIIT
Buy
24
36
395
1,048
1,161
9.1
10.9
4.1
6.2
5.8
3.9
0.6
0.6
10.3
14.1
0.2
0.1
Persistent
Neutral
571
2,282
1,297
1,433
25.6
24.1
46.5
54.0
12.3
10.6
2.3
1.9
18.5
18.0
1.4
1.2
TCS
Reduce
1,590
1,465
311,286
62,954
70,871
29.0
28.9
71.6
79.1
22.2
20.1
7.4
6.0
33.2
29.7
4.7
4.1
Tech Mahindra
Accumulate
1,098
1,205
14,050
6,789
7,609
21.0
19.6
95.8
110.7
11.5
9.9
2.8
2.2
24.3
22.3
2.1
1.8
Wipro
Neutral
449
110,618
43,514
47,304
20.1
19.4
26.6
27.7
16.9
16.2
3.3
2.9
19.7
17.9
2.2
1.9
D B Corp
Buy
239
276
4,382
1,583
1,787
23.9
25.4
11.9
14.5
20.2
16.4
4.0
3.4
21.4
22.4
2.7
2.3
HT Media
Accumulate
101
113
2,375
2,061
2,205
14.0
15.1
6.6
7.9
15.2
12.9
1.5
1.4
10.3
11.0
0.8
0.7
Jagran Prakashan
Buy
98
125
3,114
1,511
1,698
23.2
23.4
6.4
7.3
15.3
13.5
3.8
3.4
25.9
26.6
2.3
1.9
PVR
Neutral
289
836
820
1,307
17.3
17.3
11.2
17.8
25.9
16.2
1.2
1.1
9.7
10.8
1.1
0.7
Sun TV Network
Neutral
428
16,877
1,942
2,237
77.2
75.5
17.6
19.1
24.3
22.4
5.9
5.3
25.8
25.2
8.2
7.1
Bhushan Steel
Neutral
463
10,492
10,746
13,982
30.8
31.1
43.3
55.5
10.7
8.4
1.1
1.0
11.4
12.6
3.1
2.4
Coal India
Buy
313
368
197,702
66,666
70,292
25.7
27.3
24.2
26.6
13.0
11.8
3.8
3.1
33.1
29.1
2.0
1.8
Electrosteel Castings
Buy
19
28
652
1,984
2,074
10.6
11.6
1.8
2.6
10.7
7.3
0.4
0.1
3.6
5.1
0.5
0.4
Hind. Zinc
Buy
120
149
50,619
12,002
13,759
49.7
50.8
14.7
16.4
8.2
7.3
1.6
1.3
21.1
19.8
2.3
1.6
Hindalco
Neutral
101
19,356
80,205
88,987
9.0
9.2
13.4
13.8
7.5
7.3
0.6
0.5
7.9
7.6
0.6
0.6
JSW Steel
Neutral
731
16,319
39,072
40,493
16.5
18.2
82.4
90.3
8.9
8.1
0.9
0.8
10.7
10.7
0.8
0.8
MOIL
Neutral
235
3,954
933
954
46.9
45.5
25.8
26.1
9.1
9.0
1.4
1.3
16.7
15.1
1.8
1.6
Monnet Ispat
Buy
241
318
1,535
2,287
2,883
21.8
21.8
35.3
40.7
6.8
5.9
0.6
0.6
9.6
10.2
1.9
1.4
Nalco
Accumulate
43
46
11,159
6,630
8,357
11.4
14.5
2.1
3.3
20.4
13.3
0.9
0.9
4.6
6.9
1.0
0.9
NMDC
Buy
146
181
57,825
9,674
11,536
75.2
76.6
16.0
18.6
9.1
7.8
2.0
1.7
23.6
23.0
3.8
3.0
FMCG
Tata Global
IT
Media
Metals & Mining
Market Outlook
March 08, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
PER(x)
P/BV(x)
RoE(%)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
EV/Sales(x)
FY14E
FY13E
FY14E
Metals & Mining

SAIL
Neutral
69
28,542
43,438
56,199
12.0
12.2
6.5
8.5
10.6
8.1
0.7
0.7
6.6
8.2
0.9
0.7
Sesa Goa
Accumulate
165
183
14,331
2,412
3,911
30.8
33.1
29.6
31.8
5.6
5.2
0.9
0.8
16.3
15.4
7.4
4.6
Sterlite Inds
Accumulate
101
110
33,808
43,185
45,442
23.3
23.7
16.8
17.9
6.0
5.6
0.7
0.6
11.6
11.2
0.8
0.7
Tata Steel
Buy
350
443
34,017 142,732 146,575
7.4
9.9
7.2
34.7
48.8
10.1
0.8
0.7
1.6
7.5
0.5
0.5
Sarda
Buy
111
148
397
1,442
1,494
19.0
19.1
29.2
31.7
3.8
3.5
0.4
0.4
12.3
12.0
0.6
0.6
Prakash Industries
Godawari Power and
Ispat
Oil & Gas
Buy
35
52
472
2,512
2,816
12.4
13.7
10.0
12.6
3.5
2.8
0.2
0.2
7.2
8.4
0.5
0.4
Buy
92
112
292
2,367
2,425
14.2
13.7
33.3
33.5
2.8
2.8
0.3
0.3
12.9
11.2
0.6
0.5
Cairn India
Buy
298
383
56,895
17,394
17,034
76.4
72.3
60.8
55.1
4.9
5.4
1.0
0.9
21.9
17.0
2.4
2.1
GAIL
Neutral
332
42,107
48,077
55,815
15.3
15.3
34.9
35.9
9.5
9.2
1.7
1.5
19.0
17.0
0.6
0.5
ONGC
Accumulate
320
357
273,818 144,089 158,065
32.8
34.7
28.7
34.4
11.2
9.3
1.8
1.6
17.0
18.3
1.6
1.4
Reliance Industries
Neutral
836
269,788 362,700 380,031
8.9
8.9
68.1
71.5
12.3
11.7
1.3
1.2
12.4
11.8
0.7
0.7
Gujarat Gas*
Neutral
265
3,402
3,707
3,850
11.7
12.4
23.7
25.7
11.2
10.3
3.1
2.7
29.6
28.2
0.8
0.7
Indraprastha Gas
Neutral
268
3,756
3,365
3,700
22.8
23.4
25.3
26.6
10.6
10.1
2.5
2.1
26.0
22.6
1.2
1.1
Petronet LNG
Gujarat State Petronet
Ltd.
Pharmaceuticals
Buy
148
179
11,070
32,210
41,362
6.1
5.8
15.4
15.6
9.6
9.5
2.5
2.1
29.1
24.1
0.4
0.3
69
3,869
1,079
983
91.8
91.9
8.8
7.8
7.9
8.8
1.3
1.2
17.8
14.1
3.3
3.6
Alembic Pharma
Neutral
98
1,846
1,490
1,714
16.2
17.1
7.4
9.5
13.2
10.3
3.6
2.8
30.7
30.2
1.3
1.1
Aurobindo Pharma
Buy
164
208
4,780
5,463
6,279
15.0
15.0
12.4
14.0
13.2
11.7
1.7
1.5
18.8
17.8
1.5
1.3
Aventis*
Neutral
2,360
5,435
1,482
1,682
17.5
16.6
82.9
87.8
28.5
26.9
4.5
3.6
16.3
14.8
3.5
3.0
Cadila Healthcare
Accumulate
731
817
14,958
6,148
7,386
15.3
18.0
24.6
39.5
29.7
18.5
5.6
4.5
18.4
25.1
2.8
2.3
Cipla
Accumulate
386
419
31,001
8,151
9,130
25.8
24.8
20.2
21.6
19.1
17.9
3.4
2.9
19.4
17.6
3.6
3.1
Dr Reddy's
Neutral
1,810
30,730
10,696
11,662
20.7
21.0
83.7
92.9
21.6
19.5
4.4
3.7
22.4
20.8
3.2
2.8
Dishman Pharma
Buy
GSK Pharma*
Neutral
Indoco Remedies
Buy
Ipca labs
Neutral
73
155
592
1,280
1,536
20.2
20.2
12.1
15.5
6.1
4.7
0.6
0.5
10.0
11.6
1.2
1.0
2,104
17,822
2,651
2,993
31.7
31.2
76.0
82.4
27.7
25.5
8.0
7.1
20.1
26.3
5.9
5.1
63
78
585
642
784
14.2
15.2
5.7
7.8
11.1
8.1
1.4
1.2
12.9
16.4
1.1
1.0
Accumulate
498
559
6,281
2,850
3,474
21.0
21.0
29.9
37.3
16.7
13.4
4.0
3.2
26.7
26.4
2.4
2.0
Lupin
Accumulate
597
655
26,716
8,426
10,082
19.7
20.0
26.1
31.1
22.9
19.2
5.3
4.3
25.8
24.7
3.3
2.7
Ranbaxy*
Neutral
400
16,933
12,253
11,400
14.1
12.5
31.2
21.6
12.8
18.5
4.1
3.5
37.9
20.6
1.3
1.4
Sun Pharma
Neutral
811
83,815
10,111
12,563
42.6
42.6
28.9
29.8
28.1
27.2
5.7
4.8
22.3
19.2
7.6
6.0
72
78
1,093
1,502
1,535
32.1
31.9
11.4
12.5
6.3
5.8
0.7
0.7
7.6
11.9
1.2
1.0
Power
GIPCL
Accumulate
Market Outlook
March 08, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
Accumulate
148
163
122,198
72,809
81,951
23.4
24.1
12.2
13.6
12.2
10.9
1.5
1.4
12.2
12.5
2.3
2.2
DLF
Neutral
279
47,453
7,953
9,699
34.7
37.0
4.4
6.0
63.9
46.8
1.8
1.7
3.1
3.8
8.1
6.3
MLIFE
Accumulate
403
446
1,645
786
888
26.3
26.7
31.0
36.3
13.0
11.1
1.3
1.2
10.1
10.8
2.4
2.1
Bharti Airtel
Accumulate
320
350
121,692
80,521
87,160
30.5
30.5
6.4
10.4
50.1
30.8
2.3
2.2
4.6
7.0
2.4
2.1
Idea Cellular
Neutral
113
37,542
22,087
23,927
26.6
27.7
2.9
3.9
38.8
29.0
2.7
2.5
6.9
8.4
2.3
2.1
Rcom
Neutral
64
13,117
21,087
22,067
31.8
31.9
2.6
4.0
24.2
15.9
0.4
0.4
1.5
2.2
2.3
2.1
13.1
13.5
79.0
90.8
17.5
15.2
3.8
3.2
23.7
22.8
1.3
1.1
Power
NTPC
Real Estate
Telecom
zOthers
Abbott India
Buy
1,382
1,634
2,936
1,926
2,152
Bajaj Electricals
Buy
184
217
1,832
3,450
3,929
4.5
7.4
10.0
15.5
18.4
11.9
2.4
2.1
13.0
17.4
0.5
0.5
Cera Sanitaryware
Accumulate
456
495
577
460
596
16.4
16.2
34.7
45.0
13.1
10.1
3.2
2.5
27.7
27.8
1.3
1.1
Cravatex
Buy
360
545
93
272
308
7.2
7.3
37.5
45.4
9.6
7.9
2.3
1.8
23.7
22.7
0.4
0.4
CRISIL
Neutral
932
6,544
982
1,136
34.3
34.3
34.3
40.0
27.1
23.3
12.3
9.8
50.9
46.9
6.2
5.2
Finolex Cables
Buy
46
61
709
2,268
2,559
9.5
10.0
9.0
10.1
5.2
4.6
0.8
0.7
14.8
14.6
0.2
0.2
Force Motors
Buy
399
550
520
2,027
2,299
4.6
5.1
35.3
50.0
11.3
8.0
0.4
0.4
3.9
5.3
0.1
0.1
Goodyear India
Accumulate
281
304
649
1,559
1,676
7.1
7.4
27.5
30.5
10.2
9.2
1.6
1.5
16.9
16.7
0.2
0.2
Greenply Industries
Sell
386
309
932
1,925
2,235
10.6
10.9
29.6
44.1
13.1
8.8
2.1
1.7
16.8
21.0
0.8
0.6
Hitachi
Neutral
Honeywell Automation* Accumulate
126
348
905
1,025
4.8
6.0
7.7
12.4
16.5
10.2
1.6
1.4
9.9
14.4
0.5
0.4
2,508
2,842
2,217
2,117
2,491
8.1
7.8
140.5
157.9
17.9
15.9
2.7
2.3
16.3
15.8
1.0
0.8
Styrolution ABS India*
Buy
605
744
1,064
1,069
1,223
9.7
9.7
40.0
46.5
15.1
13.0
2.1
1.9
15.1
15.3
1.0
0.8
ITD Cementation
Buy
190
239
218
1,455
1,630
12.0
12.1
23.2
31.2
8.2
6.1
0.5
0.5
6.5
8.1
0.6
0.6
Jyothy Laboratories
Neutral
MCX
Buy
MRF
Accumulate
Page Industries
Neutral
Relaxo Footwears
Sintex Industries
163
2,628
816
979
14.5
14.9
5.2
6.0
31.6
27.1
3.6
3.4
8.8
10.2
3.5
2.8
1,016
1,440
5,181
553
624
65.3
66.3
62.5
72.0
16.3
14.1
4.5
3.9
27.5
27.4
6.4
5.2
12,602
14,331
5,345
12,422
13,767
12.9
12.8 1,661.0 1,791.4
7.6
7.0
1.5
1.2
22.0
19.4
0.6
0.5
3,443
3,840
856
1,047
19.1
19.6
101.2
127.3
34.0
27.0
17.5
12.9
58.5
54.9
4.6
3.8
Buy
634
887
761
989
1,148
10.7
11.7
41.8
55.5
15.2
11.4
3.5
2.7
25.5
26.3
0.9
0.8
Buy
56
79
1,753
4,751
5,189
16.3
16.6
13.6
15.8
4.1
3.6
0.6
0.5
12.9
13.2
0.7
0.6
Siyaram Silk Mills
Buy
288
332
270
1,048
1,157
11.3
12.0
58.7
66.5
4.9
4.3
0.9
0.7
18.9
18.3
0.5
0.5
S. Kumars Nationwide
Neutral
10
305
6,765
7,393
18.1
18.0
6.4
7.5
1.6
1.4
0.1
0.1
6.1
6.7
0.6
0.6
SpiceJet
Buy
34
43
1,656
5,720
6,599
5.3
6.8
3.6
5.4
9.5
6.4
13.7
4.4
0.4
0.3
TAJ GVK
Buy
66
108
411
300
319
35.8
36.2
7.9
9.1
8.3
7.2
1.1
1.0
13.9
14.4
1.7
1.4
Market Outlook
March 08, 2013
Stock Watch
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
PER(x)
FY13E
P/BV(x)
RoE(%)
EV/Sales(x)
FY14E
FY13E
FY14E
FY13E
FY14E
FY13E
FY14E
0.7
0.7
15.7
14.7
0.3
0.2
17.5
19.1
0.8
0.7
zOthers
Tata Sponge Iron
Buy
309
379
476
782
818
16.5
17.0
61.8
65.4
5.0
4.7
TTK Healthcare
Buy
481
655
373
393
439
5.9
6.7
21.1
26.7
22.8
18.0
TVS Srichakra
Buy
United Spirits
Neutral
Vesuvius India
Accumulate
207
276
159
1,461
1,591
5.6
7.1
6.9
39.4
30.0
5.3
1.2
1.0
3.8
20.6
0.3
0.3
1,842
24,093
10,473
11,939
15.0
15.8
30.4
56.9
60.6
32.4
4.6
2.9
10.8
12.3
3.0
2.3
327
355
664
591
623
17.5
17.2
29.0
29.6
11.3
11.0
1.7
1.5
16.0
14.5
0.9
0.8
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on March 07, 2013
Market Outlook
March 08, 2013

Market Outlook 08 March 2013

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Market Outlook 08 March 2013

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Market Outlook

OIL & GAS

Coal India reports production and offtake for February 2013

Refer detailed news analysis on the following page

FII Derivatives (March 07, 2013)

Net Inflows (March 06, 2013)

Coal India reports production and offtake for February 2013

MM workers call off protests at Nashik plant

Economic and Political News

Government to cut subsidies outgo to 1.5% of GDP by FY2017

Coal India to set up ` 9,000cr power plant in Odisha

Country Event Description

March 19, 2013

March 20, 2013

March 21, 2013

March 26, 2013

Change in Nonfarm payrolls

Consumer Price Index (YoY)

Industrial Production (YoY)

Industrial Production (YoY)

Industrial Production YoY

Producer Price Index (mom)

Monthly Wholesale Prices YoY%

Euro Zone Euro-Zone CPI (YoY)

Consumer price index (mom)

RBI Repo rate

RBI Cash Reserve ratio

RBI Reverse Repo rate

Euro Zone Euro-Zone Consumer Confidence

Jobless claims change

FOMC rate decision

Germany PMI Services

Germany PMI Manufacturing

Existing home sales

New home sales

March 27, 2013

March 28, 2013

Germany Unemployment change (000's)

GDP Qoq (Annualised)

April 15, 2013

Real GDP (YoY)

May 15, 2013

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

Germany GDP nsa (YoY)

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

Source: MOSPI, Angel Research

Exhibit 5: Exports and imports growth trends

Source: CSO, Angel Research

Exports yoy growth

Exhibit 6: Key policy rates

Imports yoy growth

Reverse Repo rate

Source: Bloomberg, Angel Research