The Indian stock market opened higher tracking gains in Asian markets but pared some gains later in the day. The key indices - Sensex and Nifty - closed with gains of 0.6% each. IT and realty stocks led the gains early on while industrial production data weighed on the markets later. Mid-cap and small-cap indices also ended higher. Container traffic growth and results from Sintex Industries were in line with expectations. Exide Industries and Infosys are scheduled to report quarterly results today. The markets are expected to trade in a range with support and resistance levels provided.

1. Market Outlook
India Research
July 13, 2010
Dealer’s Diary Domestic Indices Chg (%) (Pts) (Close)
The market opened on a firm note, tracking higher Asian stocks. The key BSE Sensex 0.6% 103.7 17,937
benchmark indices hit three-month highs at the onset of the trading session, Nifty 0.6% 30.6 5,383
with IT and realty stocks leading the rally. The Sensex crossed the psychological MID CAP 0.3% 19.3 7,336
18,000 mark for a brief period in mid-morning trade but fell below that level SMALL CAP 0.6% 55.7 9,326
later on account of lower-than-expected growth in industrial production in May
BSE HC -0.2% (8.7) 5,741
2010. It trimmed gains after extending recovery from lower levels in mid-
BSE PSU -0.1% (13.4) 9,455
afternoon trade and moved in a range in late trade. The Sensex and Nifty
BANKEX 1.3% 148.4 11,209
closed with gains of 0.6% each. BSE mid-cap and small-cap indices also ended
AUTO 0.0% (0.0) 8,369
the session with gains of 0.3% and 0.6%, respectively. Among the front liners,
DLF, Tata Motors, Wipro, TCS and BHEL were up by nearly 2%, while Reliance METAL 0.4% 63.0 14,901
Infra., Hero Honda, RCOM, ONGC and ACC declined by 1–2%. Among mid- OIL & GAS -0.4% (45.9) 10,587
caps, Polaris Software, Bajaj Electricals, Mahindra Lifespace, Educomp Solutions BSE IT 1.3% 69.0 5,547
and Gujarat State Fertilizers were up by 6–9%, while Astrazeneca Pharma, Cox
Kings, Monnet Ispat, Balrampur Chini and Bajaj Holdings were down by 3–5%. Global Indices Chg (%) (Pts) (Close)
Dow Jones 0.2% 18.2 10,216
Markets Today
NASDAQ 0.1% 1.9 2,198
The trend deciding level for the day is 17941 / 5379 levels. If NIFTY trades FTSE 0.5% 27.5 5,167
above this level during the first half-an-hour of trade then we may witness a Nikkei -0.4% (37.2) 9,548
further rally up to 18007 – 18076 / 5407 – 5430 levels. However, if NIFTY
Hang Seng 0.4% 88.8 20,467
trades below 17941 / 5379 levels for the first half-an-hour of trade then it may
Straits Times 0.3% 8.2 2,925
correct up to 17871 - 17806 / 5356 - 5328 levels.
Shanghai Com 0.8% 19.8 2,491
Indices S2 S1 R1 R2
Indian ADRs Chg (%) (Pts) (Close)
SENSEX 17,806 17,871 18,007 18,076
Infosys 0.7% 0.5 $63.0
NIFTY 5,328 5,356 5,407 5,430 Wipro -0.3% (0.0) $13.0
Satyam -1.6% (0.1) $5.0
News Analysis
ICICI Bank 1.2% 0.5 $38.3
Container traffic grows by 8.7% yoy in June 2010 HDFC Bank 2.0% 3.0 $151.9
Results Review: Sintex Ind.
Results Previews: Exide Ind., Infosys Advances / Declines BSE NSE
Refer detailed news analysis on the following page.
Advances 1562 736
Net Inflows (July 09, 2010) Declines 1,357 597
Rs cr Purch Sales Net MTD YTD Unchanged 97 43
FII 5,778 2,312 3,466 5,156 35,439
MFs 422 421 1 (86) (8,304) Volumes (Rs cr)
BSE 3,939
FII Derivatives (July 12, 2010)
NSE 12,640
Open
Rs cr Purch Sales Net
Interest
Index Futures 1,911 1,301 609 16,093
Stock Futures 1,605 1,015 590 30,935
Gainers / Losers
Gainers Losers
Price Price
Company Chg (%) Company Chg (%)
(Rs) (Rs)
Educomp Sol. 577 6.2 BPCL 690 (3.0)
Opto Circuits 258 5.9 Balrampur Chini 85 (2.6)
Dena Bank 98 5.2 Bajaj Holding 679 (2.6)
Idea Cellular 70 5.2 HPCL 477 (2.4)
Rolta India 184 4.9 Renuka Sugar 70 (2.2)
Please refer to important disclosures at the end of this report Sebi Registration No: INB 0109965391

2. Market Outlook | India Research
Container traffic grows by 8.7% yoy in June 2010
As per data released by the Indian Port Association (IPA), container volumes rose by 8.7%
yoy in June 2010 and 16.9% yoy in 1QFY2011. Among major ports, the JNPT port, which
handles around 61% of the country’s container volumes, witnessed marginal volume
growth of 3.7% yoy in June 2010, growing by 12.2% yoy in 1QFY2011. Further, volumes
at the Chennai port, which handles around 16% of the country’s container traffic, were up
by 29.5% yoy in June 2010 and 36.8% yoy in 1QFY2011. The strong growth rate in
container volumes is mainly on account of revival in Exim trade and low-base effect. Going
ahead, we expect volumes to sustain at current levels for FY2011. Company-wise, we
estimate Concor to post around 10.0% yoy growth in Exim volumes and GDL to register
15.0% yoy growth in CFS volumes for 1QFY2011E.
Result Review
Sintex Industries
Sintex Industries’ (Sintex) 1QFY2011 results were marginally above our expectations. The
company’s revenue increased by robust 37.5% yoy to Rs911cr, against our expectation of
Rs854cr. Growth was largely driven by the domestic plastic segment. The pre-fab segment
grew by 52.0% yoy to Rs 382cr, largely driven by the monolithic and standalone pre-fab
segments, which grew by 89.2% yoy and 57.4% yoy, respectively. The domestic custom
moulding segment reported good set of numbers on account of increasing outsourcing
opportunities from India at a much better cost. Standalone BT Shelter and Zeppelin
continued to drag performance. Nief and Wausaukee reported moderate revenue growth
on account of higher rupee appreciation; however, it reported strong numbers in dollar
and euro terms on account of low base. Bright Autoplast’s revenue continued to report
good set of numbers, growing 46.0% yoy, driven by increasing capacity utilisation of its
new Chennai plant and addition of new customers. The textile segment reported strong
revenue growth of 30% yoy to Rs99cr on account of low base and pick up in demand in
high-end fabrics. Operating margins came in at 15.1%, up 189bp yoy, on the back of
higher contribution from the high-margin monolithic segment. Other income fell by 43.6%
yoy to Rs20cr, as the company booked ~Rs14cr of MTM loss on its FCCB. Consequently,
PAT came in at Rs78.8cr, up 30% yoy, which was in line with our expectation. At the CMP,
the stock is trading at 9.3x on FY2012EPS, which is below its historical one-year average
forward P/E (13x). We maintain a Buy rating on the stock with a target price of Rs385. We
will release the detailed note post the conference call today.
Result Previews
Exide Industries
Exide Industries is slated to announce its 1QFY2011 results today. We expect the
company’s top line to grow by 17% yoy to Rs1,059cr on account of increased offtake in
volumes and a marginal increase in realisations. On the operating front, the EBITDA
margin is expected to decline by 210bp yoy to 21.1% due to higher yoy average lead
prices for the quarter. However, the bottom line is expected to grow by 11.2% yoy to
Rs136.1cr. The stock is under review.
Infosys
For 1QFY2011, we expect Infosys to witness 3.1% qoq growth in revenue with volumes at
Rs6,129cr, ahead of its guidance of Rs5,963cr. The company’s EBITDA margin is expected
to contract by 57bp on account of strong manpower intake and higher SG&A spends with
improved business environment. Net profit is expected to be down by 4.1% qoq to
Rs1,550cr. We maintain an Accumulate view on the stock.
July 13, 2010 2

3. Market Outlook | India Research
Economic and Political News
Industry grows by 11.5% in May 2010
Government plans Rs10k-cr VC fund to promote R&D in Pharma
RBI likely to announce sunset clause for base rate migration
Steel Ministry for banning iron ore exports
Corporate News
NTPC dumps Uttar Pradesh, to set up 4,000MW power plant in Madhya Pradesh
Nalco close to buyouts in Chile, Namibia, Indonesia
StanChart signs pact to acquire GE Commercial Financing
P&G to get Ambi Pur rights in India from Godrej
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
Events for the day
Exide Ind. Quarterly Results
Hotel Leela Quarterly Results
Infosys Quarterly Results
July 13, 2010 3

4. Market Outlook | India Research
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