The document provides an overview of the Indian stock market performance on April 27, 2010. It summarizes that the key Indian indices closed with modest gains of 0.3-0.6%, led by outperformance in mid and small cap stocks. Select frontline stocks like Sterlite Industries and HDFC gained 2-6% while others like Sun Pharma and DLF declined 2-5%. The document also previews upcoming company earnings results and provides reviews of recent results from companies like GCPL, Indoco Remedies, and Maruti Suzuki.

1. Market Outlook
India Research
April 27, 2010
Dealer’s Diary Domestic Indices Chg (%) (Pts) (Close)
The Indian markets witnessed a positive opening following strong Asian markets BSE Sensex 0.3% 51.1 17,745
and managed to sustain the gains for the day, registering a fifth straight session Nifty 0.4% 18.4 5,322
of gains. The markets traded in a narrow range for the session with fair amount
MID CAP 0.6% 41.9 7,174
of volatility as it entered the F&O expiry week. After opening in green, markets
SMALL CAP 0.5% 44.8 9,245
traded range-bound before slipping sharply in mid-afternoon. However, a
BSE HC -0.5% (25.9) 5,297
gradual recovery through the mid-session saw the markets close in the green for
BSE PSU 0.6% 54.1 9,085
the day. The Sensex and Nifty closed with gains of 0.3% and 0.4% respectively.
The BSE Mid-cap and Small-cap indices outperformed the benchmark index BANKEX 0.6% 61.5 11,135
with gains of 0.6% and 0.5% respectively. Among the front-liners, Sterlite AUTO -0.2% (16.2) 7,754
Industries, HDFC, Hindalco Industries, HDFC Bank and M&M were up by 2-6%, METAL 2.3% 413.9 18,066
while Sun Pharma, DLF, Maruti Suzuki, RIL and ICICI Bank were down by 2-5%. OIL & GAS -1.0% (96.1) 9,999
In the Mid-cap segment, Indian Bank, Great Offshore, Jain Irrigation, Gujarat BSE IT 0.5% 25.1 5,406
NRE Coke and UTV Software were up by 6-14%, while State Bank of Mysore,
Balrampur Chini, MVL, Mcleod Russel and United Bank were down by 3-4%. Global Indices Chg (%) (Pts) (Close)
Dow Jones 0.0% 0.8 11,205
Markets Today NASDAQ -0.3% (7.2) 2,523
The trend deciding level for the day is 17755/5321 levels. If NIFTY trades FTSE 0.5% 30.2 5,754
above this level during the first half-an-hour of trade then we may witness a Nikkei 2.3% 251.3 11,166
further rally up to 17817–17889/5343–5364 levels. However, if NIFTY trades
Hang Seng 1.6% 342.6 21,587
below 17755/5321 levels for the first half-an-hour of trade then it may correct
Straits Times 0.5% 14.1 3,003
up to 17683–17620/5300–5278 levels.
Shanghai Com -0.5% (14.0) 2,970
Indices S2 S1 R1 R2
Indian ADRs Chg (%) (Pts) (Close)
SENSEX 17,620 17,683 17,817 17,889 Infosys 0.8% 0.5 $62.5
NIFTY 5,278 5,300 5,343 5,364 Wipro 0.6% 0.2 $23.5
Satyam 0.0% 0.0 $5.5
News Analysis
ICICI Bank -4.5% (2.0) $42.9
Results Reviews: GCPL, Indoco Remedies, Maruti Suzuki, Sterlite Industries HDFC Bank 1.7% 2.6 $153.5
Results Previews: Aventis Pharma, Concor, Dena Bank, GSK Pharma, PTC
India, Yes Bank Advances / Declines BSE NSE
Refer detailed news analysis on the following page.
Advances 1,542 696
Net Inflows (Apr 23, 2010) Declines 1,354 620
Rs cr Purch Sales Net MTD YTD Unchanged 87 36
FII 3,242 2,362 880 7,877 27,687
MFs Volumes (Rs cr)
940 692 248 (1,611) (7,430)
BSE 3,961
FII Derivatives (Apr 26, 2010)
Open NSE 11,662
Rs cr Purch Sales Net
Interest
Index Futures 3,245 3,092 153 14,295
Stock Futures 6,204 6,172 32 33,138
Gainers / Losers
Gainers Losers
Company Price (Rs) Chg (%) Company Price (Rs) Chg (%)
Indian Bank 220 14.1 Sun Pharma 1,604 -4.8
Great Offshore 454 8.0 Balrampur Chini 86 -3.3
Jain Irrigation 1,186 7.7 Mcleod Russel 235 -2.9
Guj. NRE Coke 91 7.4 HDIL 273 -2.8
Sterlite Inds 843 6.0 GCPL 298 -2.7
1
Please refer to important disclosures at the end of this report Sebi Registration No: INB 010996539

2. Market Outlook | India Research
Result Reviews
Godrej Consumer
Godrej Consumer (GCPL) reported its 4QFY2010 results. GCPL reported strong Top-line
growth at 48% yoy to Rs509cr (Rs344cr), in-line with our expectations of a 51% yoy growth
to Rs519cr. Godrej-Sara Lee (GSL) contributed Rs147cr to the Top-line for the quarter.
However, adjusted for GSL’s revenue, GCPL posted a growth of 5.3% yoy to Rs362cr which
was below our expectation. Moreover, international operations (particularly Africa)
registered strong growth during the quarter (we estimate it at ~19% yoy) which indicates
that domestic operations (without GSL) grew just 1.9% yoy. While our talks with the
management indicate no evident pressures on volume in Soaps or Hair Colour, the muted
growth in domestic business has come as a negative surprise to us. GCPL’s consolidated
Earnings for the quarter registered a growth of 55% yoy to Rs92cr (Rs59cr) ahead of our
estimates of a 37% yoy growth to Rs81cr. In terms of Earnings, GSL’s consolidation
contributed Rs23cr during the quarter, adjusted for which the growth in Bottom-line stood
at 16% yoy to Rs69cr. Robust growth in Top-line and Margin expansion boosted Earnings.
At the operating front, GCPL delivered a Margin expansion of 154bp yoy to 21.1% (19.6%)
driving a 60% yoy growth in EBITDA to Rs101cr (Rs44cr) partially aided by a low base and
GSL’s consolidation. A 614bp yoy jump in Gross Margins (owing to low base effect) and
decrease of 62bp yoy in Staff costs were the key drivers behind the Margin expansion. We
maintain an Accumulate on the stock with a Target Price of Rs329.
Indoco Remedies
Indoco Remedies announced its 4QFY2010 results which were ahead of our expectation.
Net Sales came in at solid Rs108.9cr (Rs85.0cr) up 28.1% driven by both Domestic and
Export market. Domestic Formulation sales came in at strong Rs71.8cr (Rs57.7cr) up
24.5% on back of traction in the Anti-infective, Dental and Respiratory segments while
Export Formulation clocked in Revenue of Rs31.2cr (Rs23.3cr) up 34.2% yoy driven by
Regulated markets. However OPM expanded by only 228 bp to 10.1% (7.9%) which was
below our expectation on account of higher Raw material expenses which increased by
64.5% yoy. The company reported Net Profit of Rs8.23cr (Rs3.9cr) up 111% on back of
solid Top-line growth and lower interest expenses.
For FY2010, the Net Sales clocked in at Rs398.3cr (Rs350.6cr) up 13.6% while Net Profit
came in at Rs42.1cr (Rs31.4cr) up 33.9% yoy. At Rs 412, the stock is currently trading at
10.4x FY2011E and 7.6x FY2012E earnings (Excluding any upsides from the Watson and
Aspen deals). We maintain a Buy on the stock with a Target Price of Rs487.
Maruti Suzuki
For 4QFY2010, Maruti reported Turnover of Rs8,425cr (Rs6,433cr), up 31% yoy, which
came primarily on the back of a robust 22.5% yoy increase in Volume and 7.6% yoy jump
in Average Realisations. OPM stood at 13.2% (7%) owing to the 329bp contraction in Raw
Material costs, which accounted for 73% (76.2%) of Net Sales, and overall achieving
optimum operating leverage. Maruti recorded Net Profit of Rs657cr (Rs243cr), which also
was below our expectation of Rs705cr. For FY2010-12E, we estimate the company’s
Top-line to record CAGR of 16.1% to and Net Profit to clock a CAGR of 11% following dip
in Operating Margins (due to higher input costs and higher advertising expenditure). We
have marginally downgraded our EPS estimates for FY2011E to Rs93.3 (Rs96.6 earlier)
and for FY2012E to Rs105.9 (Rs109.8). At the CMP, the stock is trading at 14.8x and
13.1x FY2011E and FY2012E Earnings. We maintain a Buy on Maruti with a revised
Target Price of Rs1,694 at which the stock would trade at 16x FY2012E EPS.
April 27, 2010 2

3. Market Outlook | India Research
Sterlite Industries
Sterlite’s net revenue grew by 64% to Rs7,111cr, in-line with our estimates of Rs7,180cr,
aided by higher metal prices, strong performance by zinc and lead business and higher
by-product prices (such as acid realisations and silver). The company sold 405mn units of
merchant power (as compared to 47mn units in 2QFY2009), due to the closure of the
BALCO 1 plant. EBITDA margins expanded 1,135bp to 29.1%, led by higher metal and
by-product prices. Other income increased by 18.3% yoy to Rs549cr. The net profit
increased by 130.8% yoy to Rs1,381cr, in-line with our estimates of Rs1,422cr. We
maintain a Buy on the stock with a Target Price of Rs980.
Result Previews
Aventis Pharma (1QCY2010)
Aventis Pharma (Aventis) is slated to announce its 1QCY2010 results today. Net Sales is
expected to increase by 8% to Rs247.2cr (Rs228.9cr) with OPM estimated to remain flat at
16.0% (17.0%). As a result, Net Profit is expected to come down by 3.9% to Rs38.9cr
(Rs40.5cr) on back of lower OPM and Other Income. We recommend a Reduce on the
stock with a Target Price of Rs1,658.
Container Corporation of India
Container Corporation of India (Concor) is scheduled to announce its 4QFY2010 results
today. The rail container operator is expected to grow by 13.6% yoy in its Top-line to
Rs955cr, on account of low base and improvement in Exim volumes. We expect Concor’s
OPM to improve by 193bp yoy to 28.7% on account of lower empties. Consequently, we
expect the net profit to increase yoy to Rs 213.1cr. At the CMP, the stock is trading at 17.5x
its FY2012E EPS of Rs 82. We maintain our Neutral rating on the stock.
Dena Bank
Dena Bank is scheduled to announce its 4QFY2010 results today. We expect the net profit
of the bank to be flat on a yoy basis at Rs110cr. The bank is expected to post a strong Net
Interest Income growth of 29% yoy to Rs310cr. The operating income growth is expected to
be 15%. We will be closely watching slippages from the restructured loans of the bank
which stand at Rs1,450cr, forming 4.7% of the advances. At the CMP, the stock is trading
at attractive valuation of 3.8x FY2012E EPS of Rs22.3 and 0.7x FY2012E Adjusted Book
Value of Rs119. We have a Buy rating on the stock with a Target Price of Rs95.
GlaxoSmithKline Pharma
GlaxoSmithKline Pharma (Glaxo) is scheduled to announce its 1QCY2010 results today.
Net Sales is expected to increase by 12.5% to Rs514.3cr (Rs457.3cr) with OPM estimated
to remain flat at 34.3% (34.2%). However, Net Profit is expected to come down by 7.3% to
Rs132.8cr (Rs143.3cr) on back of lower other Income. We recommend a Reduce on the
stock with a Target Price of Rs1,700.
April 27, 2010 3

4. Market Outlook | India Research
PTC India
PTC India is expected to announce its 4QFY2010 results today. We expect the company to
record a 57.8% yoy growth in its standalone Top-line to Rs1,862cr. We expect the
company to trade 4,900MU of power during the quarter, resulting in an increase of 124%
yoy. We have assumed an average realisation of Rs3.8/unit. We expect the company to
post a 6.6% growth in net profit to Rs16.5cr. We maintain a Buy on the stock with a Target
Price of Rs136.
Yes Bank
Yes Bank is scheduled to announce its 4QFY2010 results today. The bank is expected to
post a strong Net profit growth of 74% yoy to Rs139cr. The Net Interest Income is
estimated to grow by 72% yoy to Rs267cr. The operating income growth is expected to be
67%. At the CMP, the stock is trading at 16.1x FY2012E EPS and 2.2x FY2012E Adjusted
Book Value. We have a Neutral rating on the stock.
Economic and Political News
Govt. for discussion on FDI in multi-brand retail
Inflation expectation may ease further: RBI
FDI in Retail sector likely to be liberalised
Corporate News
Govt. plans to hike ONGC gas price to US $4/mmbtu
Gujarat NRE places US $90mn order for longwall systems
Rajesh Exports to roll out 300 retail stores
Welspun completes Rs156cr QIP
Source: Economic Times, Business Standard, Business Line, Financial Express, Mint
April 27, 2010 4

5. Market Outlook | India Research
Events for the day
ARSS Infrastructure Projects Results
Aventis Pharma Results
Container Corporation of India Results
Dena Bank Dividend, Results
Gillette India Results
GSK Pharma Results
Goodyear India Results
Greaves Cotton Dividend, Results
IDFC Dividend, Results
Ispat Industries Results
JSW Energy Dividend, Results
Motilal Oswal Dividend, Results
Navneet Publications Results
Petronet LNG Dividend, Results
Piramal Life Results
Power Finance Corporation Results
PTC India Results
Raymond Results
Shree Renuka Sugars Results
TajGVK Hotels Results
Welspun Gujarat Dividend, Results
Yes Bank Dividend, Results
April 27, 2010 5

6. Market Outlook | India Research
Research Team Tel: 022-4040 3800 E-mail: research@angeltrade.com Website: www.angeltrade.com
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