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www.angelbroking.com
Market Outlook
September 23, 2016
Market Cues
Indian markets are likely to open on a flat note considering global cues.
US stocks moved higher with Nasdaq closing at a record high during Thursday’s
session, adding to the strong gains in the previous session over Fed’s dovish
monetary policy statement. Telecom, consumer staples, and consumer discretionary
stocks led the charge. The US investors also ignored some disappointing U.S.
economic data in light of the forward-looking nature of the Fed.
UK’s FTSE index surged to a five week high during the session, before closing up
1.1% as a response to Fed’s decision to leave interest rates unchanged. Shares of
Glencore moved to 14-month high on rating upgrade and recent strength in
commodity prices. Precious metals miners also joined the rally as gold prices soared
to a two-week high.
Indian markets opened up on a strong note following the decision by the FOMC to
hold rates at current levels. Auto and PSU bank indices led the rally and closed up
1.44% and 1.37% respectively. The IT index was the major loser for the session and
closed down 0.36%.
News Analysis
Airtel to invest `14,667cr in India and South-Asia
Adani slashes Australia project size to $4b
Detailed analysis on Pg2
Investor’s Ready Reckoner
Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg5 onwards
Top Picks
Company Sector Rating CMP
(`) Target
(`) Upside
(%)
Amara Raja Batteries Auto & Auto Ancillary Accumulate 1,033 1,174 13.6
HCL Tech IT Buy 789 1,000 26.7
Bharat Electronics Capital Goods Accumulate 1,256 1,414 12.5
Equitas Holdings Financials Buy 188 235 24.9
Navkar Corporation Others Buy 194 265 36.6
More Top Picks on Pg3
Key Upcoming Events
Date Region Event Description
Previous
Reading
Consensus
Expectations
Sep 23 US Existing home sales 5.39 5.45
Sep 23 Germany PMI Services 51.70 52.20
Sep 26 US New home sales 654.00 580.00
Sep 27 US Consumer Confidence 101.10 98.50
Sep 29 Germany Unemployment Change (000s) (7.00)
Sep 29 US GDP QoQ (annualized) 1.10 1.40
Sep 30 UK GDP YoY 2.20 6.(
More Events on Pg4
Domestic Indices Chg (%) (Pts) (Close)
BSE Sensex 0.9 266 28,773
Nifty 1.0 90 8,867
Mid Cap 1.4 183 13,295
Small Cap 1.0 128 12,949
Bankex 1.5 339 23,035
Global Indices Chg (%) (Pts) (Close)
Dow Jones 0.5 99 18,392
Nasdaq 0.8 44 5,340
FTSE 1.1 77 6,911
Nikkei 1.9 315 16,808
Hang Seng 0.4 90 23,760
Shanghai Com 0.6 16 3,042
Advances / Declines BSE NSE
Advances 1,701 1,079
Declines 1,062 536
Unchanged 231 87
Volumes (` Cr)
BSE 3,312
NSE 21,823
Net Inflows (` Cr) Net Mtd Ytd
FII 508 4,318 44,987
MFs * 1,010 410 10,519
Top Gainers Price (`) Chg (%)
Auropharma 857 6.3
Muthootfin 384 5.8
Bajfinance 1,127 5.4
Tv18Brdcst 45 5.2
Ramcocem 608 4.9
Top Losers Price (`) Chg (%)
Aloktext 4 (3.0)
Jktyre 143 (3.0)
Shriramcit 2,143 (2.3)
Finolexind 466 (2.1)
Edelweiss 119 (2.0)
As on September 22, 2016
*As on September 20, 2016
2
www.angelbroking.com
Market Outlook
September 23, 2016
News Analysis
Airtel to invest `14,667cr in India and South-Asia
Telecom operator Bharti Airtel will invest around `14,667cr in the Indian and
south Asian markets in the current financial year to its strengthen network
capabilities. The firm has already made a capital expenditure of `4,133cr in the
first quarter of FY17. Airtel last year announced to invest `60,000cr in three
years to upgrade its network to provide better quality services to customers.
Its data business in India has annualized revenues of around `14,134cr and
represents 23.7% in Q1FY17. Its voice segment has also shown significant growth
with minutes carried over the network rising by 8.3% YoY in India. The company is
a leader in India with revenue market share of 32% as of Q4 of FY16. Airtel is
present in 18 countries, with consolidated revenues of around `98,138cr in 2016.
Adani slashes Australia project size to $4bn
The Adani group has scaled down its Australian coal mine development project to
$4 bn from $16bn as falling coal prices and litigation by local environmental
activists have delayed construction for the past six years. The group has also
marked down the production target from 60 mtpa, announced in August 2010, to
25 mtpa. The group now plans to start construction by late 2017 and ship coal to
its plants in India by 2019, instead of selling it in Asia, according to the original
plan.
The Australian project faced problems from the begining. Ever since Australia’s
biggest coal mine development project was announced by the Adanis, coal prices
started falling from $90 a tonne in August 2010 to $67 a tonne now. There was
also opposition to the project from locals and activists, saying the construction of
the mine and a railway track would hit local flora and fauna.
Economic and Political News
Central Government appoints monetary policy committee to assist RBI in
setting interest rates
GST: Centre, states agree on timetable for April 1 roll out
Sebi to consider reducing IPO-listing gap to four days
Corporate News
L&T wins $99.7 million order for design and construction of high speed patrol
vessels with Vietnam Border Guard
Reliance Jio subscriber base crosses 10 mn
India's Bharat Financial Inclusion launches up to $113 mn share sale
3
www.angelbroking.com
Market Outlook
September 23, 2016
Top Picks
Large Cap
Company Market Cap
(` Cr)
CMP
(`) Target
(`) Upside
(%) Rationale
Amara Raja Batteries 17,648 1,033 1,174 13.6
To outpace battery industry growth due to better technological
products leading to market share gains in both the
automotive OEM and replacement segments.
Bharat Electronics 30,152 1,256 1,414 12.5
Uptick in defense capex by government when coupled with
BELs strong market positioning, indicate that good times are
ahead for BEL.
HCL Tech 1,11,365 789 1,000 26.7 The stock is trading at attractive valuations and is factoring all
the bad news.
Infosys 2,43,132 1,059 1,370 29.4 Back on the growth trend, expect a long term growth of 14%
to be a US$20bn in FY2020.
Source: Company, Angel Research
Mid Cap
Company Market Cap
(` Cr)
CMP
(`) Target
(`) Upside
(%) Rationale
Bajaj Electricals 2,717 269 306 13.9
Among the top 4 players in the consumer durables segment.
Improved profitability backed by turn around in E&P
segment. Strong order book lends earnings visibility.
Blue Star 4,997 524 578 10.3
Favourable outlook for the AC industry to augur well for
Cooling products business which is out pacing the market
growth. EMPPAC division's profitability to improve once
operating environment turns around.
Dewan Housing Finance 8,507 292 325 11.5
With a focus on the low and medium income (LMI) consumer
segment, the company has increased its presence in tier-II &
III cities where the growth opportunity is immense.
Equitas Holdings 6,312 188 235 24.9
Strong loan growth backed by diversified loan portfolio and
adequate CAR. ROE & ROA likely to remain decent as risk of
dilution remains low. Attractive valuations considering
growth.
Goodyear India 1,436 623 684 9.8
Expectations of above average monsoon augurs well for
Goodyear India as it derives ~50% of its turnover from farm
tyre segment.
Jagran Prakashan 6,121 187 225 20.1
Economic recovery to have favourable impact on advertising
& circulation revenue growth. Further, the acquisition of a
radio business (Radio City) would also boost the company's
revenue growth.
Mahindra Lifespace 1,845 450 522 16.1 Speedier execution and speedier sales, strong revenue
visibilty in short-to-long run, attractive valuations
Navkar Corporation 2,766 194 265 36.6 Massive capacity expansion along with rail advantage at ICD
as well CFS augurs well for the company
Radico Khaitan 1,432 108 125 16.1
Earnings boost on back of stable material prices and
favourable pricing environment. Valuation discount to peers
provides additional comfort
Siyaram Silk Mills 1,212 1,292 1,469 13.7
Strong brands and distribution network would boost growth
going ahead. Stock currently trades at an inexpensive
valuation.
TV Today Network 1,867 313 363 16.0
Market leadership in Hindi news genre and no. 2 viewership
ranking in English news genre, exit from the radio business,
and anticipated growth in ad spends by corporates to benefit
the stock.
Source: Company, Angel Research
h
1
Market Outlook
September 23, 2016
www.angelbroking.com www.angelbroking.com
Key Upcoming Events
Global economic events release calendar
Date Time Country Event Description Unit Period
Bloomberg Data
Last Reported Estimated
Sep 23, 2016 1:00 PM Germany PMI Services Value Sep P 51.70 52.10
7:30 PM US Consumer Confidence S.A./ 1985=100 Sep 101.10 98.50
Sep 26, 2016 1:00 PM Germany PMI Manufacturing Value Sep P 53.60 53.10
Sep 27, 2016 7:30 PM US New home sales Thousands Aug 654.00 594.50
Sep 29, 2016 1:25 PM Germany Unemployment change (000's) Thousands Sep (7.00)
6:00 PM US GDP Qoq (Annualised) % Change 2Q T 1.10 1.40
Sep 30, 2016 2:00 PM UK GDP (YoY) % Change 2Q F 2.20
Oct 01, 2016 6:30 AM China PMI Manufacturing Value Sep 50.40 50.50
Oct 03, 2016 2:00 PM UK PMI Manufacturing Value Sep 53.30
Oct 04, 2016 11:00 AM India RBI Reverse Repo rate % Oct 4 6.00
11:00 AM India RBI Repo rate % Oct 4 6.50
11:00 AM India RBI Cash Reserve ratio % Oct 4 4.00
Oct 07, 2016 2:00 PM UK Industrial Production (YoY) % Change Aug 2.10
6:00 PM US Unnemployment rate % Sep 4.90 4.90
6:00 PM US Change in Nonfarm payrolls Thousands Sep 151.00 173.00
Oct 10, 2016
India Imports YoY% % Change Sep (14.09)
India Exports YoY% % Change Sep (0.30)
Oct 12, 2016 5:30 PM India Industrial Production YoY % Change Aug (2.40)
Oct 13, 2016
China Exports YoY% % Change Sep (2.80)
India Exports YoY% % Change Sep (0.30)
Source: Bloomberg, Angel Research
h
1
Market Outlook
September 23, 2016
www.angelbroking.com www.angelbroking.com
Macro watch
Exhibit 1: Quarterly GDP trends
Source: CSO, Angel Research
Exhibit 2: IIP trends
Source: MOSPI, Angel Research
Exhibit 3: Monthly CPI inflation trends
Source: MOSPI, Angel Research
Exhibit 4: Manufacturing and services PMI
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends
Source: Bloomberg, Angel Research
Exhibit 6: Key policy rates
Source: RBI, Angel Research
7.8
6.4
5.8
7.5
8.3
6.6 6.7
7.5 7.6
7.2
7.9
7.1
3.0
4.0
5.0
6.0
7.0
8.0
9.0
2Q
FY14
3Q
FY14
4Q
FY14
1Q
FY15
2Q
FY15
3Q
FY15
4Q
FY15
1Q
FY16
2Q
FY16
3Q
FY16
4Q
FY16
1Q
FY17
(%)
3.7
9.9
(3.4)
(0.9)(1.6)
1.9
0.3
(1.3)
1.1 2.0
(2.4)
(6.0)
(4.0)
(2.0)
-
2.0
4.0
6.0
8.0
10.0
12.0
Se
p-1
5
Oc
t-1
5
No
v-1
5
Dec-1
5
Jan-1
6
Fe
b-1
6
Mar-
16
Ap
r-1
6
Ma
y-1
6
Jun-1
6
Jul-1
6
(%)
4.4 5.0
5.4 5.6 5.7 5.3
4.8
5.5 5.8 5.8
6.1
5.1
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
Se
p-1
5
Oct-
15
No
v-1
5
Dec
-15
Jan-1
6
Feb
-16
Ma
r-1
6
Ap
r-1
6
May
-16
Ju
n-1
6
Jul-1
6
Au
g-1
6
(%)
46.0
47.0
48.0
49.0
50.0
51.0
52.0
53.0
54.0
55.0
56.0
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Mfg. PMI Services PMI
(35.0)
(30.0)
(25.0)
(20.0)
(15.0)
(10.0)
(5.0)
0.0
5.0
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Exports yoy growth Imports yoy growth(%)
3.00
3.50
4.00
4.50
5.00
5.50
6.00
6.50
7.00
Oct-
15
Nov-1
5
Nov-1
5
De
c-1
5
Dec-1
5
Jan
-16
Jan
-16
Jan
-16
Feb
-16
Feb
-16
Ma
r-1
6
Mar-
16
Apr-
16
Apr-
16
May
-16
May
-16
Jun
-16
Jun
-16
Jul-
16
Jul-
16
Jul-
16
Au
g-1
6
Au
g-1
6
Se
p-1
6
Repo rate Reverse Repo rate CRR (%)
h
2
Market Outlook
September 23, 2016
www.angelbroking.com www.angelbroking.com
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
Source: Bloomberg, Angel Research
Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
Source: IMF, Angel Research
(3.8)
(0.6)
5.3
6.7
0.6 5.2
4.0
3.5
2.2
1.2
3.1
1.4
0.8
(6.0)
(4.0)
(2.0)
-
2.0
4.0
6.0
8.0
Brazil
Russia
India
China
South A
frica
Indonesia
Malaysia
Thailand
UK
USA
Germ
any
France
Japan
(%)
(3.8) (1.8)
7.5
6.5
0.6
4.9 4.4
3.0
1.9 2.4
1.5 1.1
0.5
(6.0)
(4.0)
(2.0)
-
2.0
4.0
6.0
8.0
10.0
Brazil
Russia
India
China
South A
frica
Indonesia
Malaysia
Thailand
UK
USA
Germ
any
France
Japan
(%)
14
.2
7.3
18
.5
13
.2
17
.3
19
.1
16
.6
14
.3
17
.4
16
.1
13
.0
14
.4
12
.4
-
5.0
10.0
15.0
20.0
25.0
Brazil
Russia
India
China
South
Africa
Indonesia
Malaysia
Thailand
UK
USA
Germ
any
France
Japan
(x)
h
3
Market Outlook
September 23, 2016
www.angelbroking.com www.angelbroking.com
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country Name of index Closing price 1M 3M 1YR
Brazil Bovespa 58,994 2.1 14.4 21.5
Russia Micex 2,025 1.8 7.5 21.7
India Nifty 8,867 2.3 7.6 13.8
China Shanghai Composite 3,042 (1.3) 5.3 1.3
South Africa Top 40 45,308 (1.8) (4.6) (0.2)
Mexico Mexbol 47,975 (0.7) 4.0 12.6
Indonesia LQ45 931 (0.3) 13.2 26.2
Malaysia KLCI 1,670 (1.5) 3.4 4.1
Thailand SET 50 961 (2.0) 6.7 7.1
USA Dow Jones 18,392 (0.7) 3.4 13.5
UK FTSE 6,911 1.2 9.0 13.1
Japan Nikkei 16,808 1.6 5.3 (10.5)
Germany DAX 10,674 0.8 11.7 12.6
France CAC 4,510 2.0 9.8 1.9
Source: Bloomberg, Angel Research
Company Name Reco CMP Target Mkt Cap Sales ( ₹cr ) OPM(%) EPS (₹) PER(x) P/BV(x) RoE(%) EV/Sales(x)
( ₹ ) Price ( ₹) ( ₹ cr ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E
Agri / Agri Chemical
Rallis Neutral 225 - 4,378 1,937 2,164 13.3 14.3 9.0 11.0 25.0 20.5 4.4 3.8 18.4 19.8 2.2 2.0
United Phosphorus Neutral 684 - 34,668 15,176 17,604 18.5 18.5 37.4 44.6 18.3 15.3 3.6 3.0 21.4 21.2 2.4 2.0
Auto & Auto Ancillary
Ashok Leyland Buy 84 111 23,891 22,407 26,022 10.6 10.6 5.2 6.4 16.1 13.1 3.6 3.1 23.6 24.7 1.2 1.0
Bajaj Auto Neutral 2,926 - 84,654 25,093 27,891 19.5 19.2 143.9 162.5 20.3 18.0 5.7 4.9 30.3 29.4 3.1 2.7
Bharat Forge Neutral 924 - 21,521 7,726 8,713 20.5 21.2 35.3 42.7 26.2 21.7 4.8 4.4 18.9 20.1 2.8 2.4
Eicher Motors Neutral 24,809 - 67,384 16,583 20,447 17.5 18.0 598.0 745.2 41.5 33.3 14.2 10.8 41.2 38.3 3.6 2.9
Gabriel India Neutral 120 - 1,723 1,544 1,715 9.0 9.3 5.4 6.3 22.2 19.0 4.2 3.7 18.9 19.5 1.1 0.9
Hero Motocorp Neutral 3,539 - 70,661 31,253 35,198 15.3 15.0 172.3 192.1 20.5 18.4 7.5 6.4 38.9 37.0 2.1 1.9
Jamna Auto Industries Neutral 223 - 1,780 1,486 1,620 9.8 9.9 15.0 17.2 14.9 13.0 3.3 2.8 21.8 21.3 1.3 1.2
L G Balakrishnan & Bros Neutral 571 - 897 1,302 1,432 11.6 11.9 43.7 53.0 13.1 10.8 1.8 1.7 13.8 14.2 0.8 0.7
Mahindra and Mahindra Neutral 1,414 - 87,798 46,534 53,077 11.6 11.7 67.3 78.1 21.0 18.1 3.4 3.0 15.4 15.8 1.9 1.6
Maruti Neutral 5,595 - 169,006 69,186 82,217 14.7 14.4 198.5 241.4 28.2 23.2 5.5 4.4 20.2 20.0 2.1 1.7
Minda Industries Neutral 302 - 2,398 2,728 3,042 9.0 9.1 68.2 86.2 4.4 3.5 1.0 0.8 23.8 24.3 0.9 0.8
Motherson Sumi Neutral 324 - 45,442 45,896 53,687 7.8 8.3 13.0 16.1 24.8 20.1 8.0 6.4 34.7 35.4 1.0 0.8
Rane Brake Lining Neutral 1,298 - 1,027 511 562 11.3 11.5 28.1 30.9 46.2 42.0 7.0 6.4 15.3 15.0 2.1 1.9
Setco Automotive Neutral 45 - 605 741 837 13.0 13.0 15.2 17.0 3.0 2.7 0.5 0.4 15.8 16.3 1.2 1.1
Tata Motors Neutral 558 - 161,193 300,209 338,549 8.9 8.4 42.7 54.3 13.1 10.3 2.1 1.8 15.6 17.2 0.6 0.6
TVS Motor Neutral 349 - 16,592 13,390 15,948 6.9 7.1 12.8 16.5 27.4 21.1 6.8 5.4 26.3 27.2 1.2 1.0
Amara Raja Batteries Buy 1,033 1,174 17,648 5,429 6,471 17.5 17.6 35.3 43.5 29.3 23.8 6.7 5.4 25.3 24.8 3.0 2.5
Exide Industries Neutral 195 - 16,545 7,439 8,307 15.0 15.0 8.1 9.3 24.0 20.9 3.4 3.0 14.3 16.7 1.8 1.6
Apollo Tyres Neutral 216 - 10,982 12,877 14,504 14.3 13.9 21.4 23.0 10.1 9.4 1.6 1.4 16.4 15.2 1.0 1.0
Ceat Neutral 1,180 - 4,772 7,524 8,624 13.0 12.7 131.1 144.3 9.0 8.2 1.7 1.4 19.8 18.6 0.7 0.6
JK Tyres Neutral 143 - 3,251 7,455 8,056 15.0 15.0 21.8 24.5 6.6 5.9 1.4 1.1 22.8 21.3 0.6 0.5
Swaraj Engines Neutral 1,196 - 1,486 660 810 15.2 16.4 54.5 72.8 22.0 16.4 6.8 6.2 31.5 39.2 2.1 1.7
Subros Neutral 133 - 795 1,488 1,681 11.7 11.9 6.4 7.2 20.7 18.5 2.2 2.0 10.8 11.4 0.8 0.7
Indag Rubber Neutral 182 - 477 286 326 19.8 16.8 11.7 13.3 15.5 13.6 2.6 2.5 17.8 17.1 1.3 1.1
Capital Goods
ACE Neutral 44 - 431 709 814 4.1 4.6 1.4 2.1 31.1 20.8 1.3 1.2 4.4 6.0 0.8 0.7
BEML Buy 910 1,157 3,790 3,451 4,055 6.3 9.2 31.4 57.9 29.0 15.7 1.7 1.6 6.3 10.9 1.2 1.0
Bharat Electronics Accumulate 1,256 1,414 30,152 8,137 9,169 16.8 17.2 58.7 62.5 21.4 20.1 3.3 3.0 44.6 46.3 2.6 2.4
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September 23, 2016
Stock Watch
Company Name Reco CMP Target Mkt Cap Sales ( ₹cr ) OPM(%) EPS (₹) PER(x) P/BV(x) RoE(%) EV/Sales(x)
( ₹ ) Price ( ₹) ( ₹ cr ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E
Capital Goods
Voltas Neutral 380 - 12,560 6,511 7,514 7.9 8.7 12.9 16.3 29.4 23.3 5.3 4.6 16.7 18.5 1.7 1.5
BGR Energy Neutral 117 - 845 16,567 33,848 6.0 5.6 7.8 5.9 15.0 19.9 0.9 0.8 4.7 4.2 0.2 0.1
BHEL Neutral 147 - 36,004 28,797 34,742 - 2.8 2.3 6.9 64.0 21.3 1.1 1.1 1.3 4.8 0.9 0.6
Blue Star Accumulate 524 578 4,997 4,351 5,024 6.4 7.1 17.2 20.6 30.5 25.4 19.9 16.5 23.1 24.1 1.2 1.0
Crompton Greaves Neutral 82 - 5,108 5,777 6,120 5.9 7.0 3.3 4.5 24.7 18.1 1.1 1.0 4.4 5.9 0.8 0.7
Greaves Cotton Neutral 133 - 3,239 1,755 1,881 16.8 16.9 7.8 8.5 17.0 15.6 3.4 3.2 20.6 20.9 1.5 1.4
Inox Wind Buy 208 286 4,620 5,605 6,267 15.7 16.4 24.8 30.0 8.4 6.9 2.3 1.7 25.9 24.4 0.8 0.7
KEC International Neutral 127 - 3,277 9,294 10,186 7.9 8.1 9.9 11.9 12.9 10.7 1.9 1.6 15.6 16.3 0.6 0.5
Thermax Neutral 880 - 10,490 5,421 5,940 7.3 7.3 25.7 30.2 34.3 29.2 4.1 3.8 12.2 13.1 1.8 1.7
VATech Wabag Buy 558 681 3,040 3,136 3,845 8.9 9.1 26.0 35.9 21.5 15.5 2.7 2.3 13.4 15.9 0.9 0.7
Cement
ACC Neutral 1,666 - 31,283 11,225 13,172 13.2 16.9 44.5 75.5 37.4 22.1 3.5 3.3 11.2 14.2 2.8 2.4
Ambuja Cements Neutral 265 - 52,709 9,350 10,979 18.2 22.5 5.8 9.5 45.8 27.9 3.9 3.5 10.2 12.5 5.7 4.8
India Cements Neutral 151 - 4,648 4,364 4,997 18.5 19.2 7.9 11.3 19.2 13.4 1.4 1.3 8.0 8.5 1.8 1.6
JK Cement Neutral 802 - 5,608 4,398 5,173 15.5 17.5 31.2 55.5 25.7 14.5 3.1 2.7 12.0 15.5 1.8 1.5
J K Lakshmi Cement Neutral 473 - 5,567 2,913 3,412 14.5 19.5 7.5 22.5 63.1 21.0 3.9 3.3 12.5 18.0 2.5 2.1
Orient Cement Neutral 201 - 4,124 2,114 2,558 18.5 20.5 8.1 11.3 24.9 17.8 3.7 3.1 9.0 14.0 2.6 2.0
UltraTech Cement Neutral 3,987 - 109,412 25,768 30,385 21.0 23.5 111.0 160.0 35.9 24.9 4.6 4.0 13.5 15.8 4.3 3.6
Construction
ITNL Neutral 106 - 3,472 8,946 10,017 31.0 31.6 8.1 9.1 13.0 11.6 0.5 0.5 4.2 5.0 3.7 3.5
KNR Constructions Accumulate 703 802 1,977 1,385 1,673 14.7 14.0 41.2 48.5 17.1 14.5 3.2 2.8 14.9 15.2 1.5 1.2
Larsen & Toubro Accumulate 1,499 1,700 139,708 67,665 77,249 10.7 11.5 57.3 71.2 26.2 21.1 2.4 2.3 12.6 14.3 2.2 1.9
Gujarat Pipavav Port Neutral 171 - 8,257 705 788 52.2 51.7 5.0 5.6 34.2 30.5 3.4 3.0 11.2 11.2 11.8 10.1
Nagarjuna Const. Neutral 87 - 4,839 8,842 9,775 9.1 8.8 5.3 6.4 16.4 13.6 1.3 1.2 8.2 9.1 0.7 0.6
PNC Infratech Buy 122 143 3,123 2,350 2,904 13.1 13.2 9.0 8.8 13.5 13.8 0.5 0.4 15.9 13.9 1.5 1.2
Simplex Infra Neutral 338 - 1,673 6,829 7,954 10.5 10.5 31.4 37.4 10.8 9.0 1.1 1.0 9.9 13.4 0.7 0.6
Power Mech Projects Neutral 492 - 723 1,801 2,219 12.7 14.6 72.1 113.9 6.8 4.3 1.3 1.1 16.8 11.9 0.4 0.3
Sadbhav Engineering Neutral 290 - 4,982 3,598 4,140 10.3 10.6 9.0 11.9 32.3 24.4 3.4 3.0 9.9 11.9 1.7 1.4
NBCC Neutral 253 - 15,162 7,428 9,549 7.9 8.6 8.2 11.0 30.8 23.0 1.5 1.2 28.2 28.7 1.8 1.3
MEP Infra Neutral 43 - 695 1,877 1,943 30.6 29.8 3.0 4.2 14.3 10.2 6.9 4.7 0.6 0.6 1.8 1.6
SIPL Neutral 113 - 3,994 1,036 1,252 65.5 66.2 (8.4) (5.6) 4.3 4.9 (22.8) (15.9) 11.8 9.8
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Stock Watch
Company Name Reco CMP Target Mkt Cap Sales ( ₹cr ) OPM(%) EPS (₹) PER(x) P/BV(x) RoE(%) EV/Sales(x)
( ₹ ) Price ( ₹) ( ₹ cr ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E
Construction
Engineers India Neutral 262 - 8,816 1,725 1,935 16.0 19.1 11.4 13.9 23.0 18.8 3.2 3.1 13.4 15.3 4.1 3.7
Financials
Axis Bank Neutral 592 - 141,284 58,081 66,459 3.5 3.5 32.4 44.6 18.3 13.3 2.4 2.1 13.6 16.5 - -
Bank of Baroda Neutral 169 - 39,044 19,980 23,178 1.8 1.8 11.5 17.3 14.7 9.8 1.7 1.4 8.3 10.1 - -
Canara Bank Neutral 308 - 16,719 15,225 16,836 1.8 1.8 14.5 28.0 21.2 11.0 1.5 1.2 5.8 8.5 - -
Dewan Housing Finance Accumulate 292 325 8,507 2,225 2,688 2.9 2.9 29.7 34.6 9.8 8.4 1.6 1.4 16.1 16.8 - -
Equitas Holdings Buy 188 235 6,312 939 1,281 11.7 11.5 5.8 8.2 32.5 23.0 2.8 2.5 10.9 11.5 - -
Federal Bank Neutral 73 - 12,577 9,353 10,623 2.9 2.9 4.4 5.8 16.6 12.6 1.6 1.4 9.5 11.0 - -
HDFC Neutral 1,414 - 223,469 11,475 13,450 3.4 3.4 45.3 52.5 31.2 26.9 6.0 5.3 20.2 20.5 - -
HDFC Bank Neutral 1,308 - 331,063 46,097 55,433 4.5 4.5 58.4 68.0 22.4 19.2 3.9 3.3 18.8 18.6 - -
ICICI Bank Neutral 276 - 160,285 39,029 45,903 3.3 3.3 16.7 16.3 16.5 16.9 2.0 1.9 10.1 12.4 - -
LIC Housing Finance Neutral 583 - 29,427 3,712 4,293 2.6 2.5 39.0 46.0 15.0 12.7 2.8 2.4 19.9 20.1 - -
Punjab Natl.Bank Neutral 141 - 27,697 23,532 23,595 2.3 2.4 6.8 12.6 20.7 11.2 3.2 2.3 3.3 6.5 - -
RBL Bank Accumulate 302 325 11,174 1,783 2,309 2.6 2.6 12.7 16.4 23.8 18.4 2.6 2.3 12.8 13.3 - -
South Ind.Bank Neutral 23 - 3,139 6,435 7,578 2.5 2.5 2.7 3.1 8.6 7.5 1.1 0.9 10.1 11.2 - -
St Bk of India Neutral 257 - 199,775 88,650 98,335 2.6 2.6 13.5 18.8 19.1 13.7 1.8 1.6 7.0 8.5 - -
Union Bank Neutral 146 - 10,019 13,450 14,925 2.3 2.3 25.5 34.5 5.7 4.2 0.8 0.7 7.5 10.2 - -
Yes Bank Neutral 1,246 - 52,467 8,978 11,281 3.3 3.4 74.0 90.0 16.8 13.9 3.2 2.7 17.0 17.2 - -
FMCG
Asian Paints Neutral 1,192 - 114,370 17,128 18,978 16.8 16.4 19.1 20.7 62.4 57.6 21.7 20.5 34.8 35.5 6.4 5.8
Britannia Neutral 3,408 - 40,892 9,795 11,040 14.6 14.9 80.3 94.0 42.5 36.3 17.5 13.5 41.2 - 4.0 3.5
Colgate Neutral 975 - 26,523 4,605 5,149 23.4 23.4 23.8 26.9 41.0 36.3 22.7 17.7 64.8 66.8 5.6 5.0
Dabur India Neutral 286 - 50,320 8,315 9,405 19.8 20.7 8.1 9.2 35.3 31.1 9.8 8.2 31.6 31.0 5.9 5.2
GlaxoSmith Con* Neutral 6,260 - 26,327 4,350 4,823 21.2 21.4 179.2 196.5 34.9 31.9 9.3 7.9 27.1 26.8 5.4 4.8
Godrej Consumer Neutral 1,592 - 54,221 10,235 11,428 18.4 18.6 41.1 44.2 38.7 36.0 8.6 7.3 24.9 24.8 5.6 4.9
HUL Neutral 910 - 196,990 35,252 38,495 17.6 17.4 20.4 21.9 44.6 41.6 36.6 32.1 82.2 77.3 5.4 5.0
ITC Accumulate 255 283 308,047 40,059 44,439 39.0 39.2 9.1 10.1 28.1 25.3 7.6 6.7 27.2 26.5 7.3 6.5
Marico Neutral 286 - 36,925 6,430 7,349 18.8 19.5 6.4 7.7 44.7 37.2 13.5 11.4 33.2 32.5 5.7 4.9
Nestle* Neutral 6,486 - 62,540 10,073 11,807 20.7 21.5 124.8 154.2 52.0 42.1 21.3 19.2 34.8 36.7 5.9 5.0
Tata Global Neutral 139 - 8,766 8,675 9,088 9.8 9.8 7.4 8.2 18.8 16.9 2.1 2.0 7.9 8.1 0.9 0.9Procter & Gamble Hygiene Accumulate 6,883 7,369 22,344 2,939 3,342 23.2 23.0 146.2 163.7 47.1 42.1 105.4 101.1 25.3 23.5 7.0 6.1
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Stock Watch
Company Name Reco CMP Target Mkt Cap Sales ( ₹cr ) OPM(%) EPS (₹) PER(x) P/BV(x) RoE(%) EV/Sales(x)
( ₹ ) Price ( ₹) ( ₹ cr ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E
IT
HCL Tech^ Buy 789 1,000 111,365 49,242 57,168 20.5 20.5 55.7 64.1 14.2 12.3 2.9 2.2 20.3 17.9 2.1 1.7
Infosys Buy 1,059 1,370 243,132 69,934 79,025 27.5 27.5 64.8 72.0 16.3 14.7 3.6 3.3 22.0 22.3 2.9 2.5
TCS Buy 2,378 3,004 468,499 121,684 136,286 27.3 27.3 135.0 150.1 17.6 15.8 5.9 5.4 33.2 33.9 3.7 3.2
Tech Mahindra Buy 455 700 44,147 30,347 33,685 17.0 17.0 37.5 41.3 12.1 11.0 2.7 2.3 21.8 20.7 1.2 1.0
Wipro Buy 482 680 117,040 51,631 55,822 21.7 17.9 35.9 36.9 13.4 13.1 2.8 2.6 19.0 18.1 2.0 1.7
Media
D B Corp Neutral 401 - 7,369 2,297 2,590 27.4 28.2 21.0 23.4 19.1 17.1 4.5 3.9 23.7 23.1 3.0 2.6
HT Media Neutral 83 - 1,934 2,693 2,991 12.6 12.9 7.9 9.0 10.5 9.2 0.9 0.8 7.8 8.3 0.3 0.2
Jagran Prakashan Buy 187 225 6,121 2,355 2,635 28.0 28.0 10.8 12.5 17.3 15.0 3.8 3.3 21.7 21.7 2.6 2.3
Sun TV Network Neutral 508 - 20,021 2,850 3,265 70.1 71.0 26.2 30.4 19.4 16.7 5.0 4.4 24.3 25.6 6.4 5.4Hindustan Media Ventures Neutral 285 - 2,091 1,016 1,138 24.3 25.2 27.3 30.1 10.4 9.5 2.0 1.8 16.2 15.8 1.4 1.2
TV Today Network Buy 313 363 1,867 637 743 27.5 27.5 18.4 21.4 17.0 14.6 3.0 2.5 17.4 17.2 2.5 2.1
Metals & Mining
Coal India Neutral 328 - 206,987 84,638 94,297 21.4 22.3 24.5 27.1 13.4 12.1 5.6 5.3 42.6 46.0 2.0 1.8
Hind. Zinc Neutral 223 - 94,140 14,252 18,465 55.9 48.3 15.8 21.5 14.1 10.4 2.3 2.0 17.0 20.7 6.4 5.0
Hindalco Neutral 154 - 31,811 107,899 112,095 7.4 8.2 9.2 13.0 16.7 11.9 0.8 0.8 4.8 6.6 0.8 0.7
JSW Steel Neutral 1,761 - 42,571 53,201 58,779 16.1 16.2 130.6 153.7 13.5 11.5 1.8 1.6 14.0 14.4 1.6 1.4
NMDC Neutral 103 - 40,896 6,643 7,284 44.4 47.7 7.1 7.7 14.5 13.4 1.3 1.2 8.8 9.2 3.9 3.5
SAIL Neutral 49 - 20,196 47,528 53,738 (0.7) 2.1 (1.9) 2.6 18.8 0.5 0.5 (1.6) 3.9 1.3 1.1
Vedanta Neutral 169 - 50,000 71,744 81,944 19.2 21.7 13.4 20.1 12.6 8.4 1.1 1.0 8.4 11.3 1.1 0.8
Tata Steel Neutral 376 - 36,547 121,374 121,856 7.2 8.4 18.6 34.3 20.2 11.0 1.3 1.2 6.1 10.1 0.9 0.9
Oil & Gas
Cairn India Neutral 195 - 36,504 9,127 10,632 4.3 20.6 8.8 11.7 22.1 16.6 0.7 0.7 3.3 4.2 5.4 4.5
GAIL Neutral 390 - 49,439 56,220 65,198 9.3 10.1 27.1 33.3 14.4 11.7 1.3 1.2 9.3 10.7 1.1 0.9
ONGC Neutral 259 - 221,972 137,222 152,563 15.0 21.8 19.5 24.1 13.3 10.8 1.1 1.1 8.5 10.1 1.9 1.7
Indian Oil Corp Neutral 579 - 140,651 373,359 428,656 5.9 5.5 54.0 59.3 10.7 9.8 1.7 1.5 16.0 15.6 0.5 0.4
Reliance Industries Neutral 1,088 - 352,665 301,963 358,039 12.1 12.6 87.7 101.7 12.4 10.7 1.3 1.2 10.7 11.3 1.6 1.4
Pharmaceuticals
Alembic Pharma Neutral 653 - 12,304 3,483 4,083 20.2 21.4 24.3 30.4 26.9 21.5 6.1 4.9 25.5 25.3 3.4 2.9
Aurobindo Pharma Accumulate 857 877 50,158 15,720 18,078 23.7 23.7 41.4 47.3 20.7 18.1 5.4 4.2 29.6 26.1 3.2 2.8
Aventis* Neutral 4,294 - 9,890 2,357 2,692 17.3 17.3 153.5 169.2 28.0 25.4 4.7 3.8 25.8 28.4 3.9 3.2
Cadila Healthcare Neutral 392 - 40,105 11,126 13,148 22.0 22.0 17.1 20.0 22.9 19.6 5.9 4.7 28.8 26.6 3.6 2.9
Cipla Sell 609 490 48,933 15,378 18,089 17.4 18.4 21.6 27.2 28.2 22.4 3.7 3.2 13.7 15.2 3.3 2.8
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September 23, 2016
Stock Watch
Company Name Reco CMP Target Mkt Cap Sales ( ₹cr ) OPM(%) EPS (₹) PER(x) P/BV(x) RoE(%) EV/Sales(x)
( ₹ ) Price ( ₹) ( ₹ cr ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E
Pharmaceuticals
Dr Reddy's Neutral 3,148 - 52,161 16,043 18,119 23.1 24.7 126.0 157.8 25.0 20.0 3.7 3.2 15.7 17.1 3.2 2.8
Dishman Pharma Sell 218 45 3,515 1,718 1,890 22.7 22.8 9.5 11.3 22.9 19.3 2.2 2.0 10.1 10.9 2.3 2.0
GSK Pharma* Neutral 2,795 - 23,674 3,528 3,811 16.6 18.8 51.8 59.4 54.0 47.1 14.4 14.4 26.3 30.6 6.6 6.1
Indoco Remedies Sell 334 225 3,080 1,112 1,289 18.2 18.2 13.2 15.6 25.3 21.4 4.5 3.8 19.2 19.2 2.8 2.4
Ipca labs Neutral 613 - 7,738 3,303 3,799 15.3 15.3 17.3 19.7 35.5 31.1 3.1 2.8 9.1 9.4 2.4 2.1
Lupin Buy 1,528 1,809 68,902 15,912 18,644 26.4 26.7 58.1 69.3 26.3 22.1 5.1 4.2 21.4 20.9 4.4 3.7
Sun Pharma Buy 787 944 189,286 31,129 35,258 30.0 30.9 28.0 32.8 28.1 24.0 4.3 3.6 18.7 18.9 5.6 4.8
Power
Tata Power Neutral 76 - 20,542 36,916 39,557 17.4 27.1 5.1 6.3 14.9 12.1 1.3 1.2 9.0 10.3 1.6 1.4
NTPC Neutral 157 - 129,454 86,605 95,545 17.5 20.8 11.8 13.4 13.3 11.7 1.4 1.3 10.5 11.1 2.8 2.8
Power Grid Neutral 178 - 93,332 25,763 29,762 74.3 73.1 14.8 17.3 12.1 10.3 1.9 1.7 16.9 17.5 7.9 7.5
Real Estate
Prestige Estate Accumulate 205 210 7,669 4,707 5,105 25.2 26.0 10.3 13.0 19.9 15.7 1.6 1.5 10.3 10.2 2.7 2.4
MLIFE Buy 450 522 1,845 1,152 1,300 22.7 24.6 29.9 35.8 15.0 12.6 1.1 1.1 7.6 8.6 2.3 1.9
Telecom
Bharti Airtel Neutral 327 - 130,795 105,086 114,808 34.5 34.7 12.2 16.4 26.8 20.0 1.8 1.7 6.8 8.4 2.1 1.9
Idea Cellular Neutral 84 - 30,085 40,133 43,731 37.2 37.1 6.4 6.5 13.1 12.9 1.1 1.0 8.2 7.6 1.8 1.5
zOthers
Abbott India Neutral 4,750 - 10,093 3,153 3,583 14.1 14.4 152.2 182.7 31.2 26.0 153.2 130.9 25.6 26.1 2.9 2.5
Bajaj Electricals Buy 269 306 2,717 5,099 5,805 5.6 5.9 11.4 14.6 23.6 18.4 3.2 2.8 13.4 15.1 0.5 0.5
Finolex Cables Neutral 437 - 6,677 2,883 3,115 12.0 12.1 14.2 18.6 30.8 23.5 16.4 14.3 15.8 14.6 2.0 1.8
Goodyear India* Accumulate 623 684 1,436 1,598 1,704 10.4 10.2 49.4 52.6 12.6 11.8 58.2 51.1 18.2 17.0 0.6 82.8
Hitachi Neutral 1,460 - 3,970 2,081 2,433 8.8 8.9 33.4 39.9 43.7 36.6 35.3 29.4 22.1 21.4 1.9 1.6
Jyothy Laboratories Neutral 348 - 6,306 1,440 2,052 11.5 13.0 8.5 10.0 41.0 34.8 9.9 9.2 18.6 19.3 4.5 3.1
Page Industries Neutral 15,083 - 16,824 2,450 3,124 20.1 17.6 299.0 310.0 50.5 48.7 335.9 256.4 47.1 87.5 7.0 5.5
Relaxo Footwears Neutral 449 - 5,394 2,085 2,469 9.2 8.2 7.6 8.0 59.4 56.5 23.0 19.7 17.9 18.8 2.5 2.1
Siyaram Silk Mills Buy 1,292 1,469 1,212 1,799 2,040 11.6 11.7 104.9 122.4 12.3 10.6 2.0 1.7 16.4 16.4 0.8 0.7
Styrolution ABS India* Neutral 599 - 1,053 1,440 1,537 9.2 9.0 40.6 42.6 14.8 14.1 37.7 34.2 12.3 11.6 0.7 0.6
TVS Srichakra Neutral 2,899 - 2,220 2,304 2,614 13.7 13.8 231.1 266.6 12.5 10.9 325.8 256.5 33.9 29.3 1.0 0.8
HSIL Neutral 348 - 2,517 2,384 2,515 15.8 16.3 15.3 19.4 22.8 18.0 22.6 19.5 7.8 9.3 1.2 1.1Kirloskar Engines India Ltd Neutral 352 - 5,090 2,554 2,800 9.9 10.0 10.5 12.1 33.5 29.1 14.0 13.2 10.7 11.7 1.4 1.2
M M Forgings Neutral 425 - 513 546 608 20.4 20.7 41.3 48.7 10.3 8.7 58.2 51.5 16.6 17.0 0.8 0.7
Banco Products (India) Neutral 224 - 1,600 1,353 1,471 12.3 12.4 14.5 16.3 15.4 13.7 21.3 19.2 14.5 14.6 1.1 118.7
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Stock Watch
Company Name Reco CMP Target Mkt Cap Sales ( ₹cr ) OPM(%) EPS (₹) PER(x) P/BV(x) RoE(%) EV/Sales(x)
( ₹ ) Price ( ₹) ( ₹ cr ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E
zOthers
Competent Automobiles Neutral 194 - 119 1,137 1,256 3.1 2.7 28.0 23.6 6.9 8.2 37.4 33.8 14.3 11.5 0.1 0.1
Nilkamal Neutral 1,356 - 2,024 1,995 2,165 10.7 10.4 69.8 80.6 19.4 16.8 77.5 67.3 16.6 16.5 1.0 0.9
Visaka Industries Neutral 202 - 320 1,051 1,138 10.3 10.4 21.0 23.1 9.6 8.7 25.9 24.2 9.0 9.2 0.6 0.5Transport Corporation of India Neutral 197 - 1,512 2,671 2,911 8.5 8.8 13.9 15.7 14.3 12.6 2.0 1.7 13.7 13.8 0.7 0.6
Elecon Engineering Neutral 63 - 690 1,482 1,660 13.7 14.5 3.9 5.8 16.2 10.9 3.8 3.5 7.8 10.9 0.8 0.7
Surya Roshni Neutral 231 - 1,012 3,342 3,625 7.8 7.5 17.3 19.8 13.4 11.7 25.4 20.4 10.5 10.8 0.5 0.5
MT Educare Neutral 136 - 542 366 417 17.7 18.2 9.4 10.8 14.5 12.6 3.2 2.8 22.2 22.3 1.4 1.2
Radico Khaitan Buy 108 125 1,432 1,659 1,802 13.0 13.2 6.3 7.4 17.0 14.6 1.5 1.4 8.6 9.3 1.3 1.2
Garware Wall Ropes Neutral 522 - 1,142 873 938 12.9 13.1 30.9 34.9 16.9 14.9 2.7 2.3 15.7 15.2 1.2 1.1
Wonderla Holidays Neutral 382 - 2,159 287 355 38.0 40.0 11.3 14.2 33.8 26.9 4.8 4.2 21.4 23.9 7.3 5.9
Linc Pen & Plastics Neutral 271 - 401 382 420 9.3 9.5 13.5 15.7 20.1 17.3 3.4 3.0 17.1 17.3 1.1 1.0
The Byke Hospitality Neutral 164 - 656 287 384 20.5 20.5 7.6 10.7 21.5 15.3 4.5 3.6 20.7 23.5 2.3 1.7
Interglobe Aviation Neutral 893 - 32,182 21,122 26,005 14.5 27.6 110.7 132.1 8.1 6.8 48.3 34.5 168.5 201.1 1.5 1.1Coffee Day Enterprises Ltd Neutral 232 - 4,769 2,964 3,260 20.5 21.2 4.7 8.0 - 28.9 2.7 2.5 5.5 8.5 2.0 1.8
Navneet Education Neutral 102 - 2,431 1,062 1,147 24.0 24.0 6.1 6.6 16.8 15.4 3.4 3.1 20.6 19.8 2.4 2.2
Navkar Corporation Buy 194 265 2,766 408 612 42.9 42.3 6.8 11.5 28.6 16.9 2.0 1.8 6.9 10.5 7.9 5.2
UFO Moviez Neutral 477 - 1,317 619 685 33.2 33.4 30.0 34.9 15.9 13.7 2.2 1.9 13.8 13.9 1.8 1.5
VRL Logistics Neutral 296 - 2,701 1,902 2,119 16.7 16.6 14.6 16.8 20.3 17.6 4.5 3.9 21.9 22.2 1.5 1.3
Team Lease Serv. Neutral 1,113 - 1,903 3,229 4,001 1.5 1.8 22.8 32.8 48.9 33.9 5.2 4.5 10.7 13.4 0.5 0.4
S H Kelkar & Co. Neutral 305 - 4,413 1,036 1,160 15.1 15.0 6.1 7.2 50.0 42.5 5.3 4.9 10.7 11.5 4.2 3.7
Quick Heal Neutral 232 - 1,627 408 495 27.3 27.0 7.7 8.8 30.0 26.4 2.8 2.8 9.3 10.6 3.0 2.5
Narayana Hrudaya Neutral 310 - 6,343 1,873 2,166 11.5 11.7 2.6 4.0 117.4 78.3 7.2 6.5 6.1 8.3 3.6 3.1
Manpasand Bever. Neutral 739 - 3,700 836 1,087 19.6 19.4 16.9 23.8 43.8 31.0 5.3 4.6 12.0 14.8 4.0 3.0
Parag Milk Foods Neutral 313 - 2,634 1,919 2,231 9.3 9.6 9.5 12.9 33.2 24.2 5.2 4.2 15.5 17.5 1.6 1.4
Mirza International Buy 90 113 1,087 1,024 1,148 18.0 18.0 6.9 8.0 13.1 11.3 2.2 1.9 16.6 16.2 1.2 1.1
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on September 22, 2016
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September 23, 2016
Stock Watch
Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com
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Market OutlookSeptember 23, 2016