Market Outlook - web.angelbackoffice.comweb.angelbackoffice.com/Research_ContentManagement/pdf_report/Market...2. . Market Outlook . March 2, 2016. Indian Auto sales - February . India’s

1 1

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Market Outlook

March 2, 2016

Market Cues

Indian markets are expected to open on a Positive note tracking the SGX Nifty and

most Global markets.

US markets moved sharply higher and closed yesterday’s session on a positive note

on encouraging U.S. factory and construction data which indicated that the US

economy was regaining momentum. The major averages reached their best levels in

almost two months.

European shares rose yesterday on positive economic data release from the US. The

weakness in Euro also boosted Auto stocks across Europe. Also, investors are

expecting further quantitative easing measures being announced in the upcoming

European Central Bank meeting which possibly added to the positive sentiment.

Indian markets posted its biggest daily gains in nearly two years after expectations of

an imminent interest rate cut triggered heavy short covering across the board.

News & Result Analysis

Indian Auto sales - February

Detailed analysis on Pg2

Investor’s Ready Reckoner

Key Domestic & Global Indicators

Stock Watch: Latest investment recommendations on 150+ stocks

Refer Pg4 onwards

Top Picks

Company Sector Rating CMP

(`) Target

(`) Upside

(%)

Amara Raja Batteries Auto & Auto Ancillary Buy 864 1,040 20.4

HCL Tech IT Buy 832 1,038 24.8

LIC Housing Finance Financials Buy 439 592 34.7

Bharat Electronics Capital Goods Buy 1,039 1,414 36.1

Navkar Corporation Others Buy 153 265 73.1

More Top Picks on Pg3

Key Upcoming Events

Date Region Event Description

Previous

Reading

Consensus

Expectations

Mar 3 US Initial Jobless Claims (000’s) 272 270

Germany

PMI Services 55.10 55.10

Mar 4 US Change in Nonfarm Payroll 151.00 195.00

US

Unemployment rate 4.90 4.90

6.(

Domestic Indices Chg (%) (Pts) (Close)

BSE Sensex 3.4 777 23,779

Nifty 3.4 235 7,222

Mid Cap 3.0 291 9,866

Small Cap 3.2 308 9,857

Bankex 3.5 560 16,375

Global Indices Chg (%) (Pts) (Close)

Dow Jones 2.1 349 16,865

Nasdaq 2.9 132 4,690

FTSE 0.9 56 6,153

Nikkei 0.4 59 16,086

Hang Seng 1.5 296 19,407

Shanghai Com 1.7 45 2,733

Advances / Declines BSE NSE

Advances 2,019 1,343

Declines 604 210

Unchanged 106 50

Volumes (` Cr)

BSE 4,723

NSE 19,346

Net Inflows (` Cr) Net Mtd Ytd

FII (1,706) (7,987) (28,174)

MFs 646 5,039 80,939

Top Gainers Price (`) Chg (%)

Sadbhav 245 17.3

Hathway 34 12.2

Centralbk 65 10.7

Niittech 462 10.2

Cox&Kings 162 10.0

Top Losers Price (`) Chg (%)

Wabag 421 (6.4)

Neyvelilig 62 (4.0)

Mfsl 325 (3.4)

Pel 886 (2.6)

Oil 302 (2.6)

As on March 1, 2016

2


Market Outlook

March 2, 2016

Indian Auto sales - February

India’s domestic car sales posted muted growth for the month of February.

Maruti Suzuki India Ltd (MSIL) reported marginal increase to 1,08,115 units for

February 2016 as against 1,07,892 in February 2015. The company indicated

that the reservation agitation had disrupted component supplies, causing a

temporary suspension of production by the company. Total production loss due to

this was over 10,000 units. MSIL’s mini segment cars which include Alto and

WagonR declined by 11.2% to 35,495 units while compact car sales increased

marginally by 192 units to 42,970 units. We currently have a Neutral view on the

stock.

Mahindra & Mahindra’s domestic sales grew by 18.4% to 41,348 units in February

as against 34,918 in February 2015. As per the management, the auto sales

growth has been on the back of the company's range of passenger and

commercial vehicles. We currently have an Accumulate rating on M&M.

While MSIL and M&M witnessed marginal and strong growths respectively, Tata

Motors witnessed a decline of 20% in its passenger vehicles sales for the month of

February to 10,962 units. We maintain our Buy rating on Tata Motors.

In two-wheelers space, Hero MotoCorp reported a 14% increase in sales to

5,50,992 units during the period despite of production being impacted due to

local agitations that effected production. We maintain our Accumulate rating on

the stock.

TVS Motors reported a 7.3% increase in total sales to 2,19,467 units for the

period. We are particularly positive on TVS Motors owing to its growing market

share and presence in fast growing scooter segment. We have a Buy rating on TVS

Motors.

Economic and Political News

JICA keen to support six more metro projects in India

Trai will enforce the call drop regulation: Prasad

Finmin clarifies on EPF withdrawals

Corporate News

Videocon Industries Q4 loss at `84cr

Tata Communications' deal to sell Neotel to Vodacom lapses

Cipla transfers consumer healthcare business to subsidiary

3


Market Outlook

March 2, 2016

Top Picks

Large Cap

Company Market Cap

(` Cr)

CMP

(`) Target

(`) Upside

(%) Rationale

Amara Raja Batteries 14,758 864 1,040 20.4

To outpace battery industry growth due to better technological

products leading to market share gains in both the automotive

OEM and replacement segments.

Ashok Leyland 25,869 91 111 22.1

Earnings to grow strongly given the MHCV cyclical upturn.

Focus on exports and LCV's provides additional growth

avenue.

Bharat Electronics 24,943 1,039 1,414 36.1

Uptick in defense capex by government when coupled with

BELs strong market positioning, indicate that good times are

ahead for BEL.

HCL Tech 1,17,315 832 1,038 24.8 The stock is trading at attractive valuations and is factoring all

the bad news.

HDFC Bank 2,48,820 985 1,262 28.1

Strong visibility for a robust 20% earnings trajectory, coupled

with high quality of earnings on account of high quality retail

business and strategic focus on highly rated corporates.

Infosys 2,58,291 1,125 1,347 19.8 Back on the growth trend, expect a long term growth of 14%

to be a US$20bn in FY2020.

LIC Housing Finance 22,170 439 592 34.7

LICHF continues to grow its retail loan book at a healthy pace

with improvement in asset quality. We expect the company to

post a healthy loan book which is likely to reflect in a strong

earnings growth.

NBCC 10,676 890 1,089 22.4

Huge bid pipeline of re-development works at Delhi and other

State Governments and opportunity from Smart City, positions

NBCC to report strong growth, going forward.

TVS Motors 13,478 284 330 16.3 New launches to enable outpace industry growth; margins

expansion to boost earnings.

Source: Company, Angel Research

Mid Cap

Company Market Cap

(` Cr)

CMP

(`) Target

(`) Upside

(%) Rationale

Blue Star 2,946 328 439 34.0

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.

Jagran Prakashan 5,136 157 189 20.3

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.

Navkar Corporation 2,183 153 265 73.1 Massive capacity expansion along with rail advantage at ICD

as well CFS augurs well for the company

Radico Khaitan 1,289 97 156 61.0

Earnings boost on back of stable material prices and

favourable pricing environment. Valuation discount to peers

provides additional comfort

Siyaram Silk Mills 909 970 1,354 39.7

Strong brands and distribution network would boost growth

going ahead. Stock currently trades at an inexpensive

valuation.

Source: Company, Angel Research

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

Mar 3, 2016 7:00PM US Initial Jobless claims Thousands Feb 27 272.00 270.00

2:25PM Germany PMI Services Value Feb F 55.10 55.10

Mar 4, 2016 7:00PM US Change in Nonfarm payrolls Thousands Feb 151.00 195.00

7:00PM US Unemployment rate % Feb 4.90 4.90

Mar 8, 2016 China Exports YoY% % Change Feb (11.20) (12.50)

3:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 4Q P 0.30 --

Mar 9, 2016 3:00PM UK Industrial Production (YoY) % Change Jan (0.40) --

Mar 10, 2016 7:00AM China Consumer Price Index (YoY) % Change Feb 1.80 1.80

India Imports YoY% % Change Feb (11.00) --

India Exports YoY% % Change Feb (13.60) --

6:15PM Euro Zone ECB announces interest rates % Mar 10 0.05 --

Mar 14, 2016 12:00PM India Monthly Wholesale Prices YoY% % Change Feb (0.90) --

5:30PM India Industrial Production YoY % Change Jan (1.30) --

Mar 15, 2016 US Producer Price Index (mom) % Change Feb (0.50) --

Mar 16, 2016 6:00PM US Consumer price index (mom) % Change Feb -- --

6:00PM US Housing Starts Thousands Feb 1,099.00 --

6:00PM US Building permits Thousands Feb 1,202.00 --

3:00PM UK Jobless claims change % Change Feb (14.80) --

6:45PM US Industrial Production % Feb 0.92 --

11:30PM US FOMC rate decision % Mar 16 0.50 0.50

Mar 17, 2016 3:30PM Euro Zone Euro-Zone CPI (YoY) % Feb F (0.20) --

5:30PM UK BOE Announces rates % Ratio Mar 17 0.50 0.50

Mar 21, 2016 7:30PM US Existing home sales Million Feb 5.47 --

Mar 22, 2016 3:00PM UK CPI (YoY) % Change Feb 0.30 --

Mar 23, 2016 8:30PM Euro Zone Euro-Zone Consumer Confidence Value Mar A (8.80) --

7:30PM US New home sales Thousands Feb 494.00 --

Mar 25, 2016 6:00PM US GDP Qoq (Annualised) % Change 4Q T 1.00 --

Mar 29, 2016 7:30PM US Consumer Confidence S.A./ 1985=100 Mar 92.20 --

Mar 31, 2016 2:00PM UK GDP (YoY) % Change 4Q F 1.90 --

Apr 5, 2016 11:00AM India RBI Reverse Repo rate % Apr 5 5.75 --

11:00AM India RBI Repo rate % Apr 5 6.75 --

11:00AM India RBI Cash Reserve ratio % Apr 5 4.00 --

Source: Bloomberg, Angel Research

March 02, 2016

Market Outlook

Key Upcoming Events

h

2

Market Outlook

March 2, 2016

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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


Exhibit 6: Key policy rates

Source: RBI, Angel Research

4.5

6.7

7.8

6.4

5.8

7.5

8.3

6.6 6.7

7.6 7.7

7.3

3.0

4.0

5.0

6.0

7.0

8.0

9.0

4Q

FY13

1Q

FY14

2Q

FY14

3Q

FY14

4Q

FY14

1Q

FY15

2Q

FY15

3Q

FY15

4Q

FY15

1Q

FY16

2Q

FY16

3Q

FY16

(%)

4.8

2.5 3.0

2.5

4.2 4.3

6.3

3.7

9.9

(3.4)

(1.3)

(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

12.0

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug

-15

Sep

-15

Oct-15

Nov-15

Dec-15

(%)

5.4 5.3

4.9 5.0

5.4

3.7 3.7

4.4

5.0

5.4 5.6 5.7

-

1.0

2.0

3.0

4.0

5.0

6.0

Feb-15

Mar-15

Apr-15

May-15

Jun

-15

Jul-15

Aug-15

Sep-15

Oct-15

Nov-15

Dec-15

Jan

-16

(%)

44.0

46.0

48.0

50.0

52.0

54.0

56.0 Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Oct-15

Nov-15

Dec-15

Jan-16

Feb-16

Mfg. PMI Services PMI

(35.0)

(30.0)

(25.0)

(20.0)

(15.0)

(10.0)

(5.0)

0.0

Feb

-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug

-15

Sep-15

Oct-15

Nov-15

Dec-15

Jan-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

7.50

8.00

Mar-15

Apr-15

May-15

Jun-15

Jun-15

Jul-15

Aug

-15

Aug

-15

Sep-15

Oct-15

Oct-15

Nov-15

Dec-15

Dec-15

Jan-16

Feb-16

Repo rate Reverse Repo rate CRR (%)

h

3

Market Outlook

March 2, 2016


Global watch

Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries


Exhibit 2: 2015 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

(4.5)(4.1)

5.3

6.8

0.6

5.0

4.5

2.8

1.9 1.9 2.1

1.4

0.5

(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

(%)

(3.0)

(3.8)

7.3 6.8

1.4

4.7 4.7

2.5 2.5 2.6

1.5 1.2

0.6

(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

Brazil

Russia

India

Chin

a

South

A

fric

a

Indonesia

Mala

ysia

Thailand

UK

USA

Germ

any

France

Japan

(%)

10

.9

5.7

16

.8

11

.0

18

.3

17

.6

14

.8

13

.4

14

.9

14

.9

11

.6

13

.1

13

.3

-

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

Brazil

Russia

India

China

South

Africa

Indonesia

Malaysia

Thailand

UK

USA

Germ

any

France

Japan

(x)

h

4

Market Outlook

March 2, 2016


Exhibit 4: Relative performance of indices across globe

Returns (%)

Country Name of index Closing price 1M 3M 1YR

Brazil Bovespa 44,122 15.0 (8.4) (13.9)

Russia Micex 1,844 4.1 0.6 4.8

India Nifty 7,222 (4.5) (9.0) (16.8)

China Shanghai Composite 2,733 (7.0) (25.1) (15.2)

South Africa Top 40 44,621 1.3 (3.7) (4.6)

Mexico Mexbol 44,215 4.3 (0.1) 0.8

Indonesia LQ45 837 5.3 7.1 (11.0)

Malaysia KLCI 1,671 2.7 (0.0) (7.7)

Thailand SET 50 865 6.4 (2.3) (18.5)

USA Dow Jones 16,865 4.9 (5.3) (7.4)

UK FTSE 6,153 1.1 (3.5) (11.1)

Japan Nikkei 16,086 (5.6) (19.0) (12.3)

Germany DAX 9,717 (0.8) (14.2) (14.7)

France CAC 4,407 (0.2) (11.1) (10.7)


Company Name Reco CMP Target Mkt Cap Sales ( ₹cr ) OPM(%) EPS (₹) PER(x) P/BV(x) RoE(%) EV/Sales(x)

( ₹ ) Price ( ₹) ( ₹ cr ) FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E

Agri / Agri Chemical

Rallis Neutral 149 - 2,888 2,097 2,415 14.4 14.4 9.5 11.0 15.6 13.5 3.1 2.7 21.1 21.3 1.4 1.2

United Phosphorus Buy 406 480 17,380 12,500 14,375 18.3 18.3 29.8 35.9 13.6 11.3 2.5 2.1 20.0 20.3 1.5 1.2

Auto & Auto Ancillary

Ashok Leyland Buy 91 111 25,869 17,995 21,544 11.4 11.6 3.4 4.7 26.7 19.3 4.7 4.3 17.7 22.2 1.4 1.1

Bajaj Auto Accumulate 2,260 2,585 65,397 22,709 25,860 20.9 20.1 129.0 143.6 17.5 15.7 5.4 4.6 30.7 29.4 2.4 2.1

Bharat Forge Accumulate 775 875 18,036 7,351 8,318 19.9 19.7 31.2 36.5 24.8 21.2 4.4 3.8 19.3 19.2 2.6 2.3

Eicher Motors Neutral 19,184 - 52,107 15,556 16,747 15.5 17.3 464.8 597.5 41.3 32.1 15.1 11.1 36.2 34.3 3.3 3.0

Gabriel India Buy 82 101 1,173 1,415 1,544 8.7 9.0 4.6 5.4 17.8 15.1 3.2 2.9 18.1 18.9 0.8 0.7

Hero Motocorp Accumulate 2,667 2,864 53,257 28,244 30,532 15.5 15.9 156.7 168.5 17.0 15.8 6.8 5.8 39.9 36.4 1.7 1.6

Jamna Auto Industries Buy 128 160 1,021 1,281 1,473 11.2 11.5 7.6 9.2 16.8 13.9 4.3 3.5 25.4 25.2 0.9 0.7

L G Balakrishnan & Bros Neutral 423 - 663 1,254 1,394 11.6 11.8 35.9 41.7 11.8 10.2 1.6 1.4 13.5 13.8 0.6 0.6

Mahindra and Mahindra Accumulate 1,266 1,364 78,646 38,416 42,904 13.7 13.9 54.8 63.4 23.1 20.0 3.6 3.2 15.4 15.8 1.7 1.5

Maruti Neutral 3,496 - 105,592 57,865 68,104 16.4 16.7 176.3 225.5 19.8 15.5 3.9 3.3 19.4 21.2 1.6 1.3

Minda Industries Buy 831 1,047 1,318 2,523 2,890 8.7 9.0 55.0 65.4 15.1 12.7 2.9 2.4 19.3 18.7 0.6 0.5

Motherson Sumi Buy 233 313 30,833 39,343 45,100 8.8 9.1 10.1 12.5 23.1 18.7 7.3 5.7 35.3 34.4 0.9 0.8

Rane Brake Lining Buy 360 465 285 454 511 11.5 12.0 25.2 31.0 14.3 11.6 2.1 1.9 14.9 16.6 0.8 0.7

Setco Automotive Neutral 30 - 407 594 741 12.7 13.7 1.7 3.2 17.9 9.5 1.9 1.6 10.4 16.9 1.1 0.9

Tata Motors Buy 315 371 91,034 259,686 273,957 13.0 13.4 25.9 29.5 12.2 10.7 1.6 1.4 8.0 9.0 0.5 0.5

TVS Motor Buy 284 330 13,478 11,263 13,122 6.9 8.5 9.2 15.0 30.8 18.9 7.0 5.6 22.7 29.6 1.2 1.0

Amara Raja Batteries Buy 864 1,040 14,758 4,892 5,871 17.4 17.6 28.8 37.1 30.0 23.3 7.0 5.6 23.4 24.1 3.0 2.4

Exide Industries Buy 128 162 10,897 6,950 7,784 14.4 14.8 6.6 7.3 19.4 17.6 2.5 2.2 12.6 12.8 1.3 1.2

Apollo Tyres Buy 159 183 8,078 12,056 12,714 17.2 16.4 23.0 20.3 6.9 7.8 1.2 1.1 17.7 13.6 0.7 0.7

Ceat Accumulate 988 1,119 3,997 6,041 6,597 14.1 13.7 99.5 111.9 9.9 8.8 2.0 1.6 19.6 18.5 0.8 0.7

JK Tyres Neutral 77 - 1,739 7,446 7,669 15.2 14.0 19.6 18.4 3.9 4.2 1.0 0.8 25.2 19.5 0.6 0.5

Swaraj Engines Accumulate 841 919 1,045 552 630 14.2 14.7 44.6 54.1 18.9 15.6 4.4 4.0 23.2 25.6 1.7 1.5

Subros Neutral 81 - 488 1,293 1,527 11.8 11.9 4.2 6.7 19.4 12.2 1.5 1.3 7.7 11.5 0.7 0.6

Indag Rubber Neutral 154 - 404 283 329 17.0 17.2 13.0 15.4 11.9 10.0 2.6 2.2 21.8 21.6 1.1 0.9

Capital Goods

ACE Neutral 37 - 365 660 839 4.7 8.2 1.0 3.9 36.9 9.5 1.2 1.0 3.2 11.3 0.7 0.6

BEML Buy 990 1,157 4,123 3,277 4,006 6.0 8.9 36.2 64.3 27.4 15.4 1.9 1.7 5.7 11.7 1.3 1.1

Bharat Electronics Buy 1,039 1,414 24,943 7,737 8,634 16.8 17.2 54.0 61.5 19.3 16.9 2.7 2.4 39.3 45.6 2.3 2.0


March 02, 2016

Stock Watch



Capital Goods

Voltas Buy 231 353 7,653 5,363 5,963 8.0 9.1 11.0 13.8 21.0 16.8 3.2 2.8 16.2 17.9 1.4 1.2

BGR Energy Neutral 95 - 687 3,615 3,181 9.5 9.4 16.7 12.4 5.7 7.7 0.5 0.5 10.0 7.0 0.6 0.8

BHEL Neutral 93 - 22,689 33,722 35,272 10.8 11.7 10.5 14.2 8.8 6.5 0.7 0.6 7.0 9.0 0.8 0.7

Blue Star Buy 328 439 2,946 3,548 3,977 6.3 6.9 13.7 17.2 23.9 19.1 6.0 3.9 26.1 25.4 0.9 0.8

Crompton Greaves Neutral 134 - 8,417 13,484 14,687 4.9 6.2 4.5 7.1 29.8 18.9 2.1 2.0 7.2 10.8 0.8 0.7

Greaves Cotton Neutral 125 - 3,050 1,655 1,755 16.6 16.8 7.4 7.8 16.9 16.0 3.4 3.2 21.1 20.6 1.8 1.7

Inox Wind Buy 232 458 5,143 4,980 5,943 17.0 17.5 26.6 31.6 8.7 7.3 2.6 1.9 35.0 30.0 1.2 0.9

KEC International Neutral 108 - 2,787 8,791 9,716 6.1 6.8 5.4 8.2 20.1 13.2 2.0 1.8 10.0 14.0 0.5 0.5

Thermax Neutral 763 - 9,092 6,413 7,525 7.4 8.5 30.5 39.3 25.0 19.4 3.9 3.4 15.0 17.0 1.4 1.1

Cement

ACC Neutral 1,231 - 23,107 13,151 14,757 16.4 18.3 63.9 83.4 19.3 14.8 2.5 2.3 13.3 16.1 1.6 1.3

Ambuja Cements Neutral 191 - 29,564 11,564 12,556 19.4 20.7 8.9 10.1 21.4 18.9 2.7 2.5 12.8 13.8 2.2 2.0

HeidelbergCement Neutral 65 - 1,465 1,772 1,926 13.3 15.4 1.0 3.0 64.7 21.6 1.6 1.5 2.6 7.9 1.4 1.2

India Cements Neutral 70 - 2,143 4,216 4,840 18.0 19.5 4.0 9.9 17.4 7.1 0.7 0.6 4.0 9.5 0.8 0.7

JK Cement Buy 494 605 3,451 3,661 4,742 10.1 15.8 7.5 28.5 65.8 17.3 2.0 1.8 7.5 22.9 1.4 1.1

J K Lakshmi Cement Neutral 287 - 3,371 2,947 3,616 16.7 19.9 11.5 27.2 24.9 10.5 2.4 2.0 9.8 20.8 1.6 1.2

Mangalam Cements Neutral 170 - 454 1,053 1,347 10.5 13.3 8.4 26.0 20.2 6.5 0.9 0.8 4.3 12.5 0.8 0.6

Orient Cement Neutral 138 - 2,821 1,854 2,524 21.2 22.2 7.7 11.1 17.9 12.4 2.6 2.2 13.3 15.7 2.3 1.6

Ramco Cements Neutral 365 - 8,687 4,036 4,545 20.8 21.3 15.1 18.8 24.2 19.4 3.0 2.6 12.9 14.3 2.7 2.3

Shree Cement^ Neutral 10,368 - 36,119 7,150 8,742 26.7 28.6 228.0 345.5 45.5 30.0 6.7 5.6 15.7 20.3 4.8 3.9

UltraTech Cement Accumulate 2,888 3,107 79,240 24,669 29,265 18.2 20.6 82.0 120.0 35.2 24.1 3.8 3.3 11.3 14.7 3.3 2.8

Construction

ITNL Neutral 68 - 2,234 7,360 8,825 34.0 35.9 7.0 9.0 9.7 7.5 0.3 0.3 3.2 3.7 3.7 3.6

KNR Constructions Buy 497 603 1,399 937 1,470 14.3 14.0 44.2 38.6 11.3 12.9 2.3 1.9 15.4 15.4 1.6 1.0

Larsen & Toubro Buy 1,124 1,310 104,675 58,870 65,708 8.3 10.3 42.0 53.0 26.8 21.2 1.9 1.7 8.8 11.2 2.0 1.8

Gujarat Pipavav Port Neutral 154 - 7,435 629 684 51.0 52.2 6.4 5.9 24.0 26.1 3.2 2.9 15.9 12.7 11.5 10.4

MBL Infrastructures Buy 128 285 529 2,313 2,797 12.2 14.6 19.0 20.0 6.7 6.4 0.7 0.6 11.3 10.6 0.9 0.8

Nagarjuna Const. Neutral 63 - 3,500 7,892 8,842 8.8 9.1 3.0 5.3 21.0 11.9 1.1 1.0 5.0 8.5 0.7 0.6

PNC Infratech Buy 477 558 2,449 1,873 2,288 13.2 13.5 24.0 32.0 19.9 14.9 1.9 1.7 12.1 12.3 1.4 1.2

Simplex Infra Neutral 211 - 1,042 5,955 6,829 10.3 10.5 16.0 31.0 13.2 6.8 0.7 0.6 5.3 9.9 0.7 0.6

Power Mech Projects Neutral 570 - 839 1,539 1,801 12.8 12.7 59.0 72.1 9.7 7.9 1.5 1.2 18.6 16.8 0.6 0.5


March 02, 2016

Stock Watch



Construction

Sadbhav Engineering Buy 244 289 4,183 3,481 4,219 10.7 10.8 8.2 11.7 29.7 20.8 2.8 2.5 10.3 13.5 1.5 1.2

NBCC Buy 890 1,089 10,676 5,816 7,382 6.9 7.7 29.6 39.8 30.1 22.4 5.4 4.3 24.1 26.7 1.6 1.2

MEP Infra Neutral 39 - 641 1,956 1,876 28.1 30.5 1.3 3.0 30.3 13.1 6.4 4.3 21.2 32.8 1.7 1.7

SIPL Neutral 80 - 2,818 675 1,042 62.4 64.7 - - 3.0 3.4 - - 15.8 10.7

Financials

Allahabad Bank Neutral 45 - 2,672 8,569 9,392 2.8 2.9 16.3 27.5 2.7 1.6 0.3 0.2 7.6 11.9 - -

Axis Bank Buy 392 494 93,293 26,473 31,527 3.5 3.6 35.7 43.5 11.0 9.0 1.8 1.6 17.9 18.9 - -

Bank of Baroda Neutral 136 - 31,360 18,485 21,025 1.9 2.0 13.5 21.1 10.1 6.4 0.8 0.7 7.3 10.6 - -

Bank of India Neutral 87 - 7,039 15,972 17,271 1.9 2.0 15.3 33.4 5.7 2.6 0.3 0.2 3.6 7.6 - -

Canara Bank Neutral 165 - 8,976 15,441 16,945 2.0 2.1 46.6 70.4 3.6 2.4 0.3 0.3 8.0 11.2 - -

Dena Bank Neutral 27 - 1,710 3,440 3,840 2.1 2.3 7.3 10.0 3.7 2.6 0.3 0.2 6.1 7.9 - -

Federal Bank Neutral 48 - 8,185 3,477 3,999 3.0 3.0 5.0 6.2 9.5 7.6 1.0 0.9 10.6 11.9 - -

HDFC Neutral 1,069 - 168,791 10,358 11,852 3.3 3.3 41.1 47.0 26.0 22.7 5.0 4.5 24.7 24.9 - -

HDFC Bank Buy 985 1,262 248,820 38,309 47,302 4.3 4.3 49.3 61.1 20.0 16.1 3.5 3.0 18.5 19.7 - -

ICICI Bank Buy 205 254 119,222 34,279 39,262 3.3 3.3 21.0 24.4 9.8 8.4 1.7 1.4 14.4 14.7 - -

IDBI Bank Neutral 60 - 11,305 9,625 10,455 1.8 1.8 8.5 14.2 7.0 4.2 0.4 0.4 5.9 9.3 - -

Indian Bank Neutral 77 - 3,698 6,160 6,858 2.5 2.5 24.5 29.8 3.2 2.6 0.3 0.2 7.7 8.6 - -

LIC Housing Finance Buy 439 592 22,170 3,101 3,745 2.5 2.5 33.0 40.2 13.3 10.9 2.5 2.1 19.7 20.5 - -

Oriental Bank Neutral 80 - 2,406 7,643 8,373 2.4 2.4 37.2 45.4 2.2 1.8 0.2 0.2 8.2 9.4 - -

Punjab Natl.Bank Neutral 74 - 14,462 23,638 26,557 2.8 2.8 17.9 27.2 4.1 2.7 0.4 0.3 8.5 12.0 - -

South Ind.Bank Neutral 17 - 2,268 1,965 2,185 2.5 2.5 2.5 3.3 6.7 5.1 0.7 0.6 9.5 11.7 - -

St Bk of India Accumulate 162 177 125,912 79,958 86,061 2.6 2.6 13.4 20.7 12.1 7.9 1.0 0.9 11.5 12.8 - -

Union Bank Neutral 113 - 7,754 12,646 14,129 2.3 2.4 31.0 39.1 3.6 2.9 0.4 0.3 9.8 11.4 - -

Vijaya Bank Neutral 31 - 2,698 3,536 3,827 1.9 1.9 5.5 6.7 5.7 4.7 0.5 0.4 7.8 8.8 - -

Yes Bank Accumulate 719 767 30,194 7,190 9,011 3.2 3.3 58.2 69.7 12.3 10.3 2.2 1.9 19.2 19.6 - -

FMCG

Asian Paints Neutral 872 - 83,666 16,553 19,160 16.0 16.2 17.7 21.5 49.4 40.6 13.1 11.8 29.4 31.2 4.9 4.2

Britannia Neutral 2,840 - 34,073 8,481 9,795 14.0 14.1 65.5 78.3 43.4 36.3 20.5 16.8 38.3 41.2 3.9 3.4

Colgate Neutral 824 - 22,398 4,836 5,490 19.5 19.7 48.5 53.2 17.0 15.5 12.5 10.8 99.8 97.5 4.5 4.0

Dabur India Accumulate 242 267 42,554 9,370 10,265 17.1 17.2 7.3 8.1 33.0 29.9 10.0 8.1 33.7 30.6 4.4 4.1

GlaxoSmith Con* Accumulate 5,448 6,118 22,912 4,919 5,742 17.2 17.4 168.3 191.2 32.4 28.5 9.2 7.8 28.8 28.9 4.2 3.6


March 02, 2016

Stock Watch



FMCG

Godrej Consumer Neutral 1,247 - 42,448 10,168 12,886 16.1 16.1 32.1 38.4 38.8 32.5 7.9 7.3 19.7 21.0 4.3 3.4

HUL Neutral 825 - 178,519 34,940 38,957 17.5 17.7 20.8 24.7 39.7 33.4 44.1 35.3 110.5 114.2 4.9 4.4

ITC Accumulate 325 359 261,324 36,804 38,776 37.9 37.9 12.2 12.9 26.7 25.2 7.4 6.5 27.7 25.8 6.7 6.3

Marico Neutral 236 - 30,396 6,551 7,766 15.7 16.0 10.4 12.5 22.7 18.9 6.6 5.5 33.2 32.4 4.6 3.9

Nestle* Buy 5,049 6,646 48,680 11,291 12,847 22.2 22.3 158.9 184.6 31.8 27.4 16.6 14.9 55.0 57.3 4.2 3.6

Tata Global Buy 109 144 6,873 8,635 9,072 9.8 9.9 6.5 7.6 16.8 14.3 1.7 1.6 6.8 7.4 0.7 0.7

IT

HCL Tech^ Buy 832 1,038 117,315 42,038 47,503 21.2 21.5 51.5 57.7 16.2 14.4 3.5 2.7 21.5 18.8 2.4 1.9

Infosys Buy 1,125 1,347 258,291 61,850 69,981 27.5 27.5 59.4 65.7 18.9 17.1 4.0 3.4 21.2 20.1 3.5 2.9

TCS Buy 2,275 2,854 448,272 108,487 122,590 28.3 28.5 122.8 138.4 18.5 16.4 7.0 6.4 38.0 38.9 3.7 3.2

Tech Mahindra Buy 432 530 41,769 26,524 29,177 16.2 17.0 28.8 33.6 15.0 12.9 2.9 2.5 19.3 19.1 1.3 1.2

Wipro Buy 535 680 132,177 50,808 56,189 23.7 23.8 37.3 40.7 14.3 13.1 2.7 2.5 19.2 17.7 2.1 1.7

Media

D B Corp Accumulate 313 356 5,745 2,241 2,495 27.8 27.9 21.8 25.6 14.4 12.2 3.8 3.3 26.7 28.5 2.5 2.2

HT Media Neutral 80 - 1,854 2,495 2,603 11.2 11.2 7.3 8.6 10.9 9.3 0.9 0.8 7.4 8.1 0.2 0.2

Jagran Prakashan Buy 157 189 5,136 2,170 2,355 27.2 26.2 8.9 9.9 17.7 15.9 3.7 3.2 20.9 20.5 2.3 2.1

Sun TV Network Neutral 339 - 13,356 2,779 3,196 70.2 70.5 22.8 27.3 14.9 12.4 3.7 3.3 26.7 28.3 4.6 3.9Hindustan Media Ventures Neutral 260 - 1,908 920 1,031 20.0 20.0 19.2 20.9 13.5 12.5 2.2 1.9 16.4 15.3 1.6 1.4

Metals & Mining

Coal India Buy 318 380 200,671 76,167 84,130 19.9 22.3 22.4 25.8 14.2 12.3 5.1 5.0 35.5 41.0 2.0 1.8

Hind. Zinc Accumulate 163 175 68,873 14,641 14,026 50.4 50.4 17.7 16.0 9.2 10.2 1.4 1.3 16.2 13.2 2.3 2.2

Hindalco Neutral 70 - 14,496 104,356 111,186 8.7 9.5 6.7 11.1 10.5 6.4 0.4 0.4 3.5 5.9 0.7 0.6

JSW Steel Neutral 1,144 - 27,647 42,308 45,147 16.4 20.7 (10.3) 49.5 23.1 1.3 1.2 (1.0) 5.6 1.7 1.6

NMDC Neutral 82 - 32,669 8,237 10,893 46.6 44.5 10.0 11.7 8.3 7.1 0.9 0.8 12.5 13.0 3.8 2.9

SAIL Neutral 36 - 14,868 45,915 53,954 7.2 10.5 1.5 4.4 23.9 8.2 0.4 0.3 2.3 4.1 1.0 0.9

Vedanta Neutral 75 - 22,220 71,445 81,910 26.2 26.3 12.9 19.2 5.8 3.9 0.4 0.4 7.2 8.9 0.8 0.6

Tata Steel Neutral 257 - 24,951 126,760 137,307 8.9 11.3 6.4 23.1 40.4 11.1 0.8 0.8 2.0 7.1 0.8 0.7

Oil & Gas

Cairn India Neutral 123 - 23,023 11,323 12,490 49.4 51.0 20.7 20.7 5.9 6.0 0.4 0.4 6.4 6.1 1.1 0.5

GAIL Neutral 320 - 40,579 64,856 70,933 9.1 9.6 24.0 28.9 13.4 11.1 1.1 1.1 8.8 9.6 0.8 0.7

ONGC Neutral 192 - 163,838 154,564 167,321 36.8 37.4 28.6 32.5 6.7 5.9 0.9 0.8 12.7 13.5 1.3 1.2

Petronet LNG Neutral 247 - 18,510 29,691 31,188 5.8 6.2 12.8 13.4 19.3 18.4 2.9 2.6 15.8 14.8 0.7 0.7

Indian Oil Corp Buy 386 455 93,719 359,607 402,760 5.9 6.1 42.5 48.7 9.1 7.9 1.2 1.1 14.1 14.4 0.4 0.3


March 02, 2016

Stock Watch



Oil & Gas

Reliance Industries Buy 982 1,150 318,190 304,775 344,392 12.6 13.4 91.3 102.6 10.8 9.6 1.2 1.1 11.8 12.0 1.0 0.8

Pharmaceuticals

Alembic Pharma Neutral 622 - 11,730 3,274 3,802 26.9 19.4 35.0 28.7 17.8 21.7 7.9 5.9 55.6 31.2 3.6 3.0

Aurobindo Pharma Buy 680 856 39,753 14,923 17,162 22.0 23.0 35.7 42.8 19.0 15.9 5.6 4.2 34.0 30.2 3.0 2.6

Aventis* Neutral 4,350 - 10,018 2,082 2,371 17.4 20.8 118.2 151.5 36.8 28.7 5.4 4.3 19.9 25.5 4.5 3.7

Cadila Healthcare Accumulate 325 352 33,302 10,224 11,840 21.0 22.0 14.6 17.6 22.3 18.5 6.1 4.8 30.8 29.0 3.3 2.8

Cipla Buy 518 605 41,575 13,979 16,447 20.2 18.6 25.7 27.5 20.1 18.8 3.3 2.8 17.6 16.1 3.0 2.5

Dr Reddy's Buy 3,028 3,933 51,638 16,838 19,575 25.0 23.1 167.5 178.8 18.1 16.9 3.8 3.2 23.1 20.4 3.0 2.5

Dishman Pharma Neutral 320 - 2,586 1,733 1,906 21.5 21.5 17.0 19.9 18.9 16.1 1.9 1.7 10.5 11.2 2.0 1.7

GSK Pharma* Neutral 3,185 - 26,974 2,870 3,158 20.0 22.1 59.5 68.3 53.5 46.6 15.8 16.2 28.5 34.3 8.9 8.1

Indoco Remedies Neutral 270 - 2,487 1,033 1,199 15.9 18.2 9.4 13.6 28.7 19.9 4.3 3.6 15.7 19.7 2.5 2.2

Ipca labs Buy 566 900 7,135 3,363 3,909 12.9 18.6 13.4 28.0 42.2 20.2 3.0 2.6 7.4 14.0 2.4 2.1

Lupin Neutral 1,761 - 79,332 13,092 16,561 25.0 27.0 50.4 68.3 34.9 25.8 7.2 5.7 22.8 24.7 5.8 4.4

Sun Pharma Accumulate 868 950 208,779 28,163 32,610 25.8 30.7 17.4 26.9 49.9 32.3 4.7 4.1 13.0 16.6 6.9 5.7

Power

Tata Power Neutral 58 - 15,795 35,923 37,402 22.6 22.8 4.1 5.2 14.4 11.3 1.1 1.0 7.5 9.3 1.4 1.3

NTPC Buy 123 146 101,007 87,271 99,297 23.5 23.5 11.8 13.3 10.4 9.2 1.2 1.1 11.5 12.2 2.2 1.9

Power Grid Buy 133 170 69,789 20,702 23,361 86.7 86.4 12.1 13.2 11.0 10.1 1.6 1.4 15.6 15.1 8.3 7.7

Telecom

Bharti Airtel Neutral 321 - 128,237 101,748 109,191 32.1 31.7 12.0 12.5 26.7 25.7 1.8 1.7 6.9 6.7 1.9 1.7

Idea Cellular Neutral 106 - 38,057 34,282 36,941 32.0 31.5 5.9 6.2 17.9 17.1 1.6 1.5 9.9 9.3 1.7 1.6

zOthers

Abbott India Neutral 4,894 - 10,399 2,715 3,153 14.5 14.1 134.3 152.2 36.5 32.2 9.1 7.5 27.4 25.6 3.5 3.0

Bajaj Electricals Buy 165 237 1,664 4,719 5,287 5.2 5.8 8.6 12.7 19.3 13.0 2.2 1.9 11.4 14.8 0.4 0.3

Finolex Cables Neutral 238 - 3,641 2,520 2,883 12.2 12.0 12.7 14.2 18.8 16.8 2.6 2.3 13.6 13.5 1.2 1.0

Goodyear India* Buy 455 582 1,049 1,800 1,600 11.7 11.5 58.7 52.9 7.8 8.6 1.7 1.5 24.6 18.7 0.4 0.3

Hitachi Neutral 1,144 - 3,111 1,779 2,081 7.8 8.8 21.8 33.4 52.5 34.2 8.5 6.9 17.4 22.1 1.8 1.5

Jyothy Laboratories Neutral 264 - 4,772 1,620 1,847 11.5 11.5 7.3 8.5 36.2 31.1 4.7 4.3 13.3 14.4 2.8 2.4

MRF Buy 33,726 45,575 14,304 20,316 14,488 21.4 21.1 5,488.0 3,798.0 6.2 8.9 2.1 1.7 41.1 21.2 0.7 0.9

Page Industries Neutral 9,989 - 11,142 1,929 2,450 19.8 20.1 229.9 299.0 43.5 33.4 19.2 13.3 52.1 47.1 5.8 4.5

Relaxo Footwears Neutral 396 - 4,755 1,767 2,152 12.3 12.5 19.3 25.1 20.6 15.8 5.1 3.9 27.7 27.8 2.7 2.2

Siyaram Silk Mills Buy 970 1,354 909 1,636 1,815 11.5 11.5 89.9 104.1 10.8 9.3 1.8 1.5 17.9 17.8 0.7 0.6

Styrolution ABS India* Neutral 498 - 876 1,271 1,440 8.6 9.2 32.0 41.1 15.5 12.1 1.6 1.4 10.7 12.4 0.7 0.6


March 02, 2016

Stock Watch



zOthers

TVS Srichakra Buy 2,049 3,217 1,569 2,035 2,252 15.9 15.3 248.6 268.1 8.2 7.6 3.6 2.6 43.6 33.9 0.8 0.7

HSIL Buy 254 302 1,835 2,123 2,384 16.1 16.5 15.0 18.9 16.9 13.5 1.3 1.2 8.0 9.4 1.2 1.1Kirloskar Engines India Ltd Neutral 210 - 3,036 2,403 2,554 8.6 9.9 9.2 10.5 22.9 20.0 2.2 2.1 9.7 10.7 0.9 0.8

M M Forgings Buy 396 614 478 511 615 21.7 21.6 43.1 55.8 9.2 7.1 1.7 1.4 19.9 21.2 1.1 0.9

Banco Products (India) Neutral 98 - 701 1,208 1,353 11.0 12.3 10.8 14.5 9.1 6.8 1.0 0.9 11.9 14.5 0.5 0.5

Competent Automobiles Neutral 135 - 83 1,040 1,137 3.2 3.1 25.7 28.0 5.2 4.8 0.8 0.7 15.0 14.3 0.1 0.1

Nilkamal Neutral 1,015 - 1,514 1,871 2,031 10.7 10.5 63.2 69.8 16.1 14.6 2.6 2.2 17.6 16.6 0.9 0.8

Visaka Industries Buy 98 144 156 1,086 1,197 9.9 10.3 21.5 28.8 4.6 3.4 0.4 0.4 9.6 11.6 0.4 0.3Transport Corporation of India Neutral 242 - 1,844 2,830 3,350 8.8 9.0 14.4 18.3 16.9 13.3 2.6 2.3 15.4 17.1 0.8 0.7

Elecon Engineering Neutral 49 - 531 1,359 1,482 10.3 13.7 0.8 3.9 60.7 12.5 1.0 1.0 1.6 7.8 0.7 0.7

Surya Roshni Buy 128 201 559 2,992 3,223 8.1 8.4 14.7 18.3 8.7 7.0 0.8 0.7 9.7 11.0 0.5 0.4

MT Educare Neutral 149 - 595 286 366 18.3 17.7 7.7 9.4 19.3 16.0 4.1 3.6 20.2 21.1 2.0 1.5

Radico Khaitan Buy 97 156 1,289 1,517 1,635 12.7 13.4 5.8 7.1 16.6 13.6 1.4 1.3 8.6 9.6 1.3 1.2

Garware Wall Ropes Buy 290 473 634 862 974 11.2 11.2 24.9 29.6 11.7 9.8 1.8 1.5 15.1 15.4 0.7 0.6

Wonderla Holidays Neutral 362 - 2,043 206 308 44.0 43.6 9.0 12.9 40.2 28.0 5.5 5.0 13.7 17.8 9.8 6.5

Linc Pen & Plastics Neutral 179 - 265 340 371 8.3 8.9 10.8 13.2 16.6 13.6 2.7 2.3 16.0 17.1 0.8 0.7

The Byke Hospitality Neutral 154 - 616 222 287 20.5 20.5 5.6 7.6 27.2 20.3 5.1 4.2 18.9 20.8 2.8 2.2

Interglobe Aviation Neutral 826 - 29,755 17,022 21,122 20.7 14.5 63.9 53.7 12.9 15.4 19.4 15.9 149.9 103.2 1.8 1.4Coffee Day Enterprises Ltd Neutral 225 - 4,636 2,692 2,964 17.0 18.6 - 4.7 - 47.5 2.8 2.6 0.2 5.5 2.1 2.0

Navneet Education Neutral 84 - 1,997 998 1,062 24.1 24.0 5.8 6.1 14.6 13.8 3.2 2.8 22.0 20.6 2.1 2.0

Navkar Corporation Buy 153 265 2,183 365 436 38.3 37.5 5.6 5.9 27.2 26.1 1.7 1.6 6.3 6.1 6.8 5.9

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on March 01, 2016


March 02, 2016

Stock Watch

Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com

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Market OutlookMarch 02, 2016

Documents

Market Outlook - web.angelbackoffice.comweb.angelbackoffice.com/Research_ContentManagement/pdf_report/Market...2. . Market Outlook . March 2, 2016. Indian Auto sales - February . India’s