Market Outlook - web.angelbackoffice.comweb.angelbackoffice.com/Research_ContentManagement/pdf_report/...Dealer’s Diary Indian markets are ... which could likely result in the need

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Market Outlook September 21, 2015

Dealer’s Diary

Indian markets are expected to open in the red tracking the SGX Nifty and Asian cues.

US markets closed in the red after the Federal Reserve’s decision to keep policy interest rate unchanged leading to continued uncertainty for the markets.

European markets also closed in the negative reacting the US Fed’s decision and ahead of the Greece elections, which could likely result in the need for the formation of a coalition government.

Indian markets closed in the green but well off the day’s highs in the wake of weak European cues and fall in US futures.

News & Result Analysis Policy on coal linkages auction may take some time: Government Government may raise FDI Cap in DTH, cable networks Refer detailed news analysis on the following page

Markets Today The trend deciding level for the day is 26,274 / 7,998 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 26,417 – 26,615 / 8,039 – 8,097 levels. However, if NIFTY trades below 26,274 / 7,998 levels for the first half-an-hour of trade then it may correct towards 26,076 – 25,932 / 7,940 – 7,898 levels.

Indices S2 S1 PIVOT R1 R2

SENSEX 25,932 26,076 26,274 26,417 26,615

NIFTY 7,898 7,940 7,998 8,039 8,097

Net Inflows (September 16, 2015) ` cr Purch Sales Net MTD YTD

FII 3,908 4,122 (214) (3,004) 120,756

MFs 696 325 371 4,682 75,330

FII Derivatives (September 18, 2015) ` cr Purch Sales Net Open Interest

Index Futures 5,160 4,689 470 25,677

Stock Futures 6,399 5,310 1,090 48,111

Gainers / Losers Gainer Loser

Company Price (`) chg (%) Company Price (`) chg (%)

FORTIS 178 10.0 SKSMICRO 381 (15.5)

PIIND 71 8.2 EMAMILTD 1,093 (5.6)

GRUH 257 8.2 BAJFINANCE 4,938 (5.0)

BALRAMCHIN 50 7.6 SUNASIAN 115 (5.0)

FRL 119 7.3 PMCFIN 1 (4.4)

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

BSE Sensex 1.0 255 26,219

Nifty 1.0 83 7,982

MID CAP 0.9 93 10,646

SMALL CAP 1.1 118 10,804

BSE HC 1.2 205 17,438

BSE PSU 1.5 100 6,788

BANKEX 2.7 518 19,953

AUTO 0.4 76 17,572

METAL 0.6 47 7,291

OIL & GAS 0.9 81 8,750

BSE IT 0.7 78 11,229

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

Dow Jones (1.7) (290) 16,385

NASDAQ (1.4) (67) 4,827

FTSE (1.3) (83) 6,104

Nikkei (2.0) (362) 18,070

Hang Seng 0.3 66 21,921

Straits Times (0.6) (16) 2,880

Shanghai Com 0.4 12 3,098

Indian ADR Chg (%) (Pts) (Close)

INFY (1.9) (0.3) $17.4

WIT (1.0) (0.1) $12.0

IBN (1.9) (0.2) $8.6

HDB (0.9) (0.5) $58.6

Advances / Declines BSE NSE

Advances 1,712 1,030

Declines 917 449

Unchanged 104 106

Volumes (` cr)

BSE 4,594

NSE 23,031

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Policy on coal linkages auction may take some time: Government

Government has informed Coal India (CIL) that the policy with regard to auction of coal linkages may take some more time to be finalised. The coal ministry however added that an in-principle decision has already been taken to grant future linkages to non-regulated sector through a transparent process of competitive bidding through auction route.

Coal and Power Minister Piyush Goyal had informed Parliament last month that the government is considering a policy for coal linkage auction and has sought comments/views from stakeholders on the draft auction methodology which it has prepared.

An Inter-Ministerial Committee (IMC) was set up in January to consider various models, including auctioning of coal linkages/LoAs (Letter of Assurances) through competitive bidding as the selection process and to recommend the optimal structure that would meet the requirements of all the stakeholders.

Till now, Standing Linkage Committee has been deciding on allocation of long-term and short-term linkages for the sectors, including power and steel. The new policy to allow auction of coal linkages would be a positive for CIL, as it would help market determined rates for coal supplied to the non-regulated sectors. We retain our Buy rating on the stock.

Government may raise FDI Cap in DTH, cable networks

An inter-ministerial committee is considering a proposal to raise FDI (foreign direct investment) limits to 100% from 74% currently in broadcasting carriage and content services, including direct-to-home (DTH) and cable networks, aimed at attracting overseas investment and improve infrastructure.

In case of broadcasting content services - uplinking of news and current affairs TV channels, the proposal under discussion is to raise the limit to 49% from the present 26%. Increase in FDI limit will help improve the pace of digitization of broadcasting services across India. Positive for cable and DTH companies such as Dish TV, Den Networks & Hathway.

Economic and Political News Petrol, diesel contribute `30,000cr additional excise in April-August India's merchandise exports slide as commodity prices dip Companies Act to be fully implemented by March 2016

Corporate News

BPCL all set to start work on `5,000cr complex in Kochi Leela sells Goa property to Malaysian firm for `725cr SRS Ltd to invest up to `900cr in 2 years for expansion




Top Picks

Large Cap

Company Sector Market Cap

(` Cr) Rating

CMP (`)

Target (`)

Upside (%)

Aurobindo Pharma 41,310 Buy 707 872 23.3

Axis Bank Financials 1,22,983 Buy 517 701 35.5

ICICI Bank Financials 1,61,474 Buy 278 370 33.1

Infosys IT 2,53,755 Buy 1,105 1,306 18.2

Inox Wind Capital Goods

8,254 Buy 372 505 35.8

LIC HFL Financials 22,334 Buy 443 570 28.8

Power Grid Power 69,842 Buy 134 170 27.3

TCS IT 5,00,289 Buy 2,554 3,168 24.0

Tech Mahindra IT 53,912 Buy 560 646 15.3

Yes Bank Financials 32,244 Buy 770 953 23.7

Source: Angel Research, Bloomberg

Mid Cap

Company Sector Market Cap

(` Cr) Rating

CMP (`)

Target (`)

Upside (%)

Bajaj Electricals Others 2,570 Buy 255 341 33.9

Garware Wall Others 661 Buy 302 390 29.2

MBL Infra Construction 1,014 Buy 245 360 47.1

Minda Industries Auto Ancillary

798 Buy 503 652 29.6

MT Educare Others 511 Buy 128 169 31.6

Radico Khaitan Others 1,128 Buy 85 112 32.2

Surya Roshni Others 531 Buy 121 183 51.1

Tree House Others 1,497 Buy 354 449 26.9

Source: Angel Research, Bloomberg


Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

September 21, 2015 7:30PM US Existing home sales Million Aug 5.59 5.50

September 22, 2015 7:30PM Euro Zone Euro-Zone Consumer Confidence Value Sep A (6.90) (7.00)

September 23, 2015 1:00PM Germany PMI Services Value Sep P 54.90 54.50

1:00PM Germany PMI Manufacturing Value Sep P 53.30 52.60

September 24, 2015 6:00PM US Initial Jobless claims Thousands Sep 19 264.00 --

7:30PM US New home sales Thousands Aug 507.00 515.00

September 25, 2015 6:00PM US GDP Qoq (Annualised) % Change 2Q T 3.70 3.70

September 29, 2015 7:30PM US Consumer Confidence S.A./ 1985=100 Sep 101.54 --

11:00AM India RBI Reverse Repo rate % Sep 29 6.25 --

11:00AM India RBI Repo rate % Sep 29 7.25 --

11:00AM India RBI Cash Reserve ratio % Sep 29 4.00 --

September 30, 2015 1:25PM Germany Unemployment change (000's) Thousands Sep (7.00) --

2:00PM UK GDP (YoY) % Change 2Q F 2.60 --

October 1, 2015 6:30AM China PMI Manufacturing Value Sep 49.70 --

2:00PM UK PMI Manufacturing Value Sep 51.50 --

October 2, 2015 6:00PM US Change in Nonfarm payrolls Thousands Sep 173.00 --

6:00PM US Unnemployment rate % Sep 5.10 --

October 7, 2015 2:00PM UK Industrial Production (YoY) % Change Aug 0.80 --

October 8, 2015 4:30PM UK BOE Announces rates % Ratio Oct 8 0.50 0.50

October 9, 2015 India Imports YoY% % Change Sep (9.95) --

India Exports YoY% % Change Sep (20.66) --

October 12, 2015 5:30PM India Industrial Production YoY % Change Aug 4.20 --

October 13, 2015 2:00PM UK CPI (YoY) % Change Sep -- --

China Exports YoY% % Change Sep (5.50) --

October 14, 2015 2:00PM UK Jobless claims change % Change Sep 1.20 --

12:00PM India Monthly Wholesale Prices YoY% % Change Sep (4.95) --

7:00AM China Consumer Price Index (YoY) % Change Sep 2.00 --

October 15, 2015 6:00PM US Consumer price index (mom) % Change Sep (0.10) --

Source: Bloomberg, Angel Research

September 21, 2015

Market Outlook

h


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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

6.3

5.0 4.7

7.0 7.5

6.4 6.7 6.7

8.4

6.6

7.5 7.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

2QFY

13

3QFY

13

4QFY

13

1QFY

14

2QFY

14

3QFY

14

4QFY

14

1QFY

15

2QFY

15

3QFY

15

4QFY

15

1QFY

16

(%)

2.6

(2.7)

5.2

3.6 2.8

4.8

2.5 3.4

2.5

4.4 4.2

(4.0)(3.0)(2.0)(1.0)

-1.0 2.0 3.0 4.0 5.0 6.0

Sep-

14

Oct

-14

Nov

-14

Dec

-14

Jan-

15

Feb-

15

Mar

-15

Apr

-15

May

-15

Jun-

15

Jul-1

5

(%)

5.6

4.6

3.3

4.3

5.2 5.4 5.3 4.9 5.0

5.4

3.7 3.7

-

1.0

2.0

3.0

4.0

5.0

6.0

Sep-

14

Oct

-14

Nov

-14

Dec

-14

Jan-

15

Feb-

15

Mar

-15

Apr

-15

May

-15

Jun-

15

Jul-1

5

Aug

-15

(%)

44.0

46.0

48.0

50.0

52.0

54.0

56.0 Ju

l-14

Aug

-14

Sep-

14

Oct

-14

Nov

-14

Dec

-14

Jan-

15

Feb-

15

Mar

-15

Apr

-15

May

-15

Jun-

15

Jul-1

5

Aug

-15

Mfg. PMI Services PMI

(30.0)

(20.0)

(10.0)

0.0

10.0

20.0

30.0

Sep-

14

Oct

-14

Nov

-14

Dec

-14

Jan-

15

Feb-

15

Mar

-15

Apr

-15

May

-15

Jun-

15

Jul-1

5

Aug

-15

Exports yoy growth Imports yoy growth(%)

3.00

4.00

5.00

6.00

7.00

8.00

9.00

Sep-

14

Oct

-14

Nov

-14

Dec

-14

Jan-

15

Feb-

15

Mar

-15

Apr

-15

May

-15

Jun-

15

Jul-1

5

Aug

-15

Sep-

15

Repo rate Reverse Repo rate CRR (%)

h



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


(2.6) (4.6)

5.3

7.0

1.2

4.7 4.9

2.8 2.6 2.7 1.6

1.0 0.8

(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

Braz

il

Russ

ia

Indi

a

Chi

na

Sout

h A

fric

a

Indo

nesi

a

Mal

aysi

a

Thai

land UK

USA

Ger

man

y

Fran

ce

Japa

n

(%)

(1.0) (3.8)

7.5 6.8

2.0

5.2 4.8 3.7

2.7 3.1 1.6 1.2 1.0

(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

Braz

il

Russ

ia

Indi

a

Chi

na

Sout

h A

fric

a

Indo

nesi

a

Mal

aysi

a

Thai

land UK

USA

Ger

man

y

Fran

ce

Japa

n

(%)

12

.7

5.5

17

.4

12

.6

17

.3

13

.6

16

.0

12

.6

14

.9

14

.8

12

.1

15

.0

13

.9

-2.0 4.0 6.0 8.0

10.0 12.0 14.0 16.0 18.0 20.0

Braz

il

Russ

ia

Indi

a

Chi

na

Sout

h A

fric

a

Indo

nesi

a

Mal

aysi

a

Thai

land UK

USA

Ger

man

y

Fran

ce

Japa

n

(x)

h



Exhibit 4: Relative performance of indices across globe

Returns (%)

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

Brazil Bovespa 47,264 3.4 (8.8) (18.2)

Russia Micex 1,711 2.9 4.0 19.5

India Nifty 7,982 (3.8) (3.4) 1.7

China Shanghai Composite 3,094 (11.8) (37.6) 32.8

South Africa Top 40 45,616 5.1 (0.2) 1.2

Mexico Mexbol 43,565 3.3 (2.9) (4.8)

Indonesia LQ45 740 1.8 (12.4) (16.9)

Malaysia KLCI 1,656 5.2 (2.4) 10.5

Thailand SET 50 903 2.0 (8.4) 14.6

USA Dow Jones 16,385 (0.5) (7.0) (5.2)

UK FTSE 6,104 (1.4) (7.8) (10.7)

Japan Nikkei 18,070 (7.0) (7.8) 10.7

Germany DAX 9,916 (2.1) (7.3) 1.2

France CAC 4,536 (2.1) (3.3) 1.7


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 223 - 4,332 2,075 2,394 14.4 14.4 9.5 11.0 23.5 20.3 4.7 4.0 21.1 21.3 2.1 1.8

United Phosphorus Accumulate 482 510 20,678 13,698 15,752 17.6 17.6 32.1 38.5 15.0 12.5 3.0 2.4 21.4 21.3 1.6 1.3

Auto & Auto Ancillary

Ashok Leyland Accumulate 88 97 25,072 18,186 21,529 10.8 11.2 3.3 4.5 26.7 19.6 4.5 4.2 17.3 21.6 1.3 1.1

Bajaj Auto Accumulate 2,294 2,438 66,385 23,544 27,245 19.8 19.8 127.0 143.4 18.1 16.0 5.5 4.7 30.3 29.4 2.4 2.0

Eicher Motors Buy 18,234 22,859 49,493 11,681 15,550 15.3 16.9 358.5 564.3 50.9 32.3 15.3 11.4 29.8 34.9 4.1 3.1

Hero Motocorp Accumulate 2,429 2,672 48,495 28,500 32,764 14.1 14.3 146.9 167.0 16.5 14.5 6.3 5.3 37.8 36.5 1.5 1.3

L G Balakrishnan & Bros Neutral 447 - 702 1,254 1,394 11.6 11.8 35.9 41.7 12.5 10.7 1.7 1.5 13.5 13.8 0.7 0.6

Mahindra and Mahindra Buy 1,202 1,383 74,630 38,337 43,069 13.0 13.4 52.9 63.5 22.7 18.9 3.4 3.0 15.0 15.9 1.6 1.4

Maruti Accumulate 4,404 4,735 133,026 58,102 68,587 16.7 16.9 182.0 225.5 24.2 19.5 4.8 4.1 19.9 21.0 2.1 1.7

Minda Industries Buy 503 652 798 2,567 2,965 7.3 8.0 38.8 54.3 13.0 9.3 1.9 1.6 14.4 16.8 0.4 0.3

Rane Brake Lining Buy 292 366 231 454 511 11.1 11.4 23.8 28.1 12.3 10.4 1.7 1.6 14.2 15.3 0.6 0.6

Setco Automotive Neutral 230 - 614 594 741 12.7 13.7 8.4 15.8 27.4 14.6 2.8 2.5 10.4 16.9 1.5 1.2

Tata Motors Buy 328 391 94,816 264,038 297,882 13.8 13.9 34.5 38.9 9.5 8.4 1.6 1.4 17.6 16.8 0.5 0.5

TVS Motor Neutral 236 - 11,195 11,702 13,713 6.8 7.7 10.1 14.5 23.3 16.3 5.7 4.6 24.5 28.3 0.9 0.8

Amara Raja Batteries Neutral 1,017 - 17,368 5,101 6,224 17.8 17.6 31.1 39.2 32.7 25.9 8.1 6.4 24.8 24.8 3.4 2.7

Exide Industries Accumulate 148 159 12,593 7,363 8,247 13.7 14.5 6.6 7.7 22.5 19.2 2.8 2.6 12.6 13.3 1.4 1.3

Apollo Tyres Neutral 187 - 9,503 12,576 12,978 16.8 16.1 22.3 19.9 8.4 9.4 1.4 1.3 17.2 13.4 0.8 0.9

Ceat Neutral 1,196 - 4,839 6,041 6,597 14.3 14.2 101.5 116.6 11.8 10.3 2.4 2.0 20.0 19.1 1.0 0.8

JK Tyres Neutral 103 - 2,335 7,446 7,669 15.2 14.0 19.6 18.4 5.3 5.6 1.3 1.1 25.2 19.5 0.7 0.6

Swaraj Engines Neutral 869 - 1,079 593 677 14.5 14.8 51.2 60.8 17.0 14.3 4.0 3.5 23.3 24.8 1.7 1.4

Subros Neutral 81 - 487 1,268 1,488 11.6 11.9 3.7 6.6 22.0 12.3 1.5 1.3 6.8 11.4 0.7 0.6

Indag Rubber Neutral 181 - 476 283 329 17.0 17.2 13.0 15.4 14.0 11.8 3.1 2.5 21.8 21.6 1.4 1.2

Capital Goods

ACE Neutral 39 - 385 660 839 4.7 8.2 1.0 3.9 39.0 10.0 1.2 1.1 3.2 11.3 0.7 0.6

BEML Neutral 1,173 - 4,885 3,277 4,006 6.0 8.9 29.2 64.3 40.2 18.2 2.2 2.0 5.7 11.7 1.6 1.2

BGR Energy Neutral 107 - 775 3,615 3,181 9.5 9.4 16.7 12.4 6.4 8.7 0.6 0.6 10.0 7.0 0.6 0.8

BHEL Neutral 209 - 51,130 33,722 35,272 10.8 11.7 10.5 14.2 19.9 14.7 1.5 1.4 7.0 9.0 1.6 1.5

Blue Star Accumulate 339 387 3,046 3,649 4,209 5.0 5.9 9.2 14.7 37.0 23.0 6.7 6.3 9.1 17.5 0.9 0.8

Crompton Greaves Accumulate 181 204 11,328 13,484 14,687 4.9 6.2 4.5 7.1 40.2 25.5 2.8 2.7 7.2 10.8 1.0 0.9

Inox Wind Buy 372 505 8,254 4,980 5,943 17.0 17.5 26.6 31.6 14.0 11.8 4.2 3.1 35.0 30.0 1.8 1.5


September 21, 2015

Market Outlook

Stock Watch



Capital Goods

KEC International Neutral 149 - 3,832 8,791 9,716 6.1 6.8 5.4 8.2 27.6 18.2 2.8 2.5 10.0 14.0 0.7 0.6

Thermax Neutral 908 - 10,814 6,413 7,525 7.4 8.5 30.5 39.3 29.8 23.1 4.6 4.0 15.0 17.0 1.7 1.4

Cement

ACC Accumulate 1,378 1,548 25,876 11,856 14,092 14.5 17.8 47.6 76.1 29.0 18.1 3.0 2.7 10.6 15.7 2.0 1.7

Ambuja Cements Accumulate 210 233 32,559 10,569 12,022 20.7 22.2 8.7 10.7 24.1 19.6 3.1 2.9 13.0 15.2 2.7 2.3

India Cements Buy 74 112 2,281 4,716 5,133 15.9 16.9 3.7 7.5 20.1 9.9 0.7 0.7 3.8 7.3 0.8 0.7

JK Cement Buy 614 767 4,295 4,056 4,748 14.5 17.0 22.6 41.1 27.2 15.0 2.4 2.2 9.3 15.3 1.5 1.2

J K Lakshmi Cement Buy 369 430 4,341 2,947 3,616 16.7 19.9 11.5 27.2 32.1 13.6 3.0 2.6 9.8 20.8 1.9 1.5

Mangalam Cements Neutral 232 - 618 1,053 1,347 10.5 13.3 8.4 26.0 27.6 8.9 1.2 1.1 4.3 12.5 1.0 0.7

Orient Cement Accumulate 159 183 3,267 1,854 2,524 21.2 22.2 7.7 11.1 20.7 14.4 3.0 2.6 13.3 15.7 2.5 1.8

Ramco Cements Accumulate 318 350 7,571 4,036 4,545 20.8 21.3 15.1 18.8 21.1 16.9 2.6 2.3 12.9 14.3 2.4 2.0

Shree Cement^ Neutral 12,085 - 42,101 7,150 8,742 26.7 28.6 228.0 345.5 53.0 35.0 7.8 6.5 15.7 20.3 5.6 4.5

UltraTech Cement Accumulate 2,945 3,282 80,802 27,562 31,548 20.4 22.3 111.9 143.3 26.3 20.6 3.7 3.2 15.2 16.8 3.0 2.6

Construction

ITNL Neutral 96 - 2,378 7,360 8,825 34.0 35.9 1.0 5.0 96.4 19.3 0.4 0.4 0.3 1.4 3.8 3.7

KNR Constructions Neutral 528 - 1,484 915 1,479 14.3 13.9 20.3 37.2 26.0 14.2 2.4 2.1 9.6 15.6 1.7 1.1

Larsen & Toubro Buy 1,540 2,013 143,322 68,920 82,446 10.9 11.5 57.0 73.0 27.0 21.1 2.5 2.3 13.6 15.5 2.3 1.9

Gujarat Pipavav Port Neutral 178 - 8,622 721 784 53.1 53.6 8.2 9.1 21.7 19.6 3.5 2.8 20.0 18.3 11.5 10.2

MBL Infrastructures Buy 245 360 1,014 2,313 2,797 12.2 14.6 19.0 20.0 12.9 12.2 1.3 1.2 11.3 10.6 1.1 1.0

Nagarjuna Const. Neutral 66 - 3,683 7,892 8,842 8.3 9.1 2.4 5.3 27.6 12.5 1.1 1.0 4.2 8.6 0.7 0.6

PNC Infratech Neutral 475 - 2,437 1,798 2,132 13.2 13.5 22.0 30.0 21.6 15.8 1.9 1.8 11.5 11.4 1.5 1.2

Simplex Infra Neutral 289 - 1,432 6,241 7,008 10.4 10.7 20.0 36.0 14.5 8.0 1.2 1.1 6.8 11.1 0.7 0.6

Financials

Allahabad Bank Neutral 77 - 4,391 8,438 9,521 2.8 2.8 21.9 27.0 3.5 2.9 0.4 0.3 10.2 11.5 - -

Axis Bank Buy 517 701 122,983 26,941 32,298 3.5 3.6 37.4 46.4 13.8 11.2 2.8 2.4 18.7 20.0 - -

Bank of Baroda Neutral 191 - 42,140 19,027 21,737 1.9 2.0 16.9 24.5 11.3 7.8 1.0 0.9 9.1 12.1 - -

Bank of India Neutral 141 - 9,342 16,438 18,706 1.9 2.0 19.2 40.9 7.3 3.4 0.4 0.4 4.5 9.1 - -

Canara Bank Neutral 277 - 14,271 15,491 17,269 2.0 2.0 61.6 70.9 4.5 3.9 0.5 0.4 10.5 11.1 - -

Dena Bank Neutral 39 - 2,188 3,498 3,977 2.1 2.3 7.8 10.7 5.0 3.7 0.4 0.3 6.5 8.4 - -

Federal Bank Neutral 63 - 10,833 3,527 4,135 3.0 3.1 5.2 6.7 12.1 9.4 1.3 1.1 10.8 12.7 - -

HDFC Neutral 1,210 - 190,813 10,883 12,799 3.5 3.4 43.0 50.6 28.2 23.9 5.6 5.0 25.9 26.7 - -

HDFC Bank Buy 1,048 1,255 263,850 38,059 46,851 4.4 4.5 50.0 62.7 21.0 16.7 3.7 3.1 18.8 20.2 - -


September 21, 2015

Market Outlook

Stock Watch



Financials

ICICI Bank Buy 278 370 161,474 35,810 41,871 3.4 3.5 22.0 26.2 12.6 10.6 2.2 1.8 15.0 15.6 - -

IDBI Bank Neutral 60 - 9,544 9,860 10,978 1.8 1.9 9.3 15.6 6.4 3.8 0.4 0.4 6.4 10.1 - -

Indian Bank Neutral 131 - 6,273 6,267 7,171 2.4 2.5 25.4 32.1 5.1 4.1 0.4 0.4 8.0 9.3 - -

LIC Housing Finance Buy 443 570 22,334 2,934 3,511 2.3 2.3 30.9 36.8 14.3 12.0 2.3 2.0 16.8 17.5 - -

Oriental Bank Neutral 133 - 3,985 7,730 8,595 2.4 2.5 38.8 47.4 3.4 2.8 0.3 0.3 8.6 9.8 - -

Punjab Natl.Bank Neutral 139 - 25,732 23,446 26,624 2.8 2.9 17.8 27.5 7.8 5.1 0.8 0.6 8.5 12.1 - -

South Ind.Bank Neutral 21 - 2,835 1,930 2,215 2.4 2.4 2.6 3.6 8.1 5.8 0.8 0.7 9.9 12.5 - -

St Bk of India Buy 242 307 183,367 83,847 96,307 2.8 2.8 20.1 25.1 12.1 9.7 1.3 1.2 11.5 13.1 - -

Union Bank Neutral 178 - 11,323 12,755 14,439 2.3 2.4 31.5 39.9 5.7 4.5 0.6 0.5 9.9 11.6 - -

Vijaya Bank Neutral 35 - 2,998 3,594 3,969 1.8 1.9 5.8 7.1 6.0 4.9 0.5 0.5 8.2 9.3 - -

Yes Bank Buy 770 953 32,244 7,204 9,078 3.2 3.2 57.8 69.5 13.3 11.1 2.4 2.0 19.6 22.6 - -

FMCG

Asian Paints Neutral 841 - 80,697 16,553 19,160 16.0 16.2 17.7 21.5 47.6 39.1 12.6 11.4 29.4 31.2 4.7 4.1

Britannia Neutral 2,992 - 35,891 8,065 9,395 9.6 10.2 47.2 65.5 63.4 45.7 21.1 19.9 38.3 41.2 4.3 3.7

Colgate Neutral 1,946 - 26,468 4,836 5,490 19.5 19.7 48.5 53.2 40.1 36.6 29.4 25.6 99.8 97.5 5.4 4.7

Dabur India Neutral 276 - 48,523 9,370 10,265 17.1 17.2 7.3 8.1 37.7 34.1 11.4 9.2 33.7 30.6 5.1 4.6

GlaxoSmith Con* Neutral 6,114 - 25,711 4,919 5,742 17.2 17.4 168.3 191.2 36.3 32.0 10.3 8.8 28.8 28.9 4.8 4.1

Godrej Consumer Neutral 1,199 - 40,816 10,168 12,886 16.1 16.1 32.1 38.4 37.4 31.2 7.6 7.0 19.7 21.0 4.1 3.2

HUL Neutral 798 - 172,751 34,940 38,957 17.5 17.7 20.8 24.7 38.4 32.3 42.7 34.1 110.5 114.2 4.8 4.2

ITC Buy 319 409 255,546 41,068 45,068 37.8 37.4 13.9 15.9 22.9 20.0 7.7 6.8 34.1 33.8 5.9 5.3

Marico Neutral 406 - 26,187 6,551 7,766 15.7 16.0 10.4 12.5 39.1 32.5 11.4 9.4 33.2 32.4 3.9 3.3

Nestle* Accumulate 6,225 6,646 60,015 11,291 12,847 22.2 22.3 158.9 184.6 39.2 33.7 20.5 18.4 55.0 57.3 5.2 4.5

Tata Global Buy 125 152 7,911 8,635 9,072 9.8 9.9 6.5 7.6 19.3 16.5 1.9 1.8 6.8 7.4 0.9 0.8

IT

HCL Tech^ Buy 951 1,132 133,710 42,038 47,503 23.5 23.5 56.4 62.9 16.9 15.1 3.9 3.0 23.2 19.8 2.8 2.3

Infosys Buy 1,105 1,306 253,755 60,250 66,999 28.0 28.0 58.3 63.7 19.0 17.3 4.0 3.4 20.9 19.7 3.5 3.0

TCS Buy 2,554 3,168 500,289 108,420 123,559 28.8 28.7 127.2 143.9 20.1 17.8 8.0 7.4 39.9 41.8 4.2 3.6

Tech Mahindra Buy 560 646 53,912 25,566 28,890 16.0 17.0 26.3 31.9 21.3 17.6 3.8 3.3 17.9 18.6 1.9 1.6

Wipro Buy 590 719 145,789 52,414 58,704 23.7 23.8 38.4 42.3 15.4 14.0 3.0 2.7 19.5 18.0 2.4 1.9

Media

D B Corp Accumulate 318 356 5,847 2,241 2,495 27.8 27.9 21.8 25.6 14.6 12.4 3.8 3.4 26.7 28.5 2.5 2.3

HT Media Neutral 84 - 1,953 2,495 2,603 11.2 11.2 7.3 8.6 11.5 9.8 0.9 0.8 7.4 8.1 0.3 0.3


September 21, 2015

Market Outlook

Stock Watch



Media

Jagran Prakashan Accumulate 140 156 4,562 1,939 2,122 26.0 26.0 8.3 9.2 16.8 15.2 2.9 2.6 17.5 17.1 2.3 2.1

Sun TV Network Neutral 348 - 13,722 2,779 3,196 70.2 70.5 22.8 27.3 15.3 12.8 3.8 3.4 26.7 28.3 4.7 4.1Hindustan Media Ventures Buy 218 292 1,599 920 1,031 20.0 20.0 19.2 20.9 11.4 10.4 1.9 1.6 16.4 15.3 1.3 1.1

Metals & Mining

Coal India Buy 343 400 216,683 72,015 78,415 21.2 21.5 21.7 25.3 15.8 13.6 5.4 5.3 33.1 39.1 2.2 2.1

Hind. Zinc Neutral 135 - 57,211 15,258 16,495 44.2 45.6 17.6 19.2 7.7 7.1 1.2 1.1 15.9 15.3 1.4 1.0

Hindalco Neutral 76 - 15,725 104,356 111,186 8.7 9.5 6.7 11.1 11.3 6.9 0.4 0.4 3.5 5.9 0.7 0.6

JSW Steel Neutral 943 - 22,787 48,125 53,595 18.8 21.0 46.9 97.5 20.1 9.7 1.0 0.9 4.4 9.5 1.3 1.1

NMDC Neutral 103 - 40,797 8,237 10,893 46.6 44.5 10.0 11.7 10.3 8.8 1.2 1.0 12.5 13.0 4.7 3.6

SAIL Neutral 52 - 21,415 45,915 53,954 7.2 10.5 1.5 4.4 34.4 11.9 0.5 0.5 2.3 4.1 1.1 1.0

Vedanta Neutral 99 - 29,336 71,445 81,910 26.2 26.3 12.9 19.2 7.7 5.2 0.5 0.5 7.2 8.9 0.9 0.7

Tata Steel Neutral 229 - 22,197 136,805 149,228 11.3 11.9 26.4 36.8 8.7 6.2 0.7 0.6 6.0 8.0 0.7 0.6

Oil & Gas

Cairn India Neutral 144 - 26,942 11,323 12,490 49.4 51.0 20.7 20.7 6.9 7.0 0.5 0.4 6.4 6.1 1.5 0.8

GAIL Neutral 288 - 36,488 64,856 70,933 9.1 9.6 24.0 28.9 12.0 10.0 1.0 1.0 8.8 9.6 0.7 0.7

ONGC Neutral 239 - 204,134 154,564 167,321 36.8 37.4 28.6 32.5 8.3 7.3 1.1 1.0 12.7 13.5 1.5 1.4

Petronet LNG Buy 178 210 13,358 39,007 40,785 3.8 4.2 9.2 11.0 19.5 16.2 2.2 2.0 11.6 12.7 0.4 0.4

Indian Oil Corp Buy 390 455 94,702 359,607 402,760 5.9 6.1 42.5 48.7 9.2 8.0 1.2 1.1 14.1 14.4 0.4 0.3

Reliance Industries Neutral 895 - 289,872 313,085 362,904 13.1 13.8 78.4 92.9 11.4 9.6 1.2 1.1 10.8 11.6 1.4 1.2

Pharmaceuticals

Alembic Pharma Neutral 671 - 12,655 2,601 3,115 21.2 20.2 20.8 23.9 32.3 28.1 10.4 7.8 37.2 31.8 4.9 4.0

Aurobindo Pharma Buy 707 872 41,310 14,923 17,162 23.0 23.0 38.2 43.6 18.5 16.2 5.7 4.3 36.0 30.2 3.1 2.6

Aventis* Neutral 4,169 - 9,601 2,156 2,455 15.1 16.8 109.7 133.9 38.0 31.1 5.2 4.3 18.4 22.5 4.2 3.5

Cadila Healthcare Neutral 1,920 - 39,320 10,224 11,840 20.0 21.0 71.0 85.6 27.1 22.4 7.3 5.7 30.1 28.5 3.9 3.3

Cipla Neutral 654 - 52,507 14,359 16,884 21.3 19.7 28.4 30.5 23.0 21.4 4.1 3.5 19.3 17.5 3.6 3.0

Dr Reddy's Neutral 4,002 - 68,235 17,903 20,842 22.7 22.8 160.5 189.5 24.9 21.1 5.1 4.2 22.2 21.7 3.8 3.2

Dishman Pharma Accumulate 255 290 2,058 1,716 1,888 20.2 20.2 16.3 21.6 15.7 11.8 1.5 1.3 9.7 11.7 1.4 1.1

GSK Pharma* Neutral 3,337 - 28,266 2,870 3,158 20.0 22.1 59.5 68.3 56.1 48.9 16.5 17.0 28.5 34.3 9.3 8.5

Indoco Remedies Neutral 333 - 3,071 1,088 1,262 18.2 18.2 13.1 15.5 25.4 21.5 5.0 4.2 21.2 21.1 2.9 2.5

Ipca labs Accumulate 739 800 9,325 3,507 4,078 17.6 18.6 25.8 32.0 28.7 23.1 3.7 3.2 13.8 14.9 2.9 2.5

Lupin Neutral 1,896 - 85,322 14,864 17,244 26.9 26.9 62.1 71.1 30.5 26.7 7.4 5.9 27.4 24.6 5.5 4.6

Sun Pharma Neutral 905 - 217,807 28,163 32,610 25.8 30.7 17.4 26.9 52.0 33.7 4.9 4.3 13.0 16.6 7.2 6.0


September 21, 2015

Market Outlook

Stock Watch



Power

Tata Power Neutral 64 - 17,391 35,923 37,402 22.6 22.8 4.1 5.2 15.9 12.5 1.2 1.1 7.5 9.3 1.4 1.3

NTPC Buy 127 157 104,759 87,064 98,846 23.5 23.5 11.7 13.2 10.9 9.6 1.2 1.1 11.4 12.1 2.2 2.0

Power Grid Buy 134 170 69,842 20,702 23,361 86.7 86.4 12.1 13.2 11.1 10.1 1.6 1.5 15.6 15.1 8.3 7.7

Telecom

Bharti Airtel Neutral 356 - 142,367 101,748 109,191 32.1 31.7 12.0 12.5 29.7 28.5 2.0 1.9 6.9 6.7 2.0 1.8

Idea Cellular Neutral 147 - 52,929 34,282 36,941 32.0 31.5 5.9 6.2 24.9 23.7 2.3 2.1 9.9 9.3 2.1 2.0

zOthers

Abbott India Neutral 5,647 - 12,000 2,715 3,153 14.5 14.1 134.3 152.2 42.1 37.1 10.5 8.7 27.4 25.6 4.1 3.5

Bajaj Electricals Buy 255 341 2,570 4,719 5,287 5.2 5.8 8.6 12.7 29.8 20.1 3.4 3.0 11.4 14.8 0.5 0.5

Finolex Cables Neutral 233 - 3,566 2,728 3,036 10.8 11.0 14.4 16.8 16.2 13.9 2.5 2.1 15.2 15.3 1.1 0.9

Goodyear India* Buy 558 655 1,287 1,953 1,766 12.4 12.0 67.4 59.6 8.3 9.4 2.1 1.8 27.7 20.2 0.4 0.4

Hitachi Neutral 1,323 - 3,597 1,806 2,112 9.0 9.2 28.6 29.1 46.3 45.5 11.5 9.3 28.1 22.6 2.1 1.8

Jyothy Laboratories Neutral 312 - 5,649 1,620 1,847 11.5 11.5 7.3 8.5 42.8 36.8 5.5 5.1 13.3 14.4 3.4 2.9

MRF Accumulate 40,163 43,575 17,034 20,727 14,841 19.3 18.6 4,905.8 3,351.9 8.2 12.0 2.6 2.1 37.6 19.6 0.8 1.0

Page Industries Neutral 12,996 - 14,496 1,929 2,450 19.8 20.1 229.9 299.0 56.5 43.5 24.9 17.3 52.1 47.1 7.5 5.9

Relaxo Footwears Neutral 534 - 6,404 1,767 2,152 12.3 12.5 19.3 25.1 27.7 21.3 6.8 5.2 27.7 27.8 3.7 3.0

Siyaram Silk Mills Buy 953 1,221 894 1,653 1,873 11.7 12.2 99.3 122.1 9.6 7.8 1.7 1.5 19.5 20.2 0.7 0.6

Styrolution ABS India* Neutral 764 - 1,343 1,271 1,440 8.6 9.2 32.0 41.1 23.8 18.6 2.4 2.2 10.7 12.4 1.0 0.9

Tree House Buy 354 449 1,497 259 324 56.8 56.8 17.0 21.7 20.8 16.3 2.1 1.9 10.1 11.5 5.7 4.7

TVS Srichakra Buy 2,675 3,210 2,048 2,127 2,388 15.2 14.9 237.7 267.5 11.3 10.0 4.8 3.4 51.7 39.8 1.0 0.9

HSIL Buy 266 434 1,921 2,085 2,436 18.5 18.6 21.7 28.9 12.3 9.2 1.2 1.1 10.0 12.1 1.1 0.8Kirloskar Engines India Ltd Neutral 337 - 4,870 2,634 3,252 10.1 12.0 10.9 17.4 30.9 19.3 3.4 3.1 11.4 16.8 1.5 1.1

M M Forgings Buy 551 797 665 563 671 22.1 22.9 51.0 66.5 10.8 8.3 2.3 1.8 23.1 24.1 1.3 1.1

Banco Products (India) Neutral 119 - 848 1,208 1,353 11.0 12.3 10.8 14.5 11.0 8.2 1.3 1.1 11.9 14.5 0.7 0.6

Competent Automobiles Neutral 143 - 88 1,007 1,114 3.1 3.1 23.7 28.2 6.1 5.1 0.8 0.7 13.9 14.6 0.1 0.1

Nilkamal Accumulate 927 1,005 1,383 1,948 2,147 10.6 10.3 60.0 67.0 15.4 13.8 2.4 2.1 16.8 16.1 0.8 0.7

Visaka Industries Buy 132 166 210 1,158 1,272 8.6 9.5 23.7 32.7 5.6 4.1 0.6 0.5 10.1 12.5 0.4 0.3Transport Corporation of India Buy 244 293 1,857 2,830 3,350 8.8 9.0 14.4 18.3 17.0 13.3 2.6 2.3 15.4 17.1 0.8 0.7

Elecon Engineering Buy 72 87 780 1,452 1,596 14.0 14.7 4.4 6.2 16.2 11.5 1.4 1.2 8.6 11.2 0.8 0.7

Surya Roshni Buy 121 183 531 2,992 3,223 8.3 8.5 14.7 18.3 8.2 6.6 0.8 0.7 9.8 11.0 0.5 0.4

MT Educare Buy 128 169 512 286 366 18.3 17.7 7.7 9.4 16.6 13.7 3.5 3.1 20.2 21.1 1.7 1.3


September 21, 2015

Market Outlook

Stock Watch



zOthers

Radico Khaitan Buy 85 112 1,128 1,565 1,687 11.9 12.4 5.4 6.6 15.7 12.9 1.3 1.2 8.0 9.0 1.2 1.2

Garware Wall Ropes Buy 302 390 661 875 983 10.4 10.6 23.1 27.8 13.1 10.9 1.9 1.6 14.1 14.8 0.8 0.6

Wonderla Holidays Buy 274 322 1,549 206 308 44.0 43.6 9.0 12.9 30.5 21.3 4.2 3.8 13.7 17.8 7.4 4.9

Linc Pen & Plastics Buy 153 185 226 340 371 8.3 8.9 10.8 13.2 14.2 11.6 2.3 2.0 16.0 17.1 0.7 0.6

The Byke Hospitality Accumulate 167 181 671 222 287 20.5 20.5 5.6 7.6 29.7 22.2 5.6 4.6 18.9 20.8 3.1 2.4

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on September 18, 2015


September 21, 2015

Market Outlook

Stock Watch

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

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Market OutlookSeptember 21, 2015

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