1
1
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Market Outlook
April 01, 2020
www.angelbroking.com
Market Cues
Indian markets are likely to open negative tracking global indices and SGX Nifty.
The US stocks recovered from initial weakness but moved back to the downside over
the course of the trading session on Tuesday. With the drop on the day, the Dow
and the S&P 500 had their worst first quarter performances ever, plunging by 23.2
percent and 20 percent, respectively. The Dow plunged 1.8 percent to 21,917 and
the Nasdaq slumped 1 percent to 7,700.
UK stocks rose sharply on Tuesday as oil prices stabilized and upbeat data from
China raised hopes of an economic recovery following the coronavirus outbreak.
The FTSE 100 was down by 1.9 percent to 5,668.
On domestic front, Indian shares ended the financial year 2019-20 on a positive
note Tuesday, as upbeat manufacturing and service sector activity data from China
raised hopes of an economic recovery following the coronavirus outbreak.. The
benchmark BSE Sensex was up by 3.6 percent to 29,469.
News Analysis
Dhanuka Lab implements resolution plan for debt-ridden Orchid Pharma
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
(%)
Hawkins Cooker
Others
Buy
3,883
6,200
59.7
KEI Industries
Miscellaneous
Buy
267
400
49.8
Asian Paints
Paints
Buy
1,667
2,118
27.1
Bata India
Cement
Buy
1,231
1,800
46.2
More Top Picks on Pg4
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
3.6
1,028
29,469
Nifty
3.8
317
8,598
Mid Cap
2.5
257
10,570
Small Cap
2.9
278
9,609
Bankex
1.9
427
22,050
Global Indices
Chg (%)
(Pts)
(Close)
Dow Jones
(1.8)
(410)
21,917
Nasdaq
(1.0)
(74)
7,770
FTSE
1.9
105
5,668
Nikkei
(0.9)
(168)
18,917
Hang Seng
1.8
428
23,604
Shanghai Com
0.1
4
2,750
Advances / Declines
BSE
NSE
Advances
1,502
1,339
Declines
789
495
Unchanged
161
99
Volumes (` Cr)
BSE
2,249
NSE
39,795
Net Inflows (` Cr)
Net
Mtd
Ytd
FII
(3,453)
(49619)
(39,421)
*MFs
1,198
19,043
27,477
Top Gainers
Price (₹)
Chg (%)
NCC
19
15.7
BPCL
316
15.1
CEATLTD
787
13.9
SAIL
23
13.1
TTKPRESTIG
4,898
13.2
Top Losers
Price (
`
)
Chg (%)
MEGASTAR
79
-20.0
GOBLIN
50
-19.4
SANDESH
437
-19.1
VERTEX
1
-17.8
INDUSINDBK
351
-14.7
As on Mar 31, 2020
2
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Market Outlook
April 01, 2020
www.angelbroking.com
News Analysis:
Dhanuka Lab implements resolution plan for debt-ridden Orchid
Pharma
The resolution plan of Gurgaon-based Dhanuka Laboratories for the revival of
Chennai-based debt-ridden Orchid Pharma Ltd has been implemented,
potentially fetching secured lenders around 32.3 per cent recovery. In addition, the
secured lenders will also receive around 4,08,164 equity shares at an issue price
of Rs 10 each for part of their debt. Orchid Pharma's regulatory filing on Tuesday
said the paid-up equity share capital of the company has been reduced from Rs
88.96 crore to Rs Rs 40.81 crore, with cancellation of 88.56 million equity shares
of Rs 10 each. A meeting of the Monitoring Committee held this week also
approved issue of zero per cent non-convertible, non-marketable, cumulative
redeemable debentures of value of Rs 3,650 crore to Dhanuka Pharmaceuticals
Pvt Ltd - a Special Purpose Vehicle formed by Dhanuka Laboratories Ltd - for
subsuming equivalent outstanding debt of Orchid Pharma by the SPV for
consideration other than cash.
The lenders were able to recover around Rs 1,106.50 crore out of the total
admitted debt of around Rs 3,526.74 crore, apart from the one per cent shares.
Dhanuka will hold around 98 per cent shares following the deal and may have to
look for dilution of shares as per the relevant regulation. The 4,08,164 equity
shares are issued to 22 secured financial creditors depending upon their exposure
in the company, and State Bank of India will get 72,915 equity shares, while Bank
of India will get 41,228 shares and Union Bank of India and Allahabad Bank will
receive around 28,000-29,000 shares each.
Economic and Political News
Bangladeshi garment export faces $6 bn hit as world retailers cancel orders
Govt extends foreign trade policy, other export benefits for one year
Govt cuts domestic natural gas price by 26% for first half of FY21
PPF to fetch 7.1%, NSC 6.8% as govt cuts small savings interest rates
Corporate News
GIC seeks relaxation in regulatory norms as coronavirus hits operations
Dhanuka Lab implements resolution plan for debt-ridden Orchid Pharma
Coronavirus: ITC repurposes Himachal perfume plant to produce sanitisers
Covid-19: Cyient gets nod for production of critical medical equipment
3
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Market Outlook
April 01, 2020
www.angelbroking.com
Top Picks
Company
Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%)
Rationale
KEI Industries
2,282
267
400
49.8
High order book execution in EPC segment, rising
B2C sales and higher exports to boost the revenues
and profitability
Hawkins Cooker
2,051
3,883
6,200
59.7
We forecast HCL to report healthy top-line CAGR
of ~14% to `976cr over FY19-22E on the back of
government initiatives, new product launches,
strong brand name and wide distribution network.
On the bottom-line front, we estimate ~23% CAGR
to `100cr due to strong revenue and operating
margin improvement
GMM Pfaudler
3,707
2,513
3,437
36.8
Post the GMM Pfaudler (CMP INR 2542.5) Q3FY20
numbers we are introducing our FY22 EPS estimate
of INR 114.5. We raise our target price to INR
2864 (25xFY22E EPS estimate)
Asian Paints
1,53,198
1,667
2,118
27.1
Asian Paints (APL) is India's largest paints company.
We expect APL to report healthy bottom-line CAGR
of ~19% over FY2019-22E due to leadership
position, strong brand, wide distribution network
(60,000+ dealers across the country) and
improvement in operating margins (back of falling
crude prices).
Bata India
15,500
1,231
1,800
46.2
We expect Bata India to report net revenue CAGR
of ~11% to ~`3,974cr over FY2019-22E mainly
due to increasing brand consciousness among
Indian consumers, new product launches, higher
number of store additions in tier II/ III cities and
focus on high growth women’s segment. Further,
on the bottom-line front, we expect CAGR of ~20%
to `562cr over the same period on the back of
margin improvement (increasing premium product
sales).
Nestle India
1,51,217
16,302
17,355
6.5
Nestle India Ltd (Nestle) manufactures and sells a
variety of food products such as Milk & Nutrition,
Prepared Dishes & Cooking Aids, Powdered &
Liquid Beverages and Confectionery. Going
forward, we expect healthy growth and profitability
on the back of strong brand recall, wide
distribution network (4.6mn outlets across
India) and new product launches.
Hindustan Unilever
4,73,473
2,298
2,461
7.1
Hindustan Unilever Ltd (HUL) is engaged in
manufacturing of branded and packaged FMCG
products. We expect HUL to report healthy bottom-
line CAGR of ~12% over FY2019-22E due to
healthy volume growth on the back of strong
brand, wide distribution network
Colgate Palmolive
33,113
1,253
1,325
5.7
We believe that the company should ultimately be
able to see sharper market share gain in
toothpastes segment on the back of higher ad-
spend and re-launch of Colgate Strong Teeth
(decent traction seen in last quarter)
Avenue Supermarts
1,37,050
2,200
2,395
8.9
Avenue Supermarts owns and operates the
supermarket chain ‘D-MART’. Focused on value
retailing, it offers a wide range of fast-moving
consumer (food and non-food) products, general
merchandise and apparel.We expect DMART to
report consolidated revenue/PAT CAGR
of 18%/26%, respectively over FY2019-22E.
4
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Market Outlook
April 01, 2020
www.angelbroking.com
Fundamental Call
Company
Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%)
Rationale
CCL Products
2,180
179
360
101.1
CCL is likely to maintain the strong growth
trajectory over FY18-20 backed by capacity
expansion and new geographical foray
LT Finance Holding
10,305
51
150
191.8
L&T Fin’s new management is on track to achieve
ROE of 18% by 2020 and recent capital infusion
of `3000cr would support advance growth.
Inox Wind
403
18
NA
NA
We expect Inox Wind to report exponential growth
in top-line and bottom-line over FY19-20E. The
growth would be led by changing renewable
energy industry dynamics in favor of wind energy
segment viz. changes in auction regime from
Feed-In-Tariff (FIT) to reverse auction regime and
Government’s guidance for 10GW auction in
FY19 and FY20 each.
Jindal Steel & Power Limited
8,165
80
NA
NA
We expect JSPL’s top line to grow at 27% CAGR
over FY19-FY20 on the back of strong steel
demand and capacity addition. On the bottom
line front, we expect JSPL to turn in to profit by
FY19 on back of strong operating margin
improvement.
RBL Bank
7,656
134
NA
NA
We believe advance to grow at a healthy CAGR of
35% over FY18-20E. Below peers level ROA (1.2%
FY18) to expand led by margin expansion and
lower credit cost.
Shriram Transport Finance
13,819
663
NA
NA
SHTF is in the sweet spot with benefits from
stronger CV volumes, NIMs unaffected by rising
bond yields on the back of stronger pricing power
and an enhancing ROE by 750bps over FY18-
20E, supported by decline in credit cost.
Amber Enterprise
3,474
1,226
NA
NA
Market leader in the room air conditioner (RAC)
outsourced manufacturing space in. It is a one-
stop solutions provider for the major brands in the
RAC industry and currently serves eight out of the
10 top RAC brands in India
Safari Industries
848
401
492
22.7
Third largest brand play in luggage segment
Increased product offerings and improving
distribution network is leading to strong growth in
business. Likely to post robust growth for next 3-4
years
Ultratech Cement
89,223
3,254
5,373
65.1
Post merger of Century textile’s cement division of
13.4mn TPA from H2FY20 company will have
~110mn TPA of capacity with a dominant position
in West and central India. We are positive on the
long term prospects of the Company given ramp
up from acquired capacities and pricing discipline
in the industry. Reduction in tax rate for domestic
companies to 22% from 30% will improve
profitability for the company.
ICICI Bank
2,03,238
324
440
35.8
Well capitalized with CAR of 18.1% which gives
sufficient room to grow asset base. Faster
resolution of NPA would reduce provision cost,
which would help to report better ROE.
4
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Market Outlook
April 01, 2020
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 As of 18 March, 2020
Exhibit 6: Key policy rates
Source: RBI, Angel Research
6.0
6.8
7.7
8.1
8.0
7.0
6.6
5.8
5.0
4.5
4.7
3.0
4.0
5.0
6.0
7.0
8.0
9.0
1QFY18
2QFY18
3QFY18
4QFY18
1QFY19
2QFY19
3QFY19
4QFY19
1QFY20
2QFY20
3QFY20
(%)
2.5
1.6
0.2
2.7
3.2
4.6
1.2
4.3
(1.4)
(4.3)
(4.0)
1.8
(0.1)
2.0
(5.0)
(4.0)
(3.0)
(2.0)
(1.0)
-
1.0
2.0
3.0
4.0
5.0
6.0
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
(%)
2.11
1.97
2.9
3.1
3.24
2.79
2.0
1.2
1.2
0.3
0.0
0.6
2.6
3.1
2.3
0
0.5
1
1.5
2
2.5
3
3.5
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
(%)
44
46
48
50
52
54
56
58
60
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mfg. PMI
Services PMI
(20.0)
(15.0)
(10.0)
(5.0)
0.0
5.0
10.0
15.0
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Exports yoy growth
Imports yoy growth
(%)
3
3.5
4
4.5
5
5.5
6
6.5
7
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Repo rate
Reverse Repo rate
CRR
(%)
5
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Market Outlook
April 01, 2020
www.angelbroking.com
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
Source: Bloomberg, Angel Research
Exhibit 2: 2017 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 As of 18 March, 2020
1.2
1.7
4.7
6.0
(0.5)
5.0
3.6
1.6
1.1
2.3
0.3
0.9
(0.4)
(1.0)
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
Brazil
Russia
India
China
South Africa
Indonesia
Malaysia
Thailand
UK
USA
Germany
France
Japan
(%)
1.6
1.8
5.1
6.8
0.7
5.2
4.4
2.4
1.7
2.2
1.0
1.6
1.1
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
Brazil
Russia
India
China
South Africa
Indonesia
Malaysia
Thailand
UK
USA
Germany
France
Japan
(%)
18.2
5.1
22.1
14.4
13.9
16.0
14.7
16.5
15.9
19.7
18.9
21.0
19.8
14.0
-
5.0
10.0
15.0
20.0
25.0
Brazil
Russia
India
China
South
Africa
Mexico
Indonesi
a
Malaysi
a
Thailan
d
UK
USA
German
y
France
Japan
(x)
6
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Market Outlook
April 01, 2020
www.angelbroking.com
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
82678
-28.3
-24.1
-17.3
Russia
Micex
2267
-27.1
-24.8
-9.1
India
Nifty
9197
-24.1
-23.7
-19.5
China
Shanghai Composite
2789
-6.5
-7.7
-9.9
South Africa
Top 40
36444
-30.2
-28.2
-26.8
Mexico
Mexbol
36637
-18.5
-17.5
-13.3
Indonesia
LQ45
732
-23.3
-27.4
-28.6
Malaysia
KLCI
1281
-16.7
-19.9
-24.2
Thailand
SET 50
689
-32.8
-34.4
-35.9
USA
Dow Jones
23185
-20.7
-18.0
-10.5
UK
FTSE
5366
-27.8
-28.7
-26.5
Japan
Nikkei
17002
-26.7
-29.4
-21.2
Germany
DAX
9232
-33.0
-30.5
-20.8
France
CAC
4118
-32.3
-31.0
-23.9
Source: Bloomberg, Angel Research As of 18 March, 2020
7
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Market Outlook
April 01, 2020
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Exhibit 7: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
30-03-2020
Top Picks
Nestle India
15,091
17,355
Open
30-03-2020
Top Picks
Hindustan Unilever
2,140
2,461
Open
30-03-2020
Top Picks
Colgate Palmolive
1,152
1,325
Open
30-03-2020
Top Picks
Avenue Supermart
2,038
2,395
Open
11-03-2020
Top Picks
Asian Paints
1,864
2,118
Open
30-03-2020
Fundamental
Ultratech Cement
3,148
5,373
Hold
30-10-2019
Top Picks
Ultratech Cement
4,481
5,373
Open
25-02-2020
Top Picks
Larsen Toubro
1,250
Closed(25/02/2020)
29-10-2019
Top Picks
Larsen Toubro
1,365
1,689
Open
28-01-2020
Top Picks
Hawkins Cooker
4,332
4,732
Open
13-01-2020
Top Picks
Hawkins Cooker
3,591
4,353
Open
06-06-2019
Fundamental
Inox Wind
55
Hold
10-08-2018
Top Picks
Inox Wind
107
127
Open
08-11-2019
Top Picks
TTK Prestige
6075
Closed(08/11/2019)
30-11-2018
Top Picks
TTK Prestige
7,206
8,200
Open
09-08-2018
Top Picks
TTK Prestige
6,206
7,500
Open
07-10-2019
Fundamental
Aurobindo Pharma
460
Closed(07/10/2019)
26-09-2019
Fundamental
Aurobindo Pharma
610
Hold
07-09-2019
Top Picks
Aurobindo Pharma
759
870
Open
06-07-2018
Top Picks
Aurobindo Pharma
603
780
Open
11-03-2020
Top Picks
RBL Bank
227
Hold
31-10-2019
Top Picks
RBL Bank
312
410
Open
22-07-2019
Top Picks
RBL Bank
500
650
Open
04-04-2019
Top Picks
RBL Bank
649
775
Open
30-08-2018
Top Picks
RBL Bank
626
690
Open
06-07-2018
Top Picks
RBL Bank
565
670
Open
02-12-2019
Fundamental
Yes Bank
64
Closed(02/12/2019)
18-07-2019
Fundamental
Yes Bank
98
Hold
30-04-2019
Fundamental
Yes Bank
168
Hold
25-01-2019
Top Picks
Yes Bank
214
280
Open
27-07-2019
Top Picks
Yes Bank
370
435
Open
06-07-2018
Top Picks
Yes Bank
348
418
Open
05-10-2019
Fundamental
Jindal Steel & Power
94
Hold
24-05-2019
Top Picks
Jindal Steel & Power
152
250
Open
07-02-2019
Top Picks
Jindal Steel & Power
135
249
Open
15-11-2018
Top Picks
Jindal Steel & Power
175
320
Open
30-06-2018
Top Picks
Jindal Steel & Power
222
350
Open
11-03-2020
Top Picks
Shriram Transport Finance Com
987
Hold
05-02-2020
Top Picks
Shriram Transport Finance Com
1,047
1410
Open
22-01-2020
Fundamental
Shriram Transport Finance Com
1,090
1410
Hold
30-10-2019
Top Picks
Shriram Transport Finance Com
1,156
1410
Open
07-08-2019
Top Picks
Shriram Transport Finance Com
1,000
1385
Open
25-05-2019
Top Picks
Shriram Transport Finance Com
1,106
1470
Open
20-06-2018
Top Picks
Shriram Transport Finance Com
1,466
1,764
Open
Source: Company, Angel Research
8
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Market Outlook
April 01, 2020
www.angelbroking.com
Exhibit 8: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
12-03-2020
Top Picks
Bata India
1,411
1800
Open
06-02-2020
Fundamental
Bata India
1,856
Closed(06/02/2020)
03-09-2019
Fundamental
Bata India
1,538
1,865
Hold
03-08-2019
Top Picks
Bata India
1,310
1,525
Open
13-02-2019
Top Picks
Bata India
1,189
1,479
Open
03-11-2018
Top Picks
Bata India
1,008
1,243
Open
30-07-2018
Top Picks
Bata India
918
1,007
Open
23-07-2018
Top Picks
Bata India
842
955
Open
01-07-2018
Top Picks
Bata India
862
948
Open
18-06-2018
Top Picks
Bata India
779
896
Open
30-03-2020
Fundamental
Amber Enterprises
1,221
1,830
Hold
31-01-2020
Top Picks
Amber Enterprises
1,540
1,830
Open
09-01-2020
Fundamental
Amber Enterprises
1,209
Hold
25-09-2019
Top Picks
Amber Enterprises
901
1100
Open
16-02-2019
Top Picks
Amber Enterprises
637
910
Open
08-08-2018
Top Picks
Amber Enterprises
939
1135
Open
14-06-2018
Top Picks
Amber Enterprises
1,026
1,230
Open
07-11-2019
Top Picks
M&M
580
Closed(07/11/2019)
09-08-2019
Top Picks
M&M
550
724
Open
15-02-2019
Top Picks
M&M
626
850
Open
07-06-2018
Top Picks
M&M
918
1050
Open
04-05-2018
Top Picks
M&M
860
990
Open
22-01-2020
Fundamental
HDFC Bank
1244
Closed(22/01/2020)
20-01-2020
Fundamental
HDFC Bank
1278
1390
Hold
23-10-2019
Top Picks
HDFC Bank
1241
1390
Open
23-07-2019
Top Picks
HDFC Bank
2264
2620
Open
22-01-2019
Top Picks
HDFC Bank
2145
2500
Open
24-07-2018
Top Picks
HDFC Bank
2158
2350
Open
02-05-2018
Top Picks
HDFC Bank
1944
2315
Open
04-05-2018
Top Picks
Matrimony.com Ltd
573
1016
Closed(17/08/2018)
20-04-2018
Top Picks
Matrimony.com Ltd
781
984
Open
31-01-2020
Top Picks
Parag Milk Foods Limited
138
Closed(31/01/2020)
25-10-2019
Top Picks
Parag Milk Foods Limited
149
200
Open
07-08-2019
Top Picks
Parag Milk Foods Limited
190
306
Open
12-02-2019
Top Picks
Parag Milk Foods Limited
211
359
Open
06-11-2018
Top Picks
Parag Milk Foods Limited
256
330
Open
15-05-2018
Top Picks
Parag Milk Foods Limited
310
410
Open
Source: Company, Angel Research
9
www.angelbroking.com
Market Outlook
April 01, 2020
www.angelbroking.com
Exhibit 9: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
16-04-2018
Top Picks
Parag Milk Foods Limited
249
333
Open
29-02-2020
Top Picks
GMM Pfaudler Limited
2,528
3,437
Open
19-02-2020
Fundamental
GMM Pfaudler Limited
3,255
3,437
Hold
07-02-2020
Top Picks
GMM Pfaudler Limited
2,925
3,437
Open
04-02-2020
Fundamental
GMM Pfaudler Limited
2,979
Hold
29-01-2020
Top Picks
GMM Pfaudler Limited
2,528
2,864
Open
15-01-2020
Fundamental
GMM Pfaudler Limited
1,986
Hold
19-11-2019
Top Picks
GMM Pfaudler Limited
1688
2059
Open
23-09-2019
Top Picks
GMM Pfaudler Limited
1520
1740
Open
11-06-2019
Top Picks
GMM Pfaudler Limited
1470
1570
Open
13-03-2019
Top Picks
GMM Pfaudler Limited
1265
1400
Open
27-08-2018
Top Picks
GMM Pfaudler Limited
1,170
1,287
Open
18-08-2018
Top Picks
GMM Pfaudler Limited
1,024
1,200
Open
07-08-2018
Top Picks
GMM Pfaudler Limited
984
1,100
Open
29-06-2018
Fundamental
GMM Pfaudler Limited
932
1,020
Open
14-05-2018
Fundamental
GMM Pfaudler Limited
818
900
Open
06-04-2018
Fundamental
GMM Pfaudler Limited
712
861
Open
06-12-2019
Fundamental
Ashok Leyland
75
Closed(06/12/2019)
06-06-2019
Fundamental
Ashok Leyland
70
Hold
17-08-2018
Top Picks
Ashok Leyland
128
156
Open
07-03-2018
Fundamental
Ashok Leyland Ltd
139
163
Closed (26/04/2018)
16-12-2019
Fundamental
Greenply Industries
160
Closed(16/12/2019)
31-05-2018
Fundamental
Greenply Industries
256
364
Open
03-03-2018
Fundamental
Greenply Industries
340
395
Open
30-03-2020
Fundamental
Safari Industries
392
492
Hold
24-03-2020
Top Picks
Safari Industries
328
492
Open
43816
Top Picks
Safari Industries
623
807
Open
27-08-2018
Top Picks
Safari Industries
974
1,071
Open
14-08-2018
Top Picks
Safari Industries
868
1,000
Open
07-08-2018
Top Picks
Safari Industries
788
870
Open
16-07-2018
Top Picks
Safari Industries
693
800
Open
16-04-2018
Top Picks
Safari Industries
651
750
Open
21-02-2018
Top Picks
Safari Industries
532
650
Open
31-05-2018
Top Picks
HSIL Ltd
348
Closed (31/05/2018)
16-02-2018
Top Picks
HSIL Ltd
433
510
Open
04-11-2019
Fundamental
Elantas Beck India Ltd.
2500
Closed(04/11/2019)
07-02-2018
Fundamental
Elantas Beck India Ltd.
2155
2500
Open
Source: Company, Angel Research
10
www.angelbroking.com
Market Outlook
April 01, 2020
www.angelbroking.com
Exhibit 10: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
02-03-2020
Top Picks
ICICI Bank
497
590
Open
27-01-2020
Fundamental
ICICI Bank
536
590
Hold
09-12-2019
Top Picks
ICICI Bank
526
590
Open
29-10-2019
Top Picks
ICICI Bank
437
532
Open
25-05-2019
Top Picks
ICICI Bank
431
490
Open
15-02-2019
Top Picks
ICICI Bank
343
460
Open
30-07-2018
Top Picks
ICICI Bank
307
411
Open
01-02-2018
Top Picks
ICICI Bank
352
416
Open
06-03-2020
Fundamental
Aditya Birla Capital
75
Closed(06/03/2020)
06-09-2019
Fundamental
Aditya Birla Capital
93
118
Open
09-08-2019
Top Picks
Aditya Birla Capital
89
118
Open
04-06-2019
Top Picks
Aditya Birla Capital
102
130
Open
01-02-2018
Top Picks
Aditya Birla Capital
167
218
Open
04-01-2018
Fundamental
CCL Products
278
360
Open
03-01-2018
Fundamental
Nilkamal Ltd
1,449
Closed (29/01/2020)
03-01-2018
Fundamental
Nilkamal Ltd
1880
2178
Open
01-01-2018
Fundamental
Capital First Ltd
693
850
Closed (15/01/2018)
30-12-2017
Fundamental
Shreyans Industries Ltd
205
247
Closed
09-05-2018
Fundamental
Prism Cement Ltd
160
Closed (09/05/2018)
21-12-2017
Fundamental
Prism Cement Ltd
118
131
18-12-2017
Fundamental
Menon Bearings Limited
92
114
Closed (17/01/2018)
14-12-2017
Top Picks
Ruchira Papers Ltd.
188
244
Closed (09/02/2018)
17-05-2018
Top Picks
Century Plyboards India
280
Closed(17/05/2018)
28-11-2017
Top Picks
Century Plyboards India
317
400
Open
19-12-2017
Top Picks
LT Foods
85
Closed(18/06/2018)
06-11-2017
Top Picks
LT Foods
74
96
16-10-2017
Fundamental
Endurance Technologies Ltd
1111
1277
Closed (01/12/2017)
30/01/2020
Fundamental
GIC Housing
154
Closed (30/01/2020)
06-06-2019
Fundamental
GIC Housing
252
Hold
11-09-2017
Top Picks
GIC Housing
533
655
Open
28-01-2020
Fundamental
Music Broadcast Limited
29
Closed (28/01/2020)
06-06-2019
Fundamental
Music Broadcast Limited
58
Hold
10-10-2017
Top Picks
Music Broadcast Limited
404
475
Open
20-07-2017
Top Picks
Music Broadcast Limited
368
434
Open
Fundamental
L&T Finance Holding
Hold
03-05-2018
Fundamental
L&T Finance Holding
171
210
Open
07-07-2017
Fundamental
L&T Finance Holdings Ltd
149
179
Closed (28/8/2017)
Source: Company, Angel Research
11
www.angelbroking.com
Market Outlook
April 01, 2020
www.angelbroking.com
Exhibit 11: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
06-07-2017
Fundamental
Syngene International
478
564
Closed (1/3/2018)
28-01-2020
Top Picks
Maruti
7,065
Closed(28/01/2020)
30-07-2019
Top Picks
Maruti
5558
7,783
Open
29-10-2018
Top Picks
Maruti
6705
8,552
Open
27-07-2017
Top Picks
Maruti
9315
10820
Open
05-06-2017
Top Picks
Karur Vysya Bank
127
100
Closed (12/03/2018)
19-03-2020
Top Picks
KEI Industries
257
400
Open
21-01-2020
Top Picks
KEI Industries
517
658
Open
13-11-2019
Fundamental
KEI Industries
542
Hold
07-08-2019
Top Picks
KEI Industries
464
556
Open
12-02-2019
Top Picks
KEI Industries
349
486
Open
23-05-2018
Top Picks
KEI Industries
481
589
Open
21-05-2018
Top Picks
KEI Industries
433
508
Open
25-01-2018
Top Picks
KEI Industries
400
486
Open
04-01-2017
Top Picks
KEI Industries
167
207
Open
31-05-2018
Top Picks
Alkem Lab
1978
Closed (31/05/2018)
01-12-2016
Top Picks
Alkem Lab
1700
2441
Open
17-10-2016
Top Picks
Asian Granito
267
534
Closed (18/02/2018)
17-05-2018
Top Picks
TV Today Network
460
Closed (17/05/2018)
04-08-2016
Top Picks
TV Today Network
297
603
Open
30-01-2019
Fundamental
DHFL
162
Closed(30/01/2019)
05-04-2016
Top Picks
DHFL
189
720
Open
25-06-2018
Top Picks
Navkar Corporation
207
Closed(25/06/2018)
05-01-2016
Top Picks
Navkar Corporation
207
265
Open
09-12-2019
Top Picks
Blue Star
813
Closed(09/12/2019)
08-12-2015
Top Picks
Blue Star
357
867
Open
29-01-2020
Fundamental
Siyaram Silk Mills
229
Closed(28/01/2020)
06-06-2019
Fundamental
Siyaram Silk Mills
337
Hold
30-10-2015
Top Picks
Siyaram Silk Mills
186
851
Open
Source: Company, Angel Research
12
www.angelbroking.com
Market Outlook
April 01, 2020
www.angelbroking.com
Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com
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