Market Outlook

August 1, 2017

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are likely to open positive tracking global indices and SGX Nifty.

BSE Sensex

0.6

205

32,515

U.S. markets slumped Monday despite a strong performance for the month, spurred

Nifty

0.6

10,077

by healthy corporate results and growing optimism in the strength of the global

Mid Cap

0.4

15,390

economy. Treasuries slid and the dollar added to its biggest monthly retreat since

Small Cap

0.1

16,094

January.

Bankex

1.3

365

28,387

European markets turned in a mixed performance on Monday, as HSBC Holdings

announced a share buyback and mining stocks rallied after strong manufacturing

Global Indices

Chg (%)

(Pts)

(Close)

data from China. On the economic front, Eurozone inflation held steady at 1.3

percent in July, official data showed, helping ease pressure on policymakers to

Dow Jones

0.3

21,891

tighten monetary policy.

Nasdaq

(0.4)

(27)

6,348

FTSE

0.0

7,372

Indian markets rose notably on Monday amid hopes that the Reserve Bank of India

Nikkei

(0.2)

(35)

19,925

will cut interest rates by 25 bps when it reviews its monetary policy on August 2.

Positive cues from Asia and Europe also aided investor sentiment.

Hang Seng

1.3

345

27,324

Shanghai Com

0.6

3,273

Result Review

 Result Review: Tech Mahindra and UPL Limited Q1FY18

Advances / Declines

BSE

NSE

Detailed analysis is on Pg2

Advances

1,284

809

Investor’s Ready Reckoner

Declines

1,453

891

Unchanged

159

Key Domestic & Global Indicators

Stock Watch: Latest investment recommendations on 150+ stocks

Volumes (` Cr)

Refer Pg7 onwards

BSE

3,689

Top Picks

NSE

28,676

CMP

Target

Upside

Company

Sector

Rating

(`)

(%)

Blue Star

Capital Goods

Accumulate

698

760

8.9

#Net Inflows (` Cr)

Net

Mtd

Ytd

Dewan Housing FinanceFinancials

Buy

457

550

20.4

FII

(11)

3,706

59,614

Mahindra Lifespace

Real Estate

Buy

421

522

24.0

MFs

(169)

8,129

47,275

Navkar Corporation

Others

Buy

204

265

30.0

KEI Industries

Capital Goods

Accumulate

231

258

11.6

More Top Picks on Pg5

Top Gainers

Price (`)

Chg (%)

Key Upcoming Events

Infibeam

1,415

8.6

Consensus

Date

Region

Event Description

Shreecem

18,639

6.6

Reading

Expectations

Balramchin

165

6.5

Aug 01, 2017 Germany PMI Manufacturing

58.30

Aug 01, 2017 UK

PMI Manufacturing

54.30

54.50

Torntpharm

1,317

5.6

Aug 01, 2017 Germany Unemployment change (000's)

7.00

(5.00)

Cub

177

5.6

Aug 01, 2017 Euro Zone Euro-Zone GDP s.a. (QoQ)

0.50

0.60

Aug 02, 2017 India

RBI Cash Reserve ratio

4.00

Top Losers

Price (`)

Chg (%)

More Events on Pg7

Vguard

178

(8.1)

Icil

149

(5.2)

Marksans

(4.5)

Advenzymes

314

(4.3)

Lichsgfin

692

(4.1)

#as on 31^st July, 2017

www.angelbroking.com

Market Outlook

August 1, 2017

Result Review

Tech Mahindra (CMP: `385 / TP: `533 /Upside:38.3%)

Tech Mahindra for 1QFY2018 posted good set of numbers. The sales came in at

US$1,138mn V/s US$1,127mn expected and V/s US$1,131mn in 4QFY2017, a

qoq growth of 0.6%. In Rupee terms, the sales came in at `7,336cr V/s `7,262cr

expected v/s `7,495cr posted a qoq dip of 2.1%. The sales growth during the

quarter was driven by the USA, which constituted 46.8% of sales v/s 45.1% in

4QFY2017, while ROW dipped to 23.4% of sales V/s

25.3% of sales in

4QFY2017.

On operating front, the EBIT margins came in at 9.4% V/s 8.6% expected V/s 8.2%

in 4QFY2017, a qoq expansion of 117bps, mainly on back of base effect.

Consequently, the PAT came in at `798cr V/s `624cr expected V/s `588cr in

4QFY2017, a qoq growth of 35.8%. We maintain our buy rating on the stock.

Y/E

Sales OPM

PAT

EPS ROE P/E P/BV EV/EBITDA EV/Sales

March

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2018E

31,015

15.0

3,102

35.6

17.0

10.8

1.8

7.6

1.1

FY2019E

33,496

15.0

3,315

38.1

16.3

10.1

1.7

6.9

1.0

UPL Limited (CMP: `873 / TP: /Upside :)

UPL posted good set of numbers for 1QFY2018. Sales came in at `3,723cr V/s

`3,644cr, a yoy growth of 7.8%. On operating front, the Gross profit margins

came in at 59.2% V/s 53.6% in 1QFY2017, which in part aided the OPM to come

in at 18.6% V/s 17.7% in 1QFY2017. The expansion in OPM was lower than the

expansion in gross profit margins mainly aided by a lower sales growth during the

quarter. The PBT during the quarter, posted a yoy growth of 37.2%, aided by a

52.0% yoy growth in other income (`101cr V/s `66cr in 1QFY2017). Thus, net

profit came in at `475cr V/s `361cr in 1QFY2017, a yoy growth of 31.6%. Adj.

net profit came in at `496cr V/s `392cr a yoy growth of 26.4%. We maintain our

neutral view on the stock.

Y/E

Sales OPM

PAT

EPS ROE P/E P/BV EV/EBITDA EV/Sales

March

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2018E

18,922

17.8

1,889

37.3

23.3

23.6

9.1

13.5

2.4

FY2019E

21,949

17.8

2,272

44.8

23.3

19.7

7.6

11.3

2.0

www.angelbroking.com

Market Outlook

August 1, 2017

Economic and Political News

 Fiscal deficit at 81% of budget estimates in Q1

 More than 40 hydro projects running behind schedule, says Piyush Goyal



`20,000cr allocated for Namami Gange Programme: Uma Bharti

Corporate News

 Max India pulls out of Max Life-HDFC Life deal

 ITC's 64 mm budget brand cigarette sales to go up in GST regime

 InterGlobe Aviation Q1 net up 37% on higher passenger revenue

Quarterly Bloomberg Brokers Consensus Estimate

JSW Steel Ltd Consol - Aug 1, 2017

Particulars ( ` cr)

1QFY18E

1QFY17

y-o-y (%)

4QFY17

q-o-q (%)

Net sales

14,200

11,542

23.0

16,287

(12.8)

EBITDA

2,414

3,269

(26.2)

3,165

(23.7)

EBITDA margin (%)

17.0

28.3

19.4

Net profit

478

1,109

(56.9)

1,014

(52.9)

Power Grid Corp of India Ltd - Aug 1, 2017

Particulars ( ` cr)

1QFY18E

1QFY17

y-o-y (%)

4QFY17

q-o-q (%)

Net sales

7,190

6,069

18.5

6,712

7.1

EBITDA

6,266

5,420

15.6

5,619

11.5

EBITDA margin (%)

87.2

89.3

83.7

Net profit

2,145

1,802

19.1

1,916

11.9

Marico Consol - Aug 1, 2017

Particulars ( ` cr)

1QFY18E

1QFY17

y-o-y (%)

4QFY17

q-o-q (%)

Net sales

1,774

1,750

1.4

1,315

34.9

EBITDA

368

374

(1.6)

259

41.8

EBITDA margin (%)

20.7

21.4

19.7

Net profit

260

264

(1.5)

171

52.0

Piramal Enterprises Ltd - Aug 1, 2017

Particulars ( ` cr)

1QFY18E

1QFY17

y-o-y (%)

4QFY17

q-o-q (%)

Net sales

2635

1,776

48.4

2450

7.6

Net profit

339

231

46.8

310

9.4

www.angelbroking.com

Market Outlook

August 1, 2017

Top Picks HHHHH

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

Strong growth in domestic business due to its leadership

in acute therapeutic segment. Alkem expects to launch

Alkem Laboratories

21,767

1,821

2,161

18.7

more products in USA, which bodes for its international

business.

We expect the company would report strong profitability

Asian Granito

1,252

416

480

15.4

owing to better product mix, higher B2C sales and

amalgamation synergy.

Favourable outlook for the AC industry to augur well for

Cooling products business which is out pacing the

Blue Star

6,681

698

760

8.9

market growth. EMPPAC division's profitability to improve

once operating environment turns around.

With a focus on the low and medium income (LMI)

consumer segment, the company has increased its

Dewan Housing Finance

14,321

457

550

20.4

presence in tier-II & III cities where the growth

opportunity is immense.

Loan growth is likely to pick up after a sluggish FY17.

Karur Vysya Bank

8,448

140

160

14.4

Lower credit cost will help in strong bottomline growth.

Increasing share of CASA will help in NIM improvement.

High order book execution in EPC segment, rising B2C

KEI Industries

1,799

231

258

11.6

sales and higher exports to boost the revenues and

profitability

Speedier execution and speedier sales, strong revenue

Mahindra Lifespace

2,160

421

522

24.0

visibilty in short-to-long run, attractive valuations

Massive capacity expansion along with rail advantage at

Navkar Corporation

2,906

204

265

30.0

ICD as well CFS augurs well for the company

Strong brands and distribution network would boost

Siyaram Silk Mills

1,959

2,090

2,500

19.6

growth going ahead. Stock currently trades at an

inexpensive valuation.

Market leadership in Hindi news genre and no.

viewership ranking in English news genre, exit from the

TV Today Network

1,444

242

344

42.1

radio business, and anticipated growth in ad spends by

corporates to benefit the stock.

After GST, the company is expected to see higher

volumes along with improving product mix. The Gujarat

Maruti

2,32,842

7,708

8,495

10.2

plant will also enable higher operating leverage which

will be margin accretive.

Source: Company, Angel Research,

www.angelbroking.com

Market Outlook

August 01, 2017

Key Upcoming Events

Result Calendar

Date

Company

Marico, JSW Steel , Power Grid Corpn

August 01, 2017

KEC International, Punjab Natl.Bank, UCO Bank, Lupin, Reliance Infra., Transport Corporation of India,

August 02, 2017

Narayana Hrudaya

CEAT, Cummins India, J K Lakshmi Cements, Electrosteel Castings, IOC, Bajaj Electrical, Elecon

August 03, 2017

Engineering

Source: Bloomberg, Angel Research

Global economic events release calendar

Bloomberg Data

Date

Time

Country

Event Description

Unit

Period

Last Reported

Estimated

Aug 01, 2017

1:25 PMGermany PMI Manufacturing

Value

Jul F

58.30

2:00 PMUK

PMI Manufacturing

Value

Jul

54.30

54.50

1:25 PMGermany Unemployment change (000's)

Thousands

Jul

7.00

(5.00)

2:30 PMEuro Zone Euro-Zone GDP s.a. (QoQ)

% Change

2Q A

0.50

0.60

Aug 02, 2017

2:30 PMIndia

RBI Cash Reserve ratio

Aug 2

4.00

2:30 PMIndia

RBI Reverse Repo rate

Aug 2

6.00

5.75

2:30 PMIndia

RBI Repo rate

Aug 2

6.25

6.00

Aug 03, 2017

6:00 PMUS

Initial Jobless claims

Thousands

Jul 29

244.00

242.00

1:25 PMGermany PMI Services

Value

Jul F

53.50

4:30 PMUK

BOE Announces rates

% Ratio

Aug 3

0.25

Aug 04, 2017

6:00 PMUS

Change in Nonfarm payrolls

Thousands

Jul

222.00

180.00

6:00 PMUS

Unnemployment rate

Jul

4.40

4.30

Aug 08, 2017

China

Exports YoY%

% Change

Jul

11.30

10.50

Aug 09, 2017

7:00 AMChina

Consumer Price Index (YoY)

% Change

Jul

1.50

1.40

Aug 10, 2017

India

Imports YoY%

% Change

Jul

19.00

Source: Bloomberg, Angel Research

www.angelbroking.com

Market Outlook

August 01, 2017

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

5.7

10.0

6.0

9.1

5.2

8.8

4.9

9.0

7.9

8.0

7.9

5.0

7.6

7.5

8.0

7.3

7.2

3.8

7.0

4.0

7.0

3.0

6.1

2.8

3.0

2.6

6.0

1.9

1.7

5.0

2.0

4.0

1.0

3.0

Source: CSO, Angel Research

Source: MOSPI, Angel Research

Exhibit 3: Monthly CPI inflation trends

Exhibit 4: Manufacturing and services PMI

56.0

Mfg. PMI

Services PMI

(%)

7.0

54.0

6.1

6.0

52.0

5.1

5.0

4.3

4.2

3.9

50.0

3.6

3.7

4.0

3.4

3.2

3.0

48.0

3.0

2.2

46.0

2.0

1.5

44.0

1.0

42.0

Source: Market, Angel Research; Note: Level above 50 indicates expansion

Source: MOSPI, Angel Research

Exhibit 5: Exports and imports growth trends

Exhibit 6: Key policy rates

(%)

Exports yoy growth

Imports yoy growth

(%)

Repo rate

Reverse Repo rate

CRR

60.0

7.00

50.0

6.50

40.0

6.00

30.0

5.50

20.0

5.00

10.0

4.50

0.0

4.00

(10.0)

(20.0)

3.50

(30.0)

3.00

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

www.angelbroking.com

Stock Watch

August 01, 2017

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Agri / Agri Chemical

Rallis

Reduce

240

209

4,673

1,937

2,164

13.3

14.3

9.0

11.0

26.7

21.9

4.7

4.1

18.4

19.8

2.5

2.2

United Phosphorus

Neutral

876

44,476

15,176

17,604

18.5

37.4

44.6

23.4

19.6

4.6

3.8

21.4

21.2

3.0

2.6

Auto & Auto Ancillary

Ashok Leyland

Accumulate

110

116

32,089

20,019

22,789

11.1

11.7

4.3

5.5

25.5

20.0

5.0

4.4

19.4

22.0

1.5

1.3

Bajaj Auto

Neutral

2,808

81,243

25,093

27,891

19.5

19.2

143.9

162.5

19.5

17.3

5.5

4.7

30.3

29.4

3.0

2.6

Bharat Forge

Neutral

1,147

26,705

7,726

8,713

20.5

21.2

35.3

42.7

32.5

26.9

6.0

5.4

18.9

20.1

3.5

3.1

Eicher Motors

Neutral

30,081

81,887

16,583

20,447

17.5

18.0

598.0

745.2

50.3

40.4

17.2

13.1

41.2

38.3

4.8

3.8

Gabriel India

Neutral

160

2,294

1,544

1,715

9.0

9.3

5.4

6.3

29.6

25.4

5.6

4.9

18.9

19.5

1.4

1.3

Hero Motocorp

Accumulate

3,654

3,854

72,971

28,120

30,753

15.2

15.6

169.1

189.2

21.6

19.3

7.4

6.2

30.8

28.2

2.4

2.2

Jamna Auto Industries Neutral

257

2,048

1,486

1,620

9.8

9.9

15.0

17.2

17.1

14.9

3.8

3.2

21.8

21.3

1.4

1.3

L G Balakrishnan & Bros Neutral

752

1,180

1,302

1,432

11.6

11.9

43.7

53.0

17.2

14.2

2.4

2.2

13.8

14.2

1.0

0.9

Mahindra and Mahindra Neutral

1,402

87,077

46,534

53,077

11.6

11.7

67.3

78.1

20.8

18.0

3.4

3.0

15.4

15.8

1.8

1.6

Maruti

Accumulate

7,708

8,495

232,842

67,822

83,717

15.2

15.0

243.0

291.5

31.7

26.4

7.3

5.9

22.9

22.4

3.1

2.4

Minda Industries

Neutral

792

6,840

2,728

3,042

9.0

9.1

68.2

86.2

11.6

9.2

2.6

2.1

23.8

24.3

2.6

2.3

Motherson Sumi

Neutral

325

68,418

45,896

53,687

7.8

8.3

13.0

16.1

24.9

20.2

8.0

6.4

34.7

35.4

1.6

1.3

Rane Brake Lining

Neutral

1,305

1,033

511

562

11.3

11.5

28.1

30.9

46.4

42.2

7.1

6.4

15.3

15.0

2.2

2.0

Setco Automotive

Neutral

528

741

837

13.0

15.2

17.0

2.6

2.3

0.4

15.8

16.3

1.1

1.0

Tata Motors

Neutral

445

128,343

300,209

338,549

8.9

8.4

42.7

54.3

10.4

8.2

1.7

1.4

15.6

17.2

0.5

TVS Motor

Neutral

582

27,657

13,390

15,948

6.9

7.1

12.8

16.5

45.6

35.2

11.4

9.0

26.3

27.2

2.1

1.7

Amara Raja Batteries

Buy

835

962

14,254

5,339

6,220

15.9

15.3

28.0

32.3

29.8

25.8

5.7

4.8

19.1

18.5

2.7

2.3

Exide Industries

Neutral

217

18,458

7,439

8,307

15.0

8.1

9.3

26.8

23.4

3.8

3.4

14.3

16.7

2.1

1.9

Apollo Tyres

Neutral

267

13,568

12,877

14,504

14.3

13.9

21.4

23.0

12.4

11.6

1.9

1.7

16.4

15.2

1.2

1.1

Ceat

Neutral

1,875

7,584

7,524

8,624

13.0

12.7

131.1

144.3

14.3

13.0

2.6

2.2

19.8

18.6

1.1

0.9

JK Tyres

Neutral

162

3,665

7,455

8,056

15.0

21.8

24.5

7.4

6.6

1.6

1.3

22.8

21.3

0.6

0.5

Swaraj Engines

Neutral

2,100

2,608

660

810

15.2

16.4

54.5

72.8

38.5

28.9

12.0

10.9

31.5

39.2

3.8

3.1

Subros

Neutral

237

1,423

1,488

1,681

11.7

11.9

6.4

7.2

37.1

33.1

3.9

3.6

10.8

11.4

1.2

1.0

Indag Rubber

Neutral

199

522

286

326

19.8

16.8

11.7

13.3

17.0

14.9

2.9

2.7

17.8

17.1

1.5

1.3

Capital Goods

ACE

Neutral

691

709

814

4.1

4.6

1.4

2.1

49.9

33.3

2.1

1.9

4.4

6.0

1.1

1.0

BEML

Neutral

1,727

7,192

3,451

4,055

6.3

9.2

31.4

57.9

55.0

29.8

3.3

3.0

6.3

10.9

2.2

1.9

Bharat Electronics

Neutral

179

39,926

8,137

9,169

16.8

17.2

58.7

62.5

3.1

2.9

0.5

0.4

44.6

46.3

3.9

3.5

www.angelbroking.com

Stock Watch

August 01, 2017

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Capital Goods

Voltas

Neutral

504

16,668

6,511

7,514

7.9

8.7

12.9

16.3

39.1

30.9

7.0

6.2

16.7

18.5

2.3

2.0

BGR Energy

Neutral

150

1,082

16,567

33,848

6.0

5.6

7.8

5.9

19.2

25.4

1.1

4.7

4.2

0.2

0.1

BHEL

Neutral

145

35,441

28,797

34,742

2.8

2.3

6.9

63.0

21.0

1.1

1.0

1.3

4.8

0.9

0.6

Blue Star

Accumulate

698

760

6,681

4,283

5,077

5.9

7.3

14.9

22.1

46.9

31.5

9.1

7.7

20.4

26.4

1.6

1.4

CG Power and Industrial

Neutral

5,318

5,777

6,120

5.9

7.0

3.3

4.5

25.7

18.9

1.1

4.4

5.9

0.9

0.8

Solutions

Greaves Cotton

Neutral

161

3,937

1,755

1,881

16.8

16.9

7.8

8.5

20.7

19.0

4.1

3.8

20.6

20.9

1.9

1.8

Inox Wind

Neutral

138

3,052

5,605

6,267

15.7

16.4

24.8

30.0

5.6

4.6

1.6

1.1

25.9

24.4

0.6

0.5

KEC International

Neutral

304

7,817

9,294

10,186

7.9

8.1

9.9

11.9

30.7

25.6

4.5

3.9

15.6

16.3

1.1

1.0

KEI Industries

Accumulate

231

258

1,799

2,633

3,001

10.4

10.0

12.7

13.0

18.2

17.8

3.9

3.2

21.4

18.2

0.9

0.8

Thermax

Neutral

873

10,398

5,421

5,940

7.3

25.7

30.2

34.0

28.9

4.1

3.8

12.2

13.1

1.8

1.7

VATech Wabag

Accumulate

610

681

3,331

3,136

3,845

8.9

9.1

26.0

35.9

23.5

17.0

2.9

2.5

13.4

15.9

1.0

0.8

Cement

ACC

Neutral

1,733

32,546

11,225

13,172

13.2

16.9

44.5

75.5

39.0

23.0

3.7

3.4

11.2

14.2

2.9

2.5

Ambuja Cements

Neutral

263

52,272

9,350

10,979

18.2

22.5

5.8

9.5

45.4

27.7

3.8

3.4

10.2

12.5

5.6

4.8

India Cements

Neutral

203

6,268

4,364

4,997

18.5

19.2

7.9

11.3

25.8

18.0

1.9

1.8

8.0

8.5

2.2

1.9

JK Cement

Neutral

1,019

7,123

4,398

5,173

15.5

17.5

31.2

55.5

32.7

18.4

3.9

3.4

12.0

15.5

2.2

1.8

J K Lakshmi Cement

Neutral

458

5,395

2,913

3,412

14.5

19.5

7.5

22.5

61.1

20.4

3.8

3.2

12.5

18.0

2.4

2.0

Orient Cement

Neutral

156

3,194

2,114

2,558

18.5

20.5

8.1

11.3

19.3

13.8

2.8

2.4

9.0

14.0

2.1

1.7

UltraTech Cement

Neutral

4,060

111,455

25,768

30,385

21.0

23.5

111.0

160.0

36.6

25.4

4.7

4.1

13.5

15.8

4.4

3.7

Construction

ITNL

Neutral

3,033

8,946

10,017

31.0

31.6

8.1

9.1

11.4

10.1

0.4

4.2

5.0

3.7

3.4

KNR Constructions

Neutral

211

2,971

1,385

1,673

14.7

14.0

41.2

48.5

5.1

4.4

1.0

0.8

14.9

15.2

2.2

1.8

Larsen & Toubro

Buy

1,192

1,700

166,929

111,017

124,908

11.0

61.1

66.7

19.5

17.9

2.3

2.2

13.1

12.9

2.5

2.3

Gujarat Pipavav Port

Neutral

147

7,099

705

788

52.2

51.7

5.0

5.6

29.4

26.2

2.9

2.6

11.2

9.7

8.2

Nagarjuna Const.

Neutral

4,939

8,842

9,775

9.1

8.8

5.3

6.4

16.8

13.9

1.3

1.2

8.2

9.1

0.7

0.6

PNC Infratech

Neutral

142

3,643

2,350

2,904

13.1

13.2

9.0

8.8

15.8

16.1

0.6

0.5

15.9

13.9

1.7

1.4

Simplex Infra

Neutral

483

2,389

6,829

7,954

10.5

31.4

37.4

15.4

12.9

1.6

1.5

9.9

13.4

0.8

0.7

Power Mech Projects

Neutral

585

861

1,801

2,219

12.7

14.6

72.1

113.9

8.1

5.1

1.5

1.3

16.8

11.9

0.5

0.4

Sadbhav Engineering

Neutral

293

5,034

3,598

4,140

10.3

10.6

9.0

11.9

32.6

24.7

3.4

3.0

9.9

11.9

1.7

1.4

NBCC

Neutral

210

18,855

7,428

9,549

7.9

8.6

8.2

11.0

25.6

19.1

1.3

1.0

28.2

28.7

2.3

1.7

MEP Infra

Neutral

118

1,922

1,877

1,943

30.6

29.8

3.0

4.2

39.4

28.2

19.1

12.9

0.6

2.4

2.2

www.angelbroking.com

Stock Watch

August 01, 2017

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Construction

SIPL

Neutral

105

3,711

1,036

1,252

65.5

66.2

(8.4)

(5.6)

4.0

4.5

(22.8)

(15.9)

11.8

9.8

Engineers India

Neutral

159

10,704

1,725

1,935

16.0

19.1

11.4

13.9

11.4

1.9

13.4

15.3

5.1

4.6

Financials

Axis Bank

Accumulate

519

580

124,378

46,932

53,575

3.5

3.4

32.4

44.6

16.0

11.6

2.1

1.8

13.6

16.5

Bank of Baroda

Neutral

166

38,157

19,980

23,178

1.8

11.5

17.3

14.4

9.6

1.7

1.4

8.3

10.1

Canara Bank

Neutral

368

21,986

15,225

16,836

1.8

14.5

28.0

25.4

13.2

1.8

1.4

5.8

8.5

Can Fin Homes

Neutral

3,089

8,223

420

526

3.5

86.5

107.8

35.7

28.7

7.7

6.3

23.6

24.1

Cholamandalam Inv. &

Neutral

1,198

18,727

2,012

2,317

6.3

42.7

53.6

28.1

22.4

4.4

3.8

16.9

18.3

Fin. Co.

Dewan Housing Finance Buy

457

550

14,321

2,225

2,688

2.9

29.7

34.6

15.4

13.2

2.5

1.6

16.1

14.8

Equitas Holdings

Buy

167

235

5,655

939

1,281

11.7

11.5

5.8

8.2

28.8

20.4

2.5

2.2

10.9

11.5

Federal Bank

Accumulate

115

125

22,393

8,259

8,995

3.0

4.3

5.6

26.8

20.6

2.3

2.1

8.5

10.1

HDFC

Neutral

1,786

284,515

11,475

13,450

3.4

45.3

52.5

39.4

34.0

7.6

6.7

20.2

20.5

HDFC Bank

Neutral

1,783

459,238

46,097

55,433

4.5

58.4

68.0

30.5

26.2

5.4

4.5

18.8

18.6

ICICI Bank

Accumulate

302

335

193,653

42,800

44,686

3.1

3.3

18.0

21.9

16.8

13.8

2.3

2.1

11.1

12.3

Karur Vysya Bank

Accumulate

140

160

8,448

5,640

6,030

3.3

3.2

8.9

10.0

15.7

14.0

1.7

1.5

11.2

11.4

Lakshmi Vilas Bank

Neutral

178

3,423

3,339

3,799

2.7

2.8

11.0

14.0

16.2

12.8

1.7

1.5

11.2

12.7

LIC Housing Finance

Neutral

692

34,897

3,712

4,293

2.6

2.5

39.0

46.0

17.7

15.0

3.3

2.8

19.9

20.1

Punjab Natl.Bank

Neutral

162

34,516

23,532

23,595

2.3

2.4

6.8

12.6

23.9

12.9

3.7

2.6

3.3

6.5

RBL Bank

Neutral

535

20,283

1,783

2,309

2.6

12.7

16.4

42.1

32.6

4.6

4.1

12.8

13.3

Repco Home Finance

Accumulate

745

825

4,661

388

457

4.5

4.2

30.0

38.0

24.8

19.6

4.1

3.5

18.0

19.2

South Ind.Bank

Neutral

5,446

6,435

7,578

2.5

2.7

3.1

11.2

9.7

1.4

1.2

10.1

11.2

St Bk of India

Neutral

313

269,795

88,650

98,335

2.6

13.5

18.8

23.2

16.6

2.2

1.9

7.0

8.5

Union Bank

Neutral

158

10,855

13,450

14,925

2.3

25.5

34.5

6.2

4.6

0.9

0.8

7.5

10.2

Yes Bank

Neutral

1,810

82,797

8,978

11,281

3.3

3.4

74.0

90.0

24.5

20.1

4.6

3.9

17.0

17.2

FMCG

Akzo Nobel India

Neutral

1,786

8,566

2,955

3,309

13.3

13.7

57.2

69.3

31.3

25.8

10.2

8.6

32.7

33.3

2.7

2.4

Asian Paints

Neutral

1,159

111,214

17,128

18,978

16.8

16.4

19.1

20.7

60.7

56.0

21.1

19.9

34.8

35.5

6.4

5.8

Britannia

Neutral

3,922

47,085

9,594

11,011

14.6

14.9

80.3

94.0

48.8

41.7

20.1

15.5

41.2

4.8

4.1

Colgate

Neutral

1,079

29,347

4,605

5,149

23.4

23.8

26.9

45.3

40.1

25.1

19.6

64.8

66.8

6.3

5.6

Dabur India

Neutral

310

54,625

8,315

9,405

19.8

20.7

8.1

9.2

38.3

33.7

10.7

8.8

31.6

31.0

6.2

5.5

GlaxoSmith Con*

Neutral

5,452

22,930

4,350

4,823

21.2

21.4

179.2

196.5

30.4

27.8

8.1

6.8

27.1

26.8

4.7

4.1

www.angelbroking.com

Stock Watch

August 01, 2017

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FMCG

Godrej Consumer

Neutral

1,035

70,487

10,235

11,428

18.4

18.6

41.1

44.2

25.2

23.4

5.6

4.7

24.9

24.8

7.0

6.2

HUL

Neutral

1,153

249,638

35,252

38,495

17.8

20.7

22.4

55.9

51.5

53.4

45.8

95.6

88.9

6.9

6.3

ITC

Neutral

285

346,794

40,059

44,439

38.3

39.2

9.0

10.1

31.8

28.1

8.9

7.7

27.8

27.5

8.2

7.3

Marico

Neutral

334

43,044

6,430

7,349

18.8

19.5

6.4

7.7

52.1

43.3

15.7

13.2

33.2

32.5

6.5

5.6

Nestle*

Neutral

6,750

65,083

10,073

11,807

20.7

21.5

124.8

154.2

54.1

43.8

22.2

20.0

34.8

36.7

6.3

5.3

Tata Global

Neutral

170

10,701

8,675

9,088

9.8

7.4

8.2

22.9

20.7

1.8

1.7

7.9

8.1

1.2

1.1

Procter & Gamble

Neutral

8,042

26,105

2,939

3,342

23.2

23.0

146.2

163.7

55.0

49.1

13.9

11.6

25.3

23.5

8.4

7.3

Hygiene

HCL Tech^

Accumulate

889

1,014

126,831

46,723

52,342

22.1

20.9

60.0

62.8

14.8

14.2

3.8

3.2

25.3

22.4

2.4

2.1

Infosys

Buy

1,011

1,179

232,290

68,484

73,963

26.0

63.0

64.0

16.1

15.8

3.4

3.1

20.8

19.7

3.1

2.7

TCS

Accumulate

2,494

2,651

491,435

117,966

127,403

27.5

27.6

134.3

144.5

18.6

17.3

5.5

5.1

29.8

29.7

3.8

3.6

Tech Mahindra

Buy

385

533

37,589

29,141

31,051

14.4

15.0

32.3

35.6

11.9

10.8

2.0

1.8

17.1

17.0

1.1

1.0

Wipro

Neutral

289

140,639

55,421

58,536

20.3

35.1

36.5

8.2

7.9

1.4

1.2

19.2

14.6

2.0

1.7

Media

D B Corp

Neutral

374

6,873

2,297

2,590

27.4

28.2

21.0

23.4

17.8

16.0

4.2

3.6

23.7

23.1

2.8

2.4

HT Media

Neutral

2,146

2,693

2,991

12.6

12.9

7.9

9.0

11.7

10.2

1.0

0.9

7.8

8.3

0.4

0.2

Jagran Prakashan

Buy

177

225

5,770

2,283

2,555

28.0

10.6

12.3

16.6

14.4

3.6

3.1

21.4

2.5

2.2

Sun TV Network

Neutral

783

30,875

2,850

3,265

70.1

71.0

26.2

30.4

29.9

25.8

7.7

6.8

24.3

25.6

10.4

9.0

Hindustan Media

Neutral

276

2,029

1,016

1,138

24.3

25.2

27.3

30.1

10.1

9.2

1.9

1.7

16.2

15.8

1.3

1.1

Ventures

TV Today Network

Buy

242

344

1,444

608

667

21.5

22.3

15.7

19.2

15.4

12.6

2.4

2.0

16.1

16.0

2.0

1.7

Music Broadcast Limited Buy

361

434

2,059

271

317

91.0

109.0

6.0

10.0

60.2

36.1

3.8

3.4

6.5

9.3

7.2

5.9

Metals & Mining

Coal India

Neutral

249

154,658

84,638

94,297

21.4

22.3

24.5

27.1

10.2

9.2

4.2

4.0

42.6

46.0

1.3

1.2

Hind. Zinc

Neutral

282

119,112

14,252

18,465

55.9

48.3

15.8

21.5

17.8

13.1

2.9

2.5

17.0

20.7

8.4

6.5

Hindalco

Neutral

219

49,233

107,899

112,095

7.4

8.2

9.2

13.0

23.9

16.9

1.2

1.1

4.8

6.6

1.0

0.9

JSW Steel

Neutral

221

53,517

53,201

58,779

16.1

16.2

130.6

153.7

1.7

1.4

0.2

14.0

14.4

1.8

1.5

NMDC

Neutral

127

40,102

6,643

7,284

44.4

47.7

7.1

7.7

17.9

16.5

1.6

1.5

8.8

9.2

3.8

3.4

SAIL

Neutral

26,123

47,528

53,738

(0.7)

2.1

(1.9)

2.6

24.3

0.7

(1.6)

3.9

1.4

1.3

Vedanta

Neutral

280

104,026

71,744

81,944

19.2

21.7

13.4

20.1

20.9

13.9

1.8

1.6

8.4

11.3

1.8

1.5

Tata Steel

Neutral

568

55,121

121,374

121,856

7.2

8.4

18.6

34.3

30.5

16.6

1.9

1.7

6.1

10.1

1.1

Oil & Gas

GAIL

Neutral

377

63,711

56,220

65,198

9.3

10.1

27.1

33.3

13.9

11.3

1.3

1.2

9.3

10.7

1.3

1.1

ONGC

Neutral

169

217,331

137,222

152,563

15.0

21.8

19.5

24.1

8.7

7.0

0.7

8.5

10.1

1.9

1.7

www.angelbroking.com

Stock Watch

August 01, 2017

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Oil & Gas

Indian Oil Corp

Neutral

368

178,527

373,359

428,656

5.9

5.5

54.0

59.3

6.8

6.2

1.1

1.0

16.0

15.6

0.6

0.5

Reliance Industries

Neutral

1,614

524,781

301,963

358,039

12.1

12.6

87.7

101.7

18.4

15.9

1.9

1.7

10.7

11.3

2.2

1.8

Pharmaceuticals

Alembic Pharma

Buy

529

648

9,980

3,101

3,966

19.7

20.5

21.4

25.5

24.7

20.8

5.3

4.3

23.0

22.8

3.2

2.3

Alkem Laboratories Ltd

Buy

1,821

2,161

21,767

5,853

6,901

17.1

18.4

74.6

85.0

24.4

21.4

5.2

4.3

21.1

20.2

3.7

3.1

Aurobindo Pharma

Accumulate

719

823

42,148

14,845

17,086

21.5

22.1

39.4

44.7

18.3

16.1

4.5

3.6

27.6

24.7

3.0

2.6

Aventis*

Neutral

4,290

9,880

2,206

2,508

16.6

16.8

128.9

139.9

33.3

30.7

5.7

4.5

21.6

23.5

4.2

3.6

Cadila Healthcare

Sell

543

450

55,579

9,220

11,584

18.4

20.3

14.5

18.7

37.4

29.0

8.0

6.5

23.5

24.6

6.4

4.9

Cipla

Sell

559

461

44,953

14,281

16,619

15.4

16.2

12.5

19.7

44.7

28.4

3.6

3.2

8.4

12.0

3.3

2.8

Dr Reddy's

Neutral

2,386

39,541

14,081

15,937

16.1

18.6

72.6

105.9

32.9

22.5

3.2

2.9

9.6

13.6

3.0

2.7

Dishman Pharma

Sell

143

1,718

1,890

22.7

22.8

9.5

11.3

10.1

10.9

3.3

2.9

GSK Pharma*

Neutral

2,396

20,295

2,927

3,290

11.8

16.2

34.4

49.6

69.7

48.3

10.1

10.5

13.9

21.3

6.7

6.1

Indoco Remedies

Sell

199

153

1,837

1,067

1,154

12.1

14.9

8.4

11.3

23.7

17.6

2.8

2.5

12.6

15.0

1.9

1.8

Ipca labs

Buy

479

620

6,044

3,211

3,593

13.9

14.5

15.4

19.4

31.1

24.7

2.5

2.3

8.2

9.5

2.0

1.7

Lupin

Buy

1,032

1,526

46,620

17,120

18,657

24.1

56.9

61.1

18.1

16.9

3.4

2.9

20.7

18.6

3.0

2.4

Natco Pharma

Accumulate

974

1,060

16,970

2,065

1,988

33.1

33.7

27.9

25.7

34.9

37.9

10.2

8.7

29.2

22.9

8.3

8.4

Sun Pharma

Buy

532

712

127,568

30,264

32,899

29.0

26.9

32.7

31.6

16.3

16.8

3.5

3.0

22.2

18.7

3.9

3.5

Power

Tata Power

Neutral

22,139

36,916

39,557

17.4

27.1

5.1

6.3

16.1

13.0

1.4

1.3

9.0

10.3

1.6

1.5

NTPC

Neutral

164

135,308

86,605

95,545

17.5

20.8

11.8

13.4

13.9

12.3

1.4

1.3

10.5

11.1

2.9

Power Grid

Neutral

223

116,691

25,315

29,193

88.2

88.7

14.2

17.2

15.8

13.0

2.4

2.1

15.2

16.1

9.3

8.3

Real Estate

Prestige Estate

Neutral

268

10,065

4,707

5,105

25.2

26.0

10.3

13.0

26.1

20.7

2.1

1.9

10.3

10.2

3.3

3.0

MLIFE

Buy

421

522

2,160

1,152

1,300

22.7

24.6

29.9

35.8

14.1

11.8

1.0

7.6

8.6

2.6

2.2

Telecom

Bharti Airtel

Neutral

418

167,011

105,086

114,808

34.5

34.7

12.2

16.4

34.3

25.5

2.3

2.2

6.8

8.4

2.5

2.2

Idea Cellular

Neutral

33,356

40,133

43,731

37.2

37.1

6.4

6.5

14.5

14.2

1.2

1.1

8.2

7.6

1.8

1.6

zOthers

Abbott India

Neutral

4,417

9,386

3,153

3,583

14.1

14.4

152.2

182.7

29.0

24.2

142.5

121.7

25.6

26.1

2.7

2.3

Asian Granito

Buy

416

480

1,252

1,066

1,169

11.6

12.5

13.0

16.0

32.0

26.1

3.1

2.8

9.5

10.7

1.5

1.3

Bajaj Electricals

Buy

328

395

3,329

4,801

5,351

5.7

6.2

10.4

13.7

31.5

24.0

3.9

3.5

12.4

14.5

0.7

0.6

Banco Products (India)

Neutral

232

1,659

1,353

1,471

12.3

12.4

14.5

16.3

16.0

14.2

22.1

19.9

14.5

14.6

1.2

125.4

Coffee Day Enterprises

Neutral

245

5,047

2,964

3,260

20.5

21.2

4.7

8.0

30.6

2.8

2.6

5.5

8.5

2.1

1.9

Ltd

Competent Automobiles Neutral

229

147

1,137

1,256

3.1

2.7

28.0

23.6

8.2

9.7

44.0

39.8

14.3

11.5

0.1

www.angelbroking.com

Stock Watch

August 01, 2017

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

zOthers

Elecon Engineering

Neutral

710

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

Finolex Cables

Neutral

467

7,142

2,883

3,115

12.0

12.1

14.2

18.6

32.9

25.1

17.5

15.3

15.8

14.6

2.2

2.0

Garware Wall Ropes

Neutral

888

1,942

863

928

15.1

15.2

36.4

39.4

24.4

22.5

4.4

3.8

17.5

15.9

2.2

2.0

Goodyear India*

Neutral

895

2,063

1,598

1,704

10.4

10.2

49.4

52.6

18.1

17.0

83.6

73.3

18.2

17.0

1.0

139.4

Hitachi

Neutral

2,023

5,499

2,081

2,433

8.8

8.9

33.4

39.9

60.6

50.7

48.9

40.7

22.1

21.4

2.6

2.2

HSIL

Neutral

378

2,732

2,384

2,515

15.8

16.3

15.3

19.4

24.7

19.5

24.5

21.1

7.8

9.3

1.3

1.2

Interglobe Aviation

Neutral

1,291

46,684

21,122

26,005

14.5

27.6

110.7

132.1

11.7

9.8

69.8

49.8

168.5

201.1

2.2

1.7

Jyothy Laboratories

Neutral

372

6,750

1,440

2,052

11.5

13.0

8.5

10.0

43.7

37.2

10.6

9.8

18.6

19.3

5.0

3.5

Kirloskar Engines India

Neutral

399

5,773

2,554

2,800

9.9

10.0

10.5

12.1

38.0

33.0

15.9

15.0

10.7

11.7

1.9

1.7

Ltd

Linc Pen & Plastics

Neutral

264

390

382

420

9.3

9.5

13.5

15.7

19.6

16.8

3.4

2.9

17.1

17.3

1.1

1.0

M M Forgings

Neutral

607

733

546

608

20.4

20.7

41.3

48.7

14.7

12.5

83.1

73.6

16.6

17.0

1.2

1.1

Manpasand Bever.

Neutral

797

4,559

836

1,087

19.6

19.4

16.9

23.8

47.2

33.5

5.7

4.9

12.0

14.8

5.2

3.9

Mirza International

Neutral

155

1,859

963

1,069

17.2

18.0

6.1

7.5

25.2

20.6

3.9

3.3

15.0

15.7

2.1

1.9

MT Educare

Neutral

282

366

417

17.7

18.2

9.4

10.8

7.6

6.6

1.7

1.5

22.2

22.3

0.7

0.6

Narayana Hrudaya

Neutral

307

6,274

1,873

2,166

11.5

11.7

2.6

4.0

116.1

77.4

7.1

6.4

6.1

8.3

3.5

3.0

Navkar Corporation

Buy

204

265

2,906

347

371

43.2

37.3

6.7

6.0

30.6

34.0

2.1

1.9

6.2

10.6

9.5

8.9

Navneet Education

Neutral

165

3,842

1,062

1,147

24.0

6.1

6.6

27.0

24.8

5.6

4.9

20.6

19.8

3.7

3.4

Nilkamal

Neutral

1,873

2,795

1,995

2,165

10.7

10.4

69.8

80.6

26.8

23.2

107.1

93.0

16.6

16.5

1.4

1.2

Page Industries

Neutral

16,384

18,274

2,450

3,124

20.1

17.6

299.0

310.0

54.8

52.9

364.9

278.6

47.1

87.5

7.5

5.9

Parag Milk Foods

Neutral

247

2,078

1,919

2,231

9.3

9.6

9.5

12.9

26.2

19.1

4.1

3.4

15.5

17.5

1.2

1.1

Quick Heal

Neutral

213

1,495

408

495

27.3

27.0

7.7

8.8

27.5

24.2

2.6

9.3

10.6

2.8

2.3

Radico Khaitan

Neutral

142

1,883

1,667

1,824

13.0

13.2

6.7

8.2

21.3

17.3

1.9

1.8

9.0

10.2

1.5

1.4

Relaxo Footwears

Neutral

476

5,714

2,085

2,469

9.2

8.2

7.6

8.0

62.9

59.9

24.4

20.8

17.9

18.8

2.8

2.4

S H Kelkar & Co.

Neutral

265

3,827

1,036

1,160

15.1

15.0

6.1

7.2

43.3

36.9

4.6

4.3

10.7

11.5

3.6

3.1

Siyaram Silk Mills

Buy

2,090

2,500

1,959

1,574

1,769

12.5

12.7

97.1

113.1

21.5

18.5

3.3

2.9

15.4

15.5

1.4

1.3

Styrolution ABS India*

Neutral

1,082

1,903

1,440

1,537

9.2

9.0

40.6

42.6

26.7

25.4

68.1

61.9

12.3

11.6

1.3

1.2

Surya Roshni

Neutral

282

1,235

3,342

3,625

7.8

7.5

17.3

19.8

16.3

14.3

31.0

24.9

10.5

10.8

0.6

Team Lease Serv.

Neutral

1,381

2,360

3,229

4,001

1.5

1.8

22.8

32.8

60.6

42.0

6.5

5.6

10.7

13.4

0.6

0.5

The Byke Hospitality

Neutral

204

818

287

384

20.5

7.6

10.7

26.9

19.1

5.6

4.5

20.7

23.5

2.9

2.1

www.angelbroking.com

Stock Watch

August 01, 2017

Company Name

Reco

CMP

Target Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E

zOthers

Transport Corporation of

Neutral

315

2,413

2,671

2,911

8.5

8.8

13.9

15.7

22.7

20.1

3.1

2.8

13.7

13.8

1.0

0.9

India

TVS Srichakra

Neutral

3,606

2,761

2,304

2,614

13.7

13.8

231.1

266.6

15.6

13.5

405.2

319.1

33.9

29.3

1.2

1.0

UFO Moviez

Neutral

376

1,039

619

685

33.2

33.4

30.0

34.9

12.6

10.8

1.7

1.5

13.8

13.9

1.4

1.1

Visaka Industries

Neutral

474

752

1,051

1,138

10.3

10.4

21.0

23.1

22.5

20.5

60.7

56.8

9.0

9.2

1.0

0.9

VRL Logistics

Neutral

327

2,986

1,902

2,119

16.7

16.6

14.6

16.8

22.5

19.5

4.9

4.3

21.9

22.2

1.7

1.5

VIP Industries

Buy

172

218

2,434

1,270

1,450

10.4

5.6

6.5

30.8

26.5

6.4

5.6

20.7

21.1

1.9

1.7

Navin Fluorine

Neutral

700

3,447

789

945

21.1

22.4

24.0

28.7

29.1

24.4

4.7

4.0

17.8

18.5

4.3

3.5

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 31, 2017

www.angelbroking.com

Market Outlook

August 01, 2017

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

DISCLAIMER

Angel Broking Private Limited (hereinafter referred to as “Angel”) is a registered Member of National Stock Exchange of India

Limited,Bombay Stock Exchange Limited and Metropolitan Stock Exchange Limited. It is also registered as a Depository Participant with

CDSL and Portfolio Manager with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel Broking Private Limited is a

registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number

INH000000164. Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing

/dealing in securities Market. Angel or its associates/analyst has not received any compensation / managed or

co-managed public offering of securities of the company covered by Analyst during the past twelve months.

This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment

decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make

such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies

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