Market Outlook

November 04, 2016

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are likely to open negative tracking global cues and SGX Nifty.

BSE Sensex

(0.4)

(97)

27,430

Nifty

(0.3)

(29)

8,485

Late afternoon yesterday, government announced slabs of the proposed GST bill,

Mid Cap

(1.4)

(179)

13,015

clearing a major hurdle in implementation of the new tax regime. The markets are

Small Cap

(1.1)

(140)

13,167

expected to focus on the impact of the GST on individual sectors. More than 50% of

the items in the Consumer Price Index basket would be exempted under GST and

Bankex

(0.3)

(77)

21,917

the remainder will be placed in the lowest bracket. This will lead to soften the

inflation after implementation. Overall market is likely to react to the GST news.

Global Indices

Chg (%)

(Pts)

(Close)

U.S. markets closed lower Thursday, marking the S&P 500’s longest losing streak

Dow Jones

(0.2)

(29)

17,931

since the depths of the financial crisis, as Facebook shares slumped and investors

Nasdaq

(0.9)

(47)

5,058

fretted over election uncertainty. Markets are remaining focused on the outcome of

FTSE

(0.8)

(55)

6,791

next week’s U.S. presidential election.

Nikkei

(1.8)

(308)

17,135

UK markets fell on Thursday after the government lost a court case on how to trigger

Hang Seng

(0.6)

(127)

22,684

the process for leaving the European Union and the Bank of England shifted away

Shanghai Com

0.8

3,129

from cutting interest rates further.

Sensex plummeted some 97 points to hit nearly four-month low of 27,430.28,

Advances / Declines

BSE

NSE

falling for the fourth straight session, and Nifty crashed below the key 8,500-level on

Advances

1,168

466

Thursday, tracking cautious global markets amid a new poll suggesting a likely win

Declines

1,801

1,170

for Donald Trump in US election.

Unchanged

124

News Analysis

Volumes (` Cr)

 GST rate structure finalised, panel fixes rates at 5%, 12%, 18% & 28%

Detailed analysis on Pg2

BSE

3,202

NSE

19,600

Investor’s Ready Reckoner

Key Domestic & Global Indicators

Net Inflows (` Cr)

Net

Mtd

Ytd

Stock Watch: Latest investment recommendations on 150+ stocks

FII

(614)

(710)

44,305

Refer Pg6 onwards

MFs

560

8,106

22,052

Top Picks

CMP

Target

Upside

Company

Sector

Rating

Top Gainers

Price (`)

Chg (%)

(`)

(%)

Amara Raja Batteries Auto & Auto Ancill.

Buy

1,024

1,218

18.9

Gvkpil

10.3

HCL Tech

Buy

762

1,000

31.2

Star

1,124

7.2

Asian Granito

Capital Goods

Buy

265

351

32.5

Infratel

381

4.0

Equitas Holdings

Financials

Buy

178

235

32.2

Hindalco

162

3.9

Navkar Corporation Others

Buy

202

265

31.2

Balkrisind

1,036

2.4

More Top Picks on Pg4

Key Upcoming Events

Top Losers

Price (`)

Chg (%)

Consensus

Date

Region

Event Description

Reading

Expectations

Ttkprestig

5,953

(8.7)

Nov 04 US

Unnemployment rate

5.00

4.90

Intellect

169

(7.9)

Nov 04 Germany

PMI Services

54.10

Cesc

591

(5.4)

Nov 04 US

Change in Nonfarm payrolls

156.00

175.00

Indhotel

109

(4.6)

Nov 08 China

Consumer Price Index (YoY)

1.90

2.10

Dishtv

(4.4)

Nov 08 China

Exports YoY%

(10.00)

(5.80)

6.(

As on November 03, 2016

More Events on Pg5

www.angelbroking.com

Market Outlook

November 04, 2016

News analysis

GST rate structure finalised, panel fixes rates at 5%, 12%, 18% &

28%

GST council finalised a 4-tier GST tax structure of 5, 12, 18 and 28 per cent, with

lower rates for essential items and the highest for luxury and de-merits goods that

would also attract an additional cess. GST regime is expected to bring uniform tax

system in country with an aim to lower the prices of goods and services and

improve overall ease of doing business which will benefit India Inc. There still

remains a lot of uncertainty regarding the new structure and classification goods

under different tax rates. GST is targeted to be rolled out from April 1, 2017.

With a view to keeping inflation under check, 50% of the items in consumer price

index basket, will be taxed at zero rate and remaining items will be taxed at the

lowest rate of 5 per cent. There would be two standard rates of 12 and 18 per cent

under GST and most other items would attract this rate.

 Soaps, oil, shaving kits, small cars and other goods consumed by the middle

class, which faces higher tax incidence of 30-31% including state and central

taxes, could become cheaper as they are likely to be placed in the lower tax

slab of 18% and not the equivalent tax slab of 28%.

 Luxury cars, tobacco and aerated drinks would also be levied with an

additional cess on top of the highest tax rate. Tobacco currently attracts a

total tax of about 65% and for aerated drinks, the current rate is about 40%.

These goods will be taxed at the highest rate of 28% and topped up with a

cess to raise the effective tax.

 Sports utility vehicles, aerated drinks, pan masala and tobacco products are

unlikely to see any change in their overall tax burden with a new cess

proposed on them.

 Businesses in the services sector such as telecom, banking, insurance,

airlines, e-commerce undertake pan India operations and meeting

requirements of each state through different registrations, audits and

compliances would be a massive task.

Overall the new tax regime looks positive for FMCG, Infrastructure and

Automobile sector. More clarity regarding the classification of goods under GST is

required.

www.angelbroking.com

Market Outlook

November 04, 2016

Quarterly Bloomberg Brokers Consensus Estimate

Union Bank Of India Ltd - Nov 4, 2016

Particulars ( ` cr)

2QFY17E

2QFY16

y-o-y (%)

1QFY17

q-o-q (%)

Net profit

203

658

(69.2)

166

22.1

Titan Ltd - Nov 4, 2016

Particulars ( ` cr)

2QFY17E

2QFY16

y-o-y (%)

1QFY17

q-o-q (%)

Net sales

3,058

2,655

15.2

2,783

9.9

EBITDA

275

203

35.5

292

(5.9)

EBITDA margin (%)

9.0

7.6

10.5

Net profit

180

145

23.8

127

42.1

United Breweries Ltd - Nov 4, 2016

Particulars ( ` cr)

2QFY17E

2QFY16

y-o-y (%)

1QFY17

q-o-q (%)

Net sales

1,640

1,016

61.3

1,486

10.4

EBITDA

296

150

97.1

290

2.1

EBITDA margin (%)

18.0

14.8

19.5

Net profit

142

194.2

147

(3.6)

Punjab National Bank Ltd - Nov 5, 2016

Particulars ( ` cr)

2QFY17E

2QFY16

y-o-y (%)

1QFY17

q-o-q (%)

Net profit

125

621

(80.0)

306

(59.4)

Economic and Political News

 GST rate structure finalised, panel fixes rates at 5%, 12%, 18% & 28%

 RBI allows banks to issue masala bonds

 Govt to keep wheat import tax at 10%, private imports seen at 3 million

tonnes

Corporate News

 ONGC, Cairn face `1,922cr tax on royalty payments

 ICICI Bank slashes home loan rate by 15 bps to 9.15%

 JSPL again defaults on interest payment

www.angelbroking.com

Market Outlook

November 04, 2016

Top Picks

Large Cap

arket Cap

arget

Upsid

Company

Rationale

(` Cr)

(`)

(%)

To outpace battery industry growth due to better technological

Amara Raja Batteries

17,495

1,024

1,218

18.9

products leading to market share gains in both the

automotive OEM and replacement segments.

The stock is trading at attractive valuations and is factoring all

HCL Tech

1,07,507

762

1,000

31.2

the bad news.

Strong visibility for a robust 20% earnings trajectory, coupled

HDFC Bank

3,18,139

1,257

1,350

7.4

with high quality of earnings on account of high quality retail

business and strategic focus on highly rated corporates.

Back on the growth trend, expect a long term growth of 14%

Infosys

2,22,092

967

1,249

29.1

to be a US$20bn in FY2020.

Source: Company, Angel Research

Mid Cap

arket Cap

arget

Upsid

Company

Rationale

(` Cr)

(`)

(%)

We expect the company would report strong profitability

Asian Granito

797

265

351

32.5

owing to better product mix, higher B2C sales and

amalgamation synergy.

Among the top 4 players in the consumer durables segment.

Bajaj Electricals

2,600

257

306

19.0

Improved profitability backed by turn around in E&P segment.

Strong order book lends earnings visibility.

Favourable outlook for the AC industry to augur well for

Cooling products business which is out pacing the market

Blue Star

5,244

550

634

15.3

growth. EMPPAC division's profitability to improve once

operating environment turns around.

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

Dewan Housing Finance

9,710

310

350

12.8

segment, the company has increased its presence in tier-II &

III cities where the growth opportunity is immense.

Strong loan growth backed by diversified loan portfolio and

Equitas Holdings

5,963

178

235

32.2

adequate CAR. ROE & ROA likely to remain decent as risk of

dilution remains low. Attractive valuations considering growth.

Economic recovery to have favourable impact on advertising

& circulation revenue growth. Further, the acquisition of a

Jagran Prakashan

6,043

185

225

21.7

radio business (Radio City) would also boost the company's

revenue growth.

Speedier execution and speedier sales, strong revenue visibilty

Mahindra Lifespace

1,709

416

522

25.3

in short-to-long run, attractive valuations

We expect the company to report strong growth on back of

healthy growth in domestic branded sales (owing to

Mirza International

1,074

113

26.5

aggressive ad spend and addition in the number of EBOs &

multi-brand outlets [MBOs]) and healthy export revenues.

Massive capacity expansion along with rail advantage at ICD

Navkar Corporation

2,881

202

265

31.2

as well CFS augurs well for the company.

Strong brands and distribution network would boost growth

Siyaram Silk Mills

1,448

1,545

1,714

11.0

going ahead. Stock currently trades at an inexpensive

valuation.

Market leadership in Hindi news genre and no. 2 viewership

ranking in English news genre, exit from the radio business,

TV Today Network

2,024

339

385

13.5

and anticipated growth in ad spends by corporates to benefit

the stock.

Source: Company, Angel Research

www.angelbroking.com

Market Outlook

November 4, 2016

Key Upcoming Events

Result Calendar

Date

Company

Union Bank, Allahabad Bank, Central Bank, Competent Automobiles, Transport Corporation of India,

November 04, 2016

Radico Khaitan

Amara Raja Batteries, Automotive Axle, Mangalam Cement, Punjab Natl.Bank, Dena Bank, Bank of

November 05, 2016

Maharashtra, Relaxo, Sterling Tools

November 07, 2016 CEAT, ICICI Bank, Godrej Consumer, GlaxoSmith Con, Britannia, Cravatex, Aventis

November 08, 2016 Bharat Forge, Ashok Leyland, BHEL, Vesuvius India, UFO Moviez

November 09, 2016 Apollo Tyres, Ramco Cements, Rural Elec.Corp., BPCL, ITD Cementation, Lupin

Source: Bloomberg, Angel Research

Global economic events release calendar

Bloomberg Data

Date

Time

Country

Event Description

Unit

Period

Last Reported

Estimated

Nov 04, 2016

6:00 PM

Change in Nonfarm payrolls

Thousands Oct

156.00

175.00

2:25 PM Germany

PMI Services

Value Oct F

54.10

6:00 PM

Unnemployment rate

% Oct

5.00

4.90

Nov 08, 2016

7:00 AM

China

Consumer Price Index (YoY)

% Change Oct

1.90

2.10

China

Exports YoY%

% Change Oct

(10.00)

(5.80)

Nov 09, 2016

3:00 PM

Industrial Production (YoY)

% Change Sep

0.70

Nov 10, 2016

India

Imports YoY%

% Change Oct

(2.50)

India

Exports YoY%

% Change Oct

4.60

Nov 11, 2016

5:30 PM

India

Industrial Production YoY

% Change Sep

(0.70)

Nov 14, 2016

7:30 AM

China

Industrial Production (YoY)

% Change Oct

6.10

6.20

12:00 PM

India

Monthly Wholesale Prices YoY%

% Change Oct

3.57

Nov 15, 2016

3:30 PM Euro Zone

Euro-Zone GDP s.a. (QoQ)

% Change 3Q P

0.30

3:00 PM

CPI (YoY)

% Change Oct

1.00

12:30 PM Germany

GDP nsa (YoY)

% Change 3Q P

3.10

Nov 16, 2016

3:00 PM

Jobless claims change

% Change Oct

0.70

Producer Price Index (mom)

% Change Oct

0.80

7:45 PM

Industrial Production

% Oct

0.06

0.10

Nov 17, 2016

7:00 PM

Housing Starts

Thousands Oct

1,047.00

1,120.00

7:00 PM

Building permits

Thousands Oct

1,225.00

1,190.00

Source: Bloomberg, Angel Research

www.angelbroking.com

Market Outlook

November 04, 2016

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

9.0

12.0

8.3

9.9

7.8

7.9

10.0

8.0

7.5

7.6

7.2

7.1

8.0

6.6

6.7

7.0

6.4

6.0

5.8

6.0

4.0

1.9

2.0

1.3

2.0

0.3

5.0

4.0

(2.0)

(0.7)

(0.9)

(1.3)

(1.6)

(4.0)

(2.5)

3.0

(3.4)

(6.0)

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

(%)

55.0

7.0

6.1

54.0

5.6

5.7

5.8

6.0

5.4

5.5

5.0

5.3

5.1

53.0

4.8

5.0

4.3

52.0

4.0

51.0

50.0

3.0

49.0

2.0

48.0

1.0

47.0

46.0

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

10.0

7.00

5.0

6.50

0.0

6.00

(5.0)

5.50

(10.0)

5.00

(15.0)

4.50

(20.0)

4.00

(25.0)

(30.0)

3.50

(35.0)

3.00

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

www.angelbroking.com

Market Outlook

November 04, 2016

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

61,750

8.5

11.6

34.6

Russia

Micex

1,963

(0.8)

1.3

11.6

India

Nifty

8,485

(1.5)

(1.8)

3.1

China

Shanghai Composite

3,129

4.4

4.6

(8.8)

South Africa

Top 40

43,712

(3.9)

(4.1)

(10.0)

Mexico

Mexbol

46,684

0.1

1.6

4.3

Indonesia

LQ45

907

(4.1)

(1.5)

11.6

Malaysia

KLCI

1,648

(0.8)

(1.0)

(2.9)

Thailand

SET 50

932

(1.9)

(2.2)

1.9

USA

Dow Jones

17,931

(1.6)

(2.2)

0.5

FTSE

6,791

(4.0)

0.7

6.9

Japan

Nikkei

17,135

4.2

3.4

(9.0)

Germany

DAX

10,326

(2.3)

1.4

(5.6)

France

CAC

4,412

(1.5)

0.6

(8.6)

Source: Bloomberg, Angel Research

www.angelbroking.com

Stock Watch

November 04, 2016

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

Neutral

214

4,162

1,937

2,164

13.3

14.3

9.0

11.0

23.8

19.5

4.1

3.6

18.4

19.8

2.2

1.9

United Phosphorus

Neutral

669

33,915

15,176

17,604

18.5

37.4

44.6

17.9

15.0

3.5

2.9

21.4

21.2

2.3

2.0

Auto & Auto Ancillary

Ashok Leyland

Buy

111

25,897

22,407

26,022

10.6

5.2

6.4

17.4

14.2

3.9

3.3

23.6

24.7

1.2

1.0

Bajaj Auto

Neutral

2,831

81,933

25,093

27,891

19.5

19.2

143.9

162.5

19.7

17.4

5.5

4.7

30.3

29.4

3.0

2.6

Bharat Forge

Neutral

851

19,817

7,726

8,713

20.5

21.2

35.3

42.7

24.1

19.9

4.5

4.0

18.9

20.1

2.6

2.3

Eicher Motors

Neutral

24,549

66,679

16,583

20,447

17.5

18.0

598.0

745.2

41.1

32.9

14.0

10.7

41.2

38.3

3.8

3.1

Gabriel India

Accumulate

122

130

1,749

1,544

1,715

9.0

9.3

5.4

6.3

22.6

19.3

4.3

3.8

18.9

19.5

1.1

1.0

Hero Motocorp

Neutral

3,380

67,484

30,958

34,139

15.7

193.6

208.3

17.5

16.2

6.8

5.6

34.2

30.5

2.0

1.8

Jamna Auto Industries Neutral

220

1,756

1,486

1,620

9.8

9.9

15.0

17.2

14.7

12.8

3.2

2.7

21.8

21.3

1.2

1.1

L G Balakrishnan & Bros Neutral

661

1,037

1,302

1,432

11.6

11.9

43.7

53.0

15.1

12.5

2.1

1.9

13.8

14.2

0.9

0.8

Mahindra and Mahindra Neutral

1,359

84,379

46,534

53,077

11.6

11.7

67.3

78.1

20.2

17.4

3.3

2.9

15.4

15.8

1.8

1.5

Maruti

Neutral

5,807

175,406

69,186

82,217

14.7

14.4

198.5

241.4

29.3

24.1

5.7

4.6

20.2

20.0

2.2

1.8

Minda Industries

Neutral

383

3,041

2,728

3,042

9.0

9.1

68.2

86.2

5.6

4.5

1.3

1.0

23.8

24.3

1.2

1.0

Motherson Sumi

Neutral

314

44,059

45,896

53,687

7.8

8.3

13.0

16.1

24.1

19.5

7.8

6.2

34.7

35.4

1.0

0.9

Rane Brake Lining

Neutral

1,013

802

511

562

11.3

11.5

28.1

30.9

36.1

32.8

5.5

5.0

15.3

15.0

1.7

1.6

Setco Automotive

Neutral

560

741

837

13.0

15.2

17.0

2.8

2.5

0.5

0.4

15.8

16.3

1.1

1.0

Tata Motors

Neutral

510

147,320

300,209

338,549

8.9

8.4

42.7

54.3

12.0

9.4

1.9

1.6

15.6

17.2

0.6

0.5

TVS Motor

Neutral

392

18,635

13,390

15,948

6.9

7.1

12.8

16.5

30.7

23.7

7.7

6.1

26.3

27.2

1.4

1.2

Amara Raja Batteries

Buy

1,024

1,218

17,495

5,429

6,471

17.5

17.6

35.3

43.5

29.0

23.6

6.7

5.4

25.3

24.8

3.1

2.5

Exide Industries

Neutral

193

16,392

7,439

8,307

15.0

8.1

9.3

23.8

20.7

3.3

3.0

14.3

16.7

1.8

1.6

Apollo Tyres

Buy

198

235

10,071

12,877

14,504

14.3

13.9

21.4

23.0

9.2

8.6

1.4

1.3

16.4

15.2

0.9

Ceat

Buy

1,232

1,450

4,984

7,524

8,624

13.0

12.7

131.1

144.3

9.4

8.5

1.7

1.5

19.8

18.6

0.7

0.6

JK Tyres

Neutral

143

3,237

7,455

8,056

15.0

21.8

24.5

6.6

5.8

1.4

1.1

22.8

21.3

0.6

0.5

Swaraj Engines

Neutral

1,385

1,720

660

810

15.2

16.4

54.5

72.8

25.4

19.0

7.9

7.2

31.5

39.2

2.4

2.0

Subros

Neutral

164

983

1,488

1,681

11.7

11.9

6.4

7.2

25.6

22.9

2.7

2.5

10.8

11.4

0.9

0.8

Indag Rubber

Neutral

189

495

286

326

19.8

16.8

11.7

13.3

16.1

14.1

2.7

2.5

17.8

17.1

1.4

1.2

Capital Goods

ACE

Neutral

543

709

814

4.1

4.6

1.4

2.1

39.2

26.1

1.6

1.5

4.4

6.0

0.9

0.8

BEML

Neutral

891

3,712

3,451

4,055

6.3

9.2

31.4

57.9

28.4

15.4

1.7

1.6

6.3

10.9

1.2

1.0

Bharat Electronics

Accumulate

1,305

1,414

31,328

8,137

9,169

16.8

17.2

58.7

62.5

22.2

20.9

3.4

3.1

44.6

46.3

2.8

2.5

www.angelbroking.com

Stock Watch

November 04, 2016

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

Accumulate

364

407

12,057

6,511

7,514

7.9

8.7

12.9

16.3

28.3

22.4

5.1

4.5

16.7

18.5

1.6

1.4

BGR Energy

Neutral

117

846

16,567

33,848

6.0

5.6

7.8

5.9

15.0

19.9

0.9

0.8

4.7

4.2

0.2

0.1

BHEL

Neutral

138

33,716

28,797

34,742

2.8

2.3

6.9

59.9

20.0

1.0

1.3

4.8

0.8

0.6

Blue Star

Buy

550

634

5,244

4,283

5,077

5.9

7.3

14.9

22.1

36.9

24.9

7.2

6.0

20.4

26.4

1.3

1.1

Crompton Greaves

Neutral

4,810

5,777

6,120

5.9

7.0

3.3

4.5

23.3

17.1

1.0

4.4

5.9

0.8

0.7

Greaves Cotton

Neutral

136

3,322

1,755

1,881

16.8

16.9

7.8

8.5

17.4

16.0

3.5

3.2

20.6

20.9

1.6

1.4

Inox Wind

Neutral

215

4,767

5,605

6,267

15.7

16.4

24.8

30.0

8.7

7.2

2.4

1.8

25.9

24.4

0.9

0.8

KEC International

Neutral

123

3,167

9,294

10,186

7.9

8.1

9.9

11.9

12.4

10.4

1.8

1.6

15.6

16.3

0.6

0.5

Thermax

Neutral

854

10,180

5,421

5,940

7.3

25.7

30.2

33.2

28.3

4.0

3.7

12.2

13.1

1.8

1.6

VATech Wabag

Buy

481

681

2,624

3,136

3,845

8.9

9.1

26.0

35.9

18.5

13.4

2.3

2.0

13.4

15.9

0.7

0.6

Cement

ACC

Neutral

1,509

28,335

11,225

13,172

13.2

16.9

44.5

75.5

33.9

20.0

3.2

3.0

11.2

14.2

2.5

2.2

Ambuja Cements

Neutral

243

48,291

9,350

10,979

18.2

22.5

5.8

9.5

41.9

25.6

3.5

3.2

10.2

12.5

5.2

4.4

India Cements

Neutral

152

4,654

4,364

4,997

18.5

19.2

7.9

11.3

19.2

13.4

1.4

1.3

8.0

8.5

1.8

1.6

JK Cement

Neutral

881

6,164

4,398

5,173

15.5

17.5

31.2

55.5

28.3

15.9

3.4

2.9

12.0

15.5

2.0

1.6

J K Lakshmi Cement

Buy

479

565

5,636

2,913

3,412

14.5

19.5

7.5

22.5

63.9

21.3

3.9

3.3

12.5

18.0

2.5

2.1

Orient Cement

Buy

173

215

3,538

2,114

2,558

18.5

20.5

8.1

11.3

21.3

15.3

3.1

2.7

9.0

14.0

2.3

1.8

UltraTech Cement

Neutral

3,907

107,231

25,768

30,385

21.0

23.5

111.0

160.0

35.2

24.4

4.5

3.9

13.5

15.8

4.3

3.5

Construction

ITNL

Neutral

101

3,337

8,946

10,017

31.0

31.6

8.1

9.1

12.5

11.2

0.5

4.2

5.0

3.7

3.4

KNR Constructions

Accumulate

716

802

2,012

1,385

1,673

14.7

14.0

41.2

48.5

17.4

14.8

3.2

2.8

14.9

15.2

1.5

1.3

Larsen & Toubro

Buy

1,445

1,700

134,633

67,665

77,249

10.7

11.5

57.3

71.2

25.2

20.3

2.3

2.2

12.6

14.3

2.2

1.9

Gujarat Pipavav Port

Neutral

169

8,192

705

788

52.2

51.7

5.0

5.6

33.9

30.3

3.3

3.0

11.2

11.3

9.6

Nagarjuna Const.

Neutral

4,784

8,842

9,775

9.1

8.8

5.3

6.4

16.2

13.5

1.3

1.2

8.2

9.1

0.7

0.6

PNC Infratech

Buy

118

143

3,016

2,350

2,904

13.1

13.2

9.0

8.8

13.1

13.4

0.5

0.4

15.9

13.9

1.4

1.1

Simplex Infra

Neutral

323

1,596

6,829

7,954

10.5

31.4

37.4

10.3

8.6

1.1

1.0

9.9

13.4

0.7

0.6

Power Mech Projects

Neutral

492

723

1,801

2,219

12.7

14.6

72.1

113.9

6.8

4.3

1.3

1.1

16.8

11.9

0.4

0.3

Sadbhav Engineering

Accumulate

264

298

4,532

3,598

4,140

10.3

10.6

9.0

11.9

29.4

22.2

3.1

2.7

9.9

11.9

1.5

1.3

NBCC

Neutral

235

14,112

7,428

9,549

7.9

8.6

8.2

11.0

28.7

21.4

1.4

1.1

28.2

28.7

1.6

1.2

MEP Infra

Neutral

667

1,877

1,943

30.6

29.8

3.0

4.2

13.7

9.8

6.6

4.5

0.6

1.7

1.6

SIPL

Neutral

100

3,522

1,036

1,252

65.5

66.2

(8.4)

(5.6)

3.8

4.3

(22.8)

(15.9)

11.6

9.7

www.angelbroking.com

Stock Watch

November 04, 2016

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

Engineers India

Neutral

251

8,462

1,725

1,935

16.0

19.1

11.4

13.9

22.0

18.1

3.0

2.9

13.4

15.3

3.8

3.4

Financials

Axis Bank

Buy

476

630

113,502

46,932

53,575

3.5

3.4

32.4

44.6

14.7

10.7

1.9

1.6

13.6

16.5

Bank of Baroda

Neutral

147

33,791

19,980

23,178

1.8

11.5

17.3

12.8

8.5

1.5

1.2

8.3

10.1

Canara Bank

Neutral

296

16,067

15,225

16,836

1.8

14.5

28.0

20.4

10.6

1.4

1.1

5.8

8.5

Dewan Housing Finance Accumulate

310

350

9,710

2,225

2,688

2.9

29.7

34.6

10.4

9.0

1.7

1.4

16.1

16.8

Equitas Holdings

Buy

178

235

5,963

939

1,281

11.7

11.5

5.8

8.2

30.7

21.7

2.6

2.4

10.9

11.5

Federal Bank

Neutral

13,221

9,353

10,623

2.9

4.4

5.8

17.5

13.3

1.7

1.5

9.5

11.0

HDFC

Neutral

1,401

221,462

11,475

13,450

3.4

45.3

52.5

30.9

26.7

6.0

5.3

20.2

20.5

HDFC Bank

Accumulate

1,257

1,350

318,139

46,097

55,433

4.5

58.4

68.0

21.5

18.5

3.8

3.2

18.8

18.6

ICICI Bank

Neutral

270

157,001

39,029

45,903

3.3

16.7

16.3

16.2

16.6

2.0

1.8

10.1

12.4

LIC Housing Finance

Accumulate

553

630

27,883

3,712

4,293

2.6

2.5

39.0

46.0

14.2

12.0

2.7

2.3

19.9

20.1

Punjab Natl.Bank

Neutral

133

28,334

23,532

23,595

2.3

2.4

6.8

12.6

19.6

10.6

3.0

2.2

3.3

6.5

RBL Bank

Neutral

379

14,014

1,783

2,309

2.6

12.7

16.4

29.8

23.1

3.3

2.9

12.8

13.3

South Ind.Bank

Neutral

3,092

6,435

7,578

2.5

2.7

3.1

8.5

7.4

1.1

0.9

10.1

11.2

St Bk of India

Neutral

246

190,693

88,650

98,335

2.6

13.5

18.8

18.2

13.1

1.7

1.5

7.0

8.5

Union Bank

Neutral

137

9,421

13,450

14,925

2.3

25.5

34.5

5.4

4.0

0.8

0.7

7.5

10.2

Yes Bank

Neutral

1,207

50,829

8,978

11,281

3.3

3.4

74.0

90.0

16.3

13.4

3.1

2.6

17.0

17.2

FMCG

Asian Paints

Neutral

1,037

99,464

17,128

18,978

16.8

16.4

19.1

20.7

54.3

50.1

18.9

17.8

34.8

35.5

5.7

5.2

Britannia

Accumulate

3,304

3,626

39,638

9,795

11,040

14.6

14.9

80.3

94.0

41.1

35.2

16.9

13.1

41.2

3.9

3.4

Colgate

Neutral

952

25,879

4,605

5,149

23.4

23.8

26.9

40.0

35.4

22.1

17.3

64.8

66.8

5.5

4.9

Dabur India

Neutral

292

51,349

8,315

9,405

19.8

20.7

8.1

9.2

36.0

31.7

10.0

8.3

31.6

31.0

5.8

5.1

GlaxoSmith Con*

Neutral

5,883

24,741

4,350

4,823

21.2

21.4

179.2

196.5

32.8

30.0

8.7

7.4

27.1

26.8

5.1

4.5

Godrej Consumer

Neutral

1,537

52,338

10,235

11,428

18.4

18.6

41.1

44.2

37.4

34.8

8.3

7.0

24.9

24.8

5.2

4.6

HUL

Neutral

840

181,743

35,252

38,495

17.8

20.7

22.4

40.7

37.5

38.9

33.3

95.6

88.9

5.0

4.6

ITC

Buy

240

284

290,122

40,059

44,439

38.3

39.2

9.0

10.1

26.8

23.7

7.5

6.5

27.8

27.5

6.7

6.1

Marico

Accumulate

265

300

34,196

6,430

7,349

18.8

19.5

6.4

7.7

41.4

34.4

12.5

10.5

33.2

32.5

5.1

4.4

Nestle*

Neutral

6,712

64,714

10,073

11,807

20.7

21.5

124.8

154.2

53.8

43.5

22.1

19.9

34.8

36.7

6.2

5.3

Tata Global

Neutral

131

8,290

8,675

9,088

9.8

7.4

8.2

17.8

16.0

2.0

1.9

7.9

8.1

0.9

0.8

Procter & Gamble

Neutral

7,080

22,982

2,939

3,342

23.2

23.0

146.2

163.7

48.4

43.3

108.4

104.0

25.3

23.5

7.4

6.4

Hygiene

www.angelbroking.com

Stock Watch

November 04, 2016

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

HCL Tech^

Buy

762

1,000

107,507

49,242

57,168

20.5

55.7

64.1

13.7

11.9

2.8

2.1

20.3

17.9

2.0

1.6

Infosys

Buy

967

1,249

222,092

68,350

77,326

27.0

62.5

69.4

15.5

13.9

3.3

3.0

21.3

21.6

2.7

2.3

TCS

Accumulate

2,320

2,620

457,129

119,025

133,308

27.6

131.2

145.5

17.7

15.9

5.7

5.3

32.4

33.1

3.6

3.2

Tech Mahindra

Buy

428

600

41,531

29,673

32,937

15.5

17.0

32.8

39.9

13.0

10.7

2.6

2.2

19.6

20.7

1.1

1.0

Wipro

Buy

448

590

108,982

55,440

60,430

18.1

35.9

39.9

12.5

11.2

2.2

2.1

19.0

19.3

1.7

1.5

Media

D B Corp

Neutral

380

6,980

2,297

2,590

27.4

28.2

21.0

23.4

18.1

16.2

4.2

3.7

23.7

23.1

2.8

2.4

HT Media

Neutral

1,910

2,693

2,991

12.6

12.9

7.9

9.0

10.4

9.1

0.9

0.8

7.8

8.3

0.3

0.2

Jagran Prakashan

Buy

185

225

6,043

2,355

2,635

28.0

10.8

12.5

17.1

14.8

3.7

3.2

21.7

2.6

2.3

Sun TV Network

Neutral

528

20,794

2,850

3,265

70.1

71.0

26.2

30.4

20.1

17.4

5.2

4.6

24.3

25.6

6.9

5.9

Hindustan Media

Neutral

299

2,195

1,016

1,138

24.3

25.2

27.3

30.1

11.0

9.9

2.1

1.9

16.2

15.8

1.5

1.3

Ventures

TV Today Network

Accumulate

339

385

2,024

637

743

27.5

18.4

21.4

18.5

15.9

3.2

2.7

17.4

17.2

2.8

2.3

Metals & Mining

Coal India

Neutral

327

206,387

84,638

94,297

21.4

22.3

24.5

27.1

13.3

12.1

5.6

5.3

42.6

46.0

2.0

1.8

Hind. Zinc

Neutral

267

112,858

14,252

18,465

55.9

48.3

15.8

21.5

16.9

12.4

2.8

2.4

17.0

20.7

7.9

6.1

Hindalco

Neutral

162

33,535

107,899

112,095

7.4

8.2

9.2

13.0

17.7

12.5

0.9

0.8

4.8

6.6

0.8

JSW Steel

Neutral

1,599

38,639

53,201

58,779

16.1

16.2

130.6

153.7

12.2

10.4

1.7

1.4

14.0

14.4

1.5

1.3

NMDC

Neutral

133

52,869

6,643

7,284

44.4

47.7

7.1

7.7

18.8

17.3

1.6

8.8

9.2

5.7

5.2

SAIL

Neutral

21,105

47,528

53,738

(0.7)

2.1

(1.9)

2.6

19.7

0.6

0.5

(1.6)

3.9

1.3

1.2

Vedanta

Neutral

218

64,571

71,744

81,944

19.2

21.7

13.4

20.1

16.3

10.8

1.4

1.3

8.4

11.3

1.3

1.0

Tata Steel

Neutral

403

39,169

121,374

121,856

7.2

8.4

18.6

34.3

21.7

11.8

1.4

1.2

6.1

10.1

1.0

0.9

Oil & Gas

Cairn India

Neutral

240

45,015

9,127

10,632

4.3

20.6

8.8

11.7

27.3

20.5

0.9

3.3

4.2

6.4

5.3

GAIL

Neutral

428

54,323

56,220

65,198

9.3

10.1

27.1

33.3

15.8

12.9

1.4

9.3

10.7

1.2

1.0

ONGC

Neutral

268

228,902

137,222

152,563

15.0

21.8

19.5

24.1

13.7

11.1

1.2

1.1

8.5

10.1

2.0

1.7

Indian Oil Corp

Neutral

310

150,412

373,359

428,656

5.9

5.5

54.0

59.3

5.7

5.2

0.9

0.8

16.0

15.6

0.6

0.5

Reliance Industries

Neutral

1,025

332,497

301,963

358,039

12.1

12.6

87.7

101.7

11.7

10.1

1.2

1.1

10.7

11.3

1.6

1.3

Pharmaceuticals

Alembic Pharma

Neutral

676

12,736

3,483

4,083

20.2

21.4

24.3

30.4

27.8

22.2

6.3

5.1

25.5

25.3

3.6

3.0

Aurobindo Pharma

Accumulate

770

877

45,055

15,720

18,078

23.7

41.4

47.3

18.6

16.3

4.8

3.8

29.6

26.1

3.1

2.7

Aventis*

Neutral

4,281

9,859

2,357

2,692

17.3

153.5

169.2

27.9

25.3

4.7

3.8

25.8

28.4

3.9

3.2

Cadila Healthcare

Neutral

397

40,591

11,126

13,148

22.0

17.1

20.0

23.2

19.8

6.0

4.7

28.8

26.6

3.7

3.0

Cipla

Neutral

559

44,924

15,378

18,089

17.4

18.4

21.6

27.2

25.9

20.6

3.4

2.9

13.7

15.2

3.1

2.6

www.angelbroking.com

Stock Watch

November 04, 2016

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

Pharmaceuticals

Dr Reddy's

Neutral

3,262

54,051

16,043

18,119

23.1

24.7

126.0

157.8

25.9

20.7

3.8

3.3

15.7

17.1

3.3

2.9

Dishman Pharma

Neutral

240

3,866

1,718

1,890

22.7

22.8

9.5

11.3

25.2

21.2

2.4

2.2

10.1

10.9

2.7

2.4

GSK Pharma*

Neutral

2,815

23,843

3,528

3,811

16.6

18.8

51.8

59.4

54.3

47.4

14.5

26.3

30.6

6.5

6.1

Indoco Remedies

Neutral

281

2,592

1,112

1,289

18.2

13.2

15.6

21.3

18.0

3.8

3.2

19.2

2.4

2.1

Ipca labs

Neutral

585

7,376

3,303

3,799

15.3

17.3

19.7

33.8

29.7

2.9

2.7

9.1

9.4

2.4

2.1

Lupin

Buy

1,474

1,809

66,433

15,912

18,644

26.4

26.7

58.1

69.3

25.4

21.3

4.9

4.0

21.4

20.9

4.2

3.5

Sun Pharma

Buy

705

944

169,672

31,129

35,258

30.0

30.9

28.0

32.8

25.2

21.5

3.9

3.2

18.7

18.9

5.0

4.3

Power

Tata Power

Neutral

20,745

36,916

39,557

17.4

27.1

5.1

6.3

15.0

12.2

1.3

1.2

9.0

10.3

1.6

1.4

NTPC

Neutral

153

126,114

86,605

95,545

17.5

20.8

11.8

13.4

13.0

11.4

1.3

1.2

10.5

11.1

2.8

Power Grid

Neutral

175

91,291

25,763

29,762

74.3

73.1

14.8

17.3

11.8

10.1

1.8

1.6

16.9

17.5

7.8

7.4

Real Estate

Prestige Estate

Accumulate

187

210

6,999

4,707

5,105

25.2

26.0

10.3

13.0

18.1

14.4

1.5

1.4

10.3

10.2

2.7

2.4

MLIFE

Buy

416

522

1,709

1,152

1,300

22.7

24.6

29.9

35.8

13.9

11.6

1.0

7.6

8.6

2.2

1.8

Telecom

Bharti Airtel

Neutral

310

123,740

105,086

114,808

34.5

34.7

12.2

16.4

25.4

18.9

1.7

1.6

6.8

8.4

2.1

1.8

Idea Cellular

Neutral

26,502

40,133

43,731

37.2

37.1

6.4

6.5

11.5

11.3

1.0

0.9

8.2

7.6

1.7

1.4

zOthers

Abbott India

Neutral

4,708

10,004

3,153

3,583

14.1

14.4

152.2

182.7

30.9

25.8

151.9

129.7

25.6

26.1

2.9

2.5

Asian Granito

Buy

265

351

797

1,071

1,182

12.1

12.4

12.7

16.0

20.8

16.6

2.0

1.8

9.5

10.7

1.0

0.9

Bajaj Electricals

Buy

257

306

2,600

5,099

5,805

5.6

5.9

11.4

14.6

22.6

17.7

3.0

2.7

13.4

15.1

0.5

0.4

Banco Products (India)

Neutral

214

1,531

1,353

1,471

12.3

12.4

14.5

16.3

14.8

13.1

20.4

18.4

14.5

14.6

1.1

115.1

Coffee Day Enterprises

Neutral

222

4,572

2,964

3,260

20.5

21.2

4.7

8.0

27.7

2.6

2.4

5.5

8.5

2.0

1.7

Ltd

Competent Automobiles Neutral

194

119

1,137

1,256

3.1

2.7

28.0

23.6

6.9

8.2

37.3

33.7

14.3

11.5

0.1

Elecon Engineering

Neutral

697

1,482

1,660

13.7

14.5

3.9

5.8

16.4

11.0

3.9

3.5

7.8

10.9

0.8

0.7

Finolex Cables

Neutral

437

6,688

2,883

3,115

12.0

12.1

14.2

18.6

30.8

23.5

16.4

14.3

15.8

14.6

2.0

1.8

Garware Wall Ropes

Neutral

552

1,207

873

938

12.9

13.1

30.9

34.9

17.9

15.8

2.8

2.4

15.7

15.2

1.3

1.2

Goodyear India*

Neutral

781

1,801

1,598

1,704

10.4

10.2

49.4

52.6

15.8

14.9

73.0

64.0

18.2

17.0

0.8

114.2

Hitachi

Neutral

1,493

4,060

2,081

2,433

8.8

8.9

33.4

39.9

44.7

37.4

36.1

30.1

22.1

21.4

1.9

1.6

HSIL

Neutral

349

2,525

2,384

2,515

15.8

16.3

15.3

19.4

22.8

18.0

22.7

19.5

7.8

9.3

1.2

1.1

Interglobe Aviation

Neutral

933

33,621

21,122

26,005

14.5

27.6

110.7

132.1

8.4

7.1

50.4

36.0

168.5

201.1

1.6

1.2

Jyothy Laboratories

Neutral

354

6,429

1,440

2,052

11.5

13.0

8.5

10.0

41.7

35.4

10.1

9.3

18.6

19.3

4.7

3.3

Kirloskar Engines India

Neutral

345

4,990

2,554

2,800

9.9

10.0

10.5

12.1

32.9

28.5

13.8

13.0

10.7

11.7

1.6

1.4

Ltd

www.angelbroking.com

Stock Watch

November 04, 2016

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

Linc Pen & Plastics

Neutral

253

374

382

420

9.3

9.5

13.5

15.7

18.8

16.1

3.2

2.8

17.1

17.3

1.0

0.9

M M Forgings

Neutral

449

542

546

608

20.4

20.7

41.3

48.7

10.9

9.2

61.6

54.5

16.6

17.0

0.8

Manpasand Bever.

Neutral

706

4,034

836

1,087

19.6

19.4

16.9

23.8

41.8

29.6

5.0

4.4

12.0

14.8

4.6

3.4

Mirza International

Buy

113

1,074

1,024

1,148

18.0

6.9

8.0

12.9

11.2

2.2

1.9

16.6

16.2

1.2

1.1

MT Educare

Neutral

136

541

366

417

17.7

18.2

9.4

10.8

14.5

12.6

3.2

2.8

22.2

22.3

1.4

1.2

Narayana Hrudaya

Neutral

340

6,946

1,873

2,166

11.5

11.7

2.6

4.0

128.5

85.7

7.9

7.1

6.1

8.3

3.8

3.3

Navkar Corporation

Buy

202

265

2,881

408

612

42.9

42.3

6.8

11.5

29.8

17.6

2.1

1.9

6.9

10.5

8.0

5.3

Navneet Education

Neutral

106

2,536

1,062

1,147

24.0

6.1

6.6

17.5

16.1

3.6

3.2

20.6

19.8

2.5

2.3

Nilkamal

Neutral

1,717

2,562

1,995

2,165

10.7

10.4

69.8

80.6

24.6

21.3

98.1

85.2

16.6

16.5

1.3

1.1

Page Industries

Neutral

15,789

17,611

2,450

3,124

20.1

17.6

299.0

310.0

52.8

50.9

351.6

268.4

47.1

87.5

7.2

5.7

Parag Milk Foods

Neutral

307

2,580

1,919

2,231

9.3

9.6

9.5

12.9

32.5

23.7

5.0

4.2

15.5

17.5

1.5

1.3

Quick Heal

Neutral

242

1,692

408

495

27.3

27.0

7.7

8.8

31.2

27.5

2.9

9.3

10.6

3.3

2.7

Radico Khaitan

Neutral

139

1,845

1,659

1,802

13.0

13.2

6.3

7.4

21.9

18.8

1.9

1.7

8.6

9.3

1.5

1.4

Relaxo Footwears

Neutral

416

4,995

2,085

2,469

9.2

8.2

7.6

8.0

55.1

52.4

21.3

18.2

17.9

18.8

2.5

2.1

S H Kelkar & Co.

Neutral

311

4,503

1,036

1,160

15.1

15.0

6.1

7.2

51.0

43.4

5.5

5.0

10.7

11.5

4.2

3.7

Siyaram Silk Mills

Accumulate

1,545

1,714

1,448

1,799

2,040

11.6

11.7

104.9

122.4

14.7

12.6

2.4

2.1

16.4

1.0

0.9

Styrolution ABS India*

Neutral

625

1,099

1,440

1,537

9.2

9.0

40.6

42.6

15.4

14.7

39.3

35.7

12.3

11.6

0.7

0.6

Surya Roshni

Neutral

231

1,010

3,342

3,625

7.8

7.5

17.3

19.8

13.3

11.7

25.3

20.3

10.5

10.8

0.6

0.5

Team Lease Serv.

Neutral

1,028

1,758

3,229

4,001

1.5

1.8

22.8

32.8

45.2

31.3

4.8

4.2

10.7

13.4

0.4

0.3

The Byke Hospitality

Neutral

186

748

287

384

20.5

7.6

10.7

24.5

17.4

5.1

4.1

20.7

23.5

2.6

2.0

Transport Corporation of

Neutral

185

1,418

2,671

2,911

8.5

8.8

13.9

15.7

13.4

11.8

1.8

1.6

13.7

13.8

0.6

India

TVS Srichakra

Neutral

3,746

2,868

2,304

2,614

13.7

13.8

231.1

266.6

16.2

14.1

420.9

331.4

33.9

29.3

1.2

1.1

UFO Moviez

Neutral

475

1,311

619

685

33.2

33.4

30.0

34.9

15.9

13.6

2.2

1.9

13.8

13.9

1.8

1.5

Visaka Industries

Neutral

221

352

1,051

1,138

10.3

10.4

21.0

23.1

10.5

9.6

28.4

26.6

9.0

9.2

0.6

VRL Logistics

Neutral

284

2,587

1,902

2,119

16.7

16.6

14.6

16.8

19.5

16.9

4.3

3.7

21.9

22.2

1.5

1.3

Wonderla Holidays

Neutral

380

2,147

287

355

38.0

40.0

11.3

14.2

33.6

26.8

4.8

4.2

21.4

23.9

7.2

5.8

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on November 03, 2016

www.angelbroking.com

Market Outlook

November 04, 2016

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

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