Market Outlook
February 05, 2019
Domestic Indices
Chg (%)
(Pts)
(Close)
Market Cues
BSE Sensex
0.3
113
36,582
Indian markets are likely to open positive tracking global indices and SGX Nifty.
Nifty
0.2
19
10,912
US Stocks after turning in a lackluster performance early in the session, moved
Mid Cap
0.8
120
14,521
mostly higher over the course of the trading day on Monday. With the upward move,
Small Cap
1.2
163
13,788
the major averages reached their best closing levels in two months. The Dow was up
Bankex
0.2
62
30,474
by 0.7 percent to 25,239 while the Nasdaq surged by 1.2 percent to 7,347.
U.K. markets turned in a mixed performance on Monday, with investors largely
Global Indices
Chg (%)
(Pts)
(Close)
refraining from making significant moves as they awaited further developments on
Dow Jones
0.7
175
25,239
Brexit and U.S.-China trade issues. The FTSE 100 was up by 0.2% to 7,034.
Nasdaq
1.2
84
7,347
On domestic front, Indian shares fluctuated before finishing modestly higher on
FTSE
0.2
14
7,034
Monday, led by gains in heavyweight Reliance Industries. Mixed global cues and
Nikkei
0.5
95
20,884
caution ahead of the RBI's monetary policy review capped the upside. During the
Hang Seng
0.2
59
27,990
trading session
t
he BSE Sensex was up by 0.3% to 36,582.
Shanghai Com
1.3
34
2,618
News Analysis
Advances / Declines
BSE
NSE
Odisha electrifies 2.2 million more households, achieves 'Power for All'
Advances
781
483
Detailed analysis on Pg2
Declines
1,776
1,298
Unchanged
204
308
Investor’s Ready Reckoner
Key Domestic & Global Indicators
Volumes (` Cr)
Stock Watch: Latest investment recommendations on 150+ stocks
BSE
2,746
Refer Pg5 onwards
NSE
29,790
Top Picks
CMP
Target
Upside
Company
Sector
Rating
Net Inflows (` Cr)
Net
Mtd
Ytd
(`)
(`)
(%)
Blue Star
Capital Goods
Buy
596
867
45.5
FII
234
(3,267)
(3,267)
ICICI Bank
Financials
Accumulate
354
416
17.5
*MFs
824
8,122
8,122
Parag Milk Foods
Others
Buy
206
330
60.2
Bata India
Others
Accumulate
1,183
1,243
5.1
Top Gainers
Price (`)
Chg (%)
KEI Industries
Capital Goods
Buy
371
486
31.0
TEXRAIL
60
7.2
More Top Picks on Pg4
ENDURANCE
1207
6.7
Key Upcoming Events
FCONSUMER
46
5.6
Previous
Consensus
Date
Region
Event Description
AARTIIND
1717
5.4
ReadingExpectations
Jan 16, 2019
TU Central Bank Inflation Report
DIVISLAB
1611
5.2
Jan 17, 2019
TH Exports YoY
0.06
--
Jan 17, 2019
TH Exports
$22380m
--
Top Losers
Price (`)
Chg (%)
Jan 20, 2019
TH Imports YoY
0.24
--
RPOWER
17
-35.1
Jan 20, 2019
TH Imports
$21776m
--
More Events on Pg7
RCOM
8
-34.9
RELCAPITAL
152
-19.8
RELINFRA
227
-14.9
RNAVAL
10
-14.7
As on Feb 04, 2019
Market Outlook
February 05, 2019
News Analysis
Odisha electrifies 2.2 million more households, achieves 'Power
for All'
The Odisha government has completed electrification of
2.2 million more
households in this fiscal, ramping up the count of electrified households in the
state to 9.6 million. Odisha's Governor Ganeshi Lal in his customary address to
the state legislative assembly said, “Continuous endeavour of my government in
energy sector has resulted in achieving 100 per cent electrification in rural as well
as urban areas, fulfilling the motto of 'Power for All' through implementation of
Biju Gram Jyoti, Biju Saharanchal Vidyutikaran Yojana and other schemes. This
achievement was possible due to augmentation of generation, transmission and
upgradation of distribution infrastructure through different programmes”. On the
inaugural day of the Budget session, the Governor waxed on the achievements of
the state government, notably in the farm sector.
Dwelling on the initiatives, he said, Odisha Power Transmission Corporation Ltd
(OPTCL) with its network of 144 grid substations, 13757 circuit kilometres of HT
lines and transmission capacity of 18,416 MVA has projected itself as one of the
best performing utilities in the country. By adopting new technologies, OPTCL has
been maintaining the system availability at 99.99 per cent for the past two years.
More, the state government has offered three per cent interest subvention on loans
to about 10,000 farmers in the current financial year under a new scheme 'Interest
Subvention on Long Term Credit Support for Livestock Farming'. Farmers have
been availing crop loans not exceeding Rs 50,000 at one per cent interest and this
has been reduced to zero per cent with effect from April 1, 2019. Besides this,
farmers have been provided about 60,000 mobile phones to farmers across the
state."
Economic and Political News
Centre's fiscal deficit till December exceeds FY19 target by 11%
50K jobless youth to get Rs 1 lakh each, Mamata govt announces in budget
Govt to form working group to resolve angel tax issue of startups
Govt to start selling non-core assets of state-owned firms from April
Corporate News
Subhash Chandra's Essel group gets time till September to repay loans
US insurer names Dr Reddy's, dozens of other drug firms in price fixing row
With $4.2 bn Arysta deal done, UPL is world's top-5 farm solutions firm
Kishore Biyani's Future Retail prepares Rs 2,750-crore war chest
Coal India to raise Rs 1050 crore via its second-ever share buyback
Market Outlook
February 05, 2019
Quarterly Bloomberg Brokers Consensus Estimate
GAIL India Ltd - February 05, 2019
Particulars (` cr)
3QFY19E
3QFY18
y-o-y (%)
2QFY19
q-o-q (%)
Sales
19,661
14,414
36.4
19,275
2.0
EBIDTA
2,573
1,970
30.6
2,928
(12.1)
%
13.1
13.7
15.2
PAT
1,659
1,262
31.4
1,963
(15.5)
Tech Mahindra Ltd - February 05, 2019
Particulars (` cr)
3QFY19E
3QFY18
y-o-y (%)
2QFY19
q-o-q (%)
Sales
8,945
7,776
15.0
8,630
3.7
EBIDTA
1,708
1,265
35.0
1,605
6.4
%
19.1
16.3
18.6
PAT
1098
943
16.4
1,056
3.9
Marico Ltd - February 05, 2019
Particulars (` cr)
3QFY19E
3QFY18
y-o-y (%)
2QFY19
q-o-q (%)
Sales
1,867
1,624
15.0
1,837
1.6
EBIDTA
356
302
18.0
294
21.2
%
19.1
18.6
16.0
PAT
259
221
17.3
218
18.9
ACC Ltd - February 05, 2019
Particulars (` cr)
3QFY19E
3QFY18
y-o-y (%)
2QFY19
q-o-q (%)
Sales
3,819
3,494
9.3
3,433
11.2
EBIDTA
499
443
12.7
444
12.5
%
13.1
12.7
12.9
PAT
256
206
24.3
209
22.5
Hindustan Petroleum Corporation Ltd - February 05, 2019
Particulars (` cr)
3QFY19E
3QFY18
y-o-y (%)
2QFY19
q-o-q (%)
Sales
66,707
54,316
22.8
67,518
(1.2)
EBIDTA
459
3,186
(85.6)
2,122
(78.4)
%
0.7
5.9
3.1
PAT
-137
1950
1,092
Bharat Heavy Electricals Ltd - February 05, 2019
Particulars (` cr)
3QFY19E
3QFY18
y-o-y (%)
2QFY19
q-o-q (%)
Sales
7,223
6,705
7.7
6,780
6.5
EBIDTA
422
302
39.9
241
75.3
%
5.8
4.5
3.6
PAT
242
153
58.1
185
30.8
Market Outlook
February 05, 2019
Top Picks
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
Favorable outlook for the AC industry to augur well
for Cooling products business which is out pacing
Blue Star
5,740
596
867
45.5
the market growth. EMPPAC division's profitability
to improve once operating environment turns
around.
Well capitalized with CAR of 18.1% which gives
sufficient room to grow asset base. Faster
ICICI Bank
2,28,438
354
416
17.5
resolution of NPA would reduce provision cost,
which would help to report better ROE.
High order book execution in EPC segment, rising
KEI Industries
2,913
369
486
31.7
B2C sales and higher exports to boost the revenues
and profitability
Expected to benefit from the lower capex
Music Broadcast Limited
1,549
280
475
69.6
requirement and 15 year long radio broadcast
licensing.
Strong brands and distribution network would
Siyaram Silk Mills
1,594
340
606
78.2
boost growth going ahead. Stock currently trades
at an inexpensive valuation.
GST regime and the Gujarat plant are expected to
Maruti Suzuki
2,10,491
6,968
10,820
55.3
improve the company’s sales volume and margins,
respectively.
We expect loan book to grow at 24.3% over next
GIC Housing
1,238
229
424
85.2
two year; change in borrowing mix will help in NIM
improvement
Third largest brand play in luggage segment
Increased product offerings and improving
Safari Industries
1,763
790
1,000
26.6
distribution network is leading to strong growth in
business. Likely to post robust growth for next 3-4
years
We expect financialisation of savings and
Aditya Birla Capital
18,184
83
151
81.9
increasing penetration in Insurance & Mutual fund
would ensure steady growth.
One of the leading Indian dairy products
companies in India created strong brands in dairy
products. Rising revenue share of high-margin
Parag Milk Foods
1,730
206
330
60.2
Value Added Products and reduction in interest cost
is likely to boost margins and earnings in next few
years.
HDFC Bank maintained its steady growth in the
4QFY18. The bank’s net profit grew by 20.3%.
Steady growth in interest income and other income
HDFC Bank
5,73,205
2,107
2,500
18.7
aided PAT growth. The Strong liability franchise
and healthy capitalisation provides strong earning
visibility. At the current market price, the bank is
trading at 3.2x FY20E ABV.
Market Outlook
February 05, 2019
Continued...
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
We expect strong PAT growth on back of
healthy growth in automobile segment (on back
of new launches and facelifts in some of the
M&M
83,828
674
1,050
55.8
model ) and strong growth in Tractors segment
coupled by its strong brand recall and
improvement in rural sentiment
Market leader in the room air conditioner (RAC)
outsourced manufacturing space in India with a
market share of
55.4%. It is a one-stop
Amber Enterprises
2,143
682
1,135
66.4
solutions provider for the major brands in the
RAC industry and currently serves eight out of
the 10 top RAC brands in India
BIL is the largest footwear retailer in India,
offering footwear, accessories and bags across
brands. We expect BIL to report net PAT CAGR
of
~16% to
~`3115cr over FY2018-20E
Bata India
15,203
1,183
1,243
5.1
mainly due to new product launches, higher
number of stores addition and focus on
women’s high growth segment and margin
improvement
SHTF is in the sweet spot with benefits from
stronger CV volumes, NIMs unaffected by rising
Shriram Transport Finance
23,259
1,025
1,764
72.1
bond yields on the back of stronger pricing
power and an enhancing ROE by 750bps over
FY18-20E, supported by decline in credit cost.
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
Jindal Steel & Power Limited
12,670
131
327
149.6
line front, we expect JSPL to turn in to profit by
FY19 on back of strong operating margin
improvement.
GMM Pfaudler Limited (GMM) is the Indian
market leader in glass-lined (GL) steel
equipment. GMM is expected to cross CAGR
GMM Pfaudler Ltd
1,584
1,083
1,287
18.8
15%+ in revenue over the next few years
mainly led by uptick in demand from user
industries and it is also expecting to increase its
share of non-GL business to 50% by 2020.
Aurobindo Pharmaceuticals, amongst the
Indian Pharmaceutical companies, is well
placed to face the challenging generic markets,
given its focus on achieving growth through
Aurobindo Pharmaceuticals
44,898
766
870
13.6
productivity. Aurobindo will report net revenue
& net profit CAGR of ~13% & ~8% resp.
during FY2018-20E. Valuations are cheap V/s
its peers and own fair multiples of 17-18x.
We believe advance to grow at a healthy CAGR
of 35% over FY18-20E. Below peers level ROA
RBL Bank
25,287
594
690
16.2
(1.2% FY18) to expand led by margin
expansion and lower credit cost.
TTK Prestige has emerged as one of the leading
brands in kitchen appliances in India after its
successful transformation from a single product
TTK Prestige
9,069
7,784
8,200
5.3
company to offering an entire gamut of home
and kitchen appliances. We are expecting a
CAGR of 18% in revenue and 25% in PAT over
FY2018-20.
Source: Company, Angel Research
Market Outlook
February 05, 2019
Continued...
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
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
Inox Winds
1,449
65
120
84.6
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.
Considering the strong CV demand due to
change in BS-VI emission norms (will trigger
pre-buying activities), pick up in construction
Ashok Leyland
24,174
82
156
90.2
activities and no significant impact on industry
due to recent axle load norms, we recommend
BUY on Ashok Leyland at current valuations.
Source: Company, Angel Research
Fundamental Call
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
CCL is likely to maintain the strong growth
CCL Products
3,560
268
360
34.3
trajectory over FY18-20 backed by capacity
expansion and new geographical foray
We forecast Nilkamal to report top-line CAGR of
~9% to `2,635cr over FY17-20E on the back of
Nilkamal
1,972
1,321
2,178
64.9
healthy demand growth in plastic division. On the
bottom-line front, we estimate
~10% CAGR to
`162cr owing to improvement in volumes.
Elantas Beck India is the Indian market leader in
liquid insulation segment used in electrical
equipments like motors, transformers etc. It derives
Elantas Beck India Ltd
1,730
2,183
2,500
14.5
demand from several industries which are expected
to register 10%+ CAGR in demand in the coming
years.
Greenply Industries Ltd (GIL) manufactures plywood
& allied products and medium density fibreboards
(MDF). GIL to report net revenue CAGR of ~14% to
Greenply Industries
1,617
132
256
93.9
~`2,478cr over FY2017-20E mainly due to healthy
growth in plywood & lamination business on the
back of strong brand and distribution network
L&T Fin’s new management is on track to achieve
L&T Finance Holding
25,475
127
210
65.4
ROE of 18% by 2020 and recent capital infusion of
`3000cr would support advance growth.
Well planned strategy to grow small business loans
and cross-selling would propel fees income. We
Yes Bank
41,608
180
290
61.1
expect YES to grow its advance much higher than
industry and improvement in asset quality to
support profitability.
Market Outlook
February 05, 2019
Global economic events release calendar
Bloomberg Data
Date
Time
Country
Event Description
Unit
Period
Last Reported
Estimated
Jan 08, 2019
JN
Housing Starts YoY
% Change
Sep
0.02
(0.01)
Jan 08, 2019
JN
Annualized Housing Starts
% Change
Sep
0.957m
0.950m
Jan 08, 2019
JN
Construction Orders YoY
% Change
Sep
0.01
--
Jan 08, 2019
12:00 AM
ES
Industrial Production YoY
% Change
Sep
0.06
--
Jan 09, 2019
12:00 AM
RO
ILO Unemployment Rate
% Change
Sep
0.04
--
Jan 09, 2019
3:15 AM
DE
Unemployment Rate SA
% Change
Sep
0.03
--
Jan 09, 2019
4:30 AM
DE
Unemployment Rate Gross Rate
% Change
Sep
0.04
0.04
Jan 09, 2019
4:30 AM
FI
Trade Balance
% Change
Aug F
-400m
--
Jan 10, 2019
4:30 AM
TU
Economic Confidence
% Change
Oct
71.00
--
Jan 10, 2019
5:20 AM
TU
Trade Balance
% Ratio
Sep
-2.42b
-1.90b
Jan 10, 2019
5:20 AM
TU
Central Bank Inflation Report
%
Jan 10, 2019
5:30 AM
TH
Exports YoY
% Change
Sep
0.06
--
Jan 11, 2019
5:30 AM
TH
Exports
% Change
Sep
$22380m
--
Jan 12, 2019
5:31 AM
TH
Imports YoY
% Sep
0.24
--
Jan 15, 2019
5:31 AM
TH
Imports
% Sep
$21776m
--
Jan 15, 2019
5:31 AM
TH
Trade Balance
Thousands
Sep
$604m
--
Jan 16, 2019
6:00 AM
TH
BoP Current Account Balance
% Change
Sep
$753m
$1200m
Jan 20, 2019
0-Jan-00
AU
CPI YoY
% Change
3Q
0.02
0.02
Source: Company, Angel Research
Market Outlook
February 05, 2019
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
10.0
9.0
8.5
9.1
8.0
7.3
7.5
9.0
8.2
6.9
6.9
8.0
8.1
6.6
7.6
7.7
7.0
8.0
7.2
6.8
7.0
6.0
5.3
7.0
6.3
4.5
6.1
5.0
4.1
5.6
3.9
6.0
4.0
5.0
3.0
1.8
4.0
2.0
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
(%)
6.0
54.0
5.2
5.1
4.9
4.9
4.9
4.6
52.0
5.0
4.4
4.3
4.2
50.0
3.6
3.7
4.0
3.3
48.0
3.0
46.0
2.0
44.0
1.0
42.0
40.0
-
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
35.0
7.00
30.0
6.50
25.0
6.00
20.0
5.50
15.0
5.00
10.0
4.50
5.0
4.00
0.0
3.50
(5.0)
3.00
Source: Bloomberg, Angel Research As of 25 Sep, 2018
Source: RBI, Angel Research
Market Outlook
February 05, 2019
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
8.0
(%)
6.9
7.0
5.8
6.0
5.3
5.0
5.0
1.1
3.7
4.0
2.5
3.0
2.2
1.8
2.0
1.5
1.4
0.8
1.0
0.3
-
Source: Bloomberg, Angel Research
Exhibit 2: 2017 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
6.7
6.8
7.0
6.0
5.4
5.2
5.0
3.7
4.0
3.0
1.8
2.2
2.0
1.7
1.6
1.5
2.0
0.7
0.7
1.0
-
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
(x)
25.0
20.0
15.0
10.0
5.0
-
Source: IMF, Angel Research As of 25 Sep, 2018
Market Outlook
February 05, 2019
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
87424
11.2
10.4
15.1
Russia
Micex
2352
-5.0
1.3
13.0
India
Nifty
10387
-5.6
-8.5
-0.6
China
Shanghai Composite
2603
-7.7
-9.5
-23.8
South Africa
Top 40
46141
-6.9
-10.1
-12.7
Mexico
Mexbol
42340
-11.2
-15.1
-11.3
Indonesia
LQ45
923
-2.4
-1.2
-8.3
Malaysia
KLCI
1704
-3.6
-4.4
-2.2
Thailand
SET 50
1104
-4.7
-0.5
0.8
USA
Dow Jones
25116
-5.8
-1.2
6.8
UK
FTSE
7085
-5.2
-8.0
-5.9
Japan
Nikkei
21770
-10.8
-3.8
-3.4
Germany
DAX
11448
-7.2
-10.6
-14.8
France
CAC
5093
-7.5
-7.6
-7.6
Source: Bloomberg, Angel Research As of 02 Nov, 2018
Market Outlook
February 05, 2019
Exhibit 7: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
17-08-2018
Top Picks
Ashok Leyland
128
156
Open
10-08-2018
Top Picks
Inox Wind
107
127
Open
30-11-2018
Top Picks
TTK Prstige
7,206
8,200
Open
09-08-2018
Top Picks
TTK Prstige
6,206
7,500
06-07-2018
Top Picks
Aurobindo Pharma
603
780
Open
30-08-2018
Top Picks
RBL Bank
626
690
Open
06-07-2018
Top Picks
RBL Bank
565
670
06-07-2018
Top Picks
Yes Bank
348
418
Open
30-06-2018
Top Picks
Jindal Steel & Power
222
350
Open
20-06-2018
Top Picks
Shriram Transport Finance Com
1,466
1,764
Open
30-07-2018
Top Picks
Bata India
918
1,007
Open
23-07-2018
Top Picks
Bata India
842
955
01-07-2018
Top Picks
Bata India
862
948
18-06-2018
Top Picks
Bata India
779
896
14-06-2018
Top Picks
Amber Enterprises
1,026
1,230
Open
07-06-2018
Top Picks
M&M
918
1050
Open
04-05-2018
Top Picks
M&M
860
990
03-05-2018
Fundamental
L&T Finance Holding
171
210
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
15-05-2018
Top Picks
Parag Milk Foods Limited
310
410
Open
16-04-2018
Top Picks
Parag Milk Foods Limited
249
333
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
07-08-2018
Top Picks
GMM Pfaudler Limited
984
1,100
29-06-2018
Fundamental
GMM Pfaudler Limited
932
1,020
14-05-2018
Fundamental
GMM Pfaudler Limited
818
900
06-04-2018
Fundamental
GMM Pfaudler Limited
712
861
07-03-2018
Fundamental
Ashok Leyland Ltd
139
163
Closed (26/04/2018)
03-03-2018
Fundamental
Greenply Industries
340
395
Open
27-08-2018
Top Picks
Safari Industries
974
1,071
Open
14-08-2018
Top Picks
Safari Industries
868
1,000
07-08-2018
Top Picks
Safari Industries
788
870
16-07-2018
Top Picks
Safari Industries
693
800
16-04-2018
Top Picks
Safari Industries
651
750
21-02-2018
Top Picks
Safari Industries
532
650
31-05-2018
Top Picks
HSIL Ltd
348
Closed (31/05/2018)
16-02-2018
Top Picks
HSIL Ltd
433
510
07-02-2018
Fundamental
Elantas Beck India Ltd.
2155
2500
Open
01-02-2018
Top Picks
ICICI Bank
352
416
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
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
Source: Company, Angel Research
Market Outlook
February 05, 2019
Exhibit 8: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
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
19-12-2017
Top Picks
LT Foods
85
Closed(18/06/2018)
06-11-2017
Top Picks
LT Foods
74
96
16-10-2017
FundamentalEndurance Technologies Ltd
1111
1277
Closed (01/12/2017)
11-09-2017
Top Picks
GIC Housing
533
655
Open
10-10-2017
Top Picks
Music Broadcast Limited
404
475
Open
20-07-2017
Top Picks
Music Broadcast Limited
368
434
07-07-2017
Fundamental L&T Finance Holdings Ltd
149
179
Closed (28/8/2017)
06-07-2017
Fundamental
Syngene International
478
564
Closed (1/3/2018)
05-07-2017
Top Picks
Maruti
7371
10619
Open
05-06-2017
Top Picks
Karur Vysya Bank
127
100
Closed (12/03/2018)
23-05-2018
Top Picks
KEI Industries
481
589
Open
04-01-2017
Top Picks
KEI Industries
125
485
31-05-2018
Top Picks
Alkem Lab
1978
Closed (31/05/2018)
01-12-2016
Top Picks
Alkem Lab
1700
2441
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
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
08-12-2015
Top Picks
Blue Star
357
867
Open
30-10-2015
Top Picks
Siyaram Silk Mills
186
851
Open
Source: Company
Market Outlook
February 05, 2019
Research Team Tel: 022 - 39357800
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