Market Outlook
November 05, 2018
Domestic Indices
Chg (%)
(Pts)
(Close)
Market Cues
BSE Sensex
1.7
580
35,011
Indian markets are likely to open negative tracking global indices and SGX Nifty.
Nifty
1.6
172
10,553
U.S. stocks gave back some ground during the trading day on Friday. The major
Mid Cap
0.8
116
14,888
averages initially moved to the upside but pulled back into negative territory as the
Small Cap
0.8
110
14,464
session progressed. The Dow Jones fell 0.4 percent to 25,270 and the Nasdaq
Bankex
1.4
405
29,016
slumped 1 percent to 7,356.
U.K. shares joined a global relief rally on Friday after U.S. President Donald Trump
Global Indices
Chg (%)
(Pts)
(Close)
and Chinese President Xi Jinping have expressed optimism about resolving their
Dow Jones
(0.4)
(109)
25,270
bitter trade disputes. The benchmark FTSE 100 was up by 0.8% to close at 7,167.
Nasdaq
(1.0)
(77)
7,356
On domestic front, Indian shares ended Friday's session sharply higher and the
FTSE
0.8
53
7,167
rupee gained more than 70 paise to race past 73 mark in the afternoon for the first
Nikkei
2.6
556
22,243
time in over 1 month, as global trade tensions eased and oil prices tumbled to close
Hang Seng
4.2
1,070
26,486
at near seven-month low overnight, helping soothe investor concerns over inflation
Shanghai Com
2.7
70
2,676
and fiscal slippage. The BSE Sensex was up by 1.7% to 35,011.
News Analysis
Advances / Declines
BSE
NSE
RBI tweaks norms to help shadow banks with liquidity crunch, refinance debt
Advances
827
508
Declines
1,774
1,261
Detailed analysis on Pg2
Unchanged
166
297
Investor’s Ready Reckoner
Key Domestic & Global Indicators
Volumes (` Cr)
Stock Watch: Latest investment recommendations on 150+ stocks
BSE
1,820
Refer Pg5 onwards
NSE
853
Top Picks
CMP
Target
Upside
Net Inflows (` Cr)
Net
Mtd
Ytd
Company
Sector
Rating
(`)
(`)
(%)
FII
(1,077)
(1,418)
(6,857)
Blue Star
Capital Goods
Buy
569
867
52.4
Dewan Housing Finance
Financials
Buy
230
473
105.7
*MFs
1,125
3,967
80,584
Parag Milk Foods
Others
Buy
260
410
57.7
Bata India
Others
Buy
1,007
1,243
23.4
Top Gainers
Price (`)
Chg (%)
KEI Industries
Capital Goods
Buy
362
486
34.3
88
27.1
More Top Picks on Pg4
38
14.2
Key Upcoming Events
GNFC
380
12.4
Previous
Consensus
Date
Region
Event Description
2,820
11.8
ReadingExpectations
115
10.1
Nov 05, 2018 Euro Zone Euro-Zone GDP s.a. (QoQ)
0.08
--
Nov 05, 2018 Euro Zone Euro-Zone GDP s.a. (QoQ)
0.01
(0.01)
Nov 06, 2018 Euro Zone Building Permits MoM
0.03
(0.07)
Top Losers
Price (`)
Chg (%)
Nov 07,2018 UK
BOE Announces rates
(0.40)
--
457
-7.1
Nov 07,2018 Germany GDP nsa (YoY)
0.00
(0.00)
69
-7.0
More Events on Pg7
327
-5.4
23
-4.8
1,630
-4.7
As on Nov 03, 2018
Market Outlook
November 05, 2018
News Analysis
RBI tweaks norms to help shadow banks with liquidity crunch,
refinance debt
The Reserve Bank of India (RBI) sought on Friday to ease a massive credit crunch
affecting non-banking finance companies (NBFCs) by allowing banks to act as
partial guarantors for some of their existing debt which should make it easier to
refinance. The RBI said banks could now provide partial credit enhancement to
refinance bonds issued by NBFCs and housing finance companies (HFCs) with
tenors of not less than three years. Until now, banks were not allowed to provide
credit enhancement to NBFCs.
Panic over potential debt defaults in the shadow banking sector have caused
corporate bond yields of NBFCs to rise by more than 80 basis points since
September. The resulting liquidity crunch has added to a rift between the central
bank and the government.
According to bankers, 1.04 trillion rupees ($14.41 billion) of debt is set to mature
in November and another 623.4 billion rupees in December for papers issued by
the NBFC and HFCs.
The RBI said banks can provide a credit enhancement of up to 20 percent of the
bonds to be issued and limited such enhancements to one percent of a bank’s
capital funds. The central bank also directed banks to ensure the funds were only
used to refinance the existing debt indicating that the bond proceeds from such
credit enhancements should not be used for NBFCs’ growth or lending operations.
Economic and Political News
Govt fears NBFC defaults in next 6 weeks if not provided liquidity support
Growth in demand turns India into net importer of iron, steel in Apr-Sept
Govt may announce changes in gold monetisation scheme in next few days
Corporate News
Two IL&FS subsidiaries default on an interest payment of Rs 636 mn
Fraud-hit PNB loss widens to Rs 45.32 billion on bad loans
IOC Q2 net down 12.5% to Rs 33.26 bn due to forex expenses, input costs
Piramal reduces lending to realty developers, looks to derisk its portfolio
Aurobindo recalls 22 batches of hypertensive drug in US citing cancer risk
Market Outlook
November 05, 2018
Quarterly Bloomberg Brokers Consensus Estimate
Cipla Ltd - November 05, 2018
Particulars (` cr)
2QFY19E
2QFY18
y-o-y (%)
1QFY19
q-o-q (%)
Sales
4,289
4082
5.1%
3939
8.9%
EBIDTA
836
804
4.0%
726
15.2%
%
19%
20
18
PAT
453
436
3.9%
447
1.3%
Gail Ltd - November 05, 2018
Particulars (` cr)
2QFY19E
2QFY18
y-o-y (%)
1QFY19
q-o-q (%)
Sales
20,268
12410
63%
17299
17%
EBIDTA
2,758
2069
33%
2244
23%
%
14%
17
13
PAT
1,885
1310
44%
1259
50%
SBI Ltd - November 05, 2018
Particulars (` cr)
2QFY19E
2QFY18
y-o-y (%)
1QFY19
q-o-q (%)
PAT
350
1952
(82.1)
-4056
Market Outlook
November 05, 2018
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
5,480
569
867
52.4
the 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
7,233
230
473
105.7
presence in tier-II & III cities where the growth
opportunity is immense.
Well capitalized with CAR of 18.1% which gives
sufficient room to grow asset base. Faster
ICICI Bank
2,28,030
355
416
17.2
resolution of NPA would reduce provision cost,
which would help to report better ROE.
High order book execution in EPC segment, rising
KEI Industries
2,859
362
486
34.3
B2C sales and higher exports to boost the revenues
and profitability
Expected to benefit from the lower capex
Music Broadcast Limited
1,896
332
475
43.1
requirement and 15 year long radio broadcast
licensing.
Strong brands and distribution network would
Siyaram Silk Mills
1,741
372
752
102.2
boost growth going ahead. Stock currently trades
at an inexpensive valuation.
GST regime and the Gujarat plant are expected to
Maruti Suzuki
2,02,697
7,136
10,820
51.6
improve the company’s sales volume and margins,
respectively.
We expect loan book to grow at 24.3% over next
GIC Housing
1,418
264
424
60.6
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
1,715
770
1,071
39.1
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
23,378
106
198
86.8
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
2,179
260
410
57.7
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
5,11,596
1,947
2,350
20.7
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
November 05, 2018
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
97,522
784
1,050
33.9
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
2,702
859
1,230
43.2
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
12,951
1,007
1,243
23.4
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
28,462
1,254
1,764
40.7
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
17,882
185
327
76.8
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
1,556
1,072
1,287
20.1
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
45,788
782
870
11.3
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.
Well planned strategy to grow small business
loans and cross-selling would propel fees
Yes Bank
48,395
209
365
74.6
income. We expect YES to grow its advance
much higher than industry and improvement in
asset quality to support profitability.
We believe advance to grow at a healthy CAGR
of 35% over FY18-20E. Below peers level ROA
RBL Bank
22,195
522
690
32.2
(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
7,960
6,832
8,200
20.0
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
November 05, 2018
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
1,946
88
127
44.3
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
34,551
118
156
32.2
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
3,569
269
360
33.8
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
2,351
1,581
2,178
37.8
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
1,430
1,804
2,500
38.6
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
1,681
137
256
86.9
~`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
23,935
134
210
56.7
ROE of 18% by 2020 and recent capital infusion of
`3000cr would support advance growth.
Market Outlook
November 05, 2018
Global economic events release calendar
Bloomberg Data
Date
Time Country
Event Description
Unit Period
Last Reported
Estimated
Nov 05, 2018
GE
CPI Rhineland-Palatinate YoY
% Change
Oct
0.02
--
Nov 05, 2018
GE
CPI Baden Wuerttemberg MoM
% Change
Oct
0.01
--
Nov 05, 2018
GE
CPI Baden Wuerttemberg YoY
% Change
Oct
0.03
--
Nov 05, 2018
12:00 AM
MX
Budget Balance YTD
% Change
Sep
-230.8b
--
Nov 06, 2018
12:00 AM
NC
Remittances Total
% Change
Sep
--
--
Nov 06, 2018
3:15 AM
NZ
Building Permits MoM
% Change
Sep
0.08
--
Nov 06, 2018
4:30 AM
SK
Industrial Production SA MoM
% Change
Sep
0.01
(0.01)
Nov 07, 2018
4:30 AM
SK
Industrial Production YoY
% Ratio
Sep
0.03
(0.07)
Nov 07, 2018
4:30 AM
SK
Cyclical Leading Index Change
% Sep
(0.40)
--
Nov 07, 2018
5:20 AM
JN
Industrial Production MoM
% Change Sep P
0.00
(0.00)
Nov 07, 2018
5:20 AM
JN
Industrial Production YoY
% Change Sep P
0.00
(0.02)
Nov 08, 2018
5:30 AM
NZ
ANZ Activity Outlook
% Oct
7.80
--
Nov 08, 2018
5:30 AM
NZ
ANZ Business Confidence
% Oct
(38.30)
--
Nov 08, 2018
5:31 AM
UK
GfK Consumer Confidence
Thousands
Oct
(9.00)
(10.00)
Nov 08, 2018
5:31 AM
UK
Lloyds Business Barometer
% Change
Oct
29.00
--
Nov 08, 2018
5:31 AM
UK
BRC Shop Price Index YoY
% Change
Oct
0.00
--
Nov 12, 2018
6:00 AM
AU
CPI QoQ
% Change
3Q
0.00
0.01
Nov 12, 2018
0-Jan-00
AU
CPI YoY
% Change
3Q
0.02
0.02
Source: Company, Angel Research
Market Outlook
November 05, 2018
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
November 05, 2018
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
November 05, 2018
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
75,429
(4.0)
5.6
2.7
Russia
Micex
4,327
1.4
7.1
11.4
India
Nifty
11,515
0.7
6.1
14.1
China
Shanghai Composite
2,682
(1.5)
(11.3)
(20.8)
South Africa
Top 40
50,441
1.7
(1.7)
1.9
Mexico
Mexbol
49,612
2.2
6.3
(1.0)
Indonesia
LQ45
937
(2.7)
(2.6)
(4.7)
Malaysia
KLCI
1,804
(0.1)
1.6
1.7
Thailand
SET 50
1,136
2.5
0.7
9.9
USA
Dow Jones
26,155
3.4
3.9
17.5
UK
FTSE
7,304
(4.0)
(4.3)
0.7
Japan
Nikkei
23,095
4.0
1.1
19.8
Germany
DAX
12,124
(0.3)
(5.5)
(3.2)
France
CAC
5,353
0.9
(1.8)
2.1
Source: Bloomberg, Angel Research As of 25 Sep, 2018
Market Outlook
November 05, 2018
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
31-08-2018
Top Picks
TTK Prstige
7,235
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
November 05, 2018
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
November 05, 2018
Research Team Tel: 022 - 39357800
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