Market Outlook

August 08, 2017

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

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

BSE Sensex

(0.2)

(52)

32,274

U.S. markets gained modestly on Monday on top of marginal gain on Friday and

Nifty

(0.1)

(9)

10,057

closed on record high for the Dow Jones for the ninth consecutive trading session.

Mid Cap

1.1

163

15,600

Fridays better than job data continued to have a positive impact on the markets and

Small Cap

1.1

183

16,109

the tech heavy Nasdaq closed on a better gain than other indices. Traders might

Bankex

0.3

28,162

look forward for next monetary policy action before taking next course of action.

The European markets ended on a mixed note. A survey result from think tank Sentix

Global Indices

Chg (%)

(Pts)

(Close)

showed that investor confidence in the Eurozone declined for the straight month in

August to lowest level in three months. The headline index dropped to 27.7 from

Dow Jones

0.1

22,118

28.3 in July. German Industrial output also fell unexpectedly by 1.1% MoM in June

Nasdaq

0.5

6,384

in contrast to a 1.2% rie in May.

FTSE

0.9

7,475

Nikkei

0.5

104

20,056

Indian markets traded in a narrow range throughout the day and ended with a

marginal loss. Selective banking stocks witnessed buying and Tata Steel closed on a

Hang Seng

0.5

128

27,690

strong note ahead of its quarterly results. However, lack of fresh economic data and

Shanghai Com

0.5

3,279

major events kept traders on edge and stocks overall remained lacklustre. However,

the market breadth remained strong with 1040 stocks advancing against 653

Advances / Declines

BSE

NSE

declines in the NSE.

Advances

1,565

1040

News Analysis

Declines

1,087

653

 Tata Steel reports PAT of `933 cr

Unchanged

170

Detailed analysis is on Pg2

Volumes (` Cr)

Investor’s Ready Reckoner

BSE

3,895

Key Domestic & Global Indicators

NSE

24,374

Stock Watch: Latest investment recommendations on 150+ stocks

Pg7 onwards

#Net Inflows (` Cr)

Net

Mtd

Ytd

Top Picks

FII

(199)

(495)

57,901

CMP

Target

Upside

Company

Sector

Rating

MFs

308

1934

52,880

(`)

(%)

Blue Star

Capital Goods

Accumulate

691

760

10.0

Dewan Housing FinanceFinancials

Buy

457

550

20.4

Top Gainers

Price (`)

Chg (%)

Mahindra Lifespace

Real Estate

Buy

428

522

21.9

Jpassociat

14.4

Navkar Corporation

Others

Buy

190

265

39.6

Apollotyre

286

8.9

KEI Industries

Capital Goods

Accumulate

226

258

14.0

More Top Picks on Pg5

Strtech

237

8.2

Sintex

7.6

Key Upcoming Events

Unitech

7.5

Consensus

Date

Region

Event Description

Reading

Expectations

Aug 08, 2017 China

Exports YoY%

11.30

11.00

Top Losers

Price (`)

Chg (%)

Aug 09, 2017 China

Consumer Price Index (YoY)

1.50

Hdil

(8.5)

Aug 10, 2017 India

Imports YoY%

19.00

Aug 10, 2017 US

Initial Jobless claims

240.00

Repcohome

701

(8.3)

Aug 10, 2017 India

Exports YoY%

4.40

Gsfc

126

(7.2)

More Events on Pg7

Suntv

757

(3.7)

Gnfc

288

(3.2)

#as on 7^rd Aug, 2017

www.angelbroking.com

Market Outlook

August 08, 2017

News Analysis

Tata Steel reports improved set of numbers, PAT at `933 cr

Tata Steel has reported an encouraging set of results for the quarter, with PAT

at `933 cr vs `209 cr YoY. The strong growth in PAT has come despite a `617

cr exceptional hit due to provisioning related to mining related operations by

its South East Asian operations. Strong operating performance both in the

Indian operations as well as European operations has resulted in the better

than expected results. The management has re-iterated that increased capacity

in Indian and ongoing restructuring in the European operations has lead to

consolidated sales growth of 19.3% YoY to ` 30,973 cr. However, when

looked on a sequential basis revenues declined by 12%. Overall steel

deliveries stood at 5.83 million up 8.6%. Operating margin also expanded by

350 bps to 16.1% and hence EBITDA grew by 51.9% YoY to ` 4974 cr, which

was better than expected. The Indian operations reported a 28% growth in

steel deliveries, backed by ramp up in Kalinganagar plant and hence

operating income went up by 31%. We have a NEUTRAL rating on the stock.

Economic and Political News

 Number of ITR filling jumps by 24.7% to 28.2 million in FY17

 Hike in GST cess on luxuxry cars will dent Make In India, say carmakers

 Bank Unions call for all India strike on 22^nd August against privatization

 GIC Re files for IPO, may raise `6000 cr

 Bankers review progress of large 12 NPAs

Corporate News

 Bank Of India plans to raise `626 cr via stake sale in STCI Finance

 IRDA directs LIC to reduce stake in L&T, ITC by Dec,2018

 Brittania 1QFY18 falls 1.4% to `216 cr

 Airtel plans to sell 3.7% in Bharti Infratel for `2500 cr

www.angelbroking.com

Market Outlook

August 08, 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

22,411

1,874

2,161

15.3

more products in USA, which bodes for its international

business.

We expect the company would report strong profitability

Asian Granito

1,264

420

480

14.3

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

6,617

691

760

10.0

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

1,761

226

258

14.0

sales and higher exports to boost the revenues and

profitability

Speedier execution and speedier sales, strong revenue

Mahindra Lifespace

2,197

428

522

21.9

visibilty in short-to-long run, attractive valuations

Massive capacity expansion along with rail advantage at

Navkar Corporation

2,707

190

265

39.6

ICD as well CFS augurs well for the company

Strong brands and distribution network would boost

Siyaram Silk Mills

1,931

2,060

2,500

21.4

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

1,418

238

344

44.8

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

2,36,814

7,839

8,495

8.4

plant will also enable higher operating leverage which

will be margin accretive.

Source: Company, Angel Research,

www.angelbroking.com

Market Outlook

August 08, 2017

Key Upcoming Events

Result Calendar

Date

Company

Tata Chemicals, Thermax, Mangalam Cement, Bank of India, GlaxoSmith Con, Jagran Prakashan, Jindal Steel,

August 08, 2017

Vesuvius India, L G Balakrishnan & Bros, GIPCL, Anant Raj, Team Lease Serv.

Tata Motors, NMDC, Nalco, Finolex Cables, Goodyear, Styrolution, ITD Cementation, Aurobindo Pharma, Indoco

August 09, 2017

Remedies, NHPC

Source: Bloomberg, Angel Research

Global economic events release calendar

Bloomberg Data

Date

Time

Country

Event Description

Unit

Period

Last Reported

Estimated

Aug 08, 2017

China

Exports YoY%

% Change

Jul

11.30

11.00

Aug 09, 2017

7:00 AMChina

Consumer Price Index (YoY)

% Change

Jul

1.50

Aug 10, 2017

India

Imports YoY%

% Change

Jul

19.00

6:00 PMUS

Initial Jobless claims

Thousands

Aug 5

240.00

India

Exports YoY%

% Change

Jul

4.40

6:00 PMUS

Consumer price index (mom)

% Change

Jul

0.20

Producer Price Index (mom)

% Change

Jul

0.20

Aug 11, 2017

2:00 PMUK

Industrial Production (YoY)

% Change

Jun

(0.20)

(0.10)

5:30 PMIndia

Industrial Production YoY

% Change

Jun

1.70

Aug 14, 2017

7:30 AMChina

Industrial Production (YoY)

% Change

Jul

7.60

7.10

12:00 PMIndia

Monthly Wholesale Prices YoY%

% Change

Jul

0.90

Aug 15, 2017

2:00 PMUK

CPI (YoY)

% Change

Jul

2.60

11:30 AMGermany GDP nsa (YoY)

% Change

2Q P

2.90

Aug 16, 2017

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

% Change

2Q P

0.60

6:00 PMUS

Housing Starts

Thousands

Jul

1,215.00

1,223.00

Source: Bloomberg, Angel Research

www.angelbroking.com

Market Outlook

August 08, 2017

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

5.7

10.0

6.0

9.1

5.2

8.8

9.0

4.9

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

50.0

4.2

3.9

3.6

3.7

4.0

3.4

48.0

3.2

3.0

46.0

2.2

2.0

1.5

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

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

(10.0)

4.00

(20.0)

3.50

(30.0)

3.00

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

www.angelbroking.com

Market Outlook

August 08, 2017

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

67,940

8.8

3.7

19.0

Russia

Micex

1,970

2.5

(1.4)

0.7

India

Nifty

10,057

4.0

8.0

16.6

China

Shanghai Composite

3,279

1.6

6.2

9.3

South Africa

Top 40

49,764

8.2

5.7

9.3

Mexico

Mexbol

51,389

2.7

2.9

8.5

Indonesia

LQ45

955

(1.8)

1.0

6.6

Malaysia

KLCI

1,778

0.4

0.3

7.5

Thailand

SET 50

1,000

0.4

0.1

4.5

USA

Dow Jones

22,118

3.7

5.3

19.4

FTSE

7,532

2.7

3.2

9.9

Japan

Nikkei

20,056

(0.1)

0.8

21.0

Germany

DAX

12,257

(1.0)

(3.4)

14.1

France

CAC

5,208

1.1

(3.5)

15.8

Source: Bloomberg, Angel Research

www.angelbroking.com

Stock Watch

August 08, 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

242

209

4,708

1,937

2,164

13.3

14.3

9.0

11.0

26.9

22.0

4.7

4.1

18.4

19.8

2.5

2.2

United Phosphorus

Neutral

880

44,699

15,176

17,604

18.5

37.4

44.6

23.5

19.7

4.6

3.8

21.4

21.2

3.1

2.6

Auto & Auto Ancillary

Ashok Leyland

Neutral

111

32,558

20,019

22,789

11.1

11.7

4.3

5.5

25.9

20.3

5.0

4.5

19.4

22.0

1.6

1.4

Bajaj Auto

Neutral

2,890

83,627

25,093

27,891

19.5

19.2

143.9

162.5

20.1

17.8

5.6

4.8

30.3

29.4

3.1

2.7

Bharat Forge

Neutral

1,162

27,057

7,726

8,713

20.5

21.2

35.3

42.7

32.9

27.2

6.1

5.5

18.9

20.1

3.6

3.1

Eicher Motors

Neutral

31,970

87,028

16,583

20,447

17.5

18.0

598.0

745.2

53.5

42.9

18.3

13.9

41.2

38.3

5.1

4.1

Gabriel India

Neutral

171

2,451

1,544

1,715

9.0

9.3

5.4

6.3

31.6

27.1

6.0

5.3

18.9

19.5

1.5

1.4

Hero Motocorp

Neutral

3,954

78,952

28,120

30,753

15.2

15.6

169.1

189.2

23.4

20.9

8.1

6.8

30.8

28.2

2.6

2.4

Jamna Auto Industries Neutral

266

2,116

1,486

1,620

9.8

9.9

15.0

17.2

17.7

15.4

3.9

3.3

21.8

21.3

1.5

1.4

L G Balakrishnan & Bros Neutral

770

1,209

1,302

1,432

11.6

11.9

43.7

53.0

17.6

14.5

2.5

2.3

13.8

14.2

1.0

0.9

Mahindra and Mahindra Neutral

1,399

86,909

46,534

53,077

11.6

11.7

67.3

78.1

20.8

17.9

3.4

3.0

15.4

15.8

1.8

1.6

Maruti

Accumulate

7,839

8,495

236,814

67,822

83,717

15.2

15.0

243.0

291.5

32.3

26.9

7.4

6.0

22.9

22.4

3.2

2.5

Minda Industries

Neutral

762

6,585

2,728

3,042

9.0

9.1

68.2

86.2

11.2

8.8

2.5

2.0

23.8

24.3

2.5

2.2

Motherson Sumi

Neutral

340

71,628

45,896

53,687

7.8

8.3

13.0

16.1

26.1

21.1

8.4

6.7

34.7

35.4

1.6

1.4

Rane Brake Lining

Neutral

1,275

1,009

511

562

11.3

11.5

28.1

30.9

45.4

41.3

6.9

6.3

15.3

15.0

2.1

1.9

Setco Automotive

Neutral

522

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

430

124,286

300,209

338,549

8.9

8.4

42.7

54.3

10.1

7.9

1.6

1.4

15.6

17.2

0.5

TVS Motor

Neutral

603

28,629

13,390

15,948

6.9

7.1

12.8

16.5

47.2

36.4

11.7

9.3

26.3

27.2

2.2

1.8

Amara Raja Batteries

Buy

823

962

14,050

5,339

6,220

15.9

15.3

28.0

32.3

29.4

25.5

5.6

4.7

19.1

18.5

2.6

2.3

Exide Industries

Neutral

216

18,386

7,439

8,307

15.0

8.1

9.3

26.7

23.3

3.7

3.3

14.3

16.7

2.1

1.9

Apollo Tyres

Neutral

286

14,548

12,877

14,504

14.3

13.9

21.4

23.0

13.3

12.4

2.1

1.8

16.4

15.2

1.3

1.2

Ceat

Neutral

1,812

7,330

7,524

8,624

13.0

12.7

131.1

144.3

13.8

12.6

2.5

2.2

19.8

18.6

1.1

0.9

JK Tyres

Neutral

166

3,758

7,455

8,056

15.0

21.8

24.5

7.6

6.8

1.6

1.3

22.8

21.3

0.6

0.5

Swaraj Engines

Neutral

2,006

2,492

660

810

15.2

16.4

54.5

72.8

36.8

27.6

11.5

10.4

31.5

39.2

3.6

2.9

Subros

Neutral

243

1,459

1,488

1,681

11.7

11.9

6.4

7.2

38.0

33.9

4.0

3.6

10.8

11.4

1.2

1.1

Indag Rubber

Neutral

189

496

286

326

19.8

16.8

11.7

13.3

16.2

14.2

2.7

2.6

17.8

17.1

1.4

1.2

Capital Goods

ACE

Neutral

673

709

814

4.1

4.6

1.4

2.1

48.6

32.4

2.0

1.9

4.4

6.0

1.1

1.0

BEML

Neutral

1,720

7,162

3,451

4,055

6.3

9.2

31.4

57.9

54.8

29.7

3.3

3.0

6.3

10.9

2.2

1.9

Bharat Electronics

Neutral

182

40,607

8,137

9,169

16.8

17.2

58.7

62.5

3.1

2.9

0.5

0.4

44.6

46.3

4.0

3.6

www.angelbroking.com

Stock Watch

August 08, 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

537

17,767

6,511

7,514

7.9

8.7

12.9

16.3

41.6

32.9

7.5

6.6

16.7

18.5

2.5

2.1

BGR Energy

Neutral

143

1,032

16,567

33,848

6.0

5.6

7.8

5.9

18.3

24.2

1.0

4.7

4.2

0.2

0.1

BHEL

Neutral

139

33,997

28,797

34,742

2.8

2.3

6.9

60.4

20.1

1.0

1.3

4.8

0.8

0.6

Blue Star

Accumulate

691

760

6,617

4,283

5,077

5.9

7.3

14.9

22.1

46.4

31.2

9.0

7.6

20.4

26.4

1.6

1.3

CG Power and Industrial

Neutral

5,171

5,777

6,120

5.9

7.0

3.3

4.5

25.0

18.3

1.1

4.4

5.9

0.9

0.7

Solutions

Greaves Cotton

Neutral

160

3,902

1,755

1,881

16.8

16.9

7.8

8.5

20.5

18.8

4.1

3.8

20.6

20.9

1.9

1.7

Inox Wind

Neutral

139

3,095

5,605

6,267

15.7

16.4

24.8

30.0

5.6

4.7

1.6

1.2

25.9

24.4

0.6

0.5

KEC International

Neutral

299

7,688

9,294

10,186

7.9

8.1

9.9

11.9

30.2

25.1

4.4

3.8

15.6

16.3

1.1

1.0

KEI Industries

Accumulate

226

258

1,761

2,633

3,001

10.4

10.0

12.7

13.0

17.8

17.4

3.8

3.2

21.4

18.2

0.9

0.8

Thermax

Neutral

907

10,805

5,421

5,940

7.3

25.7

30.2

35.3

30.0

4.3

3.9

12.2

13.1

1.9

1.7

VATech Wabag

Accumulate

625

681

3,410

3,136

3,845

8.9

9.1

26.0

35.9

24.0

17.4

3.0

2.6

13.4

15.9

1.0

0.8

Cement

ACC

Neutral

1,816

34,102

11,225

13,172

13.2

16.9

44.5

75.5

40.8

24.1

3.9

3.6

11.2

14.2

3.0

2.6

Ambuja Cements

Neutral

280

55,529

9,350

10,979

18.2

22.5

5.8

9.5

48.2

29.4

4.1

3.6

10.2

12.5

5.9

5.1

India Cements

Neutral

200

6,165

4,364

4,997

18.5

19.2

7.9

11.3

25.3

17.7

1.8

8.0

8.5

2.2

1.9

JK Cement

Neutral

1,023

7,154

4,398

5,173

15.5

17.5

31.2

55.5

32.8

18.4

3.9

3.4

12.0

15.5

2.2

1.8

J K Lakshmi Cement

Neutral

445

5,240

2,913

3,412

14.5

19.5

7.5

22.5

59.4

19.8

3.7

3.1

12.5

18.0

2.4

2.0

Orient Cement

Neutral

155

3,165

2,114

2,558

18.5

20.5

8.1

11.3

19.1

13.7

2.8

2.4

9.0

14.0

2.1

1.7

UltraTech Cement

Neutral

4,059

111,442

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

2,936

8,946

10,017

31.0

31.6

8.1

9.1

11.0

9.8

0.4

4.2

5.0

3.7

3.4

KNR Constructions

Neutral

208

2,927

1,385

1,673

14.7

14.0

41.2

48.5

5.1

4.3

0.9

0.8

14.9

15.2

2.2

1.8

Larsen & Toubro

Buy

1,179

1,700

165,081

111,017

124,908

11.0

61.1

66.7

19.3

17.7

2.3

2.2

13.1

12.9

2.5

2.3

Gujarat Pipavav Port

Neutral

142

6,887

705

788

52.2

51.7

5.0

5.6

28.5

25.4

2.8

2.5

11.2

9.4

7.9

Nagarjuna Const.

Neutral

5,001

8,842

9,775

9.1

8.8

5.3

6.4

17.0

14.1

1.3

1.2

8.2

9.1

0.7

0.6

PNC Infratech

Neutral

140

3,597

2,350

2,904

13.1

13.2

9.0

8.8

15.6

15.9

0.6

0.5

15.9

13.9

1.6

1.3

Simplex Infra

Neutral

481

2,380

6,829

7,954

10.5

31.4

37.4

15.3

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

289

4,966

3,598

4,140

10.3

10.6

9.0

11.9

32.2

24.3

3.4

3.0

9.9

11.9

1.7

1.4

NBCC

Neutral

214

19,233

7,428

9,549

7.9

8.6

8.2

11.0

26.1

19.4

1.3

1.0

28.2

28.7

2.3

1.7

MEP Infra

Neutral

125

2,034

1,877

1,943

30.6

29.8

3.0

4.2

41.7

29.8

20.2

13.6

0.6

2.5

2.3

www.angelbroking.com

Stock Watch

August 08, 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

102

3,584

1,036

1,252

65.5

66.2

(8.4)

(5.6)

3.8

4.4

(22.8)

(15.9)

11.7

9.7

Engineers India

Neutral

160

10,762

1,725

1,935

16.0

19.1

11.4

13.9

14.0

11.5

1.9

13.4

15.3

5.2

4.6

Financials

Axis Bank

Accumulate

506

580

121,298

46,932

53,575

3.5

3.4

32.4

44.6

15.6

11.3

2.0

1.8

13.6

16.5

Bank of Baroda

Neutral

160

36,844

19,980

23,178

1.8

11.5

17.3

13.9

9.2

1.6

1.3

8.3

10.1

Canara Bank

Neutral

352

21,037

15,225

16,836

1.8

14.5

28.0

24.3

12.6

1.7

1.4

5.8

8.5

Can Fin Homes

Neutral

2,945

7,840

420

526

3.5

86.5

107.8

34.1

27.3

7.3

6.0

23.6

24.1

Cholamandalam Inv. &

Neutral

1,206

18,852

2,012

2,317

6.3

42.7

53.6

28.3

22.5

4.5

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

168

235

5,679

939

1,281

11.7

11.5

5.8

8.2

28.9

20.5

2.5

2.2

10.9

11.5

Federal Bank

Buy

115

140

22,248

8,259

8,995

3.0

4.3

5.6

26.6

20.5

2.3

2.1

8.5

10.1

HDFC

Neutral

1,727

275,029

11,475

13,450

3.4

45.3

52.5

38.1

32.9

7.4

6.5

20.2

20.5

HDFC Bank

Neutral

1,787

460,281

46,097

55,433

4.5

58.4

68.0

30.6

26.3

5.4

4.5

18.8

18.6

ICICI Bank

Accumulate

300

335

192,370

42,800

44,686

3.1

3.3

18.0

21.9

16.7

13.7

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

177

3,390

3,339

3,799

2.7

2.8

11.0

14.0

16.1

12.6

1.7

1.5

11.2

12.7

LIC Housing Finance

Neutral

688

34,733

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

152

32,303

23,532

23,595

2.3

2.4

6.8

12.6

22.3

12.1

3.5

2.5

3.3

6.5

RBL Bank

Neutral

520

19,720

1,783

2,309

2.6

12.7

16.4

40.9

31.7

4.5

4.0

12.8

13.3

Repco Home Finance

Buy

700

825

4,382

388

457

4.5

4.2

30.0

38.0

23.4

18.4

3.9

3.3

18.0

19.2

South Ind.Bank

Neutral

5,266

6,435

7,578

2.5

2.7

3.1

10.8

9.4

1.4

1.2

10.1

11.2

St Bk of India

Accumulate

311

335

268,543

88,650

98,335

2.6

13.5

18.8

23.0

16.6

2.2

1.9

7.0

8.5

Union Bank

Neutral

146

10,050

13,450

14,925

2.3

25.5

34.5

5.7

4.2

0.8

0.7

7.5

10.2

Yes Bank

Neutral

1,801

82,427

8,978

11,281

3.3

3.4

74.0

90.0

24.3

20.0

4.6

3.9

17.0

17.2

FMCG

Akzo Nobel India

Neutral

1,800

8,633

2,955

3,309

13.3

13.7

57.2

69.3

31.5

26.0

10.3

8.6

32.7

33.3

2.7

2.4

Asian Paints

Neutral

1,150

110,269

17,128

18,978

16.8

16.4

19.1

20.7

60.2

55.5

20.9

19.8

34.8

35.5

6.4

5.7

Britannia

Neutral

4,107

49,312

9,594

11,011

14.6

14.9

80.3

94.0

51.2

43.7

21.0

16.2

41.2

5.0

4.3

Colgate

Neutral

1,072

29,168

4,605

5,149

23.4

23.8

26.9

45.1

39.9

24.9

19.5

64.8

66.8

6.3

5.6

Dabur India

Neutral

319

56,272

8,315

9,405

19.8

20.7

8.1

9.2

39.4

34.7

11.0

9.1

31.6

31.0

6.4

5.6

GlaxoSmith Con*

Neutral

5,450

22,920

4,350

4,823

21.2

21.4

179.2

196.5

30.4

27.7

8.1

6.8

27.1

26.8

4.7

4.1

www.angelbroking.com

Stock Watch

August 08, 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

968

65,916

10,235

11,428

18.4

18.6

41.1

44.2

23.5

21.9

5.2

4.4

24.9

24.8

6.5

5.8

HUL

Neutral

1,184

256,327

35,252

38,495

17.8

20.7

22.4

57.4

52.9

54.8

47.0

95.6

88.9

7.1

6.5

ITC

Neutral

280

340,531

40,059

44,439

38.3

39.2

9.0

10.1

31.2

27.6

8.7

7.6

27.8

27.5

8.0

7.2

Marico

Neutral

334

43,115

6,430

7,349

18.8

19.5

6.4

7.7

52.2

43.4

15.8

13.3

33.2

32.5

6.5

5.6

Nestle*

Neutral

6,734

64,926

10,073

11,807

20.7

21.5

124.8

154.2

54.0

43.7

22.2

19.9

34.8

36.7

6.3

5.3

Tata Global

Neutral

170

10,758

8,675

9,088

9.8

7.4

8.2

23.0

20.8

1.8

1.7

7.9

8.1

1.2

1.1

Procter & Gamble

Neutral

8,045

26,114

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

885

1,014

126,281

46,723

52,342

22.1

20.9

60.0

62.8

14.8

14.1

3.7

3.2

25.3

22.4

2.4

2.1

Infosys

Buy

968

1,179

222,379

68,484

73,963

26.0

63.0

64.0

15.4

15.1

3.2

3.0

20.8

19.7

2.9

2.6

TCS

Accumulate

2,505

2,651

493,513

117,966

127,403

27.5

27.6

134.3

144.5

18.7

17.3

5.6

5.2

29.8

29.7

3.8

3.6

Tech Mahindra

Buy

407

533

39,686

29,141

31,051

14.4

15.0

32.3

35.6

12.6

11.4

2.2

1.9

17.1

17.0

1.2

1.1

Wipro

Neutral

289

140,396

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

379

6,962

2,297

2,590

27.4

28.2

21.0

23.4

18.0

16.2

4.2

3.6

23.7

23.1

2.8

2.4

HT Media

Neutral

2,033

2,693

2,991

12.6

12.9

7.9

9.0

11.1

9.7

0.9

7.8

8.3

0.3

0.2

Jagran Prakashan

Buy

180

225

5,875

2,283

2,555

28.0

10.6

12.3

16.9

14.7

3.6

3.1

21.4

2.6

2.3

Sun TV Network

Neutral

757

29,844

2,850

3,265

70.1

71.0

26.2

30.4

28.9

24.9

7.4

6.5

24.3

25.6

10.1

8.7

Hindustan Media

Neutral

270

1,978

1,016

1,138

24.3

25.2

27.3

30.1

9.9

9.0

1.9

1.7

16.2

15.8

1.3

1.1

Ventures

TV Today Network

Buy

238

344

1,418

608

667

21.5

22.3

15.7

19.2

15.2

12.4

2.3

2.0

16.1

16.0

1.9

1.7

Music Broadcast Limited Buy

352

434

2,011

271

317

91.0

109.0

6.0

10.0

58.7

35.2

3.7

3.3

6.5

9.3

7.0

5.8

Metals & Mining

Coal India

Neutral

251

155,992

84,638

94,297

21.4

22.3

24.5

27.1

10.3

9.3

4.3

4.1

42.6

46.0

1.4

1.2

Hind. Zinc

Neutral

285

120,400

14,252

18,465

55.9

48.3

15.8

21.5

18.0

13.3

2.9

2.6

17.0

20.7

8.5

6.5

Hindalco

Neutral

228

51,073

107,899

112,095

7.4

8.2

9.2

13.0

24.7

17.5

1.2

1.1

4.8

6.6

1.0

0.9

JSW Steel

Neutral

229

55,318

53,201

58,779

16.1

16.2

130.6

153.7

1.8

1.5

0.2

14.0

14.4

1.8

1.6

NMDC

Neutral

126

39,770

6,643

7,284

44.4

47.7

7.1

7.7

17.7

16.3

1.5

8.8

9.2

3.8

3.4

SAIL

Neutral

25,772

47,528

53,738

(0.7)

2.1

(1.9)

2.6

24.0

0.7

(1.6)

3.9

1.4

1.3

Vedanta

Neutral

288

106,944

71,744

81,944

19.2

21.7

13.4

20.1

21.5

14.3

1.8

1.7

8.4

11.3

1.9

1.5

Tata Steel

Neutral

600

58,273

121,374

121,856

7.2

8.4

18.6

34.3

32.3

17.5

2.0

1.8

6.1

10.1

1.1

Oil & Gas

GAIL

Neutral

381

64,447

56,220

65,198

9.3

10.1

27.1

33.3

14.1

11.4

1.3

1.2

9.3

10.7

1.3

1.1

ONGC

Neutral

166

213,160

137,222

152,563

15.0

21.8

19.5

24.1

8.5

6.9

0.7

8.5

10.1

1.8

1.6

www.angelbroking.com

Stock Watch

August 08, 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

431

209,387

373,359

428,656

5.9

5.5

54.0

59.3

8.0

7.3

1.2

1.1

16.0

15.6

0.7

0.6

Reliance Industries

Neutral

1,617

525,676

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

1.9

Pharmaceuticals

Alembic Pharma

Accumulate

531

600

10,006

3,101

3,966

19.7

20.5

21.4

25.5

24.8

20.8

5.3

4.3

23.0

22.8

3.2

2.4

Alkem Laboratories Ltd

Buy

1,874

2,161

22,411

5,853

6,901

17.1

18.4

74.6

85.0

25.1

22.1

5.3

4.5

21.1

20.2

3.8

3.2

Aurobindo Pharma

Accumulate

724

823

42,427

14,845

17,086

21.5

22.1

39.4

44.7

18.4

16.2

4.5

3.6

27.6

24.7

3.0

2.6

Aventis*

Neutral

4,294

9,889

2,206

2,508

16.6

16.8

128.9

139.9

33.3

30.7

5.7

4.5

21.6

23.5

4.3

3.6

Cadila Healthcare

Sell

534

450

54,647

9,220

11,584

18.4

20.3

14.5

18.7

36.8

28.6

7.9

6.4

23.5

24.6

6.3

4.8

Cipla

Sell

565

461

45,476

14,281

16,619

15.4

16.2

12.5

19.7

45.2

28.7

3.6

3.3

8.4

12.0

3.4

2.9

Dr Reddy's

Neutral

2,210

36,637

14,081

15,937

16.1

18.6

72.6

105.9

30.4

20.9

3.0

2.7

9.6

13.6

2.8

2.5

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

2,392

20,258

2,927

3,290

11.8

16.2

34.4

49.6

69.5

48.2

10.1

10.5

13.9

21.3

6.7

6.0

Indoco Remedies

Sell

199

153

1,835

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

462

620

5,834

3,211

3,593

13.9

14.5

15.4

19.4

30.0

23.8

2.4

2.2

8.2

9.5

1.9

1.7

Lupin

Buy

985

1,467

44,475

17,120

18,657

24.1

56.9

61.1

17.3

16.1

3.3

2.8

20.7

18.6

2.9

2.3

Natco Pharma

Accumulate

961

1,060

16,749

2,065

1,988

33.1

33.7

27.9

25.7

34.5

37.4

10.1

8.6

29.2

22.9

8.2

8.3

Sun Pharma

Buy

506

712

121,390

30,264

32,899

29.0

26.9

32.7

31.6

15.5

16.0

3.3

2.8

22.2

18.7

3.7

3.3

Power

Tata Power

Neutral

21,638

36,916

39,557

17.4

27.1

5.1

6.3

15.7

12.7

1.4

1.3

9.0

10.3

1.6

1.4

NTPC

Neutral

174

143,760

86,605

95,545

17.5

20.8

11.8

13.4

14.8

13.0

1.5

1.4

10.5

11.1

3.0

Power Grid

Neutral

226

118,182

25,315

29,193

88.2

88.7

14.2

17.2

16.0

13.2

2.4

2.1

15.2

16.1

9.3

8.4

Real Estate

Prestige Estate

Neutral

265

9,932

4,707

5,105

25.2

26.0

10.3

13.0

25.7

20.4

2.1

1.9

10.3

10.2

3.3

2.9

MLIFE

Buy

428

522

2,197

1,152

1,300

22.7

24.6

29.9

35.8

14.3

12.0

1.1

1.0

7.6

8.6

2.6

2.2

Telecom

Bharti Airtel

Neutral

418

166,971

105,086

114,808

34.5

34.7

12.2

16.4

34.2

25.5

2.3

2.2

6.8

8.4

2.5

2.2

Idea Cellular

Neutral

33,560

40,133

43,731

37.2

37.1

6.4

6.5

14.5

14.3

1.2

1.1

8.2

7.6

1.9

1.6

zOthers

Abbott India

Neutral

4,453

9,463

3,153

3,583

14.1

14.4

152.2

182.7

29.3

24.4

143.7

122.7

25.6

26.1

2.7

2.3

Asian Granito

Accumulate

420

480

1,264

1,066

1,169

11.6

12.5

13.0

16.0

32.3

26.3

3.2

2.8

9.5

10.7

1.5

1.3

Bajaj Electricals

Buy

333

395

3,372

4,801

5,351

5.7

6.2

10.4

13.7

31.9

24.3

3.9

3.5

12.4

14.5

0.7

0.6

Banco Products (India)

Neutral

227

1,623

1,353

1,471

12.3

12.4

14.5

16.3

15.7

13.9

21.6

19.5

14.5

14.6

1.1

122.4

Coffee Day Enterprises

Neutral

248

5,104

2,964

3,260

20.5

21.2

4.7

8.0

31.0

2.9

2.6

5.5

8.5

2.1

1.9

Ltd

Competent Automobiles Neutral

212

136

1,137

1,256

3.1

2.7

28.0

23.6

7.6

9.0

40.7

36.8

14.3

11.5

0.1

www.angelbroking.com

Stock Watch

August 08, 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

579

1,482

1,660

13.7

14.5

3.9

5.8

13.2

8.9

3.1

2.9

7.8

10.9

0.7

0.6

Finolex Cables

Neutral

490

7,489

2,883

3,115

12.0

12.1

14.2

18.6

34.5

26.3

18.3

16.0

15.8

14.6

2.3

2.1

Garware Wall Ropes

Neutral

889

1,946

863

928

15.1

15.2

36.4

39.4

24.4

22.6

4.4

3.8

17.5

15.9

2.2

2.0

Goodyear India*

Neutral

884

2,039

1,598

1,704

10.4

10.2

49.4

52.6

17.9

16.8

82.6

72.5

18.2

17.0

1.0

137.1

Hitachi

Neutral

2,025

5,507

2,081

2,433

8.8

8.9

33.4

39.9

60.6

50.8

48.9

40.8

22.1

21.4

2.6

2.2

HSIL

Neutral

371

2,679

2,384

2,515

15.8

16.3

15.3

19.4

24.2

19.1

24.1

20.7

7.8

9.3

1.3

1.2

Interglobe Aviation

Neutral

1,288

46,572

21,122

26,005

14.5

27.6

110.7

132.1

11.6

9.8

69.6

49.7

168.5

201.1

2.2

1.7

Jyothy Laboratories

Neutral

385

6,991

1,440

2,052

11.5

13.0

8.5

10.0

45.3

38.5

11.0

10.2

18.6

19.3

5.1

3.6

Kirloskar Engines India

Neutral

400

5,785

2,554

2,800

9.9

10.0

10.5

12.1

38.1

33.1

15.9

15.0

10.7

11.7

1.9

1.7

Ltd

Linc Pen & Plastics

Neutral

263

389

382

420

9.3

9.5

13.5

15.7

19.5

16.8

3.3

2.9

17.1

17.3

1.1

1.0

M M Forgings

Neutral

593

716

546

608

20.4

20.7

41.3

48.7

14.4

12.2

81.2

71.9

16.6

17.0

1.2

1.0

Manpasand Bever.

Neutral

777

4,446

836

1,087

19.6

19.4

16.9

23.8

46.0

32.6

5.5

4.8

12.0

14.8

5.1

3.8

Mirza International

Neutral

158

1,904

963

1,069

17.2

18.0

6.1

7.5

25.8

21.1

4.0

3.4

15.0

15.7

2.2

2.0

MT Educare

Neutral

269

366

417

17.7

18.2

9.4

10.8

7.2

6.3

1.6

1.4

22.2

22.3

0.6

0.5

Narayana Hrudaya

Neutral

304

6,205

1,873

2,166

11.5

11.7

2.6

4.0

114.8

76.6

7.0

6.4

6.1

8.3

3.4

2.9

Navkar Corporation

Buy

190

265

2,707

347

371

43.2

37.3

6.7

6.0

28.5

31.7

2.0

1.8

6.2

10.6

8.9

8.3

Navneet Education

Neutral

160

3,728

1,062

1,147

24.0

6.1

6.6

26.2

24.1

5.4

4.8

20.6

19.8

3.6

3.3

Nilkamal

Neutral

1,755

2,618

1,995

2,165

10.7

10.4

69.8

80.6

25.1

21.8

100.3

87.1

16.6

16.5

1.3

1.2

Page Industries

Neutral

16,407

18,300

2,450

3,124

20.1

17.6

299.0

310.0

54.9

52.9

365.4

278.9

47.1

87.5

7.5

5.9

Parag Milk Foods

Neutral

250

2,107

1,919

2,231

9.3

9.6

9.5

12.9

26.5

19.4

4.1

3.4

15.5

17.5

1.3

1.1

Quick Heal

Neutral

212

1,491

408

495

27.3

27.0

7.7

8.8

27.4

24.2

2.5

2.6

9.3

10.6

2.8

2.3

Radico Khaitan

Neutral

151

2,015

1,667

1,824

13.0

13.2

6.7

8.2

22.8

18.5

2.1

1.9

9.0

10.2

1.6

1.4

Relaxo Footwears

Neutral

486

5,841

2,085

2,469

9.2

8.2

7.6

8.0

64.3

61.2

24.9

21.3

17.9

18.8

2.9

2.5

S H Kelkar & Co.

Neutral

263

3,804

1,036

1,160

15.1

15.0

6.1

7.2

43.1

36.6

4.6

4.2

10.7

11.5

3.5

3.1

Siyaram Silk Mills

Buy

2,060

2,500

1,931

1,574

1,769

12.5

12.7

97.1

113.1

21.2

18.2

3.3

2.8

15.4

15.5

1.4

1.3

Styrolution ABS India*

Neutral

1,011

1,778

1,440

1,537

9.2

9.0

40.6

42.6

24.9

23.7

63.6

57.8

12.3

11.6

1.2

1.1

Surya Roshni

Neutral

282

1,236

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

1,405

2,402

3,229

4,001

1.5

1.8

22.8

32.8

61.7

42.8

6.6

5.7

10.7

13.4

0.6

0.5

The Byke Hospitality

Neutral

200

800

287

384

20.5

7.6

10.7

26.3

18.6

5.5

4.4

20.7

23.5

2.8

2.1

www.angelbroking.com

Stock Watch

August 08, 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

299

2,288

2,671

2,911

8.5

8.8

13.9

15.7

21.6

19.1

3.0

2.6

13.7

13.8

1.0

0.9

India

TVS Srichakra

Neutral

3,616

2,769

2,304

2,614

13.7

13.8

231.1

266.6

15.6

13.6

406.3

319.9

33.9

29.3

1.2

1.0

UFO Moviez

Neutral

370

1,022

619

685

33.2

33.4

30.0

34.9

12.4

10.6

1.7

1.5

13.8

13.9

1.4

1.0

Visaka Industries

Neutral

488

775

1,051

1,138

10.3

10.4

21.0

23.1

23.2

21.1

62.6

58.6

9.0

9.2

1.0

0.9

VRL Logistics

Neutral

348

3,178

1,902

2,119

16.7

16.6

14.6

16.8

23.9

20.7

5.2

4.6

21.9

22.2

1.8

1.6

VIP Industries

Accumulate

200

218

2,821

1,270

1,450

10.4

5.6

6.5

35.6

30.7

7.4

6.4

20.7

21.1

2.2

1.9

Navin Fluorine

Neutral

740

3,646

789

945

21.1

22.4

24.0

28.7

30.8

25.8

5.0

4.3

17.8

18.5

4.6

3.7

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on August 07, 2017

www.angelbroking.com

Market Outlook

August 08, 2017

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

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