Market Outlook
Aug 08, 2018
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open flat tracking global indices and SGX Nifty.
BSE Sensex
(0.1)
(26)
37,666
U.S. stocks saw further upside during the last trading session. The major averages
Nifty
0.0
2
11,389
ended the day firmly in positive territory. The Dow Jones was up by 0.5% to 25,628
Mid Cap
(0.2)
(29)
16,219
and the Nasdaq jumped by 0.3% to 7,883.
Small Cap
(0.2)
(37)
16,862
U.K. shares rose as rising commodity prices helped lift miners and energy firms,
Bankex
(0.3)
(81)
31,343
offsetting
some disappointing earnings updates from the likes of
Intertek, Hargreaves and InterContinental Hotel Group. The benchmark FTSE 100
Global Indices
Chg (%)
(Pts)
(Close)
was up by 0.5% to 7,704.
Dow Jones
0.5
127
25,628
On domestic front, Indian shares fluctuated in a narrow range on Tuesday before
Nasdaq
0.3
24
7,883
finishing little changed as the rupee hit a two-week low against the dollar and oil
FTSE
0.5
40
7,704
prices rose following renewed U.S. sanctions on Iran. The BSE Sensex was down by
0.1% to 37,666.
Nikkei
0.7
155
22,663
Hang Seng
1.5
429
28,249
News Analysis
Shanghai Com
2.7
74
2,779
Modi government raises import duties on 328 textile products by up to 20%
GMM Pfaudler's target price increased to `1,100
Advances / Declines
BSE
NSE
Advances
1,252
1,056
Detailed analysis on Pg2
Declines
1,495
793
Investor’s Ready Reckoner
Unchanged
149
86
Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocks
Volumes (` Cr)
Refer Pg5 onwards
BSE
3,144
NSE
32,430
Top Picks
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
Net Inflows (` Cr)
Net
Mtd
Ytd
Blue Star
Capital Goods
Buy
688
867
26.1
FII
407
(421)
-3,832
Dewan Housing Finance
Financials
Buy
612
720
17.6
Parag Milk Foods
Others
Buy
325
410
26.0
*MFs
117
(96)
72,502
Bata India
Others
Accumulate
959
1,007
5.0
KEI Industries
Capital Goods
Buy
441
589
33.5
Top Gainers
Price (`)
Chg (%)
More Top Picks on Pg4
VAKRANGEE
66
18.4
Key Upcoming Events
INTELLECT
233
15.0
Previous
Consensus
Date
Region
Event Description
TATASTEELPP
131
10.0
ReadingExpectations
Aug 08, 2018 China
Exports YoY%
11.20
10.00
NMDC
114
6.2
Aug 09, 2018 US
Producer Price Index (mom)
-
EROSMEDIA
131
5.4
Aug 09, 2018 US
Initial Jobless claims
218.00
220.00
Aug 09, 2018 China
Consumer Price Index (YoY)
1.90
2.00
Top Losers
Price (`)
Chg (%)
Aug 10, 2018 UK
Industrial Production (YoY)
0.80
0.70
More Events on Pg7
AVANTI
477
-11.8
ADANIPOWER
30
-9.7
PNB
83
-8.1
NBVENTURES
130
-6.5
ADANIPORTS
372
-6.5
As on Aug 07, 2018
Market Outlook
Aug 08, 2018
News Analysis
Modi government raises import duties on 328 textile products by up to
20%
The government on Tuesday raised import duties on 328 textile products by up to
20 per cent in the fourth such instance of higher tariffs being placed on inbound
goods in 2018. India had raised basic Customs duties on 43 broad categories of
goods, including electronics, in this year's Budget. Last month, apart from
announcing higher safeguard duties on solar cells imported from China and
Malaysia, it had also raised import tariffs on 76 textile products, including jackets,
suits, and carpets, to 20 per cent. The government has also acknowledged an
official panel under the Cabinet Secretary, which will aim at reducing India’s
dependence on imported televisions, refrigerators and washing machines by
placing further import duties on the sector. The import bill for these items
amounted to nearly $2 billion in 2017-18.
Revised Target Price
GMM Pfaudler's target price increased to `1,100
We are increasing the target price of GMM Pfaudler to
`1,100 in view of
continued demand momentum from the user industries.
Economic and Political News
Corporate News
Market Outlook
Aug 08, 2018
Quarterly Bloomberg Brokers Consensus Estimate
Lupin Ltd - August 08, 2018
Particulars (` cr)
1QFY19E
1QFY18
y-o-y (%)
4QFY18
q-o-q (%)
Sales
4,092
3,870
5.7
4,034
1.4
EBIDTA
745
766
(2.7)
(756)
-
%
18.2
19.8
(18.7)
PAT
347
358
(3.2)
(778)
-
Hindustan Petroleum Corporation Ltd - August 08, 2018
Particulars (` cr)
1QFY19E
1QFY18
y-o-y (%)
4QFY18
q-o-q (%)
Sales
70,987
53,469
32.8
60,810
16.7
EBIDTA
2,585
1,628
58.8
2,923
(11.6)
%
4
3
5
PAT
1444
925
56.1
1,748
(17.4)
Cipla Ltd - August 08, 2018
Particulars (` cr)
1QFY19E
1QFY18
y-o-y (%)
4QFY18
q-o-q (%)
Sales
4,027
3,525
14.2
3,698
8.9
EBIDTA
773
646
19.7
479
61.4
%
19
18
13
PAT
384
425
(9.6)
153
151
NMDC Ltd - August 08, 2018
Particulars (` cr)
1QFY19E
1QFY18
y-o-y (%)
4QFY18
q-o-q (%)
Sales
2,545
2,842
(10.5)
3,883
(34.5)
EBIDTA
1,135
1,495
(24.1)
1,900
(40.3)
%
45
53
49
PAT
794
969
(18.1)
1,106
(28.2)
Bharat Petroleum Corporation Ltd - August 08, 2018
Particulars (` cr)
1QFY19E
1QFY18
y-o-y (%)
4QFY18
q-o-q (%)
Sales
75542
57,132
32.2
65,239
15.8
EBIDTA
3311
1,231
169.0
3,722
(11)
%
4
2
6
PAT
2054
745
175.7
2,674
(23.2)
Market Outlook
Aug 08, 2018
Siemens Ltd - August 08, 2018
Particulars (` cr)
1QFY19E
1QFY18
y-o-y (%)
4QFY18
q-o-q (%)
Sales
3,068
2,651
16
3,283
(7)
EBIDTA
287
227
26
323
(11)
%
9
9
10
PAT
202
163
24
220
(8)
Market Outlook
Aug 08, 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
6,624
688
867
26.1
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
19,219
612
720
17.6
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 resolution
ICICI Bank
2,01,394
313
416
32.9
of NPA would reduce provision cost, which would
help to report better ROE.
High order book execution in EPC segment, rising
KEI Industries
3,457
441
589
33.5
B2C sales and higher exports to boost the revenues
and profitability
Expected to benefit from the lower capex
Music Broadcast Limited
1,837
322
475
47.5
requirement and 15 year long radio broadcast
licensing.
Strong brands and distribution network would boost
Siyaram Silk Mills
2,631
561
851
51.6
growth going ahead. Stock currently trades at an
inexpensive valuation.
GST regime and the Gujarat plant are expected to
Maruti Suzuki
2,83,859
9,397
10,820
15.1
improve the company’s sales volume and margins,
respectively.
We expect loan book to grow at 24.3% over next
GIC Housing
1,865
346
591
70.7
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
1,796
806
870
8.0
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
32,778
149
218
46.4
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
2,736
325
410
26.0
Value Added Products and reduction in interest cost
is likely to boost margins and earnings in next few
years.
We expect MCL to report net revenue CAGR of
~15% to ~`450cr over FY2018-20E mainly due to
strong growth in online matchmaking & marriage
Matrimony.com Ltd
1,682
740
1,016
37.3
related services. On the bottom-line front, we
expect a CAGR of ~28% to `82cr over the same
period on the back margin improvement.
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
5,69,179
2,132
2,350
10.2
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.
Source: Company, Angel Research
Market Outlook
Aug 08, 2018
Top Picks
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
1,15,244
927
1,050
13.3
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
3,037
966
1,230
27.3
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
12,325
959
1,007
5.0
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
32,174
1,418
1,764
24.4
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
20,738
214
327
52.8
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
1,438
984
1,100
11.8
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
36,299
620
780
25.8
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
z
381
435
14.1
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
23,884
565
670
18.6
(1.2% FY18) to expand led by margin
expansion and lower credit cost.
Source: Company, Angel Research
Market Outlook
Aug 08, 2018
Fundamental Call
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
CCL is likely to maintain the strong growth
CCL Products
3,467
261
360
38.1
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
2,596
1,740
2,178
25.2
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
1,582
1,995
2,500
25.3
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
2,715
221
333
50.4
~`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
35,248
177
210
19.0
ROE of 18% by 2020 and recent capital infusion of
`3000cr would support advance growth.
Market Outlook
Aug 08, 2018
Key Upcoming Events
Global economic events release calendar
Bloomberg Data
Date
Time Country
Event Description
Unit
Period
Last Reported
Estimated
Aug 08, 2018
China
Exports YoY%
% Change
Jul
11.20
10.00
Aug 09, 2018
US
Producer Price Index (mom)
% Change
Jul
-
6:00 PMUS
Initial Jobless claims
Thousands
Aug 4
218.00
220.00
7:00 AMChina
Consumer Price Index (YoY)
% Change
Jul
1.90
2.00
Aug 10, 2018
2:00 PMUK
Industrial Production (YoY)
% Change
Jun
0.80
0.70
5:30 PMIndia
Industrial Production YoY
% Change
Jun
3.20
6:00 PMUS
Consumer price index (mom)
% Change
Jul
0.10
0.20
2:00 PMUK
GDP (YoY)
% Change
2Q P
1.20
1.30
Aug 12, 2018
India
Imports YoY%
% Change
Jul
21.31
India
Exports YoY%
% Change
Jul
17.57
Aug 14, 2018
2:30 PMEuro Zone
Euro-Zone GDP s.a. (QoQ)
% Change
2Q P
0.30
7:30 AMChina
Industrial Production (YoY)
% Change
Jul
6.00
6.30
12:00 PMIndia
Monthly Wholesale Prices YoY%
% Change
Jul
5.77
2:00 PMUK
Jobless claims change
% Change
Jul
7.80
11:30 AMGermany
GDP nsa (YoY)
% Change
2Q P
1.60
Aug 15, 2018
2:00 PMUK
CPI (YoY)
% Change
Jul
2.40
6:00 PMUS
Housing Starts
Thousands
Jul
1,173.00
1,280.00
Aug 16, 2018
6:45 PMUS
Industrial Production
%
Jul
0.62
0.20
6:00 PMUS
Building permits
Thousands
Jul
1,292.00
1,310.00
Aug 17, 2018
2:30 PMEuro Zone
Euro-Zone CPI (YoY)
%
Jul F
2.10
Aug 22, 2018
7:30 PMUS
Existing home sales
Million
Jul
5.38
5.43
Aug 23, 2018
1:00 PMGermany
PMI Services
Value
Aug P
54.10
1:00 PMGermany
PMI Manufacturing
Value
Aug P
56.90
7:30 PMEuro Zone
Euro-Zone Consumer Confidence
Value
Aug A
(0.60)
Source: Bloomberg, Angel Research
Market Outlook
Aug 08, 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
6.9
8.0
8.1
7.6
7.6
7.7
7.0
8.0
7.2
6.8
7.0
6.0
7.0
6.3
4.8
4.6
4.8
6.1
5.0
4.1
5.6
6.0
4.0
3.2
5.0
3.0
1.8
4.0
2.0
1.0
1.0
3.0
-
Source: CSO, Angel Research
Source: MOSPI, Angel Research
Exhibit 3: Monthly CPI inflation trends
Exhibit 4: Manufacturing and services PMI
(%)
z
6.0
56.0
Mfg. PMI
Services PMI
5.2
5.1
5.0
4.9
4.9
4.6
54.0
5.0
4.4
4.3
52.0
4.0
3.6
3.3
3.3
50.0
3.0
2.4
48.0
2.0
46.0
1.0
44.0
42.0
-
40.0
Source: MOSPI, Angel Research
Source: Market, Angel Research; Note: Level above 50 indicates expansion
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
Source: RBI, Angel Research
Market Outlook
Aug 08, 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
Market Outlook
Aug 08, 2018
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
81,051
8.4
(2.5)
23.7
Russia
Micex
4,382
1.4
7.1
11.4
India
Nifty
11,387
5.7
6.0
13.1
China
Shanghai Composite
2,705
1.2
(12.1)
(14.6)
South Africa
Top 40
50,784
0.8
0.4
3.5
Mexico
Mexbol
49,320
1.6
5.6
(3.9)
Indonesia
LQ45
971
8.1
(4.3)
(0.5)
Malaysia
KLCI
1,780
5.3
(4.8)
0.8
Thailand
SET 50
1,123
5.4
(3.8)
12.3
USA
Dow Jones
25,502
4.7
5.1
15.3
UK
FTSE
7,664
0.8
1.3
1.6
Japan
Nikkei
22,507
3.6
0.2
12.8
Germany
DAX
12,598
1.7
(1.5)
3.4
France
CAC
5,477
2.8
(0.2)
9.1
Source: Bloomberg, Angel Research as on 07 August, 2018
Market Outlook
Aug 08, 2018
Exhibit 7: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
06-07-2018
Top Picks
Aurobindo Pharma
603
780
Open
06-07-2018
Top Picks
RBL Bank
565
670
Open
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
810
1016
Open
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
07-08-2018
Top Picks
GMM Pfaudler Limited
984
1,100
Open
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
07-08-2018
Top Picks
Safari Industries
788
870
Open
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
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)
Source: Company, Angel Research
Market Outlook
Aug 08, 2018
Exhibit 8: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
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
Aug 08, 2018
Research Team Tel: 022 - 39357800
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