Market Outlook

February 09, 2017

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are likely to start off on a positive note today tracking SGX nifty and

BSE Sensex

(0.2)

(45)

28,290

ahead of the RBI policy.

Nifty

0.0

8,769

U.S. markets were mixed after the close on Wednesday, as gains in the Utilities,

Mid Cap

0.5

13,475

Consumer Services and Consumer Goods sectors led shares higher while losses in

Small Cap

0.2

13,558

the Financials, Oil & Gas and Healthcare sectors led shares lower. At the close in

NYSE, the Dow Jones Industrial Average lost 0.2%, while the S&P 500index climbed

Bankex

(0.4)

(86)

23,228

0.1%, and the NASDAQ Composite index climbed 0.1%.

Global Indices

Chg (%)

(Pts)

(Close)

The UK markets ended little-changed on Wednesday, with traders appearing to be

avoiding big bets as they watched for a final vote in parliament on a key Brexit bill.

Dow Jones

(0.2)

(36)

20,054

The FTSE 100 closed out 0.04% higher at 7,189, after a session that lacked

Nasdaq

0.1

5,682

momentum.

FTSE

0.0

7,189

Nikkei

0.5

19,008

Domestic equity indices Sensex and Nifty settled flat on Wednesday after the Reserve

Bank of India kept the key policy rate unchanged at 6.75 per cent in its sixth

Hang Seng

0.7

154

23,485

bimonthly money policy review. The BSE Sensex closed 45.24 points down at

Shanghai Com

0.4

3,167

28,290, while the Nifty50 settled 0.75 points higher at 8,769.

Advances / Declines

BSE

NSE

News Analysis

 Hero MotoCorp’s Q3 profit declines, but exceeds estimates

Advances

1,496

865

Detailed analysis on Pg2

Declines

1,388

779

Unchanged

167

Investor’s Ready Reckoner

Key Domestic & Global Indicators

Volumes (` Cr)

Stock Watch: Latest investment recommendations on 150+ stocks

BSE

6,126

Refer Pg6 onwards

NSE

22,188

Top Picks

CMP

Target

Upside

Company

Sector

Rating

Net Inflows (` Cr)

Net

Mtd

Ytd

(`)

(%)

Amara Raja Batteries Auto & Auto AncillaryAccumulate

875

1,009

15.3

FII

(442)

956

909

Alkem Laboratories

Pharmaceuticals

Accumulate

1,831

1,989

8.6

MFs

(41)

911

6,126

HCL Tech

Buy

808

1,000

23.7

Power Grid Corp.

Power

Accumulate

201

223

10.9

Top Gainers

Price (`)

Chg (%)

Navkar Corp.

Others

Buy

169

265

56.7

Titan

425

8.1

More Top Picks on Pg4

Jpassociat

6.7

Key Upcoming Events

Fsl

6.6

Consensus

Date

Region

Event Description

Reading

Expectations

Mcleodruss

170

6.2

Feb 10 UK

Industrial Production (YoY)

2.00

3.20

Enginersin

159

5.3

Feb 10 India

Exports YoY%

5.70

Feb 10 China

Exports YoY%

-6.20

3.20

Top Losers

Price (`)

Chg (%)

Feb 10 India

Imports YoY%

0.50

Gmdcltd

114

(4.9)

Feb 10 India

Industrial Production YoY

5.70

1.20

Natcopharm

757

(3.7)

More Events on Pg5

Navkarcorp

169

(3.0)

Cub

158

(2.8)

Kajariacer

584

(2.8)

As on February 08, 2017

www.angelbroking.com

Market Outlook

February 09, 2017

News Analysis

Hero MotoCorp’s Q3 profit declines, but exceeds estimates

Hero Motocorp’s net sales declined to

`6,898.64cr from `7,807.77cr. The

company sold total 1.4 million scooters and motorcycles in the quarter, down from

1.69 million in Q3FY16. The Q3FY17 net profit was at `772.05cr vs `793.23cr in

Q3FY16 and against consensus expectations of `711.1cr.

Cost-cutting efforts and lower raw material prices helped India’s largest two-

wheeler company contain the impact of demonetization on its net profit, which

declined 2.67% in the December quarter from a year ago, but beat analyst

estimates handsomely. Its ongoing margin rationalization program and softening

of material costs helped it post better numbers amid the circumstances.

Hero reported sales of 487,088 units in January 2017, down 13.5% YoY as

compared to 563,348 units in previous year. The industry, in Q3FY17, has

witnessed negative sentiments due to demonetisation, but with the improvement of

cash supply, the market scenario is expected to improve in Q4FY17 and come

back to normal growth in Q1FY18.

Economic and Political News

 RBI maintains status quo on repo rate; new borrowers may still gain

 There is a scope for lending rates to fall further: Urjit Patel

 Govt doubles highways target to 15,000 km in next fiscal

Corporate News

 Cognizant to return $3.4 bn to shareholders

 Concerns around ITC's cigarettes biz easing a bit

 Despite slowdown, steel firms put up stellar performance

 United Breweries asks Mallya to step down from board

www.angelbroking.com

Market Outlook

February 09, 2017

Quarterly Bloomberg Brokers Consensus Estimate

Lupin Ltd Consol - Feb 9, 2017

Particulars ( ` cr)

3QFY17E

3QFY16

y-o-y (%)

2QFY17

q-o-q (%)

Net sales

4,341

3,358

29.3

4,211

3.1

EBITDA

1,192

877

35.9

1,028

15.9

EBITDA margin (%)

27.5

26.1

24.4

Net profit

710

530

34.1

662

7.3

Steel Authority of India Ltd - Feb 9, 2017

Particulars ( ` cr)

3QFY17E

3QFY16

y-o-y (%)

2QFY17

q-o-q (%)

Net sales

11,060

8,805

25.6

11,079

(0.2)

EBITDA

125

(1,381)

0.0

111

12.4

EBITDA margin (%)

1.1

-15.7

1.0

Net profit

0.0

(690)

(1,529)

(732)

Power Grid Corp of India Ltd - Feb 9, 2017

Particulars ( ` cr)

3QFY17E

3QFY16

y-o-y (%)

2QFY17

q-o-q (%)

Net sales

6,208

5,407

14.8

6,230

(0.3)

EBITDA

5,505

4,797

14.8

5,604

(1.8)

EBITDA margin (%)

88.7

90.0

Net profit

1,815

1,613

12.5

1,872

(3.1)

ABB India Ltd - Feb 9, 2017

Particulars ( ` cr)

4QCY16E

4QCY15

y-o-y (%)

3QCY16

q-o-q (%)

Net sales

2,136

2,384

(10.4)

2,025

5.5

EBITDA

181

263

(31.3)

146

24.1

EBITDA margin (%)

8.5

11.0

7.2

Net profit

129

(34.4)

4.7

Bharat Petroleum Corp Ltd - Feb 9, 2017

Particulars ( ` cr)

3QFY17E

3QFY16

y-o-y (%)

2QFY17

q-o-q (%)

Net sales

48,937

46,613

5.0

44,646

9.6

EBITDA

2,510

2,517

(0.3)

1,533

63.7

EBITDA margin (%)

5.1

5.4

3.4

Net profit

1,631

1,489

9.6

1,305

24.9

Aurobindo Pharma Ltd Consol - Feb 9, 2017

Particulars ( ` cr)

3QFY17E

3QFY16

y-o-y (%)

2QFY17

q-o-q (%)

Net sales

3926

3495

12.3

3775

4.0

EBITDA

950

823

15.4

929

2.3

EBITDA margin (%)

24.2

23.5

24.6

Net profit

608

535

13.6

606

0.3

Bank of India - Feb 9, 2017

Particulars ( ` cr)

3QFY17E

3QFY16

y-o-y (%)

2QFY17

q-o-q (%)

Net profit

(349)

(1506)

123.2

127

(375.8)

www.angelbroking.com

Market Outlook

February 09, 2017

Top Picks ★★★★★

Large Cap

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

To outpace battery industry growth due to better

Amara Raja Batteries

14,942

875

1,009

15.3

technological products leading to market share gains in both

the automotive OEM and replacement segments.

Strong growth in domestic business due to its leadership in

Alkem Laboratories

21,895

1,831

1,989

8.6

acute therapeutic segment. Alkem expects to launch more

products in USA, which bodes for its international business.

The stock is trading at attractive valuations and is factoring

HCL Tech

1,14,053

808

1,000

23.7

all the bad news.

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

Infosys

2,15,097

936

1,249

33.3

to be a US$20bn in FY2020.

Strong order backlog and improvement in execution would

Larsen & Toubro

1,40,167

1,503

1,634

8.7

trigger the growth for the L&T

One of the largest pharma companies with strong

Lupin

67,156

1,488

1,809

21.6

international presence. It has a rich pipeline of ANDAs which

is also one of the largest among the generic companies.

Going forward, we expect the company to report strong top-

Power Grid Corporation

1,05,207

201

223

10.9

line CAGR of ~16% and bottom-line CAGR of ~19% over

FY16-18 on back of strong capitalization guidance

Source: Company, Angel Research

Mid Cap

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

We expect the company would report strong profitability

Asian Granito

816

271

351

29.4

owing to better product mix, higher B2C sales and

amalgamation synergy.

Among the top 4 players in the consumer durables segment.

Bajaj Electricals

2,526

250

274

9.7

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

Strong order book lends earnings visibility.

Favourable outlook for the AC industry to augur well for

Cooling products business which is out pacing the market

Blue Star

5,198

544

634

16.5

growth. EMPPAC division's profitability to improve once

operating environment turns around.

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

Dewan Housing Finance

9,261

296

350

18.3

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

III cities where the growth opportunity is immense.

Strong loan growth backed by diversified loan portfolio and

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

Equitas Holdings

6,250

186

235

26.1

dilution remains low. Attractive valuations considering

growth.

Economic recovery to have favourable impact on advertising

& circulation revenue growth. Further, the acquisition of a

Jagran Prakashan

6,103

187

225

20.5

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

revenue growth.

High order book execution in EPC segment, rising B2C sales

KEI Industries

1,287

165

207

25.1

and higher exports to boost the revenues and profitability

Speedier execution and speedier sales, strong revenue

Mahindra Lifespace

1,454

354

522

47.4

visibilty in short-to-long run, attractive valuations

Higher growth in domestic branded sales and healthy export

Mirza International

1,122

107

14.7

to boost the profitability.

Massive capacity expansion along with rail advantage at ICD

Navkar Corporation

2,412

169

265

56.7

as well CFS augurs well for the company

Strong brands and distribution network would boost growth

Siyaram Silk Mills

1,506

1,607

1,720

7.0

going ahead. Stock currently trades at an inexpensive

valuation.

Market leadership in Hindi news genre and no. 2 viewership

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

TV Today Network

1,613

270

385

42.4

and anticipated growth in ad spends by corporates to benefit

the stock.

Source: Company, Angel Research

www.angelbroking.com

Market Outlook

February 09, 2017

Key Upcoming Events

Result Calendar

Date

Company

Hero Motocorp, Bharat Forge, Siemens, Thermax, Union Bank, Indraprasth Gas, Goodyear, Elecon Engineering,

Feb 8, 2017

Cipla, NTPC, Reliance Power, Competent Automobiles, Coffee Day Enterprises Ltd

JK Tyre, ABB, Jyoti Structures, Bank of India, Andhra Bank, SAIL, Cairn India, BPCL, Page Industries, Bajaj Electrical,

Feb 9, 2017

Styrolution, Lupin, Aurobindo Pharma, Power Grid Corpn, GIPCL

M&M, Bosch India, Crompton Greaves, Suzlon Energy, St Bk of India, Bank of Baroda, Reliance Capital, Corporation

Feb 10, 2017

Bank, Dena Bank, Sun TV Network, Jagran Prakashan, Hind. Zinc, Bhushan Steel, GAIL, Tide Water Oil India, Ipca

labs, Tata Power Co., CESC, Anant Raj, Radico Khaitan

Feb 11, 2017

Mangalam Cement, Coal India, Sarda Energy, TVS Srichakra, Sterling Tools, GSK Pharma

Feb 12, 2017

PTC India

Source: Bloomberg, Angel Research

Global economic events release calendar

Date

Time

Country

Event Description

Unit

Period

Bloomberg Data

Last Reported Estimated

Feb 9, 2017

2:30PM

India

RBI Cash Reserve ratio

Feb 8

4.00

Feb 10, 2017

3:00PM

Industrial Production (YoY)

% Change

Dec

2.00

3.20

India

Exports YoY%

% Change

Jan

5.70

China

Exports YoY%

% Change

Jan

(6.20)

3.20

India

Imports YoY%

% Change

Jan

0.50

5:30PM

India

Industrial Production YoY

% Change

Dec

5.70

1.20

Feb 14, 2017

3:30PM

Euro Zone

Euro-Zone GDP s.a. (QoQ)

% Change

4Q P

0.50

7:00AM

China

Consumer Price Index (YoY)

% Change

Jan

2.10

2.40

12:00PM

India

Monthly Wholesale Prices YoY%

% Change

Jan

3.39

4.20

3:00PM

CPI (YoY)

% Change

Jan

1.60

Producer Price Index (mom)

% Change

Jan

0.80

12:30PM

Germany

GDP nsa (YoY)

% Change

4Q P

1.50

Feb 15, 2017

3:00PM

Jobless claims change

% Change

Jan

(10.10)

7:45PM

Industrial Production

Jan

0.83

7:00PM

Housing Starts

Thousands

Jan

1,226.00

Feb 16, 2017

7:00PM

Consumer price index (mom)

% Change

Jan

0.30

7:00PM

Building permits

Thousands

Jan

1,228.00

Feb 20, 2017

8:30PM

Euro Zone

Euro-Zone Consumer Confidence

Value

Feb A

(4.90)

Feb 21, 2017

2:00PM

Germany

PMI Services

Value

Feb P

53.40

2:00PM

Germany

PMI Manufacturing

Value

Feb P

56.40

Feb 22, 2017

3:30PM

Euro Zone

Euro-Zone CPI (YoY)

Jan F

1.80

8:30PM

Existing home sales

Million

Jan

5.49

5.55

3:00PM

GDP (YoY)

% Change

4Q P

2.20

Feb 24, 2017

8:30PM

New home sales

Thousands

Jan

536.00

570.00

Feb 28, 2017

7:00PM

GDP Qoq (Annualised)

% Change

4Q S

1.90

2:25PM

Germany

Unemployment change (000's)

Thousands

Feb

(26.00)

Mar 1, 2017

3:00PM

PMI Manufacturing

Value

Feb

55.90

8:30PM

Consumer Confidence

S.A./ 1985=100

Feb

111.80

6:30AM

China

PMI Manufacturing

Value

Feb

51.30

Source: Bloomberg, Angel Research

Market Outlook

February 09, 2017

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

9.0

8.3

7.0

5.7

7.9

6.0

8.0

7.5

7.6

7.2

7.1

7.3

5.0

6.6

6.7

4.0

7.0

6.4

3.0

2.2

5.8

1.9

6.0

2.0

1.3

0.7

1.0

0.3

5.0

4.0

(1.0)

(0.7)

(2.0)

(1.3)

3.0

(1.6)

(1.8)

(3.0)

(2.5)

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

5.7

5.8

6.0

5.3

5.5

52.0

5.1

4.8

5.0

4.4

4.2

50.0

3.6

4.0

3.4

48.0

3.0

46.0

2.0

44.0

1.0

42.0

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

15.0

7.00

10.0

6.50

5.0

6.00

0.0

5.50

(5.0)

5.00

(10.0)

4.50

(15.0)

4.00

(20.0)

3.50

(25.0)

(30.0)

3.00

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

www.angelbroking.com

Stock Watch

February 09, 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

Neutral

243

4,722

1,937

2,164

13.3

14.3

9.0

11.0

27.0

22.1

4.7

4.1

18.4

19.8

2.5

2.2

United Phosphorus

Neutral

728

36,916

15,176

17,604

18.5

37.4

44.6

19.5

16.3

3.8

3.2

21.4

21.2

2.5

2.1

Auto & Auto Ancillary

Ashok Leyland

Buy

111

27,164

22,407

26,022

10.6

5.2

6.4

18.3

14.9

4.1

3.5

23.6

24.7

1.3

1.1

Bajaj Auto

Neutral

2,786

80,623

25,093

27,891

19.5

19.2

143.9

162.5

19.4

17.2

5.4

4.7

30.3

29.4

2.9

2.6

Bharat Forge

Neutral

968

22,524

7,726

8,713

20.5

21.2

35.3

42.7

27.4

22.7

5.1

4.6

18.9

20.1

3.0

2.6

Eicher Motors

Neutral

23,959

65,178

16,583

20,447

17.5

18.0

598.0

745.2

40.1

32.2

13.7

10.4

41.2

38.3

3.7

3.0

Gabriel India

Accumulate

115

130

1,658

1,544

1,715

9.0

9.3

5.4

6.3

21.4

18.3

4.0

3.6

18.9

19.5

1.0

0.9

Hero Motocorp

Accumulate

3,224

3,541

64,377

30,958

34,139

15.7

193.6

208.3

16.7

15.5

6.5

5.4

34.2

30.5

2.0

1.7

Jamna Auto Industries Neutral

204

1,624

1,486

1,620

9.8

9.9

15.0

17.2

13.6

11.9

3.0

2.5

21.8

21.3

1.1

1.0

L G Balakrishnan & Bros Neutral

552

866

1,302

1,432

11.6

11.9

43.7

53.0

12.6

10.4

1.8

1.6

13.8

14.2

0.8

0.7

Mahindra and Mahindra Neutral

1,278

79,404

46,534

53,077

11.6

11.7

67.3

78.1

19.0

16.4

3.1

2.7

15.4

15.8

1.7

1.4

Maruti

Accumulate

6,194

6,560

187,099

67,822

83,288

16.0

16.4

253.8

312.4

24.4

19.8

5.6

4.5

23.0

22.9

2.4

1.9

Minda Industries

Neutral

386

3,064

2,728

3,042

9.0

9.1

68.2

86.2

5.7

4.5

1.3

1.0

23.8

24.3

1.2

1.0

Motherson Sumi

Neutral

343

48,172

45,896

53,687

7.8

8.3

13.0

16.1

26.3

21.3

8.5

6.8

34.7

35.4

1.1

0.9

Rane Brake Lining

Neutral

997

789

511

562

11.3

11.5

28.1

30.9

35.5

32.3

5.4

4.9

15.3

15.0

1.7

1.5

Setco Automotive

Neutral

490

741

837

13.0

15.2

17.0

2.4

2.2

0.4

15.8

16.3

1.1

1.0

Tata Motors

Neutral

513

148,114

300,209

338,549

8.9

8.4

42.7

54.3

12.0

9.5

1.9

1.6

15.6

17.2

0.6

0.5

TVS Motor

Neutral

397

18,880

13,390

15,948

6.9

7.1

12.8

16.5

31.1

24.0

7.8

6.1

26.3

27.2

1.4

1.2

Amara Raja Batteries

Accumulate

875

1,009

14,942

5,305

6,100

16.0

16.3

28.4

34.0

30.8

25.7

5.9

5.0

19.3

2.9

2.5

Exide Industries

Neutral

209

17,782

7,439

8,307

15.0

8.1

9.3

25.8

22.5

3.6

3.2

14.3

16.7

2.0

1.8

Apollo Tyres

Buy

186

235

9,455

12,877

14,504

14.3

13.9

21.4

23.0

8.7

8.1

1.4

1.2

16.4

15.2

0.9

0.8

Ceat

Buy

1,158

1,450

4,685

7,524

8,624

13.0

12.7

131.1

144.3

8.8

8.0

1.6

1.4

19.8

18.6

0.7

0.6

JK Tyres

Neutral

118

2,673

7,455

8,056

15.0

21.8

24.5

5.4

4.8

1.1

0.9

22.8

21.3

0.5

0.4

Swaraj Engines

Neutral

1,394

1,731

660

810

15.2

16.4

54.5

72.8

25.6

19.2

8.0

7.2

31.5

39.2

2.5

2.0

Subros

Neutral

187

1,123

1,488

1,681

11.7

11.9

6.4

7.2

29.2

26.1

3.1

2.8

10.8

11.4

1.0

0.9

Indag Rubber

Neutral

177

464

286

326

19.8

16.8

11.7

13.3

15.1

13.3

2.6

2.4

17.8

17.1

1.3

1.1

Capital Goods

ACE

Neutral

563

709

814

4.1

4.6

1.4

2.1

40.7

27.1

1.7

1.6

4.4

6.0

0.9

0.8

BEML

Neutral

1,276

5,315

3,451

4,055

6.3

9.2

31.4

57.9

40.7

22.0

2.4

2.2

6.3

10.9

1.6

1.4

Bharat Electronics

Neutral

1,565

34,966

8,137

9,169

16.8

17.2

58.7

62.5

26.7

25.1

4.1

3.7

44.6

46.3

3.3

2.9

www.angelbroking.com

Stock Watch

February 09, 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

Buy

334

407

11,065

6,511

7,514

7.9

8.7

12.9

16.3

25.9

20.5

4.7

4.1

16.7

18.5

1.4

1.2

BGR Energy

Neutral

154

1,109

16,567

33,848

6.0

5.6

7.8

5.9

19.7

26.1

1.1

4.7

4.2

0.2

0.1

BHEL

Neutral

156

38,219

28,797

34,742

2.8

2.3

6.9

67.9

22.6

1.2

1.1

1.3

4.8

0.9

0.7

Blue Star

Buy

544

634

5,198

4,283

5,077

5.9

7.3

14.9

22.1

36.6

24.6

7.1

6.0

20.4

26.4

1.3

1.1

Crompton Greaves

Neutral

4,500

5,777

6,120

5.9

7.0

3.3

4.5

21.8

16.0

1.0

0.9

4.4

5.9

0.7

0.6

Greaves Cotton

Neutral

139

3,399

1,755

1,881

16.8

16.9

7.8

8.5

17.9

16.4

3.6

3.3

20.6

20.9

1.6

1.5

Inox Wind

Neutral

183

4,067

5,605

6,267

15.7

16.4

24.8

30.0

7.4

6.1

2.1

1.5

25.9

24.4

0.8

0.6

KEC International

Neutral

158

4,054

9,294

10,186

7.9

8.1

9.9

11.9

15.9

13.3

2.3

2.0

15.6

16.3

0.7

0.6

KEI Industries

Buy

165

207

1,287

2,682

3,058

10.4

10.0

11.7

12.8

14.1

12.9

2.8

2.4

20.1

18.2

0.7

0.6

Thermax

Neutral

877

10,452

5,421

5,940

7.3

25.7

30.2

34.1

29.0

4.1

3.8

12.2

13.1

1.8

1.6

VATech Wabag

Buy

490

681

2,673

3,136

3,845

8.9

9.1

26.0

35.9

18.8

13.7

2.4

2.0

13.4

15.9

0.8

0.6

Cement

ACC

Neutral

1,493

28,044

11,225

13,172

13.2

16.9

44.5

75.5

33.6

19.8

3.2

2.9

11.2

14.2

2.4

2.1

Ambuja Cements

Neutral

239

47,477

9,350

10,979

18.2

22.5

5.8

9.5

41.2

25.2

3.5

3.1

10.2

12.5

5.0

4.3

India Cements

Neutral

164

5,044

4,364

4,997

18.5

19.2

7.9

11.3

20.8

14.5

1.5

8.0

8.5

1.9

1.7

JK Cement

Neutral

837

5,851

4,398

5,173

15.5

17.5

31.2

55.5

26.8

15.1

3.2

2.8

12.0

15.5

1.8

1.5

J K Lakshmi Cement

Buy

388

565

4,570

2,913

3,412

14.5

19.5

7.5

22.5

51.8

17.3

3.2

2.7

12.5

18.0

2.2

1.8

Orient Cement

Buy

137

215

2,805

2,114

2,558

18.5

20.5

8.1

11.3

16.9

12.1

2.5

2.1

9.0

14.0

1.9

1.5

UltraTech Cement

Neutral

3,717

102,008

25,768

30,385

21.0

23.5

111.0

160.0

33.5

23.2

4.3

3.7

13.5

15.8

4.0

3.4

Construction

ITNL

Neutral

107

3,517

8,946

10,017

31.0

31.6

8.1

9.1

13.2

11.8

0.5

4.2

5.0

3.7

3.5

KNR Constructions

Neutral

186

2,615

1,385

1,673

14.7

14.0

41.2

48.5

4.5

3.8

0.8

0.7

14.9

15.2

2.0

1.6

Larsen & Toubro

Accumulate

1,503

1,634

140,167

111,017

124,908

11.0

61.1

66.7

24.6

22.5

3.0

2.7

13.1

12.9

2.3

2.1

Gujarat Pipavav Port

Neutral

162

7,829

705

788

52.2

51.7

5.0

5.6

32.4

28.9

3.2

2.9

11.2

10.7

9.0

Nagarjuna Const.

Neutral

4,834

8,842

9,775

9.1

8.8

5.3

6.4

16.4

13.6

1.3

1.2

8.2

9.1

0.7

0.6

PNC Infratech

Buy

106

143

2,712

2,350

2,904

13.1

13.2

9.0

8.8

11.7

12.0

0.4

15.9

13.9

1.3

1.0

Simplex Infra

Neutral

304

1,502

6,829

7,954

10.5

31.4

37.4

9.7

8.1

1.0

0.9

9.9

13.4

0.6

0.5

Power Mech Projects

Neutral

463

681

1,801

2,219

12.7

14.6

72.1

113.9

6.4

4.1

1.2

1.0

16.8

11.9

0.4

0.3

Sadbhav Engineering

Accumulate

278

298

4,762

3,598

4,140

10.3

10.6

9.0

11.9

30.8

23.3

3.2

2.8

9.9

11.9

1.6

1.4

NBCC

Neutral

282

16,899

7,428

9,549

7.9

8.6

8.2

11.0

34.4

25.6

1.7

1.4

28.2

28.7

2.0

1.5

MEP Infra

Neutral

676

1,877

1,943

30.6

29.8

3.0

4.2

13.9

9.9

6.7

4.5

0.6

1.7

1.6

www.angelbroking.com

Stock Watch

February 09, 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

3,575

1,036

1,252

65.5

66.2

(8.4)

(5.6)

3.8

4.3

(22.8)

(15.9)

11.7

9.8

Engineers India

Neutral

158

10,678

1,725

1,935

16.0

19.1

11.4

13.9

11.4

1.9

13.4

15.3

4.8

4.3

Financials

Axis Bank

Buy

488

580

116,585

46,932

53,575

3.5

3.4

32.4

44.6

15.1

10.9

1.9

1.7

13.6

16.5

Bank of Baroda

Neutral

187

43,088

19,980

23,178

1.8

11.5

17.3

16.3

10.8

1.9

1.5

8.3

10.1

Canara Bank

Neutral

310

16,814

15,225

16,836

1.8

14.5

28.0

21.4

11.1

1.5

1.2

5.8

8.5

Can Fin Homes

Neutral

2,008

5,345

420

526

3.5

86.5

107.8

23.2

18.6

5.0

4.1

23.6

24.1

Cholamandalam Inv. &

Buy

1,022

1,230

15,973

2,012

2,317

6.3

42.7

53.6

23.9

19.1

3.8

3.3

16.9

18.3

Fin. Co.

Dewan Housing Finance Buy

296

350

9,261

2,225

2,688

2.9

29.7

34.6

10.0

8.6

1.6

1.4

16.1

16.8

Equitas Holdings

Buy

186

235

6,250

939

1,281

11.7

11.5

5.8

8.2

32.1

22.7

2.8

2.5

10.9

11.5

Federal Bank

Neutral

14,333

8,259

8,995

3.0

4.3

5.6

19.4

14.9

1.6

1.5

8.5

10.1

HDFC

Neutral

1,400

221,815

11,475

13,450

3.4

45.3

52.5

30.9

26.7

6.0

5.3

20.2

20.5

HDFC Bank

Accumulate

1,307

1,375

333,626

46,097

55,433

4.5

58.4

68.0

22.4

19.2

3.9

3.3

18.8

18.6

ICICI Bank

Accumulate

286

315

166,386

42,800

44,686

3.1

3.3

18.0

21.9

15.9

13.1

2.2

2.0

11.1

12.3

Lakshmi Vilas Bank

Buy

152

174

2,907

3,339

3,799

2.7

2.8

11.0

14.0

13.8

10.9

1.4

1.3

11.2

12.7

LIC Housing Finance

Accumulate

555

630

28,016

3,712

4,293

2.6

2.5

39.0

46.0

14.2

12.1

2.7

2.3

19.9

20.1

Punjab Natl.Bank

Neutral

150

31,877

23,532

23,595

2.3

2.4

6.8

12.6

22.0

11.9

3.4

2.4

3.3

6.5

RBL Bank

Neutral

393

14,548

1,783

2,309

2.6

12.7

16.4

31.0

24.0

3.4

3.0

12.8

13.3

South Ind.Bank

Neutral

3,143

6,435

7,578

2.5

2.7

3.1

8.6

7.5

1.1

0.9

10.1

11.2

St Bk of India

Neutral

277

221,105

88,650

98,335

2.6

13.5

18.8

20.5

14.8

2.0

1.7

7.0

8.5

Union Bank

Neutral

167

11,463

13,450

14,925

2.3

25.5

34.5

6.5

4.8

1.0

0.8

7.5

10.2

Yes Bank

Neutral

1,411

59,680

8,978

11,281

3.3

3.4

74.0

90.0

19.1

15.7

3.6

3.1

17.0

17.2

FMCG

Asian Paints

Neutral

998

95,704

17,128

18,978

16.8

16.4

19.1

20.7

52.2

48.2

18.2

17.1

34.8

35.5

5.5

5.0

Britannia

Accumulate

3,227

3,626

38,725

9,594

11,011

14.6

14.9

80.3

94.0

40.2

34.3

16.5

12.8

41.2

3.9

3.3

Colgate

Accumulate

885

995

24,072

4,605

5,149

23.4

23.8

26.9

37.2

32.9

20.6

16.1

64.8

66.8

5.2

4.6

Dabur India

Accumulate

266

304

46,856

8,315

9,405

19.8

20.7

8.1

9.2

32.8

28.9

9.1

7.6

31.6

31.0

5.3

4.7

GlaxoSmith Con*

Neutral

5,061

21,286

4,350

4,823

21.2

21.4

179.2

196.5

28.2

25.8

7.5

6.4

27.1

26.8

4.3

3.8

Godrej Consumer

Neutral

1,564

53,255

10,235

11,428

18.4

18.6

41.1

44.2

38.0

35.4

8.4

7.1

24.9

24.8

5.3

4.7

HUL

Neutral

854

184,818

35,252

38,495

17.8

20.7

22.4

41.4

38.2

39.5

33.9

95.6

88.9

5.1

4.7

ITC

Neutral

275

332,974

40,059

44,439

38.3

39.2

9.0

10.1

30.6

27.1

8.5

7.5

27.8

27.5

7.9

7.1

www.angelbroking.com

Stock Watch

February 09, 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

Marico

Accumulate

272

300

35,137

6,430

7,349

18.8

19.5

6.4

7.7

42.6

35.4

12.8

10.8

33.2

32.5

5.2

4.5

Nestle*

Neutral

6,169

59,479

10,073

11,807

20.7

21.5

124.8

154.2

49.4

40.0

20.3

18.3

34.8

36.7

5.7

4.8

Tata Global

Neutral

146

9,224

8,675

9,088

9.8

7.4

8.2

19.8

17.8

2.2

7.9

8.1

1.0

0.9

Procter & Gamble

Accumulate

7,000

7,369

22,723

2,939

3,342

23.2

23.0

146.2

163.7

47.9

42.8

107.2

102.8

25.3

23.5

7.2

6.3

Hygiene

HCL Tech^

Buy

808

1,000

114,053

49,242

57,168

20.5

55.7

64.1

14.5

12.6

3.0

2.3

20.3

17.9

2.2

1.8

Infosys

Buy

936

1,249

215,097

68,350

77,326

27.0

62.5

69.4

15.0

13.5

3.2

2.9

21.3

21.6

2.6

2.3

TCS

Buy

2,263

2,620

445,839

119,025

133,308

27.6

131.2

145.5

17.3

15.6

5.6

5.1

32.4

33.1

3.5

3.1

Tech Mahindra

Buy

474

600

46,150

29,673

32,937

15.5

17.0

32.8

39.9

14.5

11.9

2.8

2.5

19.6

20.7

1.3

1.1

Wipro

Buy

460

583

111,844

55,440

60,430

18.1

36.1

38.9

12.8

11.8

2.3

2.1

19.0

17.6

1.7

1.5

Media

D B Corp

Neutral

381

7,010

2,297

2,590

27.4

28.2

21.0

23.4

18.2

16.3

4.2

3.7

23.7

23.1

2.8

2.5

HT Media

Neutral

1,931

2,693

2,991

12.6

12.9

7.9

9.0

10.5

9.2

0.9

0.8

7.8

8.3

0.3

0.2

Jagran Prakashan

Buy

187

225

6,103

2,355

2,635

28.0

10.8

12.5

17.3

14.9

3.8

3.2

21.7

2.6

2.3

Sun TV Network

Neutral

706

27,826

2,850

3,265

70.1

71.0

26.2

30.4

27.0

23.2

6.9

6.1

24.3

25.6

9.2

7.9

Hindustan Media

Neutral

276

2,026

1,016

1,138

24.3

25.2

27.3

30.1

10.1

9.2

1.9

1.7

16.2

15.8

1.3

1.1

Ventures

TV Today Network

Buy

270

385

1,613

637

743

27.5

18.4

21.4

14.7

12.6

2.6

2.2

17.4

17.2

2.2

1.8

Metals & Mining

Coal India

Neutral

322

199,723

84,638

94,297

21.4

22.3

24.5

27.1

13.1

11.9

5.5

5.2

42.6

46.0

1.8

1.6

Hind. Zinc

Neutral

318

134,238

14,252

18,465

55.9

48.3

15.8

21.5

20.1

14.8

3.3

2.9

17.0

20.7

9.2

7.1

Hindalco

Neutral

189

39,060

107,899

112,095

7.4

8.2

9.2

13.0

20.6

14.5

1.0

0.9

4.8

6.6

0.9

0.8

JSW Steel

Neutral

190

45,806

53,201

58,779

16.1

16.2

130.6

153.7

1.5

1.2

0.2

14.0

14.4

1.6

1.4

NMDC

Neutral

145

45,956

6,643

7,284

44.4

47.7

7.1

7.7

20.5

18.9

1.8

1.7

8.8

9.2

4.7

4.3

SAIL

Neutral

27,548

47,528

53,738

(0.7)

2.1

(1.9)

2.6

25.7

0.7

(1.6)

3.9

1.4

1.3

Vedanta

Neutral

252

74,814

71,744

81,944

19.2

21.7

13.4

20.1

18.8

12.6

1.6

1.5

8.4

11.3

1.4

1.1

Tata Steel

Neutral

471

45,715

121,374

121,856

7.2

8.4

18.6

34.3

25.3

13.7

1.6

1.5

6.1

10.1

1.0

Oil & Gas

Cairn India

Neutral

276

51,736

9,127

10,632

4.3

20.6

8.8

11.7

31.3

23.6

1.0

3.3

4.2

7.1

5.9

GAIL

Neutral

485

61,458

56,220

65,198

9.3

10.1

27.1

33.3

17.9

14.6

1.6

1.5

9.3

10.7

1.3

1.1

ONGC

Neutral

194

249,414

137,222

152,563

15.0

21.8

19.5

24.1

10.0

8.1

0.9

0.8

8.5

10.1

2.1

1.9

Indian Oil Corp

Neutral

396

192,172

373,359

428,656

5.9

5.5

54.0

59.3

7.3

6.7

1.1

1.0

16.0

15.6

0.7

0.6

Reliance Industries

Neutral

1,026

332,679

301,963

358,039

12.1

12.6

87.7

101.7

11.7

10.1

1.2

1.1

10.7

11.3

1.6

1.3

Pharmaceuticals

Alembic Pharma

Neutral

551

10,390

3,483

4,083

20.2

21.4

24.3

30.4

22.7

18.1

5.2

4.1

25.5

25.3

3.0

2.4

www.angelbroking.com

Stock Watch

February 09, 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

Pharmaceuticals

Alkem Laboratories Ltd

Accumulate

1,831

1,989

21,895

6,043

6,893

18.7

19.3

80.5

88.8

22.8

20.6

5.1

4.2

22.3

20.3

3.5

3.0

Aurobindo Pharma

Buy

698

877

40,857

15,720

18,078

23.7

41.4

47.3

16.9

14.8

4.4

3.4

29.6

26.1

2.8

2.5

Aventis*

Neutral

4,147

9,551

2,277

2,597

17.3

18.3

149.4

172.0

27.8

24.1

4.6

3.7

25.1

28.8

3.8

3.1

Cadila Healthcare

Accumulate

372

400

38,104

10,429

12,318

22.6

22.0

16.9

19.2

22.0

19.4

5.6

4.5

28.5

25.7

3.6

3.0

Cipla

Sell

603

490

48,502

15,378

18,089

17.4

18.4

21.6

27.2

27.9

22.2

3.6

3.1

13.7

15.2

3.3

2.8

Dr Reddy's

Neutral

3,021

50,049

16,043

18,119

20.8

22.4

112.4

142.9

26.9

21.1

3.6

3.1

14.1

15.9

3.1

2.8

Dishman Pharma

Neutral

229

3,691

1,718

1,890

22.7

22.8

9.5

11.3

24.1

20.2

2.3

2.1

10.1

10.9

2.6

2.3

GSK Pharma*

Neutral

2,728

23,104

3,000

3,312

15.4

20.6

46.5

60.8

58.7

44.9

14.1

14.0

26.3

30.6

7.4

6.8

Indoco Remedies

Reduce

267

240

2,464

1,112

1,289

16.2

18.2

11.6

16.0

23.1

16.7

3.7

3.1

17.0

20.1

2.3

2.0

Ipca labs

Buy

523

613

6,598

3,303

3,799

15.3

17.3

19.7

30.2

26.6

2.6

2.4

9.1

9.4

2.1

1.9

Lupin

Buy

1,488

1,809

67,156

15,912

18,644

26.4

26.7

58.1

69.3

25.6

21.5

5.0

4.1

21.4

20.9

4.2

3.5

Sun Pharma

Buy

662

847

158,900

31,129

35,258

32.0

32.9

30.2

35.3

21.9

18.8

3.6

2.9

20.0

20.1

4.7

4.0

Power

Tata Power

Neutral

22,084

36,916

39,557

17.4

27.1

5.1

6.3

16.0

13.0

1.4

1.3

9.0

10.3

1.6

1.4

NTPC

Neutral

172

141,781

86,605

95,545

17.5

20.8

11.8

13.4

14.6

12.8

1.5

1.4

10.5

11.1

3.0

Power Grid

Accumulate

201

223

105,207

25,315

29,193

88.2

88.7

14.2

17.2

14.2

11.7

2.2

1.9

15.2

16.1

8.8

7.9

Real Estate

Prestige Estate

Buy

177

210

6,623

4,707

5,105

25.2

26.0

10.3

13.0

17.2

13.6

1.4

1.3

10.3

10.2

2.5

2.2

MLIFE

Buy

354

522

1,454

1,152

1,300

22.7

24.6

29.9

35.8

11.9

9.9

0.9

0.8

7.6

8.6

2.0

1.6

Telecom

Bharti Airtel

Neutral

353

141,028

105,086

114,808

34.5

34.7

12.2

16.4

28.9

21.5

2.0

1.8

6.8

8.4

2.3

2.0

Idea Cellular

Neutral

110

39,452

40,133

43,731

37.2

37.1

6.4

6.5

17.1

16.9

1.4

1.3

8.2

7.6

2.0

1.7

zOthers

Abbott India

Neutral

4,613

9,802

3,153

3,583

14.1

14.4

152.2

182.7

30.3

25.3

148.8

127.1

25.6

26.1

2.8

2.4

Asian Granito

Buy

271

351

816

1,060

1,169

12.2

12.5

12.7

15.9

21.4

17.1

2.0

1.8

9.5

10.7

1.1

0.9

Bajaj Electricals

Accumulate

250

274

2,526

4,801

5,351

5.7

6.2

10.4

13.7

24.0

18.2

3.0

2.6

12.4

14.5

0.5

Banco Products (India)

Neutral

201

1,435

1,353

1,471

12.3

12.4

14.5

16.3

13.8

12.3

19.1

17.2

14.5

14.6

1.0

107.0

Coffee Day Enterprises

Neutral

203

4,177

2,964

3,260

20.5

21.2

4.7

8.0

25.3

2.3

2.1

5.5

8.5

1.8

1.6

Ltd

Competent Automobiles Neutral

169

104

1,137

1,256

3.1

2.7

28.0

23.6

6.0

7.2

32.5

29.4

14.3

11.5

0.1

Elecon Engineering

Neutral

639

1,482

1,660

13.7

14.5

3.9

5.8

14.6

9.8

3.4

3.2

7.8

10.9

0.8

0.7

Finolex Cables

Neutral

458

7,005

2,883

3,115

12.0

12.1

14.2

18.6

32.3

24.6

17.2

15.0

15.8

14.6

2.1

1.9

Garware Wall Ropes

Neutral

629

1,376

873

938

14.3

35.2

37.5

17.9

16.8

3.1

2.7

17.5

15.9

1.5

1.4

Goodyear India*

Neutral

721

1,663

1,598

1,704

10.4

10.2

49.4

52.6

14.6

13.7

67.4

59.1

18.2

17.0

0.7

99.5

www.angelbroking.com

Stock Watch

February 09, 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

Hitachi

Neutral

1,401

3,808

2,081

2,433

8.8

8.9

33.4

39.9

41.9

35.1

33.8

28.2

22.1

21.4

1.8

1.5

HSIL

Neutral

288

2,085

2,384

2,515

15.8

16.3

15.3

19.4

18.9

14.9

18.7

16.1

7.8

9.3

1.0

0.9

Interglobe Aviation

Neutral

850

30,723

21,122

26,005

14.5

27.6

110.7

132.1

7.7

6.4

45.9

32.8

168.5

201.1

1.4

1.1

Jyothy Laboratories

Neutral

350

6,365

1,440

2,052

11.5

13.0

8.5

10.0

41.2

35.1

10.0

9.2

18.6

19.3

4.7

3.3

Kirloskar Engines India

Neutral

347

5,014

2,554

2,800

9.9

10.0

10.5

12.1

33.0

28.7

13.8

13.0

10.7

11.7

1.6

1.4

Ltd

Linc Pen & Plastics

Neutral

257

379

382

420

9.3

9.5

13.5

15.7

19.1

16.3

3.3

2.8

17.1

17.3

1.1

0.9

M M Forgings

Neutral

491

592

546

608

20.4

20.7

41.3

48.7

11.9

10.1

67.2

59.5

16.6

17.0

0.9

0.8

Manpasand Bever.

Neutral

701

4,011

836

1,087

19.6

19.4

16.9

23.8

41.5

29.4

5.0

4.4

12.0

14.8

4.5

3.3

Mirza International

Accumulate

107

1,122

1,024

1,148

18.0

6.9

8.0

13.5

11.6

2.3

1.9

16.6

16.3

1.3

1.2

MT Educare

Neutral

127

506

366

417

17.7

18.2

9.4

10.8

13.6

11.8

3.0

2.6

22.2

22.3

1.3

1.1

Narayana Hrudaya

Neutral

329

6,722

1,873

2,166

11.5

11.7

2.6

4.0

124.4

83.0

7.6

6.9

6.1

8.3

3.6

3.1

Navkar Corporation

Buy

169

265

2,412

369

561

42.9

42.3

7.2

11.5

23.4

14.7

1.7

1.5

7.4

10.5

7.8

5.1

Navneet Education

Neutral

134

3,125

1,062

1,147

24.0

6.1

6.6

22.0

20.2

4.5

4.0

20.6

19.8

3.0

2.7

Nilkamal

Neutral

1,688

2,519

1,995

2,165

10.7

10.4

69.8

80.6

24.2

20.9

96.5

83.8

16.6

16.5

1.2

1.1

Page Industries

Neutral

14,464

16,133

2,450

3,124

20.1

17.6

299.0

310.0

48.4

46.7

322.2

245.9

47.1

87.5

6.6

5.2

Parag Milk Foods

Neutral

281

2,362

1,919

2,231

9.3

9.6

9.5

12.9

29.7

21.7

4.6

3.8

15.5

17.5

1.4

1.2

Quick Heal

Neutral

262

1,839

408

495

27.3

27.0

7.7

8.8

33.9

29.8

3.1

3.2

9.3

10.6

3.6

3.0

Radico Khaitan

Accumulate

131

147

1,744

1,667

1,824

13.0

13.2

6.7

8.2

19.7

16.0

1.8

1.6

9.0

10.2

1.4

1.3

Relaxo Footwears

Neutral

440

5,288

2,085

2,469

9.2

8.2

7.6

8.0

58.2

55.4

22.6

19.3

17.9

18.8

2.6

2.2

S H Kelkar & Co.

Neutral

312

4,519

1,036

1,160

15.1

15.0

6.1

7.2

51.2

43.5

5.5

5.0

10.7

11.5

4.2

3.8

Siyaram Silk Mills

Accumulate

1,607

1,720

1,507

1,652

1,857

11.6

11.7

92.4

110.1

17.4

14.6

2.6

2.2

14.7

15.2

1.1

1.0

Styrolution ABS India*

Neutral

650

1,144

1,440

1,537

9.2

9.0

40.6

42.6

16.0

15.3

40.9

37.2

12.3

11.6

0.7

Surya Roshni

Neutral

190

834

3,342

3,625

7.8

7.5

17.3

19.8

11.0

9.6

20.9

16.8

10.5

10.8

0.5

Team Lease Serv.

Neutral

908

1,552

3,229

4,001

1.5

1.8

22.8

32.8

39.9

27.6

4.3

3.7

10.7

13.4

0.4

0.3

The Byke Hospitality

Neutral

158

632

287

384

20.5

7.6

10.7

20.8

14.7

4.3

3.5

20.7

23.5

2.3

1.7

Transport Corporation of

Neutral

188

1,442

2,671

2,911

8.5

8.8

13.9

15.7

13.6

12.0

1.9

1.7

13.7

13.8

0.7

0.6

India

TVS Srichakra

Neutral

3,236

2,478

2,304

2,614

13.7

13.8

231.1

266.6

14.0

12.1

363.6

286.3

33.9

29.3

1.1

0.9

UFO Moviez

Neutral

429

1,185

619

685

33.2

33.4

30.0

34.9

14.3

12.3

2.0

1.7

13.8

13.9

1.6

1.2

Visaka Industries

Neutral

213

338

1,051

1,138

10.3

10.4

21.0

23.1

10.1

9.2

27.3

25.5

9.0

9.2

0.6

www.angelbroking.com

Market Outlook

February 09, 2017

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

DISCLAIMER

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registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number

INH000000164. Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing

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co-managed public offering of securities of the company covered by Analyst during the past twelve months.

This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment

decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make

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