Market Outlook
Aug 09, 2018
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open flat tracking global indices and SGX Nifty.
BSE Sensex
0.6
222
37,888
U.S. stocks showed a lack of direction during trading on Wednesday after trending
Nifty
0.5
61
11,450
higher over the past few sessions. The major averages spent the day bouncing back
Mid Cap
0.2
26
16,245
and forth across the unchanged line. The Dow Jones was down by 0.2% to 25,583
Small Cap
0.0
6
16,868
and the Nasdaq inched up by 0.1% to 7,888.
Bankex
0.8
245
31,588
U.K. shares are higher on Wednesday, extending gains to a fourth successive
session, with investors continuing to grab energy stocks despite crude oil prices
Global Indices
Chg (%)
(Pts)
(Close)
softening a bit. The benchmark FTSE 100 was up by 0.9% to 7,785.
Dow Jones
(0.2)
(45)
25,583
On domestic front, Indian shares ended on a buoyant note during the last trading
Nasdaq
0.1
05
7,888
session, with investors picking up several top notch stocks, including a few index
FTSE
0.9
66
7,785
heavyweights, on expectations of strong earnings growth. The BSE Sensex was up by
0.6% to 37,888.
Nikkei
(0.1)
(18)
22,644
Hang Seng
0.4
110
28,359
News Analysis
Shanghai Com
(1.3)
(35)
2,744
Addition in Top Picks: TTK Prstige - CMP: `6,206 TP: `7,500
HDFC AUMC - Profit book
Advances / Declines
BSE
NSE
Advances
1,301
792
Lupin 1QFY2019 Results: Target Price - `1,017
Declines
1,449
1,021
Detailed analysis on Pg2
Unchanged
133
83
Investor’s Ready Reckoner
Volumes (` Cr)
Key Domestic & Global Indicators
BSE
3,057
Stock Watch: Latest investment recommendations on 150+ stocks
NSE
31,844
Refer Pg5 onwards
Top Picks
Net Inflows (` Cr)
Net
Mtd
Ytd
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
FII
113
138
-3,272
Blue Star
Capital Goods
Buy
684
867
26.8
*MFs
117
(96)
72,502
Dewan Housing Finance
Financials
Buy
611
720
17.9
Parag Milk Foods
Others
Buy
315
410
30.3
Top Gainers
Price (`)
Chg (%)
Bata India
Others
Accumulate
950
1,007
6.0
KEI Industries
Capital Goods
Buy
443
589
33.0
RCOM
18
10.7
More Top Picks on Pg4
HATHWAY
19
7.8
INOXLEISUR
239
6.1
Key Upcoming Events
Previous
Consensus
STAR
415
5.8
Date
Region
Event Description
ReadingExpectations
TATASTEELPP
138
5.5
Aug 09, 2018 US
Producer Price Index (mom)
-
Aug 09, 2018 US
Initial Jobless claims
218.00
220.00
Top Losers
Price (`)
Chg (%)
Aug 09, 2018 China
Consumer Price Index (YoY)
1.90
2.00
Aug 10, 2018 UK
Industrial Production (YoY)
0.80
0.70
EDELWEISS
306
-6.3
Aug 10, 2018 India
Industrial Production YoY
3.20
5.60
RECLTD
111
-5.6
More Events on Pg7
INDIANB
355
-5.2
AVANTI
452
-5.1
TRIDENT
64
-5.1
As on Aug 08, 2018
Market Outlook
Aug 09, 2018
News Analysis
Addition in Top Picks:
TTK Prestige - CMP: `6,206
Target Price: `7,500
TTK Prestige has emerged as one of the leading brands in kitchen appliances in
India after its successful transformation from a single product company to offering
an entire gamut of home and kitchen appliances. We feel that the company is on
the cusp of exponential growth break out where the company is launching new
products while expanding its distribution reach. We are expecting a CAGR of 18%
in revenue and 25% in PAT over FY2018-20. Hence, we recommend a Buy on the
stock with a target price of `7500 ( 35x FY2020 earnings).
Exhibit 1:
Y/E March (Rs cr)
FY2016
FY2017
FY2018E
FY2019E
FY2020E
Net Sales
1,559
1,837
1,982
2,371
2,788
% chg
12.3
17.8
7.9
19.6
17.6
Net Profit
115.6
150.7
159.7
205.4
247.4
% chg
25.2
30.3
6.0
28.6
20.4
OPM (%)
11.8
11.4
12.7
13.4
13.6
EPS (Rs)
100.0
130.3
138.2
177.7
214.0
P/E (x)
62.0
47.6
44.9
34.9
29.0
P/BV (x)
0.4
0.3
0.3
0.2
0.2
RoE (%)
16.0
17.6
15.7
17.3
17.8
RoCE (%)
22.4
19.0
19.6
22.0
22.7
EV/Sales (x)
4.5
3.9
3.5
2.9
2.5
EV/EBITDA (x)
38.6
34.1
27.9
21.9
18.2
Source: Company
HDFC AUMC - Profit book
HDFC AUMC made debut on the bourses at `1,500 on 6 July,2018. We had
recommended 'Subscribe' looking at the growth potential and well placed business
of the company. It was valued at a PE of 32x at the time of listing, which is a little
above Reliance Mutual Fund (PE of 28x). But, HDFC's AUM worth `2,91,985cr vis-
a-vis RMF's AUM of `2,31,425 cr justified the valuation. Above all, HDFC has the
highest Equity AUMs in the market which makes higher yield.
At the current market price, short-term investors can book profit.
We are positive about the stock considering potential of the MF industry growth,
strong return ratios, asset light business, higher dividend payout ratio and track
record of superior investment performance. Therefore, we recommend 'Hold' to
long-term investors.
Market Outlook
Aug 09, 2018
Lupin 1QFY2019 Results:
For 1QFY2019, the company announced bad results. The sales came in at
`3,775cr, a yoy dip of 0.8%. On QoQ basis, the dip has been 5.1%. The sales
was impacted mainly on back of the USA, which dipped by 26.0% yoy. Other
market, which posted a dip, was ROW, of around 30.2%. India on the other hand
posted sales of `1,192cr V/s `932cr in 1QFY2018. The gross margins, during the
quarter posted a dip coming in at 61.7% V/s 67.6% in 1QFY2018.Consequently;
the OPM came in at 18.8% V/s 21.0% in 1QFY2018. Thus, the net profit came in
at `203cr V/s `358cr in 1QFY2018, a yoy dip of 43.4%. At CMP, the stock trades
at 17xFY2020E earnings, we recommend a buy with a target of `1017.
Economic and Political News
Corporate News
Market Outlook
Aug 09, 2018
Quarterly Bloomberg Brokers Consensus Estimate
Aurobindo Pharma Ltd - August 09, 2018
Particulars (` cr)
1QFY19E
1QFY18
y-o-y (%)
4QFY18
q-o-q (%)
Sales
4,080
3,679
10.9
4,049
0.8
EBIDTA
870
834
4.3
788
10.4
%
21.3
22.7
19.5
PAT
533
519
2.7
529
0.8
Bharat Forge Ltd - August 09, 2018
Particulars (` cr)
1QFY19E
1QFY18
y-o-y (%)
4QFY18
q-o-q (%)
Sales
1,404
1,201
16.9
1,467
(4.3)
EBIDTA
406
333
21.9
284
43.0
%
28.9
27.7
19.4
PAT
229
175
30.9
100
129.0
MRF Ltd - August 09, 2018
Particulars (` cr)
1QFY19E
1QFY18
y-o-y (%)
4QFY18
q-o-q (%)
Sales
4,069
3,567
14.1
3,865
5.3
EBIDTA
730
275
165.5
686
6.4
%
17.9
7.7
17.7
PAT
368
107
243.9
345
6.7
Eicher Motors Ltd - August 09, 2018
Particulars (` cr)
1QFY19E
1QFY18
y-o-y (%)
4QFY18
q-o-q (%)
Sales
2,525
2,001
26.2
2,528
(0.1)
EBIDTA
805
621
29.6
610
32.0
%
31.9
31.0
24.1
PAT
606
460
31.7
462
31.2
Page Industries Ltd - August 09, 2018
Particulars (` cr)
1QFY19E
1QFY18
y-o-y (%)
4QFY18
q-o-q (%)
Sales
828
696
19.0
608
36.2
EBIDTA
180
137
31.4
147
22.4
%
21.7
19.7
24.2
PAT
114
85
34.1
94
21.3
Market Outlook
Aug 09, 2018
Cummins India Ltd - August 09, 2018
Particulars (` cr)
1QFY19E
1QFY18
y-o-y (%)
4QFY18
q-o-q (%)
Sales
1,403
1,341
4.6
1,233
13.8
EBIDTA
205
195
5.0
173
18.4
%
14.6
14.5
14.0
PAT
188
222
(15.5)
161
16.5
Market Outlook
Aug 09, 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
6,584
684
867
26.8
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
19,157
611
720
17.9
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
2,04,683
318
416
30.7
of NPA would reduce provision cost, which would
help to report better ROE.
High order book execution in EPC segment, rising
KEI Industries
3,470
443
589
33.0
B2C sales and higher exports to boost the revenues
and profitability
Expected to benefit from the lower capex
Music Broadcast Limited
1,847
324
475
46.7
requirement and 15 year long radio broadcast
licensing.
Strong brands and distribution network would boost
Siyaram Silk Mills
2,599
554
851
53.5
growth going ahead. Stock currently trades at an
inexpensive valuation.
GST regime and the Gujarat plant are expected to
Maruti Suzuki
2,78,201
9,210
10,820
17.5
improve the company’s sales volume and margins,
respectively.
We expect loan book to grow at 24.3% over next
GIC Housing
1,848
343
591
72.2
two year; change in borrowing mix will help in NIM
improvement
Third largest brand play in luggage segment
Increased product offerings and improving
Safari Industries
1,805
810
870
7.4
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
32,866
149
218
46.0
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
2,646
315
410
30.3
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
1,693
745
1,016
36.4
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
5,70,800
2,137
2,350
10.0
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 09, 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
1,15,406
928
1,050
13.1
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
2,966
943
1,230
30.4
solutions provider for the major brands in the
RAC industry and currently serves eight out of
the 10 top RAC brands in India
BIL is the largest footwear retailer in India,
offering footwear, accessories and bags across
brands. We expect BIL to report net PAT CAGR
of
~16% to
~`3115cr over FY2018-20E
Bata India
12,206
950
1,007
6.0
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
32,382
1,427
1,764
23.6
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
20,985
218
327
50
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
1,466
1,004
1,100
9.6
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
35,822
611
780
21.6
productivity. Aurobindo will report net revenue
& net profit CAGR of ~13% & ~8% resp.
during FY2018-20E. Valuations are cheap V/s
its peers and own fair multiples of 17-18x.
Well planned strategy to grow small business
loans and cross-selling would propel fees
Yes Bank
88,264
383
435
13.7
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
24,156
572
670
17.2
(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
7,231
6,206
7,500
20.8
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
Aug 09, 2018
Fundamental Call
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
CCL is likely to maintain the strong growth
CCL Products
3,391
255
360
41.2
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
2,657
1,781
2,178
22.3
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
1,585
1,999
2,500
25.1
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
2,479
202
333
64.7
~`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
34,868
175
210
20.3
ROE of 18% by 2020 and recent capital infusion of
`3000cr would support advance growth.
Market Outlook
Aug 09, 2018
Key Upcoming Events
Global economic events release calendar
Bloomberg Data
Date
Time Country
Event Description
Unit
Period
Last Reported
Estimated
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
5.60
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
5.18
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
0.30
6:00 PMUS
Building permits
Thousands
Jul
1,292.00
1,315.00
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)
7:30 PMUS
New home sales
Thousands
Jul
631.00
650.00
Source: Bloomberg, Angel Research
Market Outlook
Aug 09, 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 09, 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 09, 2018
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
80,347
7.8
(2.9)
21.9
Russia
Micex
4,313
1.4
7.1
11.4
India
Nifty
11,389
5.5
6.8
13.8
China
Shanghai Composite
2,779
(2.5)
(13.1)
(16.2)
South Africa
Top 40
51,578
(0.3)
0.7
4.6
Mexico
Mexbol
49,964
2.0
7.9
(2.8)
Indonesia
LQ45
968
5.2
(1.4)
(1.2)
Malaysia
KLCI
1,791
7.6
(3.3)
1.2
Thailand
SET 50
1,131
8.2
(3.0)
13.7
USA
Dow Jones
25,629
4.8
5.2
16.0
UK
FTSE
7,718
1.3
2.0
2.9
Japan
Nikkei
22,663
5.2
0.7
13.7
Germany
DAX
12,648
1.0
(2.1)
4.2
France
CAC
5,521
2.3
(0.5)
7.8
Source: Bloomberg, Angel Research as on 08 August, 2018
Market Outlook
Aug 09, 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 09, 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 09, 2018
Research Team Tel: 022 - 39357800
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