Market Outlook
January 11, 2017
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open flat with a positive bias tracking SGX Nifty and
BSE Sensex
0.6
173
26,900
Asian markets.
Nifty
0.6
53
8,289
US markets turned in another relatively lackluster performance during trading on
Mid Cap
0.8
99
12,449
Tuesday before eventually ending the day mixed. The choppy trading on Wall Street
Small Cap
0.7
88
12,583
came as traders seemed reluctant to make significant moves amid uncertainty about
the near-term outlook for the markets. The lackluster performance also came amid
Bankex
0.5
114
21,036
a relatively quiet day on the U.S. economic front, with traders looking ahead to
reports on producer prices and retail sales due on Friday.
Global Indices
Chg (%)
(Pts)
(Close)
The European markets endured a choppy trading session Tuesday and ended the
Dow Jones
(0.2)
(32)
19,856
day with mixed results. The markets fluctuated between small gains and losses of the
Nasdaq
0.4
20
5,552
course of the trading session. Bank stocks were under pressure due to renewed
FTSE
0.5
38
7,275
concerns over the Italian banking system. Meanwhile, mining stocks surged due to
Nikkei
(0.8)
(153)
19,301
rising copper prices.
Hang Seng
0.8
186
22,745
Indian markets rose notably on Tuesday even as global cues remained muted in the
Shanghai Com
(0.3)
(10)
3,162
wake of a sharp overnight drop in oil prices and concerns surrounding Brexit and
the pace of rate hikes in the U.S.
Advances / Declines
BSE
NSE
News Analysis
Advances
1,667
976
ABB wins $640 million grid contract from Power Grid Corp
Declines
1,173
636
Detailed analysis on Pg2
Unchanged
125
85
Investor’s Ready Reckoner
Key Domestic & Global Indicators
Volumes (` Cr)
Stock Watch: Latest investment recommendations on 150+ stocks
BSE
2,820
Refer Pg5 onwards
NSE
17,867
Top Picks
CMP
Target
Upside
Net Inflows (` Cr)
Net
Mtd
Ytd
Company
Sector
Rating
(`)
(`)
(%)
FII
(385)
(2,330)
(2,330)
Amara Raja Batteries Auto & Auto Ancillary
Buy
904
1,167
29.1
MFs
67
1,183
1,183
Alkem Laboratories
Pharmaceuticals
Buy
1,684
1,989
18.1
HCL Tech
IT
Buy
836
1,000
19.6
Power Grid Corp.
Power
Buy
187
223
19.5
Top Gainers
Price (`)
Chg (%)
Navkar Corp.
Others
Buy
178
265
49.0
Abb
1,176
12.9
More Top Picks on Pg3
Punjlloyd
21
5.5
Pvr
1,246
5.3
Key Upcoming Events
Previous
Consensus
Jktyre
121
5.1
Date
Region
Event Description
Reading
Expectations
Hindcopper
68
5.0
Jan 12 India
Industrial Production YoY
(1.90)
(2.20)
Jan 12 US
Initial Jobless claims
235.00
255.00
Jan 13 India
Imports YoY%
10.40
--
Top Losers
Price (`)
Chg (%)
Jan 13 US
Producer Price Index (mom)
-
--
Petronet
363
(2.9)
Jan 13 India
Exports YoY%
2.30
--
Bergepaint
220
(2.4)
More Events on Pg4
Ttkprestig
5,568
(2.3)
Rtnpower
7
(2.2)
Justdial
379
(2.2)
As on January 10, 2017
Market Outlook
January 11, 2017
News Analysis
ABB wins $640 million grid contract from Power Grid Corp
Transformer maker ABB won a $640 million contract for a 1,830-km (1,137-mile)
power link in India to connect thermal and wind power plants with the country's
growing urban areas.
ABB won the contract from Power Grid Corporation of India, the national electricity
grid operator, to provide equipment for an ultra-high-voltage 800 kilo-volt system
between Raigarh in central India and Pugalur, in the southern state of Tamil Nadu.
The system, one of the longest in the world, will have the capacity to supply
electricity to 80 million people once it is completed in 2019 according to the
management.
Economic and Political News
Nandan Nilekani increases stake in Cafe Coffee Day
India receives $130 bn FDI in two-and-a-half years: Narendra Modi
Demonetisation to drag corporates' Q3 gross revenues to 4%: Crisil
Corporate News
Banks flag Centre's plan to re-bid stalled highway projects
Engineers India is key beneficiary of refinery upgrades
REITs, InvITs could help to raise `50,000 crore: Assocham-Crisil
Quarterly Bloomberg Brokers Consensus Estimate
Tata Consultancy Services Ltd Consol - Jan 12, 2017
Particulars ( ` cr)
3QFY17E
3QFY16
y-o-y (%)
2QFY17 q-o-q (%)
Net sales
29,745
27,364
8.7
29,284
1.6
EBITDA
8,048
7,747
3.9
8,112
(0.8)
EBITDA margin (%)
27.1
28.3
27.7
Net profit
6,309
6,083
3.7
6,603
(4.4)
Infosys Ltd Consol - Jan 13, 2017
Particulars ( ` cr)
3QFY17E
3QFY16
y-o-y (%)
2QFY17 q-o-q (%)
Net sales
17,164
15,902
7.9
17,310
(0.8)
EBITDA
4,601
4,262
8.0
4,733
(2.8)
EBITDA margin (%)
26.8
26.8
27.3
Net profit
3,509
3,465
1.3
3,606
(2.7)
LIC Housing Finance Ltd. - Jan 16, 2017
Particulars ( ` cr)
3QFY17E
3QFY16
y-o-y (%)
2QFY17 q-o-q (%)
PAT
477
419
13.8
495
(3.7)
Market Outlook
January 11, 2017
Top Picks ★★★★★
Large Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
To outpace battery industry growth due to better
Amara Raja Batteries
15,447
904
1,167
29.1
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
20,132
1,684
1,989
18.1
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 all
HCL Tech
1,17,994
836
1,000
19.6
the bad news.
Back on the growth trend, expect a long term growth of 14%
Infosys
2,22,941
971
1,249
28.7
to be a US$20bn in FY2020.
Strong order backlog and improvement in execution would
Larsen & Toubro
1,29,302
1,386
1,634
17.9
trigger the growth for the L&T
One of the largest pharma companies with strong
Lupin
67,149
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
97,621
187
223
19.5
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
707
235
351
49.4
owing to better product mix, higher B2C sales and
amalgamation synergy.
Among the top 4 players in the consumer durables segment.
Bajaj Electricals
2,365
234
274
17.1
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
4,708
493
634
28.6
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
7,997
255
350
37.0
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
Equitas Holdings
4,994
149
235
57.8
adequate CAR. ROE & ROA likely to remain decent as risk of
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
5,777
177
225
27.3
radio business (Radio City) would also boost the company's
revenue growth.
High order book execution in EPC segment, rising B2C sales
KEI Industries
1,118
144
153
6.4
and higher exports to boost the revenues and profitability
Speedier execution and speedier sales, strong revenue visibilty
Mahindra Lifespace
1,484
361
522
44.4
in short-to-long run, attractive valuations
Higher growth in domestic branded sales and healthy export
Mirza International
1,102
92
107
16.8
to boost the profitability.
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,536
178
265
49.0
as well CFS augurs well for the company
Strong brands and distribution network would boost growth
Siyaram Silk Mills
1,313
1,401
1,605
14.6
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
1,623
272
385
41.5
and anticipated growth in ad spends by corporates to benefit
the stock.
Source: Company, Angel Research
Market Outlook
January 11, 2017
Key Upcoming Events
Result Calendar
Date
Company
Jan 10, 2017
IndusInd Bank
Jan 11, 2017
South Ind.Bank
Jan 12, 2017
TCS, Infotech Enterprises
Jan 13, 2017
Infosys
Jan 16, 2017
LIC Housing Fin.
Source: Bloomberg, Angel Research
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
Jan 11, 2017
3:00 PM
UK
Industrial Production (YoY)
% Change
Nov
(1.10)
0.70
Jan 12, 2017
5:30 PM
India
Industrial Production YoY
% Change
Nov
(1.90)
1.50
7:00 PM
US
Initial Jobless claims
Thousands
Jan 7
235.00
255.00
Jan 13, 2017
India
Imports YoY%
% Change
Dec
10.40
--
US
Producer Price Index (mom)
% Change
Dec
--
--
India
Exports YoY%
% Change
Dec
2.30
--
China
Exports YoY%
% Change
Dec
(1.60)
(3.90)
Jan 16, 2017
2:00 PM
India
Monthly Wholesale Prices YoY%
% Change
Dec
3.15
3.56
Jan 17, 2017
3:00 PM
UK
CPI (YoY)
% Change
Dec
1.20
--
Jan 18, 2017
7:00 PM
US
Consumer price index (mom)
% Change
Dec
0.20
0.30
3:30 PM
Euro Zone
Euro-Zone CPI (YoY)
%
Dec F
1.10
--
3:00 PM
UK
Jobless claims change
% Change
Dec
2.40
--
7:45 PM
US
Industrial Production
%
Dec
(0.44)
0.55
Jan 19, 2017
7:00 PM
US
Housing Starts
Thousands
Dec
1,090.00
1,200.00
7:00 PM
US
Building permits
Thousands
Dec
1,212.00
1,220.00
6:15 PM
Euro Zone
ECB announces interest rates
%
Jan 19
--
--
Jan 20, 2017
7:30 AM
China
Real GDP (YoY)
% Change
4Q
6.70
6.70
7:30 AM
China
Industrial Production (YoY)
% Change
Dec
6.20
6.10
Jan 23, 2017
8:30 PM
Euro Zone
Euro-Zone Consumer Confidence
Value
Jan A
(5.10)
--
Jan 24, 2017
2:00 PM
Germany
PMI Services
Value
Jan P
54.30
--
8:30 PM
US
Existing home sales
Million
Dec
5.61
5.45
2:00 PM
Germany
PMI Manufacturing
Value
Jan P
55.60
--
Jan 26, 2017
3:00 PM
UK
GDP (YoY)
% Change
4Q A
2.20
--
8:30 PM
US
New home sales
Thousands
Dec
592.00
--
Jan 27, 2017
7:00 PM
US
GDP Qoq (Annualised)
% Change
4Q A
3.50
2.00
Jan 31, 2017
2:25 PM
Germany
Unemployment change (000's)
Thousands
Jan
(17.00)
--
3:30 PM
Euro Zone
Euro-Zone GDP s.a. (QoQ)
% Change
4Q A
0.30
--
3:00 PM
UK
PMI Manufacturing
Value
Jan
56.10
--
Feb 1, 2017
6:30 AM
China
PMI Manufacturing
Value
Jan
51.40
--
8:30 PM
US
Consumer Confidence
S.A./ 1985=100
Jan
113.70
--
Feb 2, 2017
5:30 PM
UK
BOE Announces rates
% Ratio
Feb 2
0.25
--
2:30 AM
US
FOMC rate decision
%
Feb 1
0.75
0.75
Source: Bloomberg, Angel Research
Market Outlook
January 11, 2017
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
8.3
3.0
2.2
7.9
1.9
7.5
7.5
7.6
8.0
7.3
2.0
7.2
7.1
1.3
6.6
6.7
0.7
7.0
6.4
1.0
0.3
5.8
6.0
-
5.0
(1.0)
(0.7)
(0.9)
4.0
(1.3)
(2.0)
(1.6)
(1.9)
3.0
(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
5.6
5.7
5.8
5.8
6.0
5.3
5.5
5.1
52.0
4.8
5.0
4.4
4.2
50.0
3.6
4.0
48.0
3.0
46.0
2.0
1.0
44.0
-
42.0
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
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)
(25.0)
3.50
(30.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
January 11, 2017
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.7
5.3
6.0
5.0
0.7
4.3
4.0
3.2
2.2
1.7
1.5
2.0
1.0
1.1
-
(2.0)
(0.4)
(2.9)
(4.0)
Source: Bloomberg, Angel Research
Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
10.0
7.6
8.0
6.6
6.0
4.9
4.3
4.0
3.2
1.8
1.7
1.6
2.0
1.3
(0.8)
0.5
(3.3)
0.1
-
(2.0)
(4.0)
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
s
(x)
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
-
Source: IMF, Angel Research
Market Outlook
January 11, 2017
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
62,132
2.4
2.5
53.0
Russia
Micex
2,237
1.4
11.8
32.8
India
Nifty
8,289
0.3
(4.7)
6.5
China
Shanghai Composite
3,162
(2.2)
3.4
(10.7)
South Africa
Top 40
45,020
4.2
(0.1)
4.2
Mexico
Mexbol
45,886
(1.0)
(3.6)
11.9
Indonesia
LQ45
893
1.3
(2.9)
13.1
Malaysia
KLCI
1,672
2.6
0.4
1.1
Thailand
SET 50
984
3.5
2.2
20.6
USA
Dow Jones
19,856
1.6
8.9
20.2
UK
FTSE
7,275
7.3
3.3
22.1
Japan
Nikkei
19,301
5.6
16.3
2.3
Germany
DAX
11,583
3.6
9.5
21.6
France
CAC
4,888
3.2
9.3
18.5
Source: Bloomberg, Angel Research
Stock Watch
January 11, 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
209
-
4,067
1,937
2,164
13.3
14.3
9.0
11.0
23.2
19.0
4.1
3.5
18.4
19.8
2.1
1.8
United Phosphorus
Neutral
663
-
33,631
15,176
17,604
18.5
18.5
37.4
44.6
17.7
14.9
3.5
2.9
21.4
21.2
2.3
1.9
Auto & Auto Ancillary
Amara Raja Batteries
Buy
904
1,167
15,447
5,504
6,605
17.6
17.5
33.4
40.9
27.1
22.1
6.0
4.9
22.1
22.0
2.9
2.4
Apollo Tyres
Buy
195
235
9,908
12,877
14,504
14.3
13.9
21.4
23.0
9.1
8.5
1.4
1.2
16.4
15.2
0.9
0.8
Ashok Leyland
Buy
85
111
24,162
22,407
26,022
10.6
10.6
5.2
6.4
16.3
13.2
3.7
3.1
23.6
24.7
1.2
1.0
Bajaj Auto
Neutral
2,741
-
79,310
25,093
27,891
19.5
19.2
143.9
162.5
19.0
16.9
5.3
4.6
30.3
29.4
2.9
2.5
Bharat Forge
Neutral
931
-
21,668
7,726
8,713
20.5
21.2
35.3
42.7
26.4
21.8
4.9
4.4
18.9
20.1
2.8
2.4
Ceat
Buy
1,217
1,450
4,924
7,524
8,624
13.0
12.7
131.1
144.3
9.3
8.4
1.7
1.5
19.8
18.6
0.7
0.6
Eicher Motors
Neutral
23,005
-
62,582
16,583
20,447
17.5
18.0
598.0
745.2
38.5
30.9
13.1
10.0
41.2
38.3
3.6
2.8
Exide Industries
Neutral
183
-
15,572
7,439
8,307
15.0
15.0
8.1
9.3
22.6
19.7
3.2
2.8
14.3
16.7
1.7
1.6
Gabriel India
Buy
112
130
1,607
1,544
1,715
9.0
9.3
5.4
6.3
20.7
17.8
3.9
3.5
18.9
19.5
1.0
0.8
Hero Motocorp
Buy
3,063
3,541
61,165
30,958
34,139
15.7
15.7
193.6
208.3
15.8
14.7
6.2
5.1
34.2
30.5
1.8
1.6
Indag Rubber
Neutral
185
-
485
286
326
19.8
16.8
11.7
13.3
15.8
13.9
2.7
2.5
17.8
17.1
1.4
1.2
Jamna Auto Industries
Neutral
182
-
1,450
1,486
1,620
9.8
9.9
15.0
17.2
12.1
10.6
2.7
2.3
21.8
21.3
1.1
1.0
JK Tyres
Neutral
121
-
2,739
7,455
8,056
15.0
15.0
21.8
24.5
5.5
4.9
1.2
0.9
22.8
21.3
0.5
0.4
L G Balakrishnan & Bros Neutral
595
-
934
1,302
1,432
11.6
11.9
43.7
53.0
13.6
11.2
1.9
1.8
13.8
14.2
0.8
0.7
Mahindra and Mahindra Neutral
1,213
-
75,335
46,534
53,077
11.6
11.7
67.3
78.1
18.0
15.5
2.9
2.6
15.4
15.8
1.6
1.4
Maruti
Accumulate
5,675
6,006
171,441
68,057
82,958
15.8
15.5
212.1
261.2
26.8
21.7
5.3
4.4
19.8
20.3
2.2
1.7
Minda Industries
Neutral
329
-
2,606
2,728
3,042
9.0
9.1
68.2
86.2
4.8
3.8
1.1
0.9
23.8
24.3
1.0
0.9
Motherson Sumi
Neutral
328
-
46,052
45,896
53,687
7.8
8.3
13.0
16.1
25.2
20.4
8.1
6.5
34.7
35.4
1.1
0.9
Rane Brake Lining
Neutral
983
-
778
511
562
11.3
11.5
28.1
30.9
35.0
31.8
5.3
4.9
15.3
15.0
1.7
1.5
Setco Automotive
Neutral
38
-
506
741
837
13.0
13.0
15.2
17.0
2.5
2.2
0.4
0.4
15.8
16.3
1.1
1.0
Subros
Neutral
166
-
996
1,488
1,681
11.7
11.9
6.4
7.2
25.9
23.2
2.7
2.5
10.8
11.4
0.9
0.8
Swaraj Engines
Neutral
1,340
-
1,664
660
810
15.2
16.4
54.5
72.8
24.6
18.4
7.7
7.0
31.5
39.2
2.4
1.9
Tata Motors
Neutral
515
-
148,778
300,209
338,549
8.9
8.4
42.7
54.3
12.1
9.5
1.9
1.6
15.6
17.2
0.6
0.5
TVS Motor
Neutral
383
-
18,201
13,390
15,948
6.9
7.1
12.8
16.5
30.0
23.2
7.5
5.9
26.3
27.2
1.4
1.2
Capital Goods
ACE
Neutral
49
-
485
709
814
4.1
4.6
1.4
2.1
35.0
23.3
1.4
1.4
4.4
6.0
0.9
0.7
BEML
Neutral
1,171
-
4,874
3,451
4,055
6.3
9.2
31.4
57.9
37.3
20.2
2.2
2.0
6.3
10.9
1.3
1.1
BGR Energy
Neutral
131
-
947
16,567
33,848
6.0
5.6
7.8
5.9
16.8
22.2
1.0
0.9
4.7
4.2
0.2
0.1
Stock Watch
January 11, 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
Bharat Electronics
Neutral
1,512
-
33,766
8,137
9,169
16.8
17.2
58.7
62.5
25.8
24.2
4.0
3.6
44.6
46.3
2.9
2.6
BHEL
Neutral
128
-
31,378
28,797
34,742
-
2.8
2.3
6.9
55.7
18.6
1.0
0.9
1.3
4.8
0.7
0.5
Blue Star
Buy
493
634
4,708
4,283
5,077
5.9
7.3
14.9
22.1
33.1
22.3
6.4
5.4
20.4
26.4
1.1
1.0
Crompton Greaves
Neutral
62
-
3,883
5,777
6,120
5.9
7.0
3.3
4.5
18.8
13.8
0.8
0.8
4.4
5.9
0.6
0.5
Greaves Cotton
Neutral
122
-
2,978
1,755
1,881
16.8
16.9
7.8
8.5
15.6
14.4
3.1
2.9
20.6
20.9
1.4
1.3
Inox Wind
Neutral
182
-
4,048
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
144
-
3,701
9,294
10,186
7.9
8.1
9.9
11.9
14.5
12.1
2.1
1.9
15.6
16.3
0.6
0.6
KEI Industries
Accumulate
144
153
1,118
2,574
2,921
10.4
10.0
10.1
11.8
14.2
12.2
2.5
2.1
17.7
17.4
0.6
0.5
Thermax
Neutral
798
-
9,509
5,421
5,940
7.3
7.3
25.7
30.2
31.1
26.4
3.8
3.4
12.2
13.1
1.6
1.5
VATech Wabag
Buy
482
681
2,630
3,136
3,845
8.9
9.1
26.0
35.9
18.5
13.4
2.3
2.0
13.4
15.9
0.7
0.6
Voltas
Buy
344
407
11,382
6,511
7,514
7.9
8.7
12.9
16.3
26.7
21.1
4.8
4.2
16.7
18.5
1.5
1.2
Cement
ACC
Neutral
1,322
-
24,825
11,225
13,172
13.2
16.9
44.5
75.5
29.7
17.5
2.8
2.6
11.2
14.2
2.2
1.9
Ambuja Cements
Neutral
210
-
41,689
9,350
10,979
18.2
22.5
5.8
9.5
36.2
22.1
3.0
2.7
10.2
12.5
4.5
3.9
India Cements
Neutral
129
-
3,967
4,364
4,997
18.5
19.2
7.9
11.3
16.4
11.4
1.2
1.1
8.0
8.5
1.6
1.4
JK Cement
Neutral
707
-
4,943
4,398
5,173
15.5
17.5
31.2
55.5
22.7
12.7
2.7
2.4
12.0
15.5
1.7
1.4
J K Lakshmi Cement
Buy
355
565
4,177
2,913
3,412
14.5
19.5
7.5
22.5
47.3
15.8
2.9
2.5
12.5
18.0
2.0
1.7
Orient Cement
Buy
128
215
2,628
2,114
2,558
18.5
20.5
8.1
11.3
15.8
11.4
2.3
2.0
9.0
14.0
1.9
1.4
UltraTech Cement
Neutral
3,283
-
90,098
25,768
30,385
21.0
23.5
111.0
160.0
29.6
20.5
3.8
3.3
13.5
15.8
3.6
3.0
Construction
Engineers India
Neutral
157
-
10,580
1,725
1,935
16.0
19.1
11.4
13.9
13.8
11.3
1.9
1.8
13.4
15.3
4.9
4.4
Gujarat Pipavav Port
Neutral
135
-
6,524
705
788
52.2
51.7
5.0
5.6
27.0
24.1
2.7
2.4
11.2
11.2
8.9
7.5
ITNL
Neutral
116
-
3,823
8,946
10,017
31.0
31.6
8.1
9.1
14.4
12.8
0.5
0.5
4.2
5.0
3.7
3.5
KNR Constructions
Neutral
169
-
2,383
1,385
1,673
14.7
14.0
41.2
48.5
4.1
3.5
0.8
0.7
14.9
15.2
1.8
1.5
Larsen & Toubro
Buy
1,386
1,634
129,302
111,017
124,908
11.0
11.0
61.1
66.7
22.7
20.8
2.7
2.5
13.1
12.9
2.2
2.0
MEP Infra
Neutral
40
-
648
1,877
1,943
30.6
29.8
3.0
4.2
13.3
9.5
6.4
4.3
0.6
0.6
1.7
1.6
Nagarjuna Const.
Neutral
83
-
4,611
8,842
9,775
9.1
8.8
5.3
6.4
15.7
13.0
1.2
1.1
8.2
9.1
0.7
0.6
NBCC
Neutral
268
-
16,089
7,428
9,549
7.9
8.6
8.2
11.0
32.7
24.4
1.6
1.3
28.2
28.7
1.7
1.3
PNC Infratech
Buy
104
143
2,669
2,350
2,904
13.1
13.2
9.0
8.8
11.6
11.8
0.4
0.4
15.9
13.9
1.3
1.0
Power Mech Projects
Neutral
430
-
633
1,801
2,219
12.7
14.6
72.1
113.9
6.0
3.8
1.1
0.9
16.8
11.9
0.4
0.3
Sadbhav Engineering
Accumulate
271
298
4,656
3,598
4,140
10.3
10.6
9.0
11.9
30.2
22.8
3.2
2.8
9.9
11.9
1.6
1.4
Stock Watch
January 11, 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
Simplex Infra
Neutral
290
-
1,435
6,829
7,954
10.5
10.5
31.4
37.4
9.2
7.8
1.0
0.9
9.9
13.4
0.6
0.5
SIPL
Neutral
100
-
3,522
1,036
1,252
65.5
66.2
(8.4)
(5.6)
3.8
4.3
(22.8)
(15.9)
11.5
9.6
Financials
Axis Bank
Buy
447
630
106,974
46,932
53,575
3.5
3.4
32.4
44.6
13.8
10.0
1.8
1.6
13.6
16.5
-
-
Bank of Baroda
Neutral
153
-
35,185
19,980
23,178
1.8
1.8
11.5
17.3
13.3
8.8
1.5
1.3
8.3
10.1
-
-
Canara Bank
Neutral
269
-
14,604
15,225
16,836
1.8
1.8
14.5
28.0
18.6
9.6
1.3
1.0
5.8
8.5
-
-
Dewan Housing Finance Buy
255
350
7,997
2,225
2,688
2.9
2.9
29.7
34.6
8.6
7.4
1.4
1.2
16.1
16.8
-
-
Equitas Holdings
Buy
149
235
4,994
939
1,281
11.7
11.5
5.8
8.2
25.7
18.2
2.2
2.0
10.9
11.5
-
-
Federal Bank
Buy
70
85
12,010
8,259
8,995
3.0
3.0
4.3
5.6
16.2
12.5
1.4
1.3
8.5
10.1
-
-
HDFC
Neutral
1,216
-
192,795
11,475
13,450
3.4
3.4
45.3
52.5
26.9
23.2
5.2
4.6
20.2
20.5
-
-
HDFC Bank
Accumulate
1,212
1,350
309,513
46,097
55,433
4.5
4.5
58.4
68.0
20.8
17.8
3.6
3.0
18.8
18.6
-
-
ICICI Bank
Buy
260
315
151,508
42,800
44,686
3.1
3.3
18.0
21.9
14.5
11.9
2.0
1.8
11.1
12.3
-
-
Lakshmi Vilas Bank
Buy
136
174
2,602
3,339
3,799
2.7
2.8
11.0
14.0
12.4
9.7
1.3
1.2
11.2
12.7
-
-
LIC Housing Finance
Buy
521
630
26,313
3,712
4,293
2.6
2.5
39.0
46.0
13.4
11.3
2.5
2.1
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
119
-
25,397
23,532
23,595
2.3
2.4
6.8
12.6
17.6
9.5
2.7
1.9
3.3
6.5
-
-
RBL Bank
Neutral
363
-
13,406
1,783
2,309
2.6
2.6
12.7
16.4
28.5
22.1
3.1
2.8
12.8
13.3
-
-
South Ind.Bank
Neutral
21
-
2,832
6,435
7,578
2.5
2.5
2.7
3.1
7.8
6.8
1.0
0.8
10.1
11.2
-
-
St Bk of India
Neutral
248
-
192,400
88,650
98,335
2.6
2.6
13.5
18.8
18.4
13.2
1.8
1.5
7.0
8.5
-
-
Union Bank
Neutral
131
-
8,999
13,450
14,925
2.3
2.3
25.5
34.5
5.1
3.8
0.8
0.6
7.5
10.2
-
-
Yes Bank
Neutral
1,263
-
53,397
8,978
11,281
3.3
3.4
74.0
90.0
17.1
14.0
3.2
2.7
17.0
17.2
-
-
FMCG
Asian Paints
Neutral
924
-
88,663
17,128
18,978
16.8
16.4
19.1
20.7
48.4
44.7
16.8
15.9
34.8
35.5
5.1
4.6
Britannia
Buy
2,880
3,626
34,558
9,594
11,011
14.6
14.9
80.3
94.0
35.9
30.6
14.8
11.4
41.2
-
3.5
3.0
Colgate
Accumulate
892
995
24,272
4,605
5,149
23.4
23.4
23.8
26.9
37.5
33.2
20.8
16.2
64.8
66.8
5.2
4.7
Dabur India
Accumulate
277
304
48,812
8,315
9,405
19.8
20.7
8.1
9.2
34.2
30.1
9.5
7.9
31.6
31.0
5.5
4.8
GlaxoSmith Con*
Neutral
5,110
-
21,492
4,350
4,823
21.2
21.4
179.2
196.5
28.5
26.0
7.6
6.4
27.1
26.8
4.3
3.8
Godrej Consumer
Neutral
1,560
-
53,122
10,235
11,428
18.4
18.6
41.1
44.2
38.0
35.3
8.4
7.1
24.9
24.8
5.1
4.5
HUL
Neutral
830
-
179,711
35,252
38,495
17.8
17.8
20.7
22.4
40.2
37.1
38.4
33.0
95.6
88.9
5.0
4.5
ITC
Buy
249
284
301,701
40,059
44,439
38.3
39.2
9.0
10.1
27.7
24.6
7.7
6.8
27.8
27.5
6.8
6.2
Marico
Buy
261
300
33,670
6,430
7,349
18.8
19.5
6.4
7.7
40.8
33.9
12.3
10.4
33.2
32.5
5.0
4.4
Nestle*
Neutral
5,875
-
56,639
10,073
11,807
20.7
21.5
124.8
154.2
47.1
38.1
19.3
17.4
34.8
36.7
5.5
4.6
Stock Watch
January 11, 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
P & G Hygiene
Accumulate
6,800
7,369
22,073
2,939
3,342
23.2
23.0
146.2
163.7
46.5
41.5
104.1
99.9
25.3
23.5
7.1
6.2
Tata Global
Neutral
124
-
7,854
8,675
9,088
9.8
9.8
7.4
8.2
16.8
15.2
1.9
1.8
7.9
8.1
0.8
0.8
IT
HCL Tech^
Buy
836
1,000
117,994
49,242
57,168
20.5
20.5
55.7
64.1
15.0
13.0
3.1
2.3
20.3
17.9
2.2
1.8
Infosys
Buy
971
1,249
222,941
68,350
77,326
27.0
27.0
62.5
69.4
15.5
14.0
3.3
3.0
21.3
21.6
2.7
2.3
TCS
Accumulate
2,315
2,620
456,243
119,025
133,308
27.6
27.6
131.2
145.5
17.7
15.9
5.7
5.3
32.4
33.1
3.6
3.1
Tech Mahindra
Buy
474
600
46,077
29,673
32,937
15.5
17.0
32.8
39.9
14.4
11.9
2.8
2.5
19.6
20.7
1.3
1.1
Wipro
Buy
477
590
115,831
55,440
60,430
18.1
18.1
35.9
39.9
13.3
11.9
2.4
2.2
19.0
19.3
1.8
1.6
Media
D B Corp
Neutral
370
-
6,806
2,297
2,590
27.4
28.2
21.0
23.4
17.6
15.8
4.1
3.6
23.7
23.1
2.8
2.4
Hindustan Media Vent.
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
HT Media
Neutral
75
-
1,746
2,693
2,991
12.6
12.9
7.9
9.0
9.5
8.3
0.8
0.7
7.8
8.3
0.2
0.1
Jagran Prakashan
Buy
177
225
5,777
2,355
2,635
28.0
28.0
10.8
12.5
16.4
14.1
3.6
3.1
21.7
21.7
2.5
2.1
Sun TV Network
Neutral
534
-
21,050
2,850
3,265
70.1
71.0
26.2
30.4
20.4
17.6
5.2
4.6
24.3
25.6
7.0
5.9
TV Today Network
Buy
272
385
1,623
637
743
27.5
27.5
18.4
21.4
14.8
12.7
2.6
2.2
17.4
17.2
2.2
1.8
Metals & Mining
Coal India
Neutral
300
-
186,471
84,638
94,297
21.4
22.3
24.5
27.1
12.3
11.1
5.1
4.9
42.6
46.0
1.8
1.6
Hind. Zinc
Neutral
272
-
114,971
14,252
18,465
55.9
48.3
15.8
21.5
17.2
12.7
2.8
2.5
17.0
20.7
7.8
6.1
Hindalco
Neutral
164
-
33,916
107,899
112,095
7.4
8.2
9.2
13.0
17.8
12.6
0.9
0.8
4.8
6.6
0.8
0.8
JSW Steel
Neutral
178
-
43,087
53,201
58,779
16.1
16.2
130.6
153.7
1.4
1.2
0.2
0.2
14.0
14.4
1.6
1.4
NMDC
Neutral
138
-
43,662
6,643
7,284
44.4
47.7
7.1
7.7
19.4
17.9
1.7
1.6
8.8
9.2
4.2
3.8
SAIL
Neutral
53
-
21,828
47,528
53,738
(0.7)
2.1
(1.9)
2.6
20.3
0.6
0.6
(1.6)
3.9
1.3
1.2
Tata Steel
Neutral
431
-
41,850
121,374
121,856
7.2
8.4
18.6
34.3
23.2
12.6
1.4
1.3
6.1
10.1
1.0
1.0
Vedanta
Neutral
233
-
68,959
71,744
81,944
19.2
21.7
13.4
20.1
17.4
11.6
1.5
1.3
8.4
11.3
1.3
1.0
Oil & Gas
Cairn India
Neutral
258
-
48,406
9,127
10,632
4.3
20.6
8.8
11.7
29.3
22.1
0.9
0.9
3.3
4.2
6.7
5.6
GAIL
Neutral
441
-
55,895
56,220
65,198
9.3
10.1
27.1
33.3
16.3
13.2
1.5
1.4
9.3
10.7
1.2
1.0
Indian Oil Corp
Neutral
347
-
168,354
373,359
428,656
5.9
5.5
54.0
59.3
6.4
5.9
1.0
0.9
16.0
15.6
0.6
0.5
ONGC
Neutral
198
-
253,970
137,222
152,563
15.0
21.8
19.5
24.1
10.2
8.2
0.9
0.8
8.5
10.1
2.2
1.9
Reliance Industries
Neutral
1,087
-
352,611
301,963
358,039
12.1
12.6
87.7
101.7
12.4
10.7
1.3
1.2
10.7
11.3
1.6
1.4
Pharmaceuticals
Alembic Pharma
Neutral
603
-
11,369
3,483
4,083
20.2
21.4
24.3
30.4
24.8
19.8
5.7
4.5
25.5
25.3
3.2
2.7
Alkem Laboratories
Buy
1,684
1,989
20,132
6,043
6,893
18.7
19.3
80.5
88.8
20.9
19.0
4.7
3.9
22.3
20.3
3.2
2.8
Aurobindo Pharma
Buy
700
877
40,933
15,720
18,078
23.7
23.7
41.4
47.3
16.9
14.8
4.4
3.4
29.6
26.1
2.8
2.4
Stock Watch
January 11, 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
Cadila Healthcare
Accumulate
356
400
36,420
10,429
12,318
22.6
22.0
16.9
19.2
21.1
18.5
5.4
4.3
28.5
25.7
3.7
3.1
Cipla
Sell
576
490
46,305
15,378
18,089
17.4
18.4
21.6
27.2
26.7
21.2
3.5
3.0
13.7
15.2
3.2
2.7
Dishman Pharma
Neutral
253
-
4,087
1,718
1,890
22.7
22.8
9.5
11.3
26.7
22.4
2.6
2.3
10.1
10.9
2.6
2.3
Dr Reddy's
Neutral
3,048
-
50,499
16,043
18,119
20.8
22.4
112.4
142.9
27.1
21.3
3.6
3.2
14.1
15.9
3.2
2.8
GSK Pharma*
Neutral
2,731
-
23,136
3,000
3,312
15.4
20.6
46.5
60.8
58.7
44.9
14.1
14.1
26.3
30.6
7.4
6.8
Indoco Remedies
Reduce
269
240
2,477
1,112
1,289
16.2
18.2
11.6
16.0
23.2
16.8
3.7
3.1
17.0
20.1
2.4
2.0
Ipca labs
Accumulate
534
613
6,741
3,303
3,799
15.3
15.3
17.3
19.7
30.9
27.1
2.7
2.5
9.1
9.4
2.2
1.9
Lupin
Buy
1,488
1,809
67,149
15,912
18,644
26.4
26.7
58.1
69.3
25.6
21.5
5.0
4.1
21.4
20.9
4.4
3.6
Sanofi India*
Neutral
4,225
-
9,730
2,277
2,597
17.3
18.3
149.4
172.0
28.3
24.6
4.7
3.8
25.1
28.8
3.9
3.2
Sun Pharma
Buy
638
847
153,142
31,129
35,258
32.0
32.9
30.2
35.3
21.1
18.1
3.4
2.8
20.0
20.1
4.5
3.8
Power
NTPC
Neutral
162
-
133,906
86,605
95,545
17.5
20.8
11.8
13.4
13.8
12.1
1.4
1.3
10.5
11.1
2.9
2.9
Power Grid
Buy
187
223
97,621
25,315
29,193
88.2
88.7
14.2
17.2
13.2
10.9
2.0
1.8
15.2
16.1
8.5
7.7
Tata Power
Neutral
77
-
20,853
36,916
39,557
17.4
27.1
5.1
6.3
15.1
12.2
1.3
1.2
9.0
10.3
1.6
1.4
Real Estate
MLIFE
Buy
361
522
1,484
1,152
1,300
22.7
24.6
29.9
35.8
12.1
10.1
0.9
0.8
7.6
8.6
2.0
1.7
Prestige Estate
Buy
179
210
6,711
4,707
5,105
25.2
26.0
10.3
13.0
17.4
13.8
1.4
1.3
10.3
10.2
2.5
2.2
Telecom
Bharti Airtel
Neutral
320
-
127,957
105,086
114,808
34.5
34.7
12.2
16.4
26.2
19.5
1.8
1.7
6.8
8.4
2.1
1.9
Idea Cellular
Neutral
75
-
26,848
40,133
43,731
37.2
37.1
6.4
6.5
11.7
11.5
1.0
0.9
8.2
7.6
1.7
1.4
zOthers
Abbott India
Neutral
4,520
-
9,604
3,153
3,583
14.1
14.4
152.2
182.7
29.7
24.7
145.8
124.5
25.6
26.1
2.8
2.4
Asian Granito
Buy
235
351
707
1,071
1,182
12.1
12.4
12.7
16.0
18.5
14.7
1.8
1.6
9.5
10.7
1.0
0.8
Bajaj Electricals
Buy
234
274
2,365
4,801
5,351
5.7
6.2
10.4
13.7
22.4
17.1
2.8
2.5
12.4
14.5
0.5
0.4
Banco Products (India)
Neutral
217
-
1,553
1,353
1,471
12.3
12.4
14.5
16.3
15.0
13.3
20.7
18.6
14.5
14.6
1.0
107.9
Coffee Day Enterprises
Neutral
199
-
4,097
2,964
3,260
20.5
21.2
4.7
8.0
-
24.9
2.3
2.1
5.5
8.5
1.8
1.6
Competent Automobiles Neutral
166
-
102
1,137
1,256
3.1
2.7
28.0
23.6
5.9
7.0
31.9
28.9
14.3
11.5
0.1
0.1
Elecon Engineering
Neutral
57
-
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
415
-
6,347
2,883
3,115
12.0
12.1
14.2
18.6
29.2
22.3
15.5
13.6
15.8
14.6
1.9
1.7
Garware Wall Ropes
Neutral
625
-
1,368
873
938
14.3
14.3
35.2
37.5
17.8
16.7
3.1
2.7
17.5
15.9
1.5
1.4
Goodyear India*
Neutral
735
-
1,696
1,598
1,704
10.4
10.2
49.4
52.6
14.9
14.0
68.7
60.3
18.2
17.0
0.7
101.0
Hitachi
Neutral
1,413
-
3,841
2,081
2,433
8.8
8.9
33.4
39.9
42.3
35.4
34.1
28.4
22.1
21.4
1.8
1.5
HSIL
Neutral
287
-
2,076
2,384
2,515
15.8
16.3
15.3
19.4
18.8
14.8
18.7
16.1
7.8
9.3
1.0
0.9
Stock Watch
January 11, 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
Interglobe Aviation
Neutral
860
-
31,086
21,122
26,005
14.5
27.6
110.7
132.1
7.8
6.5
46.5
33.2
168.5
201.1
1.4
1.1
Jyothy Laboratories
Neutral
329
-
5,981
1,440
2,052
11.5
13.0
8.5
10.0
38.7
32.9
9.4
8.7
18.6
19.3
4.5
3.1
Kirloskar Engines India
Neutral
330
-
4,773
2,554
2,800
9.9
10.0
10.5
12.1
31.4
27.3
13.2
12.4
10.7
11.7
1.5
1.4
Linc Pen & Plastics
Neutral
237
-
351
382
420
9.3
9.5
13.5
15.7
17.6
15.1
3.0
2.6
17.1
17.3
1.0
0.9
M M Forgings
Neutral
448
-
541
546
608
20.4
20.7
41.3
48.7
10.9
9.2
61.4
54.3
16.6
17.0
0.8
0.8
Manpasand Bever.
Neutral
539
-
3,084
836
1,087
19.6
19.4
16.9
23.8
31.9
22.6
3.8
3.3
12.0
14.8
3.4
2.5
Mirza International
Buy
92
107
1,102
987
1,106
18.0
18.0
6.5
7.6
14.0
12.0
2.3
1.9
15.9
15.7
1.3
1.2
MT Educare
Neutral
121
-
481
366
417
17.7
18.2
9.4
10.8
12.9
11.2
2.9
2.5
22.2
22.3
1.3
1.1
Narayana Hrudaya
Neutral
340
-
6,948
1,873
2,166
11.5
11.7
2.6
4.0
128.6
85.8
7.9
7.1
6.1
8.3
3.8
3.3
Navkar Corporation
Buy
178
265
2,536
369
561
42.9
42.3
7.2
11.5
24.6
15.4
1.8
1.6
7.4
10.5
7.7
5.1
Navneet Education
Neutral
129
-
3,067
1,062
1,147
24.0
24.0
6.1
6.6
21.1
19.4
4.3
3.8
20.6
19.8
2.9
2.6
Nilkamal
Neutral
1,517
-
2,263
1,995
2,165
10.7
10.4
69.8
80.6
21.7
18.8
86.7
75.3
16.6
16.5
1.0
0.9
Page Industries
Neutral
13,964
-
15,576
2,450
3,124
20.1
17.6
299.0
310.0
46.7
45.1
311.0
237.4
47.1
87.5
6.3
5.0
Parag Milk Foods
Neutral
272
-
2,285
1,919
2,231
9.3
9.6
9.5
12.9
28.8
21.0
4.5
3.7
15.5
17.5
1.3
1.1
Quick Heal
Neutral
260
-
1,819
408
495
27.3
27.0
7.7
8.8
33.5
29.5
3.1
3.1
9.3
10.6
3.5
2.9
Radico Khaitan
Buy
120
147
1,594
1,667
1,824
13.0
13.2
6.7
8.2
18.0
14.6
1.6
1.5
9.0
10.2
1.4
1.2
Relaxo Footwears
Neutral
402
-
4,823
2,085
2,469
9.2
8.2
7.6
8.0
53.1
50.5
20.6
17.6
17.9
18.8
2.4
2.1
S H Kelkar & Co.
Neutral
321
-
4,639
1,036
1,160
15.1
15.0
6.1
7.2
52.5
44.7
5.6
5.2
10.7
11.5
4.3
3.8
Siyaram Silk Mills
Accumulate
1,401
1,605
1,313
1,733
1,948
11.6
11.7
96.6
114.7
14.5
12.2
2.2
1.9
15.3
15.7
0.9
0.8
Styrolution ABS India*
Neutral
600
-
1,055
1,440
1,537
9.2
9.0
40.6
42.6
14.8
14.1
37.7
34.3
12.3
11.6
0.7
0.6
Surya Roshni
Neutral
188
-
824
3,342
3,625
7.8
7.5
17.3
19.8
10.9
9.5
20.7
16.6
10.5
10.8
0.5
0.5
Team Lease Serv.
Neutral
884
-
1,511
3,229
4,001
1.5
1.8
22.8
32.8
38.8
26.9
4.2
3.6
10.7
13.4
0.4
0.3
The Byke Hospitality
Neutral
172
-
689
287
384
20.5
20.5
7.6
10.7
22.6
16.1
4.7
3.8
20.7
23.5
2.4
1.8
Transport Corp. of India Neutral
154
-
1,180
2,671
2,911
8.5
8.8
13.9
15.7
11.1
9.9
1.5
1.4
13.7
13.8
0.5
0.5
TVS Srichakra
Neutral
3,327
-
2,548
2,304
2,614
13.7
13.8
231.1
266.6
14.4
12.5
373.9
294.4
33.9
29.3
1.1
0.9
UFO Moviez
Neutral
415
-
1,145
619
685
33.2
33.4
30.0
34.9
13.9
11.9
1.9
1.7
13.8
13.9
1.6
1.2
Visaka Industries
Neutral
195
-
310
1,051
1,138
10.3
10.4
21.0
23.1
9.3
8.4
25.0
23.4
9.0
9.2
0.5
0.5
VRL Logistics
Neutral
286
-
2,613
1,902
2,119
16.7
16.6
14.6
16.8
19.7
17.0
4.3
3.8
21.9
22.2
1.4
1.2
Wonderla Holidays
Neutral
351
-
1,983
287
355
38.0
40.0
11.3
14.2
31.1
24.7
4.5
3.9
21.4
23.9
6.5
5.2
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on January 10, 2017
Market Outlook
January 11, 2017
Research Team Tel: 022 - 39357800
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