Market Outlook
April 11, 2017
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open on negative note tracking the SGX Nifty & global
BSE Sensex
(0.4)
(131)
29,576
cues.
Nifty
(0.2)
(17)
9,181
US markets traded in narrow range during the day and remained lackluster, finally
Mid Cap
0.6
89
14,322
closing flat. Following the weakness in the previous week and lack of any economic
Small Cap
0.6
95
14,776
data the market participants seems were unwilling to take large positions. However,
reports retail sales, producer and consumer prices and import and export data later
Bankex
0.5
129
24,552
this week may attract investors.
Global Indices
Chg (%)
(Pts)
(Close)
The European markets remained muted and closed on flattish note. Geopolitical
concerns kept investors worried, following US airstrike on Syrian airbase last week
Dow Jones
0.0
2
20,658
and the mounting concerns over tensions in the Korean peninsula added to the
Nasdaq
0.1
3
5,881
cautious mood among traders and investors.
FTSE
(0.0)
0
7,349
Nikkei
0.7
133
18,798
After witnessing some weakness last week the Indian markets saw selling again on
Monday, while weak job data in US and rising geopolitical tension was part of the
Hang Seng
(0.0)
(5)
24,262
cause, it seems investors and traders are taking cautions move ahead of the result
Shanghai Com
(0.5)
(17)
3,269
season.
Advances / Declines
BSE
NSE
News Analysis
Advances
1,751
998
Tata Motors reports 9% growth in global sales for March 2017
Declines
1,208
681
Detailed analysis on Pg2
Unchanged
127
95
Investor’s Ready Reckoner
Key Domestic & Global Indicators
Volumes (` Cr)
Stock Watch: Latest investment recommendations on 150+ stocks
BSE
4,014
Refer Pg5 onwards
NSE
23,569
Top Picks
CMP
Target
Upside
Net Inflows (` Cr)
Net
Mtd
Ytd
Company
Sector
Rating
(`)
(`)
(%)
FII
(716)
790
45,010
Blue Star
Capital Goods
Accumulate
669
760
13.6
MFs
202
12
9,450
Dewan Housing Fin. Financials
Buy
385
460
19.6
Mahindra Lifespace
Real Estate
Buy
404
522
29.2
Navkar Corporation Others
Buy
208
265
27.4
Top Gainers
Price (`)
Chg (%)
KEI Industries
Capital Goods
Accumulate
192
207
7.7
Adanitrans
94
15.2
More Top Picks on Pg3
Corpbank
59
7.5
Key Upcoming Events
Marksans
56
7.4
Previous
Consensus
Date
Region
Event Description
Orientbank
151
5.9
Reading
Expectations
Apr 11, 2017 UK
CPI (YoY)
2.30
2.30
Divislab
657
5.6
Apr 12, 2017 UK
Jobless claims change
-11.30
--
Apr 12, 2017 China
Consumer Price Index (YoY)
0.80
1.00
Top Losers
Price (`)
Chg (%)
Apr 12, 2017 India
Industrial Production YoY
2.70
1.30
Sobha
375
(9.7)
Apr 13, 2017 US
Initial Jobless claims
234.00
245.00
Unitdspr
1,889
(6.6)
Apr 13, 2017 US
Producer Price Index (mom)
0.10
--
More Events on Pg4
Prestige
208
(5.9)
Rcom
38
(4.3)
Gppl
160
(3.3)
As on April 10, 2017
Market Outlook
April 11, 2017
News Analysis
Tata Motors reports 9% growth in global sales for March 2017
Tata Motors reported a 9% growth in global sales for the month of March 2017 at
1,29,951 units compared to 1,18,750 units. However, the good part is that the
passenger vehicles category reported a much stronger growth of 19% yoY at
87,355 units compared to 73,515 units. However, the commercial vehicle sales
continued to be under pressure which declined by 6% to 42,596 units against a
sales of 45,235 units in the same period last year.
Within the passenger car segment the sales of JLR grew by 11% to 71,609 units
compared to 64,579 units YoY, which implies ~82% of the company’s global
passenger vehicles is being derived from JLR. For the full year FY17 the cumulative
global sales of passenger vehicles reported a growth of 12% at 7,57,994 units.
While the domestic sales of Tata motors continues to face several challenges, the
global sales has been the star performer.
Economic and Political News
India and Australia commit to begin uranium exports
The CERC will soon come out with new power tariff regulations for 2019-24
25,000 petrol pumps to shut shop on Sundays
Railways to allow private companies to run own freight train
India emerges as top market for Yamaha as company hopes to sell 1 mn two
wheelers
IT research firm Gartner reduced its growth forecast for global IT spends
Corporate News
REC to finance manufacturing, coal block development
UDAY has improved payment situation says Tata Power
Wockhardt aiming to launch new antibiotic in US in 2020-21
Market Outlook
April 11, 2017
Top Picks ★★★★★
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
Strong growth in domestic business due to its leadership in
Alkem Laboratories
25,606
2,142
2,257
5.4
acute therapeutic segment. Alkem expects to launch more
products in USA, which bodes for its international business.
We expect the company would report strong profitability
Asian Granito
1,151
383
405
5.9
owing to better product mix, higher B2C sales and
amalgamation synergy..
Among the top 4 players in the consumer durables segment.
Bajaj Electricals
3,512
347
395
13.9
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
6,393
669
760
13.6
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
12,042
385
460
19.6
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
5,478
162
235
44.9
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
6,099
187
225
20.6
radio business (Radio City) would also boost the company's
revenue growth.
High order book execution in EPC segment, rising B2C sales
KEI Industries
1,495
192
207
7.7
and higher exports to boost the revenues and profitability
Speedier execution and speedier sales, strong revenue visibilty
Mahindra Lifespace
1,658
404
522
29.2
in short-to-long run, attractive valuations
Higher growth in domestic branded sales and healthy export
Mirza International
1,044
87
107
23.3
to boost the profitability.
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,966
208
265
27.4
as well CFS augurs well for the company
Strong brands and distribution network would boost growth
Siyaram Silk Mills
1,594
1,700
1,872
10.1
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
1,688
283
344
21.5
and anticipated growth in ad spends by corporates to benefit
the stock.
Source: Company, Angel Research
Market Outlook
April 11, 2017
Key Upcoming Events
Global economic events release calendar
Bloomberg Data
Date
Time
Country
Event Description
Unit
Period
Last Reported
Estimated
Apr 11, 2017
2:00 PM
UK
CPI (YoY)
% Change
Mar
2.30
2.30
Apr 12, 2017
2:00 PM
UK
Jobless claims change
% Change
Mar
-11.30
7:00 AM
China
Consumer Price Index (YoY)
% Change
Mar
0.80
1.00
5:30 PM
India
Industrial Production YoY
% Change
Feb
2.70
1.30
Apr 13, 2017
6:00 PM
US
Initial Jobless claims
Thousands
Apr 8
234.00
245.00
US
Producer Price Index (mom)
% Change
Mar
0.10
India
Imports YoY%
% Change
Mar
21.76
India
Exports YoY%
% Change
Mar
17.48
China
Exports YoY%
% Change
Mar
-1.30
3.80
Apr 14, 2017
6:00 PM
US
Consumer price index (mom)
% Change
Mar
0.10
0.00
Apr 17, 2017
12:00 PM
India
Monthly Wholesale Prices YoY%
% Change
Mar
6.55
5.98
7:30 AM
China
Industrial Production (YoY)
% Change
Mar
6.00
6.30
7:30 AM
China
Real GDP (YoY)
% Change
1Q
6.80
6.80
Apr 18, 2017
6:00 PM
US
Housing Starts
Thousands
Mar
1288.00
1260.00
6:00 PM
US
Building permits
Thousands
Mar
1216.00
1260.00
6:45 PM
US
Industrial Production
%
Mar
0.11
0.50
April 19, 2017
2:30 PM
Euro Zone
Euro-Zone CPI (YoY)
%
Mar F
1.50
Apr 20, 2017
1:00 PM
Germany
PMI Services
Value
Apr P
55.60
Apr 21, 2017
7:30 PM
Euro Zone
Euro-Zone Consumer Confidence
Value
Apr A
-5.00
1:00 PM
Germany
PMI Manufacturing
Value
Apr P
58.30
7:30 PM
US
Existing home sales
Million
Mar
5.48
5.55
Apr 25, 2017
7:30 PM
US
Consumer Confidence
S.A./ 1985=100
Apr
125.60
124.25
7:30 PM
US
New home sales
Thousands
Mar
592.00
595.00
Apr 27, 2017
5:15 PM
Euro Zone
ECB announces interest rates
%
Apr 27
-
Apr 28, 2017
6:00 PM
US
GDP Qoq (Annualised)
% Change
1Q A
2.10
Source: Bloomberg, Angel Research
Stock Watch
April 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
6,577.0
6,907.0
Agri / Agri Chemical
Rallis
Neutral
248
-
4,822
1,937
2,164
13.3
14.3
9.0
11.0
27.6
22.5
4.8
4.2
18.4
19.8
2.5
2.2
United Phosphorus
Neutral
731
-
37,065
15,176
17,604
18.5
18.5
37.4
44.6
19.6
16.4
3.8
3.2
21.4
21.2
2.6
2.2
Auto & Auto Ancillary
Ashok Leyland
Buy
83
111
23,507
20,021
21,915
11.6
11.9
4.5
5.3
18.4
15.5
3.7
3.3
20.6
21.5
1.1
1.0
Bajaj Auto
Neutral
2,838
-
82,114
25,093
27,891
19.5
19.2
143.9
162.5
19.7
17.5
5.5
4.8
30.3
29.4
3.0
2.6
Bharat Forge
Neutral
1,084
-
25,231
7,726
8,713
20.5
21.2
35.3
42.7
30.7
25.4
5.7
5.1
18.9
20.1
3.3
2.9
Eicher Motors
Neutral
25,578
-
69,599
16,583
20,447
17.5
18.0
598.0
745.2
42.8
34.3
14.6
11.1
41.2
38.3
4.0
3.2
Gabriel India
Neutral
125
-
1,795
1,544
1,715
9.0
9.3
5.4
6.3
23.1
19.8
4.4
3.9
18.9
19.5
1.1
1.0
Hero Motocorp
Accumulate
3,199
3,446
63,892
28,083
30,096
15.3
15.7
171.8
187.0
18.6
17.1
6.5
5.5
30.1
27.9
2.1
1.9
Jamna Auto Industries Neutral
224
-
1,784
1,486
1,620
9.8
9.9
15.0
17.2
14.9
13.0
3.3
2.8
21.8
21.3
1.3
1.1
L G Balakrishnan & Bros Neutral
619
-
971
1,302
1,432
11.6
11.9
43.7
53.0
14.2
11.7
2.0
1.8
13.8
14.2
0.8
0.8
Mahindra and Mahindra Neutral
1,281
-
79,537
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
Neutral
6,259
-
189,075
67,822
83,288
16.0
16.4
253.8
312.4
24.7
20.0
5.7
4.6
23.0
22.9
2.5
1.9
Minda Industries
Neutral
441
-
3,501
2,728
3,042
9.0
9.1
68.2
86.2
6.5
5.1
1.5
1.2
23.8
24.3
1.3
1.2
Motherson Sumi
Neutral
380
-
53,357
45,896
53,687
7.8
8.3
13.0
16.1
29.2
23.6
9.4
7.5
34.7
35.4
1.2
1.0
Rane Brake Lining
Neutral
1,006
-
796
511
562
11.3
11.5
28.1
30.9
35.8
32.6
5.5
5.0
15.3
15.0
1.7
1.6
Setco Automotive
Neutral
41
-
546
741
837
13.0
13.0
15.2
17.0
2.7
2.4
0.4
0.4
15.8
16.3
1.1
1.0
Tata Motors
Neutral
475
-
137,163
300,209
338,549
8.9
8.4
42.7
54.3
11.1
8.8
1.8
1.5
15.6
17.2
0.6
0.5
TVS Motor
Neutral
475
-
22,574
13,390
15,948
6.9
7.1
12.8
16.5
37.2
28.7
9.3
7.3
26.3
27.2
1.7
1.4
Amara Raja Batteries
Accumulate
887
1,009
15,154
5,305
6,100
16.0
16.3
28.4
34.0
31.2
26.1
6.0
5.0
19.3
19.3
2.9
2.5
Exide Industries
Neutral
227
-
19,316
7,439
8,307
15.0
15.0
8.1
9.3
28.1
24.4
3.9
3.5
14.3
16.7
2.2
2.0
Apollo Tyres
Accumulate
217
235
11,036
12,877
14,504
14.3
13.9
21.4
23.0
10.1
9.4
1.6
1.4
16.4
15.2
1.0
0.9
Ceat
Neutral
1,382
-
5,591
7,524
8,624
13.0
12.7
131.1
144.3
10.5
9.6
1.9
1.6
19.8
18.6
0.8
0.7
JK Tyres
Neutral
140
-
3,167
7,455
8,056
15.0
15.0
21.8
24.5
6.4
5.7
1.3
1.1
22.8
21.3
0.6
0.5
Swaraj Engines
Neutral
1,494
-
1,855
660
810
15.2
16.4
54.5
72.8
27.4
20.5
8.5
7.8
31.5
39.2
2.6
2.1
Subros
Neutral
224
-
1,345
1,488
1,681
11.7
11.9
6.4
7.2
35.0
31.3
3.7
3.4
10.8
11.4
1.1
1.0
Indag Rubber
Neutral
213
-
559
286
326
19.8
16.8
11.7
13.3
18.2
16.0
3.1
2.9
17.8
17.1
1.6
1.4
Capital Goods
ACE
Neutral
68
-
673
709
814
4.1
4.6
1.4
2.1
48.6
32.4
2.0
1.9
4.4
6.0
1.1
1.0
Stock Watch
April 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
BEML
Neutral
1,381
-
5,753
3,451
4,055
6.3
9.2
31.4
57.9
44.0
23.9
2.6
2.4
6.3
10.9
1.8
1.5
Bharat Electronics
Neutral
172
-
38,396
8,137
9,169
16.8
17.2
58.7
62.5
2.9
2.8
0.5
0.4
44.6
46.3
3.7
3.3
Voltas
Neutral
412
-
13,621
6,511
7,514
7.9
8.7
12.9
16.3
31.9
25.3
5.7
5.0
16.7
18.5
1.8
1.6
BGR Energy
Neutral
173
-
1,247
16,567
33,848
6.0
5.6
7.8
5.9
22.2
29.3
1.3
1.2
4.7
4.2
0.2
0.1
BHEL
Neutral
175
-
42,772
28,797
34,742
-
2.8
2.3
6.9
76.0
25.3
1.3
1.3
1.3
4.8
1.1
0.8
Blue Star
Accumulate
669
760
6,393
4,283
5,077
5.9
7.3
14.9
22.1
44.9
30.2
8.7
7.4
20.4
26.4
1.5
1.3
CG Power and Industrial
Neutral
80
-
4,995
5,777
6,120
5.9
7.0
3.3
4.5
24.2
17.7
1.1
1.0
4.4
5.9
0.8
0.7
Solutions
Greaves Cotton
Neutral
167
-
4,073
1,755
1,881
16.8
16.9
7.8
8.5
21.4
19.6
4.3
4.0
20.6
20.9
2.0
1.8
Inox Wind
Neutral
188
-
4,178
5,605
6,267
15.7
16.4
24.8
30.0
7.6
6.3
2.1
1.6
25.9
24.4
0.8
0.7
KEC International
Neutral
214
-
5,498
9,294
10,186
7.9
8.1
9.9
11.9
21.6
18.0
3.2
2.8
15.6
16.3
0.8
0.7
KEI Industries
Accumulate
192
207
1,495
2,682
3,058
10.4
10.0
11.7
12.8
16.4
15.0
3.3
2.7
20.1
18.2
0.8
0.7
Thermax
Neutral
986
-
11,754
5,421
5,940
7.3
7.3
25.7
30.2
38.4
32.7
4.6
4.2
12.2
13.1
2.1
1.9
VATech Wabag
Neutral
690
-
3,766
3,136
3,845
8.9
9.1
26.0
35.9
26.5
19.2
3.3
2.8
13.4
15.9
1.1
0.9
Cement
ACC
Neutral
1,472
-
27,639
11,225
13,172
13.2
16.9
44.5
75.5
33.1
19.5
3.1
2.9
11.2
14.2
2.5
2.1
Ambuja Cements
Neutral
244
-
48,529
9,350
10,979
18.2
22.5
5.8
9.5
42.1
25.7
3.5
3.2
10.2
12.5
5.2
4.4
India Cements
Neutral
164
-
5,024
4,364
4,997
18.5
19.2
7.9
11.3
20.7
14.5
1.5
1.5
8.0
8.5
1.9
1.7
JK Cement
Neutral
939
-
6,565
4,398
5,173
15.5
17.5
31.2
55.5
30.1
16.9
3.6
3.1
12.0
15.5
2.0
1.7
J K Lakshmi Cement
Neutral
449
-
5,283
2,913
3,412
14.5
19.5
7.5
22.5
59.9
20.0
3.7
3.1
12.5
18.0
2.4
2.0
Orient Cement
Neutral
144
-
2,956
2,114
2,558
18.5
20.5
8.1
11.3
17.8
12.8
2.6
2.2
9.0
14.0
2.0
1.6
UltraTech Cement
Neutral
4,058
-
111,398
25,768
30,385
21.0
23.5
111.0
160.0
36.6
25.4
4.7
4.1
13.5
15.8
4.4
3.7
Construction
ITNL
Neutral
113
-
3,722
8,946
10,017
31.0
31.6
8.1
9.1
14.0
12.4
0.5
0.5
4.2
5.0
3.7
3.5
KNR Constructions
Neutral
193
-
2,707
1,385
1,673
14.7
14.0
41.2
48.5
4.7
4.0
0.9
0.8
14.9
15.2
2.0
1.7
Larsen & Toubro
Neutral
1,675
-
156,244
111,017
124,908
11.0
11.0
61.1
66.7
27.4
25.1
3.3
3.1
13.1
12.9
2.4
2.3
Gujarat Pipavav Port
Neutral
160
-
7,752
705
788
52.2
51.7
5.0
5.6
32.1
28.6
3.2
2.8
11.2
11.2
10.6
9.0
Nagarjuna Const.
Neutral
86
-
4,775
8,842
9,775
9.1
8.8
5.3
6.4
16.2
13.4
1.3
1.2
8.2
9.1
0.7
0.6
PNC Infratech
Accumulate
130
143
3,341
2,350
2,904
13.1
13.2
9.0
8.8
14.5
14.8
0.5
0.5
15.9
13.9
1.5
1.2
Simplex Infra
Neutral
377
-
1,863
6,829
7,954
10.5
10.5
31.4
37.4
12.0
10.1
1.2
1.1
9.9
13.4
0.7
0.6
Power Mech Projects
Neutral
531
-
782
1,801
2,219
12.7
14.6
72.1
113.9
7.4
4.7
1.4
1.2
16.8
11.9
0.4
0.3
Sadbhav Engineering
Neutral
318
-
5,455
3,598
4,140
10.3
10.6
9.0
11.9
35.3
26.7
3.7
3.2
9.9
11.9
1.8
1.5
Stock Watch
April 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
NBCC
Neutral
180
-
16,223
7,428
9,549
7.9
8.6
8.2
11.0
22.0
16.4
1.1
0.9
28.2
28.7
1.9
1.4
MEP Infra
Neutral
65
-
1,053
1,877
1,943
30.6
29.8
3.0
4.2
21.6
15.4
10.5
7.0
0.6
0.6
1.9
1.8
SIPL
Neutral
102
-
3,586
1,036
1,252
65.5
66.2
(8.4)
(5.6)
3.8
4.4
(22.8)
(15.9)
11.7
9.7
Engineers India
Neutral
150
-
10,122
1,725
1,935
16.0
19.1
11.4
13.9
13.2
10.8
1.8
1.8
13.4
15.3
4.8
4.3
Financials
Axis Bank
Accumulate
511
580
122,311
46,932
53,575
3.5
3.4
32.4
44.6
15.8
11.4
2.0
1.8
13.6
16.5
-
-
Bank of Baroda
Neutral
171
-
39,378
19,980
23,178
1.8
1.8
11.5
17.3
14.9
9.9
1.7
1.4
8.3
10.1
-
-
Canara Bank
Neutral
309
-
16,754
15,225
16,836
1.8
1.8
14.5
28.0
21.3
11.0
1.5
1.2
5.8
8.5
-
-
Can Fin Homes
Neutral
2,339
-
6,226
420
526
3.5
3.5
86.5
107.8
27.0
21.7
5.8
4.8
23.6
24.1
-
-
Cholamandalam Inv. &
Buy
1,053
1,230
16,458
2,012
2,317
6.3
6.3
42.7
53.6
24.7
19.7
3.9
3.3
16.9
18.3
-
-
Fin. Co.
Dewan Housing Finance Buy
385
460
12,042
2,225
2,688
2.9
2.9
29.7
34.6
13.0
11.1
2.1
1.4
16.1
14.8
-
-
Equitas Holdings
Buy
162
235
5,478
939
1,281
11.7
11.5
5.8
8.2
28.0
19.8
2.4
2.1
10.9
11.5
-
-
Federal Bank
Neutral
90
-
15,473
8,259
8,995
3.0
3.0
4.3
5.6
20.9
16.0
1.8
1.6
8.5
10.1
-
-
HDFC
Neutral
1,467
-
233,002
11,475
13,450
3.4
3.4
45.3
52.5
32.4
27.9
6.2
5.5
20.2
20.5
-
-
HDFC Bank
Neutral
1,434
-
367,367
46,097
55,433
4.5
4.5
58.4
68.0
24.6
21.1
4.3
3.6
18.8
18.6
-
-
ICICI Bank
Accumulate
278
315
161,734
42,800
44,686
3.1
3.3
18.0
21.9
15.4
12.7
2.1
1.9
11.1
12.3
-
-
Karur Vysya Bank
Buy
117
140
7,061
5,640
6,030
3.3
3.2
8.9
10.0
13.1
11.7
1.4
1.3
11.2
11.4
-
-
Lakshmi Vilas Bank
Neutral
167
-
3,193
3,339
3,799
2.7
2.8
11.0
14.0
15.2
11.9
1.6
1.4
11.2
12.7
-
-
LIC Housing Finance
Neutral
628
-
31,673
3,712
4,293
2.6
2.5
39.0
46.0
16.1
13.6
3.0
2.6
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
152
-
32,388
23,532
23,595
2.3
2.4
6.8
12.6
22.4
12.1
3.5
2.5
3.3
6.5
-
-
RBL Bank
Neutral
587
-
21,724
1,783
2,309
2.6
2.6
12.7
16.4
46.3
35.8
5.0
4.5
12.8
13.3
-
-
Repco Home Finance
Buy
688
825
4,306
388
457
4.5
4.2
30.0
38.0
22.9
18.1
3.8
3.2
18.0
19.2
-
-
South Ind.Bank
Neutral
22
-
3,912
6,435
7,578
2.5
2.5
2.7
3.1
8.0
7.0
1.0
0.9
10.1
11.2
-
-
St Bk of India
Neutral
289
-
230,434
88,650
98,335
2.6
2.6
13.5
18.8
21.4
15.4
2.0
1.8
7.0
8.5
-
-
Union Bank
Neutral
155
-
10,683
13,450
14,925
2.3
2.3
25.5
34.5
6.1
4.5
0.9
0.8
7.5
10.2
-
-
Yes Bank
Neutral
1,600
-
73,045
8,978
11,281
3.3
3.4
74.0
90.0
21.6
17.8
4.1
3.5
17.0
17.2
-
-
FMCG
Akzo Nobel India
Neutral
1,877
-
9,002
2,955
3,309
13.3
13.7
57.2
69.3
32.8
27.1
10.7
9.0
32.7
33.3
2.8
2.5
Asian Paints
Neutral
1,060
-
101,680
17,128
18,978
16.8
16.4
19.1
20.7
55.5
51.2
19.3
18.2
34.8
35.5
5.9
5.3
Britannia
Accumulate
3,414
3,626
40,965
9,594
11,011
14.6
14.9
80.3
94.0
42.5
36.3
17.5
13.5
41.2
-
4.1
3.6
Colgate
Neutral
1,016
-
27,638
4,605
5,149
23.4
23.4
23.8
26.9
42.7
37.8
23.6
18.5
64.8
66.8
5.9
5.3
Stock Watch
April 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
Dabur India
Accumulate
287
304
50,503
8,315
9,405
19.8
20.7
8.1
9.2
35.4
31.2
9.9
8.2
31.6
31.0
5.7
5.0
GlaxoSmith Con*
Neutral
5,170
-
21,743
4,350
4,823
21.2
21.4
179.2
196.5
28.9
26.3
7.7
6.5
27.1
26.8
4.4
3.9
Godrej Consumer
Neutral
1,682
-
57,296
10,235
11,428
18.4
18.6
41.1
44.2
40.9
38.1
9.1
7.7
24.9
24.8
5.7
5.0
HUL
Neutral
925
-
200,202
35,252
38,495
17.8
17.8
20.7
22.4
44.8
41.3
42.8
36.7
95.6
88.9
5.5
5.0
ITC
Neutral
274
-
332,231
40,059
44,439
38.3
39.2
9.0
10.1
30.5
27.0
8.5
7.4
27.8
27.5
7.8
7.0
Marico
Neutral
299
-
38,630
6,430
7,349
18.8
19.5
6.4
7.7
46.8
38.9
14.1
11.9
33.2
32.5
5.8
5.0
Nestle*
Neutral
6,608
-
63,715
10,073
11,807
20.7
21.5
124.8
154.2
53.0
42.9
21.7
19.6
34.8
36.7
6.1
5.2
Tata Global
Neutral
151
-
9,527
8,675
9,088
9.8
9.8
7.4
8.2
20.4
18.4
1.6
1.5
7.9
8.1
1.0
1.0
Procter & Gamble
Neutral
7,385
-
23,973
2,939
3,342
23.2
23.0
146.2
163.7
50.5
45.1
12.8
10.6
25.3
23.5
7.7
6.7
Hygiene
IT
HCL Tech^
Buy
833
1,000
117,526
49,242
57,168
20.5
20.5
55.7
64.1
15.0
13.0
3.0
2.3
20.3
17.9
2.3
1.8
Infosys
Buy
953
1,249
218,887
68,350
77,326
27.0
27.0
62.5
69.4
15.3
13.7
3.3
3.0
21.3
21.6
2.6
2.3
TCS
Accumulate
2,421
2,700
477,070
119,025
133,308
27.6
27.6
131.2
145.5
18.5
16.6
6.0
5.5
32.4
33.1
3.8
3.3
Tech Mahindra
Buy
443
600
43,177
29,673
32,937
15.5
17.0
32.8
39.9
13.5
11.1
2.7
2.3
19.6
20.7
1.2
1.0
Wipro
Buy
503
583
122,359
55,440
60,430
18.1
18.1
36.1
38.9
13.9
12.9
2.5
2.3
19.0
17.6
1.9
1.7
Media
D B Corp
Neutral
381
-
7,014
2,297
2,590
27.4
28.2
21.0
23.4
18.2
16.3
4.2
3.7
23.7
23.1
2.9
2.5
HT Media
Neutral
86
-
2,011
2,693
2,991
12.6
12.9
7.9
9.0
10.9
9.6
0.9
0.9
7.8
8.3
0.3
0.2
Jagran Prakashan
Buy
187
225
6,099
2,355
2,635
28.0
28.0
10.8
12.5
17.3
14.9
3.7
3.2
21.7
21.7
2.6
2.3
Sun TV Network
Neutral
787
-
31,026
2,850
3,265
70.1
71.0
26.2
30.4
30.1
25.9
7.7
6.8
24.3
25.6
10.5
9.0
Hindustan Media
Neutral
287
-
2,108
1,016
1,138
24.3
25.2
27.3
30.1
10.5
9.5
2.0
1.8
16.2
15.8
1.4
1.2
Ventures
TV Today Network
Buy
283
344
1,689
567
645
26.7
27.0
15.4
18.1
18.4
15.6
2.8
2.4
14.9
15.2
2.5
2.1
Metals & Mining
Coal India
Neutral
287
-
178,308
84,638
94,297
21.4
22.3
24.5
27.1
11.7
10.6
4.9
4.7
42.6
46.0
1.6
1.5
Hind. Zinc
Neutral
287
-
121,246
14,252
18,465
55.9
48.3
15.8
21.5
18.2
13.4
3.0
2.6
17.0
20.7
8.5
6.6
Hindalco
Neutral
195
-
43,687
107,899
112,095
7.4
8.2
9.2
13.0
21.2
15.0
1.0
1.0
4.8
6.6
0.9
0.9
JSW Steel
Neutral
204
-
49,263
53,201
58,779
16.1
16.2
130.6
153.7
1.6
1.3
0.2
0.2
14.0
14.4
1.7
1.5
NMDC
Neutral
135
-
42,570
6,643
7,284
44.4
47.7
7.1
7.7
19.0
17.5
1.6
1.6
8.8
9.2
4.2
3.8
SAIL
Neutral
67
-
27,589
47,528
53,738
(0.7)
2.1
(1.9)
2.6
25.7
0.7
0.7
(1.6)
3.9
1.4
1.3
Vedanta
Neutral
272
-
80,743
71,744
81,944
19.2
21.7
13.4
20.1
20.3
13.6
1.7
1.6
8.4
11.3
1.5
1.2
Tata Steel
Neutral
495
-
48,119
121,374
121,856
7.2
8.4
18.6
34.3
26.6
14.4
1.7
1.5
6.1
10.1
1.0
1.0
Oil & Gas
Cairn India
Neutral
301
-
56,521
9,127
10,632
4.3
20.6
8.8
11.7
34.2
25.8
1.1
1.1
3.3
4.2
7.7
6.4
Stock Watch
April 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
Oil & Gas
GAIL
Neutral
385
-
65,098
56,220
65,198
9.3
10.1
27.1
33.3
14.2
11.6
1.3
1.2
9.3
10.7
1.3
1.1
ONGC
Neutral
186
-
239,212
137,222
152,563
15.0
21.8
19.5
24.1
9.6
7.7
0.8
0.8
8.5
10.1
2.0
1.8
Indian Oil Corp
Neutral
411
-
199,699
373,359
428,656
5.9
5.5
54.0
59.3
7.6
6.9
1.2
1.1
16.0
15.6
0.7
0.6
Reliance Industries
Neutral
1,381
-
449,018
301,963
358,039
12.1
12.6
87.7
101.7
15.8
13.6
1.6
1.5
10.7
11.3
2.0
1.6
Pharmaceuticals
Alembic Pharma
Accumulate
620
689
11,680
3,483
4,244
20.2
21.4
24.3
33.6
25.5
18.5
5.8
4.6
25.5
25.3
3.3
2.6
Alkem Laboratories Ltd
Accumulate
2,142
2,257
25,606
6,065
7,009
18.7
20.0
80.2
92.0
26.7
23.3
6.0
5.0
22.5
21.6
4.2
3.6
Aurobindo Pharma
Buy
657
877
38,484
15,720
18,078
23.7
23.7
41.4
47.3
15.9
13.9
4.1
3.2
29.6
26.1
2.7
2.3
Aventis*
Neutral
4,607
-
10,610
2,277
2,597
16.6
17.4
128.9
157.0
35.7
29.3
6.1
4.7
21.6
26.4
4.4
3.7
Cadila Healthcare
Neutral
451
-
46,176
10,429
12,318
17.7
21.6
13.1
19.2
34.4
23.5
7.2
5.7
22.8
27.1
4.5
3.7
Cipla
Sell
589
465
47,349
15,378
18,089
15.7
16.8
19.3
24.5
30.5
24.0
3.6
3.2
12.3
13.9
3.2
2.7
Dr Reddy's
Neutral
2,636
-
43,675
16,043
18,119
18.0
23.0
78.6
130.9
33.5
20.1
3.3
2.9
10.1
15.2
2.5
2.4
Dishman Pharma
Sell
326
143
5,254
1,718
1,890
22.7
22.8
9.5
11.3
34.3
28.8
3.3
3.0
10.1
10.9
3.5
3.1
GSK Pharma*
Neutral
2,735
-
23,170
2,800
3,290
10.2
20.6
32.2
60.3
85.0
45.4
15.7
15.5
17.2
34.5
8.0
6.9
Indoco Remedies
Neutral
233
-
2,148
1,112
1,289
16.2
18.2
11.6
16.0
20.1
14.6
3.2
2.7
17.0
20.1
2.1
1.7
Ipca labs
Neutral
635
-
8,007
3,258
3,747
12.8
15.3
12.1
19.2
52.5
33.1
3.3
3.0
6.4
9.5
2.6
2.2
Lupin
Buy
1,417
1,809
63,982
15,912
18,644
26.4
26.7
58.1
69.3
24.4
20.5
4.7
3.9
21.4
20.9
4.1
3.4
Sun Pharma
Buy
667
847
160,077
31,129
35,258
32.0
32.9
30.2
35.3
22.1
18.9
3.6
3.0
20.0
20.1
4.7
4.0
Power
Tata Power
Neutral
87
-
23,545
36,916
39,557
17.4
27.1
5.1
6.3
17.1
13.8
1.5
1.4
9.0
10.3
1.7
1.5
NTPC
Neutral
167
-
137,369
86,605
95,545
17.5
20.8
11.8
13.4
14.1
12.4
1.4
1.3
10.5
11.1
2.9
2.9
Power Grid
Accumulate
195
223
102,068
25,315
29,193
88.2
88.7
14.2
17.2
13.8
11.4
2.1
1.8
15.2
16.1
8.7
7.8
Real Estate
Prestige Estate
Neutral
208
-
7,808
4,707
5,105
25.2
26.0
10.3
13.0
20.2
16.0
1.6
1.5
10.3
10.2
2.8
2.5
MLIFE
Buy
404
522
1,658
1,152
1,300
22.7
24.6
29.9
35.8
13.5
11.3
1.0
0.9
7.6
8.6
2.2
1.8
Telecom
Bharti Airtel
Neutral
346
-
138,110
105,086
114,808
34.5
34.7
12.2
16.4
28.3
21.1
1.9
1.8
6.8
8.4
2.2
1.9
Idea Cellular
Neutral
88
-
31,637
40,133
43,731
37.2
37.1
6.4
6.5
13.7
13.5
1.1
1.1
8.2
7.6
1.8
1.5
zOthers
Abbott India
Neutral
4,756
-
10,105
3,153
3,583
14.1
14.4
152.2
182.7
31.3
26.0
153.4
131.0
25.6
26.1
2.9
2.5
Asian Granito
Accumulate
383
405
1,151
1,060
1,169
12.2
12.5
12.7
15.9
30.2
24.1
2.9
2.6
9.5
10.7
1.4
1.2
Bajaj Electricals
Accumulate
347
395
3,512
4,801
5,351
5.7
6.2
10.4
13.7
33.3
25.3
4.1
3.7
12.4
14.5
0.7
0.7
Banco Products (India)
Neutral
222
-
1,588
1,353
1,471
12.3
12.4
14.5
16.3
15.3
13.6
21.1
19.1
14.5
14.6
1.1
119.7
Coffee Day Enterprises
Neutral
233
-
4,808
2,964
3,260
20.5
21.2
4.7
8.0
-
29.2
2.7
2.5
5.5
8.5
2.0
1.8
Ltd
Stock Watch
April 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
Competent Automobiles Neutral
242
-
149
1,137
1,256
3.1
2.7
28.0
23.6
8.7
10.3
46.6
42.1
14.3
11.5
0.1
0.1
Elecon Engineering
Neutral
60
-
672
1,482
1,660
13.7
14.5
3.9
5.8
15.4
10.3
3.6
3.3
7.8
10.9
0.8
0.7
Finolex Cables
Neutral
528
-
8,082
2,883
3,115
12.0
12.1
14.2
18.6
37.2
28.4
19.8
17.3
15.8
14.6
2.5
2.3
Garware Wall Ropes
Neutral
678
-
1,483
863
928
15.1
15.2
36.4
39.4
18.6
17.2
3.4
2.9
17.5
15.9
1.6
1.5
Goodyear India*
Neutral
891
-
2,055
1,598
1,704
10.4
10.2
49.4
52.6
18.0
16.9
83.3
73.0
18.2
17.0
1.0
138.6
Hitachi
Neutral
1,852
-
5,035
2,081
2,433
8.8
8.9
33.4
39.9
55.4
46.4
44.7
37.3
22.1
21.4
2.4
2.0
HSIL
Neutral
354
-
2,560
2,384
2,515
15.8
16.3
15.3
19.4
23.1
18.3
23.0
19.8
7.8
9.3
1.2
1.1
Interglobe Aviation
Neutral
1,086
-
39,245
21,122
26,005
14.5
27.6
110.7
132.1
9.8
8.2
58.7
41.9
168.5
201.1
1.8
1.4
Jyothy Laboratories
Neutral
343
-
6,228
1,440
2,052
11.5
13.0
8.5
10.0
40.3
34.3
9.8
9.0
18.6
19.3
4.6
3.2
Kirloskar Engines India
Neutral
391
-
5,655
2,554
2,800
9.9
10.0
10.5
12.1
37.2
32.3
15.6
14.7
10.7
11.7
1.9
1.7
Ltd
Linc Pen & Plastics
Neutral
300
-
444
382
420
9.3
9.5
13.5
15.7
22.3
19.1
3.8
3.3
17.1
17.3
1.2
1.1
M M Forgings
Neutral
549
-
663
546
608
20.4
20.7
41.3
48.7
13.3
11.3
75.2
66.6
16.6
17.0
1.1
0.9
Manpasand Bever.
Neutral
704
-
4,029
836
1,087
19.6
19.4
16.9
23.8
41.7
29.6
5.0
4.4
12.0
14.8
4.6
3.4
Mirza International
Buy
87
107
1,044
963
1,069
17.2
18.0
6.1
7.5
14.2
11.6
2.2
1.8
15.0
15.7
1.3
1.2
MT Educare
Neutral
80
-
318
366
417
17.7
18.2
9.4
10.8
8.5
7.4
1.9
1.6
22.2
22.3
0.8
0.7
Narayana Hrudaya
Neutral
324
-
6,614
1,873
2,166
11.5
11.7
2.6
4.0
122.4
81.6
7.5
6.8
6.1
8.3
3.6
3.1
Navkar Corporation
Buy
208
265
2,966
369
561
42.9
42.3
6.9
11.5
30.1
18.1
2.1
1.9
7.4
10.5
9.1
5.9
Navneet Education
Neutral
162
-
3,784
1,062
1,147
24.0
24.0
6.1
6.6
26.6
24.5
5.5
4.8
20.6
19.8
3.6
3.4
Nilkamal
Neutral
1,991
-
2,971
1,995
2,165
10.7
10.4
69.8
80.6
28.5
24.7
113.8
98.8
16.6
16.5
1.5
1.3
Page Industries
Neutral
14,098
-
15,724
2,450
3,124
20.1
17.6
299.0
310.0
47.2
45.5
314.0
239.7
47.1
87.5
6.5
5.1
Parag Milk Foods
Neutral
250
-
2,100
1,919
2,231
9.3
9.6
9.5
12.9
26.4
19.3
4.1
3.4
15.5
17.5
1.2
1.1
Quick Heal
Neutral
256
-
1,793
408
495
27.3
27.0
7.7
8.8
33.0
29.1
3.1
3.1
9.3
10.6
3.5
2.9
Radico Khaitan
Buy
115
147
1,526
1,667
1,824
13.0
13.2
6.7
8.2
17.3
14.0
1.6
1.4
9.0
10.2
1.3
1.2
Relaxo Footwears
Neutral
493
-
5,919
2,085
2,469
9.2
8.2
7.6
8.0
65.2
62.0
25.3
21.6
17.9
18.8
2.9
2.5
S H Kelkar & Co.
Neutral
309
-
4,463
1,036
1,160
15.1
15.0
6.1
7.2
50.5
43.0
5.4
5.0
10.7
11.5
4.2
3.7
Siyaram Silk Mills
Accumulate
1,700
1,872
1,594
1,652
1,857
11.6
11.7
92.4
110.1
18.4
15.4
2.7
2.4
14.7
15.2
1.2
1.0
Styrolution ABS India*
Neutral
743
-
1,306
1,440
1,537
9.2
9.0
40.6
42.6
18.3
17.4
46.7
42.5
12.3
11.6
0.9
0.8
Surya Roshni
Neutral
209
-
916
3,342
3,625
7.8
7.5
17.3
19.8
12.1
10.6
23.0
18.4
10.5
10.8
0.5
0.5
Team Lease Serv.
Neutral
1,035
-
1,770
3,229
4,001
1.5
1.8
22.8
32.8
45.5
31.5
4.9
4.2
10.7
13.4
0.4
0.3
Stock Watch
April 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
The Byke Hospitality
Neutral
190
-
762
287
384
20.5
20.5
7.6
10.7
25.0
17.8
5.2
4.2
20.7
23.5
2.7
2.0
Transport Corporation of
Neutral
236
-
1,809
2,671
2,911
8.5
8.8
13.9
15.7
17.1
15.1
2.3
2.1
13.7
13.8
0.8
0.7
India
TVS Srichakra
Neutral
3,617
-
2,770
2,304
2,614
13.7
13.8
231.1
266.6
15.7
13.6
406.4
320.0
33.9
29.3
1.2
1.0
UFO Moviez
Neutral
471
-
1,301
619
685
33.2
33.4
30.0
34.9
15.7
13.5
2.2
1.9
13.8
13.9
1.8
1.5
Visaka Industries
Neutral
311
-
494
1,051
1,138
10.3
10.4
21.0
23.1
14.8
13.4
39.9
37.3
9.0
9.2
0.7
0.7
VRL Logistics
Neutral
346
-
3,156
1,902
2,119
16.7
16.6
14.6
16.8
23.7
20.6
5.2
4.6
21.9
22.2
1.8
1.6
VIP Industries
Neutral
201
-
2,843
1,270
1,450
10.4
10.4
5.6
6.5
35.9
31.0
7.5
6.5
20.7
21.1
2.2
2.0
Navin Fluorine
Buy
3,023
3,650
2,960
789
945
21.1
22.4
120.1
143.4
25.2
21.1
4.1
3.5
17.8
18.5
3.7
3.0
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on April 10, 2017
Market Outlook
April 11, 2017
Research Team Tel: 022 - 39357800
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