Market Outlook
September 12, 2018
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Cl ose)
Indian markets are likely to open flat tracking global indices and SGX Nifty.
BSE Sensex
(1.3)
(509)
37,413
U.S. stock turned positive over the course of the trading session yesterday after the
Nifty
(1.3)
(151)
11,288
The major averages bounced off their early lows and
initial move to the downside.
Mid Cap
(1.4)
(221)
16,006
ended the day in positive territory. The Dow Jones rose by 0.4% to 25,971 and
Small Cap
(1.4)
(229)
16,488
Nasdaq climbed up by 0.6% to 7,972.
Bankex
(1.4)
(429)
30,264
UK stocks fell on Tuesday as the pound advanced further against rivals on hopes for
a Brexit deal and after the release of employment data.
European Union chief
Global Indices
Chg (%)
(Pts)
(Cl ose)
negotiator Michel Barnier said on Monday that a Brexit deal was "realistic in six to
eight weeks". The FTSE 100 was down by 0.7% at 7,228.
Dow Jones
0.4
114
25,971
Nasdaq
0.6
48
7,972
On domestic front, Indian stocks fell for the second day running on Tuesday after
FTSE
(0.7)
(50)
7,228
the rupee hit a fresh record low of 72.62 in the afternoon, reversing initial gains.
Nikkei
1.3
292
22,665
The rout in rupee coupled with rising oil prices helped fuel expectations that India's
current account deficit would widen to 2.5-2.8 percent of the GDP in the current
Hang Seng
(0.7)
(191)
26,423
fiscal. The BSE Sensex was plunged by 1.3% to 37,413.
Shanghai Com
(0.2)
(5)
2,665
A dvances / Declines
BSE
NSE
News Analysis
Advances
858
600
Supreme Court provides interim relief to stressed power firms
Declines
1,878
1,230
Detailed analysis on Pg2
Unchanged
152
81
Investor’s Ready Reckoner
Volumes (` Cr)
Key Domestic & Global Indicators
BSE
3,928
Stock Watch: Latest investment recommendations on 150+ stocks
NSE
35,711
Refer Pg5 onwards
Top Picks
Net Inflows (` Cr)
Ne t
Mtd
Ytd
C MP
Target
U psi de
C ompany
Sector
R ating
FII
138
2,017
-3,422
(`)
(`)
(%)
Blue Star
Capital Goods
Buy
651
867
33.1
*MFs
527
1,992
78,609
Dewan Housi ng Finance
Financials
Accumulate
612
720
17.7
Parag Milk F oods
Others
Buy
289
410
41.8
Top Gainers
Price (`)
Chg (%)
Bata India
Others
Buy
1,020
1,243
21.9
REDINGTON
111
5.8
KEI Industrie s
Capital Goods
Buy
410
589
43.7
More Top Picks on Pg4
KWALITY
22
4.8
VBL
809
4.8
Key Upcoming Events
CARBORUNIV
384
3.6
Previous
C onsensus
D ate
Region
Event Description
ReadingExpectations
PFIZER
3658
2.8
Sep 11, 2018 India
Exports YoY%
14.32
Sep 12, 2018 India
Imports YoY%
28.81
Top Losers
Price (`)
Chg (%)
Sep 12, 2018 India
Industrial Production YoY
7.00
6.50
TATASTEELPP
146
-10.0
Sep 12, 2018 US
Consumer price index (mom)
0.20
0.30
Sep 13, 2018 US
Producer Price Index (mom)
0.20
PFC
81
-8.2
More Events on Pg7
MFSL
470
-6.8
SWANENERGY
149
-6.8
NIITTECH
1315
-6.0
As on Sept 11, 2018
Market Outlook
September 12, 2018
News Analysis
Supreme Court provides interim relief to stressed power firms
The Supreme Court granted interim relief to stressed power firms yesterday,
directing lenders to maintain a status quo on the Reserve Bank of India’s circular
for banks to resolve these cases within 180 days. The apex court directed that all
pleas filed by the central bank related to the February circular should be
transferred to it and it will hear the matter on 11 November.
Several petitioners, including GMR Energy Ltd, RattanIndia Power Ltd, Sugar
Manufacturing Association from Tamil Nadu, a shipbuilding association from
Gujarat and few others had intervened in the matter in different courts.
The Allahabad high court had denied relief to these power companies on 27
August. Consequently, lenders identified around 20 out of 32 stressed assets to be
referred to the National Company Law Tribunal. These assets include power
projects such as Essar Power, Korba West Power Co. Ltd, Jindal India Thermal Ltd
and Sravant Energy Pvt. Ltd. Also, RBI had asked banks to draft resolution plans
for defaulters within 180 days in cases where the exposure is above ₹ 2,000 crore
through its 12 February circular. The central bank also introduced the concept of a
one-day default, under which banks have to identify incipient stress when
repayments are overdue even by a day.
Accounts that are nearing resolution include Prayagraj Power Generation Co., SKS
Power Generation (Chhattisgarh) Ltd, GMR Chhattisgarh Energy Ltd, Videocon Oil
Ventures Ltd, GMR Rajahmundry Ltd, Jaiprakash Power Ventures Ltd, Jhabua
Power Ltd, Ballarpur Industries Ltd, Bombay Rayon Fashions Ltd, Hindusthan
National Glass and Industries Ltd and GTL Infrastructure Ltd. Resolutions for these
accounts include debt recast, sale of assets and one-time settlements.
Economic and Political News
Govt plans special courts under NCLT by Nov to deal with insolvency cases
Dharmendra Pradhan seeks quick nod for NTPC's power project in Odisha
Finance ministry eyes recovery of bad loans by public sector banks in Q2
Steel sector faces pricing, supply issues; insolvent firms adding to woes
Corporate News
Mahindra faces US probe following Fiat Chrysler complaint
Vedanta requests for more time, delays signing OALP contract
Irdai asks insurers to sell their holdings in Tata Sons promptly
Suzlon to offload 49% stake in two solar projects in Maharashtra to CLP
Essar Steel case: SC to hear ArcelorMittal's plea against NCLAT order today
CIL plans expansion, begins talks with Bangladesh for coal exploration
Market Outlook
September 12, 2018
Top Picks
Market Cap
C MP
Target
Upside
C ompany
R ationale
(` Cr)
(`)
(`)
(%)
Favorable outlook for the AC industry to augur
well for Cooling products business which is out
Blue Star
6,272
651
867
33.1
pacing the market growth. EMPPAC division's
profitability
to
improve once oper ating
environment turns around.
With a focus on the low and medium income (LMI)
consumer se gme nt, the company has increased its
Dewan Housi ng Finance
19,195
612
720
17.7
presence in tier-II & III cities where the growth
opportunity i s immense.
Well capitalized with CAR of 18.1% which gives
sufficient room to grow asset base. Faster
ICICI Bank
2,10,135
327
416
27.4
resolution of NPA would reduce provision cost,
which would help to report better ROE.
High order book execution in EPC segment, rising
KEI Industrie s
3,212
410
589
43.7
B2C sales and higher exports to boost the
revenues and profitability
Expected to benefit from the lower capex
Music Broadcast Limited
1,904
334
475
42.4
requirement and 15 year long radio broadcast
licensing.
Strong brands and distribution network would
Siyaram Silk Mills
2,484
530
851
60.6
boost growth going ahe ad. Stock currently trades
at an inexpensive valuation.
GST regime and the Gujarat plant are expected to
Maruti Suzuki
2,57,156
8,513
10,820
27.1
improve the company’s sales volume and
margins, respectively.
We expect loan book to grow at 24.3% over next
GIC Housing
1,646
306
591
93.4
two year; change in borrowing mix will help in
NIM improvement
Third largest brand play in luggage segme nt
Increase d product offerings and improving
Safari Industries
1,941
871
1,071
23.0
distribution network i s leadi ng to strong growth i n
busine ss. Likely to post robust growth for next 3-4
years
We expect financialisation of savings and
Aditya Birla Capital
29,212
133
218
64.3
increasing penetration in Insurance & Mutual fund
would ensure steady growth.
One of the leading Indian dairy products
companie s in Indi a created strong brands in dairy
products. Rising revenue share of high -margin
Parag Milk F oods
2,432
289
410
41.8
Value Added Products and reduction in interest
cost is likely to boost margins and earnings in next
few years.
HDFC Bank maintaine d 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
5,43,042
2,000
2,350
17.5
aided PAT growth. The Strong liability franchise
and healthy capitalisation provi des strong earning
visibility. At the current market price, the bank is
trading at 3.2x FY20E ABV.
Source: Company, Angel Research
Market Outlook
September 12, 2018
Continued...
Market Cap
C MP
Target
Upside
C ompany
R ationale
(` Cr)
(`
(`)
(%)
We expect strong PAT growth on back of
healthy growth in automobile segment (on
back of new launches and facelifts in some of
M&M
1,17,252
943
1,050
11.3
the model
) and strong growth in Tractors
segment coupled by its strong brand recall
and improveme nt 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 Enterprise s
2,979
947
1,230
29.9
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 footwe ar 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
13,111
1,020
1,243
21.9
mainly due to new product launches, hi gher
number of store s addition and focus on
women’s high growth se gme nt and margin
improve ment
SHTF is in the sweet spot with benefits from
stronger CV volumes, NIMs unaffected by
Shriram Transport Finance
rising bond yields on the back of stronger
26,865
1,184
1,764
49
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
Jindal Steel & Power Limited
20,995
217
327
50.7
bottom line front, we expect JSPL to turn in to
profit by FY19 on back of strong operating
margin improve ment.
GMM Pfaudler Limited (GMM) is the Indian
market leader in glass-lined (GL) steel
equipme nt. GMM is expected to cross CAGR
GMM Pfaulder
1,536
1,051
1,287
22.5
15%+ in revenue over the next few years
mainly led by uptick in de mand from user
industries and it is also expecting to increase its
share of non-GL business to 50% by 2020.
Aurobindo Pharmace uticals, amongst the
Indian Pharmaceutical companie s, is well
placed to face the challenging generic markets,
given its focus on achieving growth through
Aurobindo Pharmaceutical s
46,336
791
870
10
productivity. Aurobindo will report net revenue
& net profit CAGR of
~13% & ~8% re sp.
during FY2018-20E. Valuations are cheap V/ s
its peers and own fair multiples of 17-18x.
Well planne d strategy to grow small business
loans and cross-selling would propel fee s
Yes Bank
73,098
317
435
37.4
income. We expect YES to grow its advance
much higher than industry and improve ment in
asset quality to support profitability.
We believe advance to grow at a he althy
CAGR of 35% over FY18-20E. Below peers
RBL Bank
25,548
603
670
11.1
level ROA
(1.2% FY18) to expand led by
margin expansion and lower cre dit cost.
TTK Prestige has emerged as one of the
leading brands in kitchen appliances in India
after its succe ssful transformati on from a single
TTK Prestige
7,901
6,782
8,200
20.9
product 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
September 12, 2018
Continued...
Market Cap
C MP
Target
Upside
C ompany
R ationale
(` Cr)
(`)
(`)
(%)
We expect Inox Wind to report expone ntial
growth in top-line and bottom-line over FY19-
20E. The growth would be led by changing
renewable energy industry dynamics in favor of
Inox Winds
2,108
97
127
33.7
wind energy segment viz. changes in auction
regime from Feed-In-Tariff (FIT) to reverse
auction regi me and Government’s guidance for
10GW auction in FY19 and FY20 each.
Considering the strong CV demand due to
change in BS-VI emission norms (will trigger
pre-buying activities), pick up in construction
Ashok Leyland
37,457
128
156
21.9
activities and no signi ficant impact on industry
due to recent axle load norms, we recommend
BUY on Ashok Leyland at current valuations.
Source: Company, Angel Research
Fundamental Call
Market Cap
C MP
Target
Upside
C ompany
R ationale
(` Cr)
(`)
(`)
(%)
CCL is likely to maintain the strong growth
CCL Products
3,650
274
360
31.2
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
2,671
1,790
2,178
21.7
healthy de mand growth in pl astic divi sion. O n the
bottom-line front, we e stimate
~10% CAGR to
`162cr owing to improve ment in volumes.
Elantas Beck India is the Indian market leader in
liquid insulation segment used in electrical
equipme nts li ke motors, transformers etc. It derives
Elantas Beck India Ltd
1,626
2,051
2,500
21.9
demand from several industries w hich are expected
to register 10%+ CAGR in de mand 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
2,346
191
333
74.0
~`2,478cr over FY2017-20E mainly due to healthy
growth in plywood & lamination busine ss on the
back of strong brand and di stribution network
L&T Fin’s new manage ment is on track to achieve
L&T Finance Hol ding
31,354
157
210
33.8
ROE of 18% by 2020 and recent capital infusion of
`3000cr would support advance growth.
Market Outlook
September 12, 2018
Key Upcoming Events
Global economic events release calendar
Bl oomberg Data
D ate
Time
C ountry
Event Description
Unit
Period
L ast Reporte d
E stimate d
Sep 12, 2018
India
Exports YoY%
% Change
Aug
14.32
India
Imports YoY%
% Change
Aug
28.81
5:30 PM India
Industrial Production YoY
% Change
Jul
7.00
6.50
6:00 PM US
Consumer price index (mom)
% Change
Aug
0.20
0.30
Sep 13, 2018
US
Producer Price Index (mom)
% Change
Aug
0.20
6:00 PM US
Initial Jobless claims
Thousands
Sep 8
203.00
210.00
4:30 PM UK
BOE Announce s rate s
% Ratio
Sep 13
0.75
0.75
5:15 PM Euro Zone
ECB announces interest rates
%
Sep 13
-
-
Sep 14, 2018
7:30 AM China
Industrial Production (YoY)
% Change
Aug
6.00
6.10
12: 00 PM India
Monthly Wholesale Prices YoY%
% Change
Aug
5.09
4.62
6:45 PM US
Industrial Production
%
Aug
0.11
0.30
Sep 17, 2018
2:30 PM Euro Zone
Euro-Zone CPI (YoY)
%
Aug F
2.00
Sep 19, 2018
6:00 PM US
Housi ng Starts
Thousands
Aug
1,168.00
1,236.00
6:00 PM US
Building permits
Thousands
Aug
1,303.00
1,314.00
2:00 PM UK
CPI (YoY)
% Change
Aug
2.50
Sep 20, 2018
7:30 PM US
Existing home sales
Million
Aug
5.34
5.34
7:30 PM Euro Zone
Euro-Zone Consumer Confidence
Value
Sep A
(1.90)
Sep 21, 2018
1:00 PM Germany
PMI Services
Value
Sep P
55.00
1:00 PM Germany
PMI Manufacturing
Value
Sep P
55.90
Sep 25, 2018
7:30 PM US
Consumer Confidence
S.A./ 1985=100
Sep
133.40
Sep 26, 2018
7:30 PM US
New home sales
Thousands
Aug
627.00
11: 30 PM US
FOMC rate decision
%
Sep 26
2.00
2.25
Sep 27, 2018
6:00 PM US
GDP Qoq (Annualise d)
% Change
2Q T
4.20
Sep 28, 2018
1:25 PM Germany
Unempl oyment change (000's)
Thousands
Sep
(8.00)
Source: Bloomberg, Angel Research
Market Outlook
September 12, 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
8.2
6.9
7.0
8.0
8.1
7.6
7.7
7.0
8.0
7.2
6.8
7.0
6.0
5.3
7.0
6.3
4.8
4.8
6.1
5.0
4.1
5.6
3.9
6.0
4.0
5.0
3.0
1.8
4.0
2.0
1.0
3.0
-
Source: CSO, Angel Research
Source: MOSPI, Angel Research
Exhibit 3: Monthly CPI inflation trends
Exhibit 4: Manufacturing and services PMI
56.0
Mfg. PMI
Services PMI
(%)
6.0
54.0
5.2
5.1
4.9
4.9
4.9
4.6
52.0
5.0
4.4
4.3
4.2
50.0
4.0
3.6
3.3
3.3
48.0
3.0
46.0
2.0
44.0
1.0
42.0
40.0
-
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
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
September 12, 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)
20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
-
Source: IMF, Angel Research
Market Outlook
September 12, 2018
Exhibit 4: Relative performance of indices across globe
Returns (%)
C ountry
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
76,436
(3.4)
4.8
7.9
Russia
Micex
4,213
1.4
7.1
11.4
India
Nifty
11,438
(1.4)
4.6
13.6
China
Shanghai Composite
2,669
(4.7)
(13.5)
(20.9)
South Africa
Top 40
50,545
(3.5)
(4.1)
0.3
Mexico
Mexbol
48,849
(0.8)
4.7
(2.5)
Indonesia
LQ45
922
(4.7)
(5.7)
(6.3)
Malaysia
KLCI
1,799
1.1
1.2
1.7
Thailand
SET 50
1,113
(3.9)
(3.0)
6.1
USA
Dow Jones
25,857
1.1
2.1
17.2
UK
FTSE
7,279
(5.7)
(5.3)
(1.8)
Japan
Nikkei
22,373
(1.5)
(1.7)
13.3
Germany
DAX
11,986
(4.0)
(7.5)
(4.8)
France
CAC
5,270
(2.8)
(3.5)
0.9
Source: Bloomberg, Angel Research as on11 Sept, 2018
Market Outlook
September 12, 2018
Exhibit 7: Historical Angel Top Picks/Fundamental Calls
D ate Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Curre nt Status
17-08-2018
Top Picks
Ashok Leyland
128
156
Open
10-08-2018
Top Picks
Inox Wind
107
127
Open
31-08-2018
Top Picks
TTK Prstige
7,235
8,200
Open
09-08-2018
Top Picks
TTK Prstige
6,206
7,500
06-07-2018
Top Picks
Aurobindo Pharma
603
780
Open
30-08-2018
Top Picks
RBL Bank
626
690
Open
06-07-2018
Top Picks
RBL Bank
565
670
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 Enterprise s
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 Hol ding
171
210
Open
02-05-2018
Top Picks
HDFC Bank
1944
2315
Open
04-05-2018
Top Picks
Matrimony.com Ltd
573
1016
Closed(17/08/ 2018)
20-04-2018
Top Picks
Matrimony.com Ltd
781
984
15-05-2018
Top Picks
Parag Milk F oods Limited
310
410
Open
16-04-2018
Top Picks
Parag Milk F oods Limited
249
333
27-08-2018
Top Picks
GMM Pfaudler Limited
1,170
1,287
Open
18-08-2018
Top Picks
GMM Pfaudler Limited
1,024
1,200
07-08-2018
Top Picks
GMM Pfaudler Limited
984
1,100
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
27-08-2018
Top Picks
Safari Industries
974
1,071
Open
14-08-2018
Top Picks
Safari Industries
868
1,000
07-08-2018
Top Picks
Safari Industries
788
870
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
Source: Company, Angel Research
Market Outlook
September 12, 2018
Exhibit 8: Historical Angel Top Picks/Fundamental Calls
D ate Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Curre nt Status
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)
06-11-2017
Top Picks
LT Foods
74
96
16-10-2017
FundamentalEndurance Technologie s 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 Hol dings 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 Industrie s
481
589
Open
04-01-2017
Top Picks
KEI Industrie s
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
September 12, 2018
Research Team Tel: 022 - 39357800
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