Market Outlook
December 13, 2016
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are expected to open flat tracking the SGX Nifty.
BSE Sensex
(0.9)
(232)
26,515
US Markets closed mostly lower on Monday despite oil prices soaring as Treasury
Nifty
(1.1)
(91)
8,171
yields spiked ahead of a key Federal Reserve meeting.
Mid Cap
(1.1)
(140)
12,396
The European markets ended the first session of the new trading week with mixed
Small Cap
(0.7)
(89)
12,231
results. The markets endured a choppy trading session, as investors exercised
Bankex
(1.7)
(357)
21,054
caution ahead of Wednesday's announcement from the Federal Reserve. The Fed is
widely expected to announce an interest rate hike at its policy meeting.
Global Indices
Chg (%)
(Pts)
(Close)
Indian shares look set to open a tad lower on Monday after the GST council on
Dow Jones
0.2
40
19,796
Sunday failed to finalize the draft laws and agreed to meet again on December 22
Nasdaq
(0.6)
(32)
5,413
and 23 to hammer out a consensus. The latest development dashed hopes that the
FTSE
(0.9)
(64)
6,890
crucial bill would be introduced in the ongoing winter session of Parliament.
Nikkei
0.8
159
19,155
Hang Seng
(1.4)
(328)
22,433
News Analysis
Shanghai Com
(2.5)
(80)
3,153
Tata Motors to raise passenger vehicle prices by up to `25,000
Detailed analysis on Pg2
Advances / Declines
BSE
NSE
Investor’s Ready Reckoner
Advances
1,078
526
Key Domestic & Global Indicators
Declines
1,589
1,061
Stock Watch: Latest investment recommendations on 150+ stocks
Unchanged
131
75
Refer Pg5 onwards
Volumes (` Cr)
Top Picks
CMP
Target
Upside
Company
Sector
Rating
BSE
2,102
(`)
(`)
(%)
NSE
13,323
Amara Raja Batt. Auto & Auto Ancill.
Buy
900
1,167
29.6
Alkem Laboratories Pharmaceuticals
Buy
1,624
1,989
22.5
HCL Tech
IT
Buy
800
1,000
25.1
Net Inflows (` Cr)
Net
Mtd
Ytd
Power Grid Corp. Power
Buy
185
223
20.6
FII
743
499
27,776
Navkar Corp.
Others
Buy
177
265
49.4
MFs
82
295
38,481
More Top Picks on Pg3
Key Upcoming Events
Top Gainers
Price (`)
Chg (%)
Previous
Consensus
Date
Region
Event Description
Reading
Expectations
Aban
262
4.8
Dec 13 India
Exports YoY%
9.59
--
Tataelxsi
1,484
4.1
Dec 13 India
Imports YoY%
8.10
--
Nationalum
68
3.8
Dec 13 UK
CPI (YoY)
0.90
1.10
Ttkprestig
5,620
3.7
Dec 13 China
Industrial Production (YoY)
6.10
6.10
Torntpower
188
3.5
More Events on Pg4
Top Losers
Price (`)
Chg (%)
Bajfinance
845
(5.7)
Bergepaint
208
(5.5)
Pidilitind
608
(5.1)
Kajariacer
501
(4.5)
Intellect
165
(4.4)
As on December 12, 2016
Market Outlook
December 13, 2016
News Analysis
Tata Motors to raise passenger vehicle prices by up to `25,000
Tata Motors announced that it will hike prices of its passenger vehicles by up to
`25,000 from next month in order to offset increased input costs.
The company will be increasing prices of its passenger vehicles starting from
`5,000 up to `25,000, depending on the model, Tata Motors said in a statement.
The increase is effective January 1. The increase in prices of raw material
commodities like steel, aluminium, copper and rubber over a period of time has
put a lot of pressure on us and as a result, Tata Motors are forced to hike prices of
our passenger vehicles
The company is witnessing good demand for its cars and has witnessed month-on-
month growth on the back of the recently-launched Tiago. Tata Motors sells a
range of passenger vehicles, including the entry-level small car Nano, the newly
launched hatchback Tiago and crossover vehicle Aria, at a price range of `2.18
lakh to `17.29 lakh (ex-showroom Delhi).
Yesterday, Renault India announced plans to increase prices of its vehicles by up to
3% from next month to offset increased input costs.
Earlier, Toyota Kirloskar Motor (TKM) had announced hike in prices of its vehicles
by up to 3% from next month to offset increased input cost and consistent upward
trend in foreign exchange rates.
Sheela Foam IPO - Book profit
We had a ‘Subscribe’ rating on Sheela Foam which got listed on Friday 9th
December 2019. The stock has appreciated 38% post its listing at CMP `1,007.
Considering the current rich valuations (41x of FY17E EPS), we believe that it is
time to book profit on this IPO.
Economic and Political News
RBI asks banks to maintain records of new currency
Discount on petrol, diesel buy via digital mode from midnight
Mutual funds pump `36,000 cr inflow in November; `3 lakh-cr in Apr-Nov
Corporate News
Massive fire in Biocon's Syngene complex in Bengaluru
Demonetization pain slows down Bajaj Finance
DLF’s debt woes to linger as stake sale deal gets delayed
Market Outlook
December 13, 2016
Top Picks ★★★★★
Large Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
To outpace battery industry growth due to better
Amara Raja Batteries
15,381
900
1,167
29.6
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
19,417
1,624
1,989
22.5
acute therapeutic segment. Alkem expects to launch more
products in USA, which bodes for its international business.
The stock is trading at attractive valuations and is factoring
HCL Tech
1,12,804
800
1,000
25.1
all the bad news.
Back on the growth trend; expect a long term growth of 14%
Infosys
2,24,526
978
1,249
27.7
to be a US$20bn in FY2020.
Strong order backlog and improvement in execution would
Larsen & Tourbo
1,27,219
1,365
1,634
19.7
trigger the growth for the L&T
One of the largest pharma companies with strong
international presence. It has a rich pipeline of ANDAs
Lupin
67,752
1,503
1,809
20.4
which is also one of the largest among the generic
companies.
Going forward, we expect the company to report strong
Power Grid Corporation
96,732
185
223
20.6
top-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
636
211
351
66.0
owing to better product mix, higher B2C sales and
amalgamation synergy.
Among the top 4 players in the consumer durables segment.
Bajaj Electricals
2,205
218
274
25.4
Improved profitability backed by turn around in E&P
segment. Strong order book lends earnings visibility.
Favourable outlook for AC industry augurs well for Cooling
Blue Star
4,466
468
634
35.4
products business which is outgrowing the market. EMPPAC
division's is likely to turn around on improving economy
With a focus on the low and medium income (LMI)
Dewan Housing Finance
7,776
248
350
40.9
consumer segment, the company has increased its presence
in tier-II & III cities where the growth opportunity is immense.
Strong loan growth backed by diversified loan portfolio and
adequate CAR. ROE & ROA likely to remain decent as risk of
Equitas Holdings
5,188
155
235
51.9
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
5,677
174
225
29.6
radio business (Radio City) would also boost the company's
revenue growth.
Speedier execution and speedier sales, strong revenue
Mahindra Lifespace
1,465
357
522
46.2
visibilty in short-to-long run, attractive valuations
We expect the company to report strong growth on back of
healthy growth in domestic branded sales (owing to
Mirza International
1,014
84
107
26.9
aggressive ad spend and addition in the number of EBOs &
multi-brand outlets [MBOs]) and healthy export revenues.
Massive capacity expansion along with rail advantage at
Navkar Corporation
2,529
177
265
49.4
ICD as well CFS augurs well for the company.
Strong brands and distribution network would boost growth
Siyaram Silk Mills
1,157
1,234
1,605
30.1
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
1,702
285
385
34.9
and anticipated growth in ad spends by corporate to benefit
the stock.
Source: Company, Angel Research
Market Outlook
December 13, 2016
Key Upcoming Events
Global economic events release calendar
Bloomberg Data
Date
Time
Country
Event Description
Unit
Period
Last Reported
Estimated
Dec 13, 2016
India
Imports YoY%
% Change
Nov
8.10
India
Exports YoY%
% Change
Nov
9.59
7:30 AM
China
Industrial Production (YoY)
% Change
Nov
6.10
6.10
3:00 PM
UK
CPI (YoY)
% Change
Nov
0.90
1.10
Dec 14, 2016
3:00 PM
UK
Jobless claims change
% Change
Nov
9.80
6.50
12:00 PM
India Monthly Wholesale Prices YoY%
% Change
Nov
3.39
3.10
7:45 PM
US
Industrial Production
% Nov
0.04
(0.20)
US
Producer Price Index (mom)
% Change
Nov
0.40
Dec 15, 2016
7:00 PM
US
Initial Jobless claims
Thousands
Dec 10
258.00
255.00
2:00 PM
Germany
PMI Services
Value Dec P
55.10
54.90
2:00 PM
Germany
PMI Manufacturing
Value Dec P
54.30
54.50
7:00 PM
US Consumer price index (mom)
% Change
Nov
0.40
0.20
5:30 PM
UK
BOE Announces rates
% Ratio
Dec 15
0.25
0.25
12:30 AM
US
FOMC rate decision
%
Dec 14
0.50
0.75
Dec 16, 2016
7:00 PM
US
Housing Starts
Thousands
Nov
1,323.00
1,230.00
7:00 PM
US
Building permits
Thousands
Nov
1,260.00
1,236.00
3:30 PM Euro Zone
Euro-Zone CPI (YoY)
% Nov F
0.60
0.60
Dec 21, 2016
8:30 PM
US
Existing home sales
Million
Nov
5.60
5.50
8:30 PM Euro Zone Euro-Zone Consumer Confidence
Value Dec A
(6.10)
Dec 22, 2016
7:00 PM
US
GDP Qoq (Annualised)
% Change 3Q T
3.20
3.30
Dec 23, 2016
3:00 PM
UK
GDP (YoY)
% Change 3Q F
2.30
8:30 PM
US
New home sales
Thousands
Nov
563.00
575.00
Dec 27, 2016
8:30 PM
US
Consumer ConfidenceS.A./ 1985=100
Dec
107.10
Jan 01, 2017
6:30 AM
China
PMI Manufacturing
Value
Dec
51.70
Jan 03, 2017
3:00 PM
UK
PMI Manufacturing
Value
Dec
53.40
2:25 PM
Germany Unemployment change (000's)
Thousands
Dec
(5.00)
Jan 06, 2017
7:00 PM
US
Change in Nonfarm payrolls
Thousands
Dec
178.00
Source: Bloomberg, Angel Research
Market Outlook
December 13, 2016
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
2.0
7.2
7.1
7.3
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
5.4
5.5
5.3
5.1
52.0
4.8
5.0
4.4
4.2
50.0
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
(5.0)
5.50
(10.0)
5.00
(15.0)
4.50
(20.0)
4.00
(25.0)
3.50
(30.0)
(35.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
December 13, 2016
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
2.3
1.6
1.5
2.0
1.1
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
1.3
2.0
(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
(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
December 13, 2016
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
59,179
(6.4)
(1.7)
30.9
Russia
Micex
2,227
8.9
10.2
28.5
India
Nifty
8,171
(3.1)
(8.4)
5.0
China
Shanghai Composite
3,153
(2.1)
1.9
(12.7)
South Africa
Top 40
43,893
(2.5)
(5.1)
(0.8)
Mexico
Mexbol
46,913
(3.2)
(1.0)
11.7
Indonesia
LQ45
890
(3.4)
(1.8)
13.3
Malaysia
KLCI
1,641
(0.4)
(2.8)
(1.9)
Thailand
SET 50
954
0.9
2.9
9.4
USA
Dow Jones
19,796
6.5
8.0
14.0
UK
FTSE
6,890
0.6
3.8
18.4
Japan
Nikkei
19,155
10.6
11.5
(5.1)
Germany
DAX
11,190
5.3
7.3
7.1
France
CAC
4,761
5.1
8.5
4.3
Source: Bloomberg, Angel Research
Stock Watch
December 13, 2016
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
199
-
3,879
1,937
2,164
13.3
14.3
9.0
11.0
22.2
18.1
3.9
3.4
18.4
19.8
2.0
1.8
United Phosphorus
Neutral
696
-
35,256
15,176
17,604
18.5
18.5
37.4
44.6
18.6
15.6
3.7
3.0
21.4
21.2
2.4
2.1
Auto & Auto Ancillary
Ashok Leyland
Buy
79
111
22,539
22,407
26,022
10.6
10.6
5.2
6.4
15.2
12.3
3.4
2.9
23.6
24.7
1.1
0.9
Bajaj Auto
Neutral
2,653
-
76,762
25,093
27,891
19.5
19.2
143.9
162.5
18.4
16.3
5.2
4.4
30.3
29.4
2.8
2.4
Bharat Forge
Neutral
967
-
22,510
7,726
8,713
20.5
21.2
35.3
42.7
27.4
22.7
5.1
4.6
18.9
20.1
3.0
2.6
Eicher Motors
Neutral
22,179
-
60,241
16,583
20,447
17.5
18.0
598.0
745.2
37.1
29.8
12.7
9.7
41.2
38.3
3.5
2.7
Gabriel India
Buy
108
130
1,548
1,544
1,715
9.0
9.3
5.4
6.3
20.0
17.1
3.8
3.3
18.9
19.5
1.0
0.8
Hero Motocorp
Accumulate
3,217
3,541
64,230
30,958
34,139
15.7
15.7
193.6
208.3
16.6
15.4
6.5
5.4
34.2
30.5
1.9
1.7
Jamna Auto Industries Neutral
171
-
1,369
1,486
1,620
9.8
9.9
15.0
17.2
11.4
10.0
2.5
2.1
21.8
21.3
1.0
0.9
L G Balakrishnan & Bros Neutral
583
-
915
1,302
1,432
11.6
11.9
43.7
53.0
13.3
11.0
1.9
1.7
13.8
14.2
0.8
0.7
Mahindra and Mahindra Neutral
1,168
-
72,544
46,534
53,077
11.6
11.7
67.3
78.1
17.4
15.0
2.8
2.5
15.4
15.8
1.5
1.3
Maruti
Buy
5,146
6,006
155,449
68,057
82,958
15.8
15.5
212.1
261.2
24.3
19.7
4.8
4.0
19.8
20.3
2.0
1.5
Minda Industries
Neutral
312
-
2,475
2,728
3,042
9.0
9.1
68.2
86.2
4.6
3.6
1.0
0.8
23.8
24.3
1.0
0.8
Motherson Sumi
Neutral
321
-
45,014
45,896
53,687
7.8
8.3
13.0
16.1
24.6
19.9
7.9
6.3
34.7
35.4
1.1
0.9
Rane Brake Lining
Neutral
985
-
780
511
562
11.3
11.5
28.1
30.9
35.1
31.9
5.4
4.9
15.3
15.0
1.7
1.5
Setco Automotive
Neutral
36
-
479
741
837
13.0
13.0
15.2
17.0
2.4
2.1
0.4
0.4
15.8
16.3
1.0
0.9
Tata Motors
Neutral
455
-
131,238
300,209
338,549
8.9
8.4
42.7
54.3
10.7
8.4
1.7
1.4
15.6
17.2
0.6
0.5
TVS Motor
Neutral
366
-
17,402
13,390
15,948
6.9
7.1
12.8
16.5
28.7
22.1
7.1
5.7
26.3
27.2
1.3
1.1
Amara Raja Batteries
Buy
900
1,167
15,381
5,504
6,605
17.6
17.5
33.4
40.9
27.0
22.0
5.9
4.8
22.1
22.0
2.8
2.3
Exide Industries
Neutral
175
-
14,854
7,439
8,307
15.0
15.0
8.1
9.3
21.6
18.8
3.0
2.7
14.3
16.7
1.6
1.4
Apollo Tyres
Buy
194
235
9,870
12,877
14,504
14.3
13.9
21.4
23.0
9.1
8.4
1.4
1.2
16.4
15.2
0.9
0.9
Ceat
Buy
1,244
1,450
5,030
7,524
8,624
13.0
12.7
131.1
144.3
9.5
8.6
1.8
1.5
19.8
18.6
0.7
0.7
JK Tyres
Neutral
119
-
2,704
7,455
8,056
15.0
15.0
21.8
24.5
5.5
4.9
1.1
0.9
22.8
21.3
0.5
0.4
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
2.3
1.9
Subros
Neutral
164
-
985
1,488
1,681
11.7
11.9
6.4
7.2
25.7
22.9
2.7
2.5
10.8
11.4
0.9
0.8
Indag Rubber
Neutral
182
-
479
286
326
19.8
16.8
11.7
13.3
15.6
13.7
2.6
2.5
17.8
17.1
1.3
1.2
Capital Goods
ACE
Neutral
49
-
487
709
814
4.1
4.6
1.4
2.1
35.2
23.5
1.5
1.4
4.4
6.0
0.8
0.7
BEML
Neutral
906
-
3,773
3,451
4,055
6.3
9.2
31.4
57.9
28.9
15.7
1.7
1.6
6.3
10.9
1.2
1.0
Bharat Electronics
Neutral
1,506
-
33,633
8,137
9,169
16.8
17.2
58.7
62.5
25.7
24.1
4.0
3.5
44.6
46.3
3.1
2.8
Stock Watch
December 13, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
Capital Goods
Voltas
Buy
318
407
10,520
6,511
7,514
7.9
8.7
12.9
16.3
24.7
19.5
4.4
3.9
16.7
18.5
1.4
1.2
BGR Energy
Neutral
117
-
845
16,567
33,848
6.0
5.6
7.8
5.9
15.0
19.9
0.9
0.8
4.7
4.2
0.2
0.1
BHEL
Neutral
128
-
31,207
28,797
34,742
-
2.8
2.3
6.9
55.4
18.5
0.9
0.9
1.3
4.8
0.7
0.5
Blue Star
Buy
468
634
4,466
4,283
5,077
5.9
7.3
14.9
22.1
31.5
21.2
6.1
5.2
20.4
26.4
1.1
0.9
Crompton Greaves
Neutral
61
-
3,814
5,777
6,120
5.9
7.0
3.3
4.5
18.4
13.5
0.8
0.8
4.4
5.9
0.6
0.5
Greaves Cotton
Neutral
126
-
3,068
1,755
1,881
16.8
16.9
7.8
8.5
16.1
14.8
3.2
3.0
20.6
20.9
1.4
1.3
Inox Wind
Neutral
201
-
4,463
5,605
6,267
15.7
16.4
24.8
30.0
8.1
6.7
2.3
1.7
25.9
24.4
0.8
0.7
KEC International
Neutral
142
-
3,640
9,294
10,186
7.9
8.1
9.9
11.9
14.3
11.9
2.1
1.8
15.6
16.3
0.6
0.6
Thermax
Neutral
824
-
9,817
5,421
5,940
7.3
7.3
25.7
30.2
32.1
27.3
3.9
3.5
12.2
13.1
1.7
1.6
VATech Wabag
Buy
482
681
2,628
3,136
3,845
8.9
9.1
26.0
35.9
18.6
13.4
2.3
2.0
13.4
15.9
0.7
0.6
Cement
ACC
Neutral
1,346
-
25,279
11,225
13,172
13.2
16.9
44.5
75.5
30.3
17.8
2.9
2.6
11.2
14.2
2.3
1.9
Ambuja Cements
Neutral
209
-
41,510
9,350
10,979
18.2
22.5
5.8
9.5
36.0
22.0
3.0
2.7
10.2
12.5
4.4
3.8
India Cements
Neutral
114
-
3,514
4,364
4,997
18.5
19.2
7.9
11.3
14.5
10.1
1.0
1.0
8.0
8.5
1.6
1.4
JK Cement
Neutral
737
-
5,155
4,398
5,173
15.5
17.5
31.2
55.5
23.6
13.3
2.8
2.5
12.0
15.5
1.7
1.4
J K Lakshmi Cement
Buy
369
565
4,341
2,913
3,412
14.5
19.5
7.5
22.5
49.2
16.4
3.0
2.5
12.5
18.0
2.1
1.7
Orient Cement
Buy
133
215
2,729
2,114
2,558
18.5
20.5
8.1
11.3
16.4
11.8
2.4
2.1
9.0
14.0
1.9
1.5
UltraTech Cement
Neutral
3,462
-
95,006
25,768
30,385
21.0
23.5
111.0
160.0
31.2
21.6
4.0
3.5
13.5
15.8
3.8
3.1
Construction
ITNL
Neutral
103
-
3,372
8,946
10,017
31.0
31.6
8.1
9.1
12.7
11.3
0.5
0.5
4.2
5.0
3.7
3.4
KNR Constructions
Neutral
803
-
2,257
1,385
1,673
14.7
14.0
41.2
48.5
19.5
16.6
3.6
3.1
14.9
15.2
1.7
1.4
Larsen & Toubro
Buy
1,365
1,634
127,219
111,017
124,908
11.0
11.0
61.1
66.7
22.3
20.5
2.7
2.5
13.1
12.9
2.2
2.0
Gujarat Pipavav Port
Neutral
138
-
6,676
705
788
52.2
51.7
5.0
5.6
27.6
24.7
2.7
2.4
11.2
11.2
9.1
7.7
Nagarjuna Const.
Neutral
82
-
4,545
8,842
9,775
9.1
8.8
5.3
6.4
15.4
12.8
1.2
1.1
8.2
9.1
0.7
0.6
PNC Infratech
Buy
106
143
2,715
2,350
2,904
13.1
13.2
9.0
8.8
11.8
12.0
0.4
0.4
15.9
13.9
1.3
1.0
Simplex Infra
Neutral
291
-
1,439
6,829
7,954
10.5
10.5
31.4
37.4
9.3
7.8
1.0
0.9
9.9
13.4
0.6
0.5
Power Mech Projects
Neutral
464
-
683
1,801
2,219
12.7
14.6
72.1
113.9
6.4
4.1
1.2
1.0
16.8
11.9
0.4
0.3
Sadbhav Engineering
Accumulate
272
298
4,669
3,598
4,140
10.3
10.6
9.0
11.9
30.2
22.9
3.2
2.8
9.9
11.9
1.6
1.3
NBCC
Neutral
230
-
13,785
7,428
9,549
7.9
8.6
8.2
11.0
28.0
20.9
1.4
1.1
28.2
28.7
1.6
1.2
MEP Infra
Neutral
36
-
587
1,877
1,943
30.6
29.8
3.0
4.2
12.0
8.6
5.8
3.9
0.6
0.6
1.7
1.5
SIPL
Neutral
92
-
3,230
1,036
1,252
65.5
66.2
(8.4)
(5.6)
3.4
3.9
(22.8)
(15.9)
11.3
9.4
Stock Watch
December 13, 2016
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
Engineers India
Neutral
312
-
10,507
1,725
1,935
16.0
19.1
11.4
13.9
27.4
22.4
3.8
3.7
13.4
15.3
5.0
4.5
Financials
Axis Bank
Buy
445
630
106,115
46,932
53,575
3.5
3.4
32.4
44.6
13.7
10.0
1.8
1.5
13.6
16.5
-
-
Bank of Baroda
Neutral
159
-
36,625
19,980
23,178
1.8
1.8
11.5
17.3
13.8
9.2
1.6
1.3
8.3
10.1
-
-
Canara Bank
Neutral
306
-
16,621
15,225
16,836
1.8
1.8
14.5
28.0
21.1
10.9
1.5
1.2
5.8
8.5
-
-
Dewan Housing Finance Buy
248
350
7,776
2,225
2,688
2.9
2.9
29.7
34.6
8.4
7.2
1.4
1.2
16.1
16.8
-
-
Equitas Holdings
Buy
155
235
5,188
939
1,281
11.7
11.5
5.8
8.2
26.7
18.9
2.3
2.1
10.9
11.5
-
-
Federal Bank
Neutral
70
-
12,087
9,353
10,623
2.9
2.9
4.4
5.8
16.0
12.1
1.5
1.4
9.5
11.0
-
-
HDFC
Neutral
1,262
-
199,581
11,475
13,450
3.4
3.4
45.3
52.5
27.9
24.1
5.4
4.8
20.2
20.5
-
-
HDFC Bank
Accumulate
1,184
1,350
299,720
46,097
55,433
4.5
4.5
58.4
68.0
20.3
17.4
3.6
3.0
18.8
18.6
-
-
ICICI Bank
Buy
265
315
154,004
42,800
44,686
3.1
3.3
18.0
21.9
14.7
12.1
2.0
1.9
11.1
12.3
-
-
Lakshmi Vilas Bank
Buy
145
174
2,595
3,339
3,799
2.7
2.8
11.0
14.0
13.2
10.3
1.4
1.3
11.2
12.7
-
-
LIC Housing Finance
Accumulate
565
630
28,529
3,712
4,293
2.6
2.5
39.0
46.0
14.5
12.3
2.7
2.3
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
131
-
27,855
23,532
23,595
2.3
2.4
6.8
12.6
19.3
10.4
3.0
2.1
3.3
6.5
-
-
RBL Bank
Neutral
349
-
12,904
1,783
2,309
2.6
2.6
12.7
16.4
27.5
21.3
3.0
2.7
12.8
13.3
-
-
South Ind.Bank
Neutral
22
-
2,910
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
263
-
204,472
88,650
98,335
2.6
2.6
13.5
18.8
19.5
14.0
1.9
1.6
7.0
8.5
-
-
Union Bank
Neutral
141
-
9,720
13,450
14,925
2.3
2.3
25.5
34.5
5.6
4.1
0.8
0.7
7.5
10.2
-
-
Yes Bank
Neutral
1,193
-
50,212
8,978
11,281
3.3
3.4
74.0
90.0
16.1
13.3
3.1
2.6
17.0
17.2
-
-
FMCG
Asian Paints
Neutral
910
-
87,311
17,128
18,978
16.8
16.4
19.1
20.7
47.7
44.0
16.6
15.6
34.8
35.5
5.0
4.5
Britannia
Buy
2,981
3,626
35,769
9,594
11,011
14.6
14.9
80.3
94.0
37.1
31.7
15.3
11.8
41.2
-
3.6
3.1
Colgate
Accumulate
908
995
24,698
4,605
5,149
23.4
23.4
23.8
26.9
38.2
33.8
21.1
16.5
64.8
66.8
5.3
4.7
Dabur India
Accumulate
276
304
48,596
8,315
9,405
19.8
20.7
8.1
9.2
34.1
30.0
9.5
7.9
31.6
31.0
5.5
4.8
GlaxoSmith Con*
Neutral
4,985
-
20,965
4,350
4,823
21.2
21.4
179.2
196.5
27.8
25.4
7.4
6.3
27.1
26.8
4.2
3.7
Godrej Consumer
Neutral
1,441
-
49,073
10,235
11,428
18.4
18.6
41.1
44.2
35.1
32.6
7.8
6.6
24.9
24.8
4.9
4.3
HUL
Neutral
833
-
180,314
35,252
38,495
17.8
17.8
20.7
22.4
40.4
37.2
38.6
33.1
95.6
88.9
5.0
4.5
ITC
Buy
233
284
280,707
40,059
44,439
38.3
39.2
9.0
10.1
25.9
22.9
7.2
6.3
27.8
27.5
6.5
5.9
Marico
Buy
251
300
32,396
6,430
7,349
18.8
19.5
6.4
7.7
39.2
32.6
11.8
10.0
33.2
32.5
4.9
4.2
Nestle*
Neutral
6,324
-
60,977
10,073
11,807
20.7
21.5
124.8
154.2
50.7
41.0
20.8
18.7
34.8
36.7
5.9
5.0
Tata Global
Neutral
123
-
7,785
8,675
9,088
9.8
9.8
7.4
8.2
16.7
15.0
1.9
1.8
7.9
8.1
0.8
0.8
Stock Watch
December 13, 2016
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
Procter & Gamble
Accumulate
6,743
7,369
21,889
2,939
3,342
23.2
23.0
146.2
163.7
46.1
41.2
103.3
99.0
25.3
23.5
7.0
6.1
Hygiene
IT
HCL Tech^
Buy
800
1,000
112,804
49,242
57,168
20.5
20.5
55.7
64.1
14.4
12.5
2.9
2.2
20.3
17.9
2.2
1.7
Infosys
Buy
978
1,249
224,526
68,350
77,326
27.0
27.0
62.5
69.4
15.6
14.1
3.3
3.1
21.3
21.6
2.7
2.4
TCS
Buy
2,206
2,620
434,726
119,025
133,308
27.6
27.6
131.2
145.5
16.8
15.2
5.5
5.0
32.4
33.1
3.4
3.0
Tech Mahindra
Buy
469
600
45,565
29,673
32,937
15.5
17.0
32.8
39.9
14.3
11.8
2.8
2.4
19.6
20.7
1.3
1.1
Wipro
Buy
454
590
110,404
55,440
60,430
18.1
18.1
35.9
39.9
12.7
11.4
2.3
2.1
19.0
19.3
1.7
1.6
Media
D B Corp
Neutral
360
-
6,614
2,297
2,590
27.4
28.2
21.0
23.4
17.1
15.4
4.0
3.5
23.7
23.1
2.7
2.3
HT Media
Neutral
73
-
1,687
2,693
2,991
12.6
12.9
7.9
9.0
9.2
8.1
0.8
0.7
7.8
8.3
0.2
0.1
Jagran Prakashan
Buy
174
225
5,677
2,355
2,635
28.0
28.0
10.8
12.5
16.1
13.9
3.5
3.0
21.7
21.7
2.4
2.1
Sun TV Network
Neutral
499
-
19,677
2,850
3,265
70.1
71.0
26.2
30.4
19.1
16.4
4.9
4.3
24.3
25.6
6.5
5.5
Hindustan Media
Neutral
263
-
1,928
1,016
1,138
24.3
25.2
27.3
30.1
9.6
8.7
1.8
1.6
16.2
15.8
1.2
1.1
Ventures
TV Today Network
Buy
285
385
1,702
637
743
27.5
27.5
18.4
21.4
15.5
13.4
2.7
2.3
17.4
17.2
2.3
1.9
Metals & Mining
Coal India
Neutral
306
-
192,965
84,638
94,297
21.4
22.3
24.5
27.1
12.5
11.3
5.2
4.9
42.6
46.0
1.8
1.6
Hind. Zinc
Neutral
281
-
118,584
14,252
18,465
55.9
48.3
15.8
21.5
17.8
13.1
2.9
2.5
17.0
20.7
8.3
6.4
Hindalco
Neutral
182
-
37,572
107,899
112,095
7.4
8.2
9.2
13.0
19.8
14.0
1.0
0.9
4.8
6.6
0.9
0.8
JSW Steel
Neutral
1,623
-
39,221
53,201
58,779
16.1
16.2
130.6
153.7
12.4
10.6
1.7
1.5
14.0
14.4
1.5
1.3
NMDC
Neutral
129
-
40,767
6,643
7,284
44.4
47.7
7.1
7.7
18.2
16.7
1.6
1.5
8.8
9.2
3.9
3.5
SAIL
Neutral
55
-
22,695
47,528
53,738
(0.7)
2.1
(1.9)
2.6
21.1
0.6
0.6
(1.6)
3.9
1.3
1.2
Vedanta
Neutral
247
-
73,169
71,744
81,944
19.2
21.7
13.4
20.1
18.4
12.3
1.6
1.4
8.4
11.3
1.4
1.1
Tata Steel
Neutral
424
-
41,180
121,374
121,856
7.2
8.4
18.6
34.3
22.8
12.4
1.4
1.3
6.1
10.1
1.0
1.0
Oil & Gas
Cairn India
Neutral
266
-
49,899
9,127
10,632
4.3
20.6
8.8
11.7
30.2
22.8
1.0
0.9
3.3
4.2
6.9
5.8
GAIL
Neutral
429
-
54,386
56,220
65,198
9.3
10.1
27.1
33.3
15.8
12.9
1.5
1.4
9.3
10.7
1.2
1.0
ONGC
Neutral
311
-
266,332
137,222
152,563
15.0
21.8
19.5
24.1
16.0
12.9
1.4
1.3
8.5
10.1
2.2
2.0
Indian Oil Corp
Neutral
296
-
143,492
373,359
428,656
5.9
5.5
54.0
59.3
5.5
5.0
0.9
0.8
16.0
15.6
0.5
0.5
Reliance Industries
Neutral
1,028
-
333,356
301,963
358,039
12.1
12.6
87.7
101.7
11.7
10.1
1.2
1.1
10.7
11.3
1.6
1.3
Pharmaceuticals
Alembic Pharma
Neutral
638
-
12,029
3,483
4,083
20.2
21.4
24.3
30.4
26.3
21.0
6.0
4.8
25.5
25.3
3.4
2.8
Alkem Laboratories Ltd
Buy
1,624
1,989
19,417
6,043
6,893
18.7
19.3
80.5
88.8
20.2
18.3
4.5
3.7
22.3
20.3
3.2
2.7
Aurobindo Pharma
Buy
715
877
41,863
15,720
18,078
23.7
23.7
41.4
47.3
17.3
15.1
4.5
3.5
29.6
26.1
2.9
2.5
Aventis*
Neutral
4,294
-
9,890
2,277
2,597
17.3
18.3
149.4
172.0
28.7
25.0
4.8
3.8
25.1
28.8
4.0
3.3
Stock Watch
December 13, 2016
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
Neutral
391
-
40,003
10,429
12,318
22.6
22.0
16.9
19.2
23.1
20.4
5.9
4.7
28.5
25.7
3.8
3.1
Cipla
Reduce
574
490
46,153
15,378
18,089
17.4
18.4
21.6
27.2
26.6
21.1
3.4
3.0
13.7
15.2
3.2
2.7
Dr Reddy's
Neutral
3,148
-
52,164
16,043
18,119
20.8
22.4
112.4
142.9
28.0
22.0
3.7
3.3
14.1
15.9
3.2
2.8
Dishman Pharma
Neutral
226
-
3,648
1,718
1,890
22.7
22.8
9.5
11.3
23.8
20.0
2.3
2.1
10.1
10.9
2.6
2.3
GSK Pharma*
Neutral
2,735
-
23,167
3,000
3,312
15.4
20.6
46.5
60.8
58.8
45.0
14.1
14.1
26.3
30.6
7.5
6.8
Indoco Remedies
Reduce
255
240
2,353
1,112
1,289
16.2
18.2
11.6
16.0
22.0
16.0
3.5
3.0
17.0
20.1
2.2
1.9
Ipca labs
Accumulate
542
613
6,839
3,303
3,799
15.3
15.3
17.3
19.7
31.3
27.5
2.7
2.5
9.1
9.4
2.2
1.9
Lupin
Buy
1,503
1,809
67,752
15,912
18,644
26.4
26.7
58.1
69.3
25.9
21.7
5.0
4.1
21.4
20.9
4.3
3.6
Sun Pharma
Buy
676
847
162,765
31,129
35,258
32.0
32.9
30.2
35.3
22.4
19.2
3.7
3.0
20.0
20.1
4.8
4.0
Power
Tata Power
Neutral
77
-
20,731
36,916
39,557
17.4
27.1
5.1
6.3
15.0
12.2
1.3
1.2
9.0
10.3
1.6
1.4
NTPC
Neutral
165
-
136,421
86,605
95,545
17.5
20.8
11.8
13.4
14.0
12.4
1.4
1.3
10.5
11.1
2.9
2.9
Power Grid
Buy
185
223
96,732
25,315
29,193
88.2
88.7
14.2
17.2
13.1
10.8
2.0
1.7
15.2
16.1
8.5
7.6
Real Estate
Prestige Estate
Buy
153
210
5,730
4,707
5,105
25.2
26.0
10.3
13.0
14.8
11.8
1.2
1.1
10.3
10.2
2.4
2.1
MLIFE
Buy
357
522
1,465
1,152
1,300
22.7
24.6
29.9
35.8
11.9
10.0
0.9
0.8
7.6
8.6
2.0
1.7
Telecom
Bharti Airtel
Neutral
328
-
131,055
105,086
114,808
34.5
34.7
12.2
16.4
26.9
20.0
1.8
1.7
6.8
8.4
2.2
1.9
Idea Cellular
Neutral
76
-
27,222
40,133
43,731
37.2
37.1
6.4
6.5
11.8
11.6
1.0
0.9
8.2
7.6
1.7
1.4
zOthers
Abbott India
Neutral
4,712
-
10,013
3,153
3,583
14.1
14.4
152.2
182.7
31.0
25.8
152.0
129.8
25.6
26.1
2.9
2.5
Asian Granito
Buy
211
351
636
1,071
1,182
12.1
12.4
12.7
16.0
16.6
13.2
1.6
1.4
9.5
10.7
0.9
0.8
Bajaj Electricals
Buy
218
274
2,205
4,801
5,351
5.7
6.2
10.4
13.7
20.9
16.0
2.6
2.3
12.4
14.5
0.5
0.4
Banco Products (India)
Neutral
187
-
1,340
1,353
1,471
12.3
12.4
14.5
16.3
12.9
11.5
17.8
16.1
14.5
14.6
0.9
99.5
Coffee Day Enterprises
Neutral
200
-
4,122
2,964
3,260
20.5
21.2
4.7
8.0
-
25.0
2.3
2.1
5.5
8.5
1.8
1.6
Ltd
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
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
428
-
6,542
2,883
3,115
12.0
12.1
14.2
18.6
30.1
23.0
16.0
14.0
15.8
14.6
2.0
1.8
Garware Wall Ropes
Neutral
642
-
1,404
873
938
14.3
14.3
35.2
37.5
18.3
17.1
3.2
2.7
17.5
15.9
1.5
1.4
Goodyear India*
Neutral
725
-
1,672
1,598
1,704
10.4
10.2
49.4
52.6
14.7
13.8
67.7
59.4
18.2
17.0
0.7
101.8
Hitachi
Neutral
1,439
-
3,913
2,081
2,433
8.8
8.9
33.4
39.9
43.1
36.1
34.8
29.0
22.1
21.4
1.9
1.6
HSIL
Neutral
280
-
2,021
2,384
2,515
15.8
16.3
15.3
19.4
18.3
14.4
18.2
15.6
7.8
9.3
1.0
0.9
Interglobe Aviation
Neutral
828
-
29,838
21,122
26,005
14.5
27.6
110.7
132.1
7.5
6.3
44.8
32.0
168.5
201.1
1.4
1.1
Stock Watch
December 13, 2016
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
Jyothy Laboratories
Neutral
367
-
6,656
1,440
2,052
11.5
13.0
8.5
10.0
43.1
36.7
10.4
9.7
18.6
19.3
4.9
3.4
Kirloskar Engines India
Neutral
325
-
4,700
2,554
2,800
9.9
10.0
10.5
12.1
31.0
26.9
13.0
12.2
10.7
11.7
1.5
1.3
Ltd
Linc Pen & Plastics
Neutral
237
-
350
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
441
-
532
546
608
20.4
20.7
41.3
48.7
10.7
9.1
60.4
53.5
16.6
17.0
0.8
0.7
Manpasand Bever.
Neutral
551
-
3,150
836
1,087
19.6
19.4
16.9
23.8
32.6
23.1
3.9
3.4
12.0
14.8
3.5
2.6
Mirza International
Buy
84
107
1,014
987
1,106
18.0
18.0
6.5
7.6
12.9
11.1
2.1
1.8
15.9
15.7
1.2
1.1
MT Educare
Neutral
122
-
484
366
417
17.7
18.2
9.4
10.8
13.0
11.3
2.9
2.5
22.2
22.3
1.2
1.1
Narayana Hrudaya
Neutral
339
-
6,919
1,873
2,166
11.5
11.7
2.6
4.0
128.0
85.4
7.9
7.1
6.1
8.3
3.8
3.3
Navkar Corporation
Buy
177
265
2,529
369
561
42.9
42.3
7.2
11.5
24.6
15.4
1.8
1.6
7.4
10.5
7.9
5.2
Navneet Education
Neutral
109
-
2,589
1,062
1,147
24.0
24.0
6.1
6.6
17.8
16.4
3.7
3.3
20.6
19.8
2.5
2.3
Nilkamal
Neutral
1,347
-
2,010
1,995
2,165
10.7
10.4
69.8
80.6
19.3
16.7
77.0
66.9
16.6
16.5
1.0
0.9
Page Industries
Neutral
13,527
-
15,088
2,450
3,124
20.1
17.6
299.0
310.0
45.2
43.6
301.3
230.0
47.1
87.5
6.2
4.9
Parag Milk Foods
Neutral
276
-
2,322
1,919
2,231
9.3
9.6
9.5
12.9
29.2
21.4
4.5
3.7
15.5
17.5
1.4
1.2
Quick Heal
Neutral
284
-
1,989
408
495
27.3
27.0
7.7
8.8
36.7
32.3
3.4
3.4
9.3
10.6
4.0
3.3
Radico Khaitan
Buy
119
147
1,585
1,667
1,824
13.0
13.2
6.7
8.2
17.9
14.6
1.6
1.5
9.0
10.2
1.3
1.2
Relaxo Footwears
Neutral
408
-
4,892
2,085
2,469
9.2
8.2
7.6
8.0
53.9
51.3
20.9
17.8
17.9
18.8
2.4
2.1
S H Kelkar & Co.
Neutral
298
-
4,310
1,036
1,160
15.1
15.0
6.1
7.2
48.8
41.5
5.2
4.8
10.7
11.5
4.0
3.6
Siyaram Silk Mills
Accumulate
1,234
1,605
1,157
1,733
1,948
11.6
11.7
96.6
114.7
12.8
10.8
2.0
1.7
15.3
15.7
0.9
0.8
Styrolution ABS India*
Neutral
590
-
1,037
1,440
1,537
9.2
9.0
40.6
42.6
14.5
13.8
37.1
33.7
12.3
11.6
0.7
0.6
Surya Roshni
Neutral
185
-
810
3,342
3,625
7.8
7.5
17.3
19.8
10.7
9.4
20.3
16.3
10.5
10.8
0.5
0.5
Team Lease Serv.
Neutral
871
-
1,489
3,229
4,001
1.5
1.8
22.8
32.8
38.3
26.5
4.1
3.6
10.7
13.4
0.4
0.3
The Byke Hospitality
Neutral
166
-
667
287
384
20.5
20.5
7.6
10.7
21.9
15.5
4.6
3.7
20.7
23.5
2.3
1.7
Transport Corporation of
Neutral
171
-
1,309
2,671
2,911
8.5
8.8
13.9
15.7
12.3
10.9
1.7
1.5
13.7
13.8
0.6
0.6
India
TVS Srichakra
Neutral
3,498
-
2,678
2,304
2,614
13.7
13.8
231.1
266.6
15.1
13.1
393.0
309.5
33.9
29.3
1.2
1.0
UFO Moviez
Neutral
431
-
1,190
619
685
33.2
33.4
30.0
34.9
14.4
12.4
2.0
1.7
13.8
13.9
1.6
1.3
Visaka Industries
Neutral
192
-
304
1,051
1,138
10.3
10.4
21.0
23.1
9.1
8.3
24.6
23.0
9.0
9.2
0.6
0.5
VRL Logistics
Neutral
266
-
2,431
1,902
2,119
16.7
16.6
14.6
16.8
18.3
15.8
4.0
3.5
21.9
22.2
1.4
1.2
Wonderla Holidays
Neutral
336
-
1,896
287
355
38.0
40.0
11.3
14.2
29.7
23.6
4.3
3.7
21.4
23.9
6.3
5.1
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on December 12, 2016
Market Outlook
December 13, 2016
Research Team Tel: 022 - 39357800
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