Market Outlook

February 14, 2017

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are likely to start off on a positive note today tracking SGX nifty.

BSE Sensex

0.1

28,352

U.S. markets climbed to new record highs Monday as investors remained bullish on

Nifty

0.1

8,805

President Donald Trump's economic agenda.

Mid Cap

(0.4)

(50)

13,418

European markets closed higher on Monday as investors eyed fresh data and

Small Cap

(0.6)

(78)

13,524

digested the European Commission's latest economic forecast for the euro zone.

Bankex

0.1

23,207

Indian markets ended a choppy session largely unchanged on Monday, with the

dollar's broad-based strength in currency markets and weak earnings updates from

Global Indices

Chg (%)

(Pts)

(Close)

the likes of Bank of Baroda, Coal India and Idea Cellular weighing on markets.

Dow Jones

0.7

143

20,412

Investors also awaited January consumer inflation data due out later in the day for

Nasdaq

0.5

5,764

fresh clues on whether the RBI has room to cut rates.

FTSE

0.3

7,279

News Analysis

Nikkei

0.4

19,459

 Review: Glaxo Pharmaceuticals

Hang Seng

0.6

136

23,711

 Preview: Sun Pharmaceuticals

Shanghai Com

0.6

3,217

Detailed analysis on Pg2

Investor’s Ready Reckoner

Advances / Declines

BSE

NSE

Advances

1,077

547

Key Domestic & Global Indicators

Declines

1,840

1,119

Stock Watch: Latest investment recommendations on 150+ stocks

Refer Pg7 onwards

Unchanged

154

Top Picks

Volumes (` Cr)

CMP

Target

Upside

Company

Sector

Rating

(`)

(%)

BSE

3,506

Amara Raja Batteries Auto & Auto Ancillary

Buy

869

1,009

16.1

NSE

19,892

Alkem Laboratories

Pharmaceuticals

Accumulate

1,847

1,989

7.7

HCL Tech

Buy

827

1,000

20.9

Net Inflows (` Cr)

Net

Mtd

Ytd

Power Grid Corp.

Power

Accumulate

203

223

9.8

FII

555

2,192

2,146

Navkar Corp.

Others

Buy

174

265

52.6

More Top Picks on Pg5

MFs

(12)

1,054

6,269

Key Upcoming Events

Top Gainers

Price (`)

Chg (%)

Consensus

Date

Region

Event Description

Reading

Expectations

Suzlon

4.9

Feb 14 China

Consumer Price Index (YoY)

2.10

2.40

Exideind

216

3.7

Feb 14 Euro Zone Euro-Zone GDP s.a. (QoQ)

0.50

Iifl

341

3.6

Feb 14 India

Monthly Wholesale Prices YoY%

3.39

4.35

Pel

1,832

3.4

Feb 14 Germany GDP nsa (YoY)

1.50

1.40

Eichermot

24,779

3.3

Feb 14 UK

CPI (YoY)

1.60

1.90

Feb 14 US

Producer Price Index (mom)

0.60

More Events on Pg6

Top Losers

Price (`)

Chg (%)

Bankbaroda

169

(10.3)

Srf

1,594

(9.0)

Ifci

(6.5)

Crompgreav

(6.2)

Unitech

(6.0)

As on February 13, 2017

www.angelbroking.com

Market Outlook

February 14, 2017

News Analysis

Review

Glaxo Pharmaceuticals (CMP: `2,690 / TP: / Upside: )

Glaxo Pharmaceuticals, posted results lower than expected on all fronts. In sales,

the company posted sales of `689cr V/s `700cr expected a yoy de-growth of

5.6%. The sales during the quarter were impacted on back of the mandatory price

cuts growth by

5.0% in the current quarter. The estimated impact of

demonetization adversely impacted sales further by

5%, mainly in acute &

consumer brands. On EBITDA front, the company posted EBITDA of 5.1% V/s

9.1% expected V/s 11.6% in 3QFY2016. Consequently, Adj. PAT came in at

`40.8cr V/s `78.4cr expected, V/s `81.0cr in 3QFY2016, de-growth of 49.6% yoy.

The growth in the net profit was lower, on lower than expected OPM’s, which was

eroded on back of lower sales and pricing pressures. We maintain our Neutral

rating on the stock.

Preview

Sun Pharmaceuticals (CMP: `655 / TP: `890 / Upside: 29.3%)

Sun Pharmaceuticals is expected to post decent set of numbers. The sales are

expected to come in at `7800cr V/s `7047cr in 3QFY2016, yoy growth of 10.7%,

driven equally by domestic and Exports sales. On EBITDA front, the company is

expected to post an EBITDA of 33.6% V/s 30.3% in 3QFY2016. Consequently, Adj.

PAT is expected to come in at `1,733cr V/s `1,417cr in 3QFY2016, growth of

22.3% yoy. We maintain our Buy rating on the stock.

Y/E

Sales OPM

PAT

EPS ROE P/E P/BV EV/EBITDA EV/Sales

March

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2017E

31,129

32.0

7,260

30.2

20.0

21.7

3.5

14.7

4.7

FY2018E

35,258

32.9

8,495

35.3

20.1

18.6

2.9

12.0

3.9

Economic and Political News

 CPI-based inflation eases to a five-year low of 3.17% in January

 India Inc's FDI overseas down by 57% to $1.82 bn

 China launches anti-dumping probe against Indian manufacturers

Corporate News

 HPCL Q3 net up 53% at `1,590cr

 NMDC Q3 net profit up 41% to `595cr on firm iron ore prices

 Nalco Q3 net dips marginally to `144cr

www.angelbroking.com

Market Outlook

February 14, 2017

Quarterly Bloomberg Brokers Consensus Estimate

Tata Motors Ltd Consol - Feb 14, 2017

Particulars ( ` cr)

3QFY17E

3QFY16

y-o-y (%)

2QFY17

q-o-q (%)

Net sales

67,407

71,686

(6.0)

65,141

3.5

EBITDA

8,995

9,380

(4.1)

6,283

43.2

EBITDA margin (%)

13.3

13.1

9.6

Net profit

2,749

3,508

(21.6)

828

231.9

Sun Pharma industries Ltd Consol - Feb 14, 2017

Particulars ( ` cr)

3QFY17E

3QFY16

y-o-y (%)

2QFY17

q-o-q (%)

Net sales

7,901

7,047

12.1

7,764

1.8

EBITDA

2,478

2,169

14.2

3,168

(21.8)

EBITDA margin (%)

31.4

30.8

40.8

Net profit

1,635

1,417

15.4

2,235

(26.9)

Adani Ports and Special Economic Zone Lt - Feb 14, 2017

Particulars ( ` cr)

3QFY17E

3QFY16

y-o-y (%)

2QFY17

q-o-q (%)

Net sales

1,850

898

106.0

1,278

44.8

EBITDA

1,221

749

63.1

1,001

22.0

EBITDA margin (%)

66.0

83.4

78.3

Net profit

851

619

37.4

917

(7.2)

DLF Ltd - Feb 14, 2017

Particulars ( ` cr)

3QFY17E

3QFY16

y-o-y (%)

2QFY17

q-o-q (%)

Net sales

1,924

2,828

(32.0)

2,071

(7.1)

EBITDA

773

1202

(35.7)

1,020

(24.3)

EBITDA margin (%)

40.2

42.5

49.3

Net profit

164

(46.6)

202

(56.7)

Jindal Steel & Power Ltd Consol - Feb 14, 2017

Particulars ( ` cr)

3QFY17E

3QFY16

y-o-y (%)

2QFY17

q-o-q (%)

Net sales

4,906

4,133

18.7

4,485

9.4

EBITDA

1,039

350

196.4

680

52.7

EBITDA margin (%)

21.2

8.5

15.2

Net profit

(425)

(573)

25.8

(746)

43.0

Rural Electrification Corp Ltd - Feb 14, 2017

Particulars ( ` cr)

3QFY17E

3QFY16

y-o-y (%)

2QFY17

q-o-q (%)

Net sales

2,483

6,018

(58.9)

5,957

(58.5)

EBITDA

2446

5,568

(56.1)

5,722

(57.3)

EBITDA margin (%)

98.5

92.5

96.1

Net profit

1,400

1,370

2.2

1,751

(20.1)

www.angelbroking.com

Market Outlook

February 14, 2017

Top Picks HHHHH

Large Cap

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

To outpace battery industry growth due to better

Amara Raja Batteries

14,841

869

1,009

16.1

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

22,088

1,847

1,989

7.7

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

1,16,699

827

1,000

20.9

all the bad news.

Back on the growth trend, expect a long term growth of 14%

Infosys

2,25,905

984

1,249

27.0

to be a US$20bn in FY2020.

Strong order backlog and improvement in execution would

Larsen & Toubro

1,39,645

1,497

1,634

9.1

trigger the growth for the L&T

One of the largest pharma companies with strong

Lupin

65,341

1,448

1,809

25.0

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

1,06,227

203

223

9.8

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

827

275

351

27.8

owing to better product mix, higher B2C sales and

amalgamation synergy.

Among the top 4 players in the consumer durables segment.

Bajaj Electricals

2,676

264

295

11.6

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

5,242

549

634

15.5

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

9,605

307

350

14.1

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

6,161

184

235

27.9

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

6,105

187

225

20.5

radio business (Radio City) would also boost the company's

revenue growth.

High order book execution in EPC segment, rising B2C sales

KEI Industries

1,312

169

207

22.7

and higher exports to boost the revenues and profitability

Speedier execution and speedier sales, strong revenue

Mahindra Lifespace

1,430

348

522

49.9

visibilty in short-to-long run, attractive valuations

Higher growth in domestic branded sales and healthy export

Mirza International

1,107

107

16.2

to boost the profitability.

Massive capacity expansion along with rail advantage at ICD

Navkar Corporation

2,476

174

265

52.6

as well CFS augurs well for the company

Market leadership in Hindi news genre and no. 2 viewership

ranking in English news genre, exit from the radio business,

TV Today Network

1,611

270

385

42.5

and anticipated growth in ad spends by corporates to benefit

the stock.

www.angelbroking.com

Market Outlook

February 14, 2017

Key Upcoming Events

Result Calendar

Date

Company

Tata Motors, FAG Bearings, Rural Elec.Corp., Jindal Steel, Sesa Goa, MOIL, Monnet Ispat, Prakash Industries, Finolex

Feb 14, 2017

Cables, Tree House, Surya Roshni, DLF, Unitech, HDIL, MT Educare, S H Kelkar & Co.

Feb 15, 2017

Nestle

Feb 20, 2017

Ambuja Cements

Feb 21, 2017

ITD Cementation

Source: Bloomberg, Angel Research

Global economic events release calendar

Date

Time

Country

Event Description

Unit

Period

Bloomberg Data

Last Reported Estimated

Feb 14, 2017 7:00AM

China

Consumer Price Index (YoY)

% Change

Jan

2.10

2.40

3:30PM

Euro Zone

Euro-Zone GDP s.a. (QoQ)

% Change

4Q P

0.50

12:00PM

India

Monthly Wholesale Prices YoY%

% Change

Jan

3.39

4.35

12:30PM

Germany

GDP nsa (YoY)

% Change

4Q P

1.50

1.40

3:00PM

CPI (YoY)

% Change

Jan

1.60

1.90

Producer Price Index (mom)

% Change

Jan

0.60

Feb 15, 2017 3:00PM

Jobless claims change

% Change

Jan

(10.10)

0.50

7:45PM

Industrial Production

Jan

0.83

7:00PM

Consumer price index (mom)

% Change

Jan

0.30

Feb 16, 2017 7:00PM

Initial Jobless claims

Thousands

Feb 11

234.00

244.00

7:00PM

Housing Starts

Thousands

Jan

1,226.00

7:00PM

Building permits

Thousands

Jan

1,228.00

1,230.00

Feb 20, 2017 8:30PM

Euro Zone

Euro-Zone Consumer Confidence

Value

Feb A

(4.90)

Feb 21, 2017 2:00PM

Germany

PMI Services

Value

Feb P

53.40

2:00PM

Germany

PMI Manufacturing

Value

Feb P

56.40

Feb 22, 2017 8:30PM

Existing home sales

Million

Jan

5.49

5.55

3:30PM

Euro Zone

Euro-Zone CPI (YoY)

Jan F

1.80

3:00PM

GDP (YoY)

% Change

4Q P

2.20

Feb 24, 2017 8:30PM

New home sales

Thousands

Jan

536.00

565.00

Feb 28, 2017 8:30PM

Consumer Confidence

S.A./ 1985=100

Feb

111.80

111.00

7:00PM

GDP Qoq (Annualised)

% Change

4Q S

1.90

2.00

Mar 1, 2017

2:25PM

Germany

Unemployment change (000's)

Thousands

Feb

(26.00)

3:00PM

PMI Manufacturing

Value

Feb

55.90

6:30AM

China

PMI Manufacturing

Value

Feb

51.30

Mar 8, 2017

China

Exports YoY%

% Change

Feb

7.90

Mar 9, 2017

3:00PM

Industrial Production (YoY)

% Change

Jan

4.30

Mar 10, 2017 5:30PM

India

Industrial Production YoY

% Change

Jan

(0.40)

7:00PM

Change in Nonfarm payrolls

Thousands

Feb

227.00

6:15PM

Euro Zone

ECB announces interest rates

Mar 9

Source: Bloomberg, Angel Research

Market Outlook

February 14, 2017

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

9.0

7.0

8.3

5.7

7.9

6.0

8.0

7.5

7.6

7.3

5.0

7.2

7.1

6.6

6.7

4.0

7.0

6.4

3.0

2.2

5.8

1.9

6.0

2.0

1.3

0.7

1.0

0.3

5.0

4.0

(1.0)

(0.7)

(0.4)

(2.0)

(1.3)

3.0

(1.8)

(3.0)

(2.5)

Source: MOSPI, Angel Research

Source: CSO, 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

5.7

5.8

6.0

5.3

5.5

52.0

5.1

4.8

5.0

4.4

4.2

50.0

3.6

4.0

3.4

48.0

3.0

46.0

2.0

44.0

1.0

42.0

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

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)

3.50

(25.0)

(30.0)

3.00

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

www.angelbroking.com

Stock Watch

February 14, 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

240

4,667

1,937

2,164

13.3

14.3

9.0

11.0

26.7

21.8

4.6

4.1

18.4

19.8

2.5

2.2

United Phosphorus

Neutral

729

36,969

15,176

17,604

18.5

37.4

44.6

19.5

16.4

3.8

3.2

21.4

21.2

2.5

2.2

Auto & Auto Ancillary

Ashok Leyland

Buy

111

26,211

19,591

21,533

11.6

11.9

4.6

5.3

20.2

17.3

4.2

3.7

20.6

21.5

1.3

1.1

Bajaj Auto

Neutral

2,806

81,208

25,093

27,891

19.5

19.2

143.9

162.5

19.5

17.3

5.5

4.7

30.3

29.4

3.0

2.6

Bharat Forge

Neutral

1,041

24,233

7,726

8,713

20.5

21.2

35.3

42.7

29.5

24.4

5.4

4.9

18.9

20.1

3.2

2.8

Eicher Motors

Neutral

24,859

67,625

16,583

20,447

17.5

18.0

598.0

745.2

41.6

33.4

14.2

10.8

41.2

38.3

3.9

3.1

Gabriel India

Accumulate

115

130

1,648

1,544

1,715

9.0

9.3

5.4

6.3

21.3

18.2

4.0

3.6

18.9

19.5

1.0

0.9

Hero Motocorp

Accumulate

3,226

3,541

64,428

30,958

34,139

15.7

193.6

208.3

16.7

15.5

6.5

5.4

34.2

30.5

1.9

1.7

Jamna Auto Industries Neutral

200

1,596

1,486

1,620

9.8

9.9

15.0

17.2

13.4

11.7

2.9

2.5

21.8

21.3

1.1

1.0

L G Balakrishnan & Bros Neutral

544

853

1,302

1,432

11.6

11.9

43.7

53.0

12.4

10.3

1.8

1.6

13.8

14.2

0.7

Mahindra and Mahindra Neutral

1,297

80,571

46,534

53,077

11.6

11.7

67.3

78.1

19.3

16.6

3.1

2.7

15.4

15.8

1.7

1.5

Maruti

Accumulate

6,023

6,560

181,929

67,822

83,288

16.0

16.4

253.8

312.4

23.7

19.3

5.5

4.4

23.0

22.9

2.3

1.8

Minda Industries

Neutral

373

2,957

2,728

3,042

9.0

9.1

68.2

86.2

5.5

4.3

1.2

1.0

23.8

24.3

1.1

1.0

Motherson Sumi

Neutral

351

49,266

45,896

53,687

7.8

8.3

13.0

16.1

26.9

21.8

8.7

6.9

34.7

35.4

1.1

1.0

Rane Brake Lining

Neutral

981

776

511

562

11.3

11.5

28.1

30.9

34.9

31.7

5.3

4.8

15.3

15.0

1.7

1.5

Setco Automotive

Neutral

487

741

837

13.0

15.2

17.0

2.4

2.1

0.4

15.8

16.3

1.0

0.9

Tata Motors

Neutral

505

145,919

300,209

338,549

8.9

8.4

42.7

54.3

11.9

9.3

1.9

1.6

15.6

17.2

0.6

0.5

TVS Motor

Neutral

411

19,547

13,390

15,948

6.9

7.1

12.8

16.5

32.2

24.9

8.0

6.4

26.3

27.2

1.5

1.2

Amara Raja Batteries

Buy

869

1,009

14,841

5,305

6,100

16.0

16.3

28.4

34.0

30.6

25.6

5.9

4.9

19.3

2.8

2.4

Exide Industries

Neutral

216

18,318

7,439

8,307

15.0

8.1

9.3

26.6

23.2

3.7

3.3

14.3

16.7

2.1

1.9

Apollo Tyres

Buy

179

235

9,134

12,877

14,504

14.3

13.9

21.4

23.0

8.4

7.8

1.3

1.1

16.4

15.2

0.9

0.8

Ceat

Buy

1,123

1,450

4,541

7,524

8,624

13.0

12.7

131.1

144.3

8.6

7.8

1.6

1.3

19.8

18.6

0.7

0.6

JK Tyres

Neutral

117

2,647

7,455

8,056

15.0

21.8

24.5

5.4

4.8

1.1

0.9

22.8

21.3

0.5

0.4

Swaraj Engines

Neutral

1,401

1,740

660

810

15.2

16.4

54.5

72.8

25.7

19.2

8.0

7.3

31.5

39.2

2.5

2.0

Subros

Neutral

195

1,167

1,488

1,681

11.7

11.9

6.4

7.2

30.4

27.2

3.2

2.9

10.8

11.4

1.0

0.9

Indag Rubber

Neutral

170

447

286

326

19.8

16.8

11.7

13.3

14.6

12.8

2.5

2.3

17.8

17.1

1.2

1.1

Capital Goods

ACE

Neutral

571

709

814

4.1

4.6

1.4

2.1

41.3

27.5

1.7

1.6

4.4

6.0

1.0

0.8

BEML

Neutral

1,286

5,356

3,451

4,055

6.3

9.2

31.4

57.9

41.0

22.2

2.5

2.2

6.3

10.9

1.7

1.4

Bharat Electronics

Neutral

1,527

34,099

8,137

9,169

16.8

17.2

58.7

62.5

26.0

24.4

4.0

3.6

44.6

46.3

3.2

2.8

www.angelbroking.com

Stock Watch

February 14, 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

Voltas

Buy

340

407

11,237

6,511

7,514

7.9

8.7

12.9

16.3

26.3

20.8

4.7

4.2

16.7

18.5

1.5

1.3

BGR Energy

Neutral

141

1,020

16,567

33,848

6.0

5.6

7.8

5.9

18.1

24.0

1.0

4.7

4.2

0.2

0.1

BHEL

Neutral

155

37,975

28,797

34,742

2.8

2.3

6.9

67.5

22.5

1.2

1.1

1.3

4.8

1.0

0.7

Blue Star

Buy

549

634

5,242

4,283

5,077

5.9

7.3

14.9

22.1

36.9

24.8

7.2

6.0

20.4

26.4

1.3

1.1

Crompton Greaves

Neutral

4,187

5,777

6,120

5.9

7.0

3.3

4.5

20.2

14.8

0.9

4.4

5.9

0.7

0.6

Greaves Cotton

Neutral

138

3,376

1,755

1,881

16.8

16.9

7.8

8.5

17.7

16.3

3.5

3.3

20.6

20.9

1.6

1.5

Inox Wind

Neutral

182

4,034

5,605

6,267

15.7

16.4

24.8

30.0

7.3

6.1

2.0

1.5

25.9

24.4

0.8

0.6

KEC International

Neutral

169

4,341

9,294

10,186

7.9

8.1

9.9

11.9

17.1

14.2

2.5

2.2

15.6

16.3

0.7

0.6

KEI Industries

Buy

169

207

1,312

2,682

3,058

10.4

10.0

11.7

12.8

14.4

13.2

2.9

2.4

20.1

18.2

0.7

0.6

Thermax

Neutral

861

10,262

5,421

5,940

7.3

25.7

30.2

33.5

28.5

4.1

3.7

12.2

13.1

1.8

1.6

VATech Wabag

Buy

490

681

2,673

3,136

3,845

8.9

9.1

26.0

35.9

18.8

13.6

2.4

2.0

13.4

15.9

0.8

0.6

Cement

ACC

Neutral

1,485

27,887

11,225

13,172

13.2

16.9

44.5

75.5

33.4

19.7

3.2

2.9

11.2

14.2

2.5

2.1

Ambuja Cements

Neutral

239

47,447

9,350

10,979

18.2

22.5

5.8

9.5

41.2

25.2

3.5

3.1

10.2

12.5

5.1

4.3

India Cements

Neutral

160

4,916

4,364

4,997

18.5

19.2

7.9

11.3

20.3

14.2

1.5

1.4

8.0

8.5

1.9

1.6

JK Cement

Neutral

847

5,921

4,398

5,173

15.5

17.5

31.2

55.5

27.1

15.3

3.3

2.8

12.0

15.5

1.9

1.6

J K Lakshmi Cement

Buy

387

565

4,554

2,913

3,412

14.5

19.5

7.5

22.5

51.6

17.2

3.2

2.7

12.5

18.0

2.2

1.8

Orient Cement

Buy

140

215

2,865

2,114

2,558

18.5

20.5

8.1

11.3

17.3

12.4

2.5

2.2

9.0

14.0

2.0

1.5

UltraTech Cement

Neutral

3,774

103,579

25,768

30,385

21.0

23.5

111.0

160.0

34.0

23.6

4.3

3.8

13.5

15.8

4.1

3.4

Construction

ITNL

Neutral

106

3,487

8,946

10,017

31.0

31.6

8.1

9.1

13.1

11.7

0.5

4.2

5.0

3.7

3.5

KNR Constructions

Neutral

177

2,492

1,385

1,673

14.7

14.0

41.2

48.5

4.3

3.7

0.8

0.7

14.9

15.2

1.9

1.6

Larsen & Toubro

Accumulate

1,497

1,634

139,645

111,017

124,908

11.0

61.1

66.7

24.5

22.4

2.9

2.7

13.1

12.9

2.3

2.1

Gujarat Pipavav Port

Neutral

165

7,970

705

788

52.2

51.7

5.0

5.6

33.0

29.4

3.3

2.9

11.2

11.0

9.3

Nagarjuna Const.

Neutral

4,742

8,842

9,775

9.1

8.8

5.3

6.4

16.1

13.3

1.3

1.2

8.2

9.1

0.7

0.6

PNC Infratech

Buy

105

143

2,687

2,350

2,904

13.1

13.2

9.0

8.8

11.6

11.9

0.4

15.9

13.9

1.3

1.0

Simplex Infra

Neutral

308

1,526

6,829

7,954

10.5

31.4

37.4

9.8

8.3

1.0

0.9

9.9

13.4

0.6

0.5

Power Mech Projects

Neutral

451

663

1,801

2,219

12.7

14.6

72.1

113.9

6.3

4.0

1.2

1.0

16.8

11.9

0.4

0.3

Sadbhav Engineering

Accumulate

283

298

4,851

3,598

4,140

10.3

10.6

9.0

11.9

31.4

23.8

3.3

2.9

9.9

11.9

1.6

1.4

NBCC

Neutral

282

16,935

7,428

9,549

7.9

8.6

8.2

11.0

34.4

25.7

1.7

1.4

28.2

28.7

2.0

1.5

MEP Infra

Neutral

655

1,877

1,943

30.6

29.8

3.0

4.2

13.4

9.6

6.5

4.4

0.6

1.7

1.6

www.angelbroking.com

Stock Watch

February 14, 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

SIPL

Neutral

3,401

1,036

1,252

65.5

66.2

(8.4)

(5.6)

3.6

4.1

(22.8)

(15.9)

11.5

9.6

Engineers India

Neutral

152

10,226

1,725

1,935

16.0

19.1

11.4

13.9

13.3

10.9

1.8

13.4

15.3

4.9

4.3

Financials

Axis Bank

Buy

490

580

117,267

46,932

53,575

3.5

3.4

32.4

44.6

15.2

11.0

2.0

1.7

13.6

16.5

Bank of Baroda

Neutral

169

38,883

19,980

23,178

1.8

11.5

17.3

14.7

9.8

1.7

1.4

8.3

10.1

Canara Bank

Neutral

300

16,314

15,225

16,836

1.8

14.5

28.0

20.7

10.7

1.4

1.2

5.8

8.5

Can Fin Homes

Accumulate

1,924

2,128

5,121

420

526

3.5

86.5

107.8

22.2

17.8

4.8

3.9

23.6

24.1

Cholamandalam Inv. &

Buy

1,017

1,230

15,886

2,012

2,317

6.3

42.7

53.6

23.8

19.0

3.8

3.2

16.9

18.3

Fin. Co.

Dewan Housing Finance Accumulate

307

350

9,605

2,225

2,688

2.9

29.7

34.6

10.3

8.9

1.7

1.4

16.1

16.8

Equitas Holdings

Buy

184

235

6,161

939

1,281

11.7

11.5

5.8

8.2

31.7

22.4

2.7

2.4

10.9

11.5

Federal Bank

Neutral

14,436

8,259

8,995

3.0

4.3

5.6

19.5

15.0

1.7

1.5

8.5

10.1

HDFC

Neutral

1,394

220,967

11,475

13,450

3.4

45.3

52.5

30.8

26.6

5.9

5.2

20.2

20.5

HDFC Bank

Neutral

1,310

334,557

46,097

55,433

4.5

58.4

68.0

22.4

19.3

3.9

3.3

18.8

18.6

ICICI Bank

Accumulate

282

315

163,970

42,800

44,686

3.1

3.3

18.0

21.9

15.7

12.9

2.1

2.0

11.1

12.3

Lakshmi Vilas Bank

Accumulate

152

174

2,912

3,339

3,799

2.7

2.8

11.0

14.0

13.8

10.9

1.4

1.3

11.2

12.7

LIC Housing Finance

Accumulate

554

630

27,976

3,712

4,293

2.6

2.5

39.0

46.0

14.2

12.1

2.7

2.3

19.9

20.1

Punjab Natl.Bank

Neutral

142

30,302

23,532

23,595

2.3

2.4

6.8

12.6

20.9

11.3

3.2

2.3

3.3

6.5

RBL Bank

Neutral

393

14,528

1,783

2,309

2.6

12.7

16.4

30.9

24.0

3.4

3.0

12.8

13.3

South Ind.Bank

Neutral

3,082

6,435

7,578

2.5

2.7

3.1

8.4

7.4

1.1

0.9

10.1

11.2

St Bk of India

Neutral

271

216,401

88,650

98,335

2.6

13.5

18.8

20.1

14.4

1.9

1.7

7.0

8.5

Union Bank

Neutral

146

10,037

13,450

14,925

2.3

25.5

34.5

5.7

4.2

0.8

0.7

7.5

10.2

Yes Bank

Neutral

1,452

61,414

8,978

11,281

3.3

3.4

74.0

90.0

19.6

16.1

3.7

3.2

17.0

17.2

FMCG

Asian Paints

Neutral

984

94,414

17,128

18,978

16.8

16.4

19.1

20.7

51.5

47.6

17.9

16.9

34.8

35.5

5.4

4.9

Britannia

Accumulate

3,273

3,626

39,276

9,594

11,011

14.6

14.9

80.3

94.0

40.8

34.8

16.8

12.9

41.2

4.0

3.4

Colgate

Accumulate

888

995

24,156

4,605

5,149

23.4

23.8

26.9

37.3

33.0

20.7

16.2

64.8

66.8

5.2

4.6

Dabur India

Accumulate

268

304

47,288

8,315

9,405

19.8

20.7

8.1

9.2

33.1

29.2

9.2

7.7

31.6

31.0

5.3

4.7

GlaxoSmith Con*

Neutral

5,118

21,524

4,350

4,823

21.2

21.4

179.2

196.5

28.6

26.1

7.6

6.4

27.1

26.8

4.3

3.8

Godrej Consumer

Neutral

1,553

52,895

10,235

11,428

18.4

18.6

41.1

44.2

37.8

35.1

8.4

7.1

24.9

24.8

5.3

4.6

HUL

Neutral

863

186,755

35,252

38,495

17.8

20.7

22.4

41.8

38.6

39.9

34.3

95.6

88.9

5.1

4.7

ITC

Neutral

271

327,883

40,059

44,439

38.3

39.2

9.0

10.1

30.1

26.7

8.4

7.3

27.8

27.5

7.7

6.9

www.angelbroking.com

Stock Watch

February 14, 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

Marico

Accumulate

269

300

34,763

6,430

7,349

18.8

19.5

6.4

7.7

42.1

35.0

12.7

10.7

33.2

32.5

5.2

4.5

Nestle*

Neutral

6,181

59,592

10,073

11,807

20.7

21.5

124.8

154.2

49.5

40.1

20.3

18.3

34.8

36.7

5.7

4.9

Tata Global

Neutral

142

8,959

8,675

9,088

9.8

7.4

8.2

19.2

17.3

2.2

2.1

7.9

8.1

1.0

0.9

Procter & Gamble

Accumulate

7,005

7,369

22,739

2,939

3,342

23.2

23.0

146.2

163.7

47.9

42.8

107.3

102.9

25.3

23.5

7.3

6.3

Hygiene

HCL Tech^

Buy

827

1,000

116,699

49,242

57,168

20.5

55.7

64.1

14.9

12.9

3.0

2.3

20.3

17.9

2.2

1.8

Infosys

Buy

984

1,249

225,905

68,350

77,326

27.0

62.5

69.4

15.7

14.2

3.4

3.1

21.3

21.6

2.8

2.4

TCS

Accumulate

2,410

2,620

474,932

119,025

133,308

27.6

131.2

145.5

18.4

16.6

6.0

5.5

32.4

33.1

3.8

3.3

Tech Mahindra

Buy

499

600

48,598

29,673

32,937

15.5

17.0

32.8

39.9

15.2

12.5

3.0

2.6

19.6

20.7

1.4

1.2

Wipro

Buy

475

583

115,454

55,440

60,430

18.1

36.1

38.9

13.2

12.2

2.4

2.2

19.0

17.6

1.8

1.6

Media

D B Corp

Neutral

379

6,970

2,297

2,590

27.4

28.2

21.0

23.4

18.1

16.2

4.2

3.7

23.7

23.1

2.8

2.4

HT Media

Neutral

1,983

2,693

2,991

12.6

12.9

7.9

9.0

10.8

9.5

0.9

0.8

7.8

8.3

0.3

0.2

Jagran Prakashan

Buy

187

225

6,105

2,355

2,635

28.0

10.8

12.5

17.3

14.9

3.8

3.2

21.7

2.6

2.3

Sun TV Network

Neutral

714

28,118

2,850

3,265

70.1

71.0

26.2

30.4

27.2

23.5

7.0

6.2

24.3

25.6

9.5

8.1

Hindustan Media

Neutral

276

2,024

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

Ventures

TV Today Network

Buy

270

385

1,611

637

743

27.5

18.4

21.4

14.7

12.6

2.6

2.2

17.4

17.2

2.1

1.7

Metals & Mining

Coal India

Neutral

321

199,227

84,638

94,297

21.4

22.3

24.5

27.1

13.1

11.8

5.5

5.2

42.6

46.0

1.9

1.7

Hind. Zinc

Neutral

315

133,224

14,252

18,465

55.9

48.3

15.8

21.5

20.0

14.7

3.3

2.8

17.0

20.7

9.4

7.2

Hindalco

Neutral

185

38,224

107,899

112,095

7.4

8.2

9.2

13.0

20.1

14.2

1.0

0.9

4.8

6.6

0.9

0.8

JSW Steel

Neutral

188

45,395

53,201

58,779

16.1

16.2

130.6

153.7

1.4

1.2

0.2

14.0

14.4

1.6

1.4

NMDC

Neutral

145

45,956

6,643

7,284

44.4

47.7

7.1

7.7

20.5

18.9

1.8

1.7

8.8

9.2

4.7

4.2

SAIL

Neutral

25,483

47,528

53,738

(0.7)

2.1

(1.9)

2.6

23.7

0.7

0.6

(1.6)

3.9

1.4

1.3

Vedanta

Neutral

256

75,941

71,744

81,944

19.2

21.7

13.4

20.1

19.1

12.7

1.6

1.5

8.4

11.3

1.4

1.1

Tata Steel

Neutral

473

45,890

121,374

121,856

7.2

8.4

18.6

34.3

25.4

13.8

1.6

1.5

6.1

10.1

1.0

Oil & Gas

Cairn India

Neutral

281

52,740

9,127

10,632

4.3

20.6

8.8

11.7

32.0

24.0

1.0

3.3

4.2

7.2

6.0

GAIL

Neutral

481

61,039

56,220

65,198

9.3

10.1

27.1

33.3

17.8

14.5

1.6

1.5

9.3

10.7

1.3

1.1

ONGC

Neutral

192

246,527

137,222

152,563

15.0

21.8

19.5

24.1

9.9

8.0

0.8

8.5

10.1

2.1

1.9

Indian Oil Corp

Neutral

380

184,476

373,359

428,656

5.9

5.5

54.0

59.3

7.0

6.4

1.1

1.0

16.0

15.6

0.6

Reliance Industries

Neutral

1,028

333,555

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

556

10,483

3,483

4,083

20.2

21.4

24.3

30.4

22.9

18.3

5.2

4.2

25.5

25.3

2.9

2.4

www.angelbroking.com

Stock Watch

February 14, 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

Alkem Laboratories Ltd

Accumulate

1,847

1,989

22,088

6,043

6,893

18.7

19.3

80.5

88.8

23.0

20.8

5.1

4.2

22.3

20.3

3.6

3.1

Aurobindo Pharma

Buy

664

877

38,835

15,720

18,078

23.7

41.4

47.3

16.0

14.0

4.2

3.3

29.6

26.1

2.7

2.3

Aventis*

Neutral

4,172

9,609

2,277

2,597

17.3

18.3

149.4

172.0

27.9

24.3

4.6

3.7

25.1

28.8

3.9

3.2

Cadila Healthcare

Accumulate

372

400

38,078

10,429

12,318

22.6

22.0

16.9

19.2

22.0

19.4

5.6

4.5

28.5

25.7

3.7

3.0

Cipla

Sell

581

490

46,761

15,378

18,089

17.4

18.4

21.6

27.2

26.9

21.4

3.5

3.0

13.7

15.2

3.2

2.7

Dr Reddy's

Neutral

2,965

49,124

16,043

18,119

20.8

22.4

112.4

142.9

26.4

20.8

3.5

3.1

14.1

15.9

3.0

2.7

Dishman Pharma

Neutral

225

3,627

1,718

1,890

22.7

22.8

9.5

11.3

23.7

19.9

2.3

2.1

10.1

10.9

2.6

2.2

GSK Pharma*

Neutral

2,700

22,866

3,000

3,312

15.4

20.6

46.5

60.8

58.1

44.4

13.9

26.3

30.6

7.4

6.7

Indoco Remedies

Reduce

270

240

2,487

1,112

1,289

16.2

18.2

11.6

16.0

23.3

16.9

3.7

3.1

17.0

20.1

2.4

2.0

Ipca labs

Buy

522

613

6,582

3,303

3,799

15.3

17.3

19.7

30.2

26.5

2.6

2.4

9.1

9.4

2.1

1.8

Lupin

Buy

1,448

1,809

65,341

15,912

18,644

26.4

26.7

58.1

69.3

24.9

20.9

4.9

4.0

21.4

20.9

4.2

3.4

Sun Pharma

Buy

655

847

157,136

31,129

35,258

32.0

32.9

30.2

35.3

21.7

18.6

3.5

2.9

20.0

20.1

4.6

3.9

Power

Tata Power

Neutral

22,558

36,916

39,557

17.4

27.1

5.1

6.3

16.4

13.2

1.4

1.3

9.0

10.3

1.6

1.5

NTPC

Neutral

172

142,069

86,605

95,545

17.5

20.8

11.8

13.4

14.6

12.9

1.5

1.4

10.5

11.1

3.0

Power Grid

Accumulate

203

223

106,227

25,315

29,193

88.2

88.7

14.2

17.2

14.4

11.8

2.2

1.9

15.2

16.1

8.8

7.9

Real Estate

Prestige Estate

Buy

175

210

6,570

4,707

5,105

25.2

26.0

10.3

13.0

17.0

13.5

1.4

1.3

10.3

10.2

2.6

2.3

MLIFE

Buy

348

522

1,430

1,152

1,300

22.7

24.6

29.9

35.8

11.7

9.7

0.9

0.8

7.6

8.6

2.0

1.6

Telecom

Bharti Airtel

Neutral

358

143,167

105,086

114,808

34.5

34.7

12.2

16.4

29.4

21.8

2.0

1.9

6.8

8.4

2.3

2.0

Idea Cellular

Neutral

107

38,678

40,133

43,731

37.2

37.1

6.4

6.5

16.8

16.5

1.4

1.3

8.2

7.6

2.0

1.7

zOthers

Abbott India

Neutral

4,462

9,482

3,153

3,583

14.1

14.4

152.2

182.7

29.3

24.4

144.0

122.9

25.6

26.1

2.7

2.3

Asian Granito

Buy

275

351

827

1,060

1,169

12.2

12.5

12.7

15.9

21.7

17.3

2.1

1.8

9.5

10.7

1.1

0.9

Bajaj Electricals

Accumulate

264

295

2,676

4,801

5,351

5.7

6.2

10.4

13.7

25.4

19.3

3.1

2.8

12.4

14.5

0.6

0.5

Banco Products (India)

Neutral

198

1,415

1,353

1,471

12.3

12.4

14.5

16.3

13.7

12.1

18.9

17.0

14.5

14.6

1.0

105.7

Coffee Day Enterprises

Neutral

238

4,910

2,964

3,260

20.5

21.2

4.7

8.0

29.8

2.8

2.5

5.5

8.5

2.1

1.8

Ltd

Competent Automobiles Neutral

178

109

1,137

1,256

3.1

2.7

28.0

23.6

6.4

7.5

34.2

30.9

14.3

11.5

0.1

Elecon Engineering

Neutral

620

1,482

1,660

13.7

14.5

3.9

5.8

14.2

9.5

3.3

3.1

7.8

10.9

0.7

Finolex Cables

Neutral

469

7,166

2,883

3,115

12.0

12.1

14.2

18.6

33.0

25.2

17.6

15.3

15.8

14.6

2.2

2.0

Garware Wall Ropes

Neutral

607

1,328

873

938

14.3

35.2

37.5

17.3

16.2

3.0

2.6

17.5

15.9

1.4

1.3

Goodyear India*

Neutral

723

1,668

1,598

1,704

10.4

10.2

49.4

52.6

14.6

13.8

67.6

59.3

18.2

17.0

0.7

101.4

www.angelbroking.com

Stock Watch

February 14, 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

Hitachi

Neutral

1,374

3,735

2,081

2,433

8.8

8.9

33.4

39.9

41.1

34.4

33.2

27.7

22.1

21.4

1.8

1.5

HSIL

Neutral

291

2,103

2,384

2,515

15.8

16.3

15.3

19.4

19.0

15.0

18.9

16.3

7.8

9.3

1.1

1.0

Interglobe Aviation

Neutral

831

30,020

21,122

26,005

14.5

27.6

110.7

132.1

7.5

6.3

44.9

32.1

168.5

201.1

1.4

1.1

Jyothy Laboratories

Neutral

350

6,351

1,440

2,052

11.5

13.0

8.5

10.0

41.1

35.0

10.0

9.2

18.6

19.3

4.7

3.3

Kirloskar Engines India

Neutral

355

5,127

2,554

2,800

9.9

10.0

10.5

12.1

33.8

29.3

14.1

13.3

10.7

11.7

1.6

1.5

Ltd

Linc Pen & Plastics

Neutral

262

387

382

420

9.3

9.5

13.5

15.7

19.4

16.7

3.3

2.9

17.1

17.3

1.1

1.0

M M Forgings

Neutral

476

574

546

608

20.4

20.7

41.3

48.7

11.5

9.8

65.2

57.7

16.6

17.0

0.9

0.8

Manpasand Bever.

Neutral

685

3,917

836

1,087

19.6

19.4

16.9

23.8

40.5

28.7

4.9

4.3

12.0

14.8

4.4

3.3

Mirza International

Buy

107

1,107

1,024

1,148

18.0

6.9

8.0

13.4

11.5

2.3

1.9

16.6

16.3

1.3

1.1

MT Educare

Neutral

126

502

366

417

17.7

18.2

9.4

10.8

13.5

11.7

3.0

2.6

22.2

22.3

1.3

1.1

Narayana Hrudaya

Neutral

329

6,731

1,873

2,166

11.5

11.7

2.6

4.0

124.5

83.1

7.6

6.9

6.1

8.3

3.7

3.2

Navkar Corporation

Buy

174

265

2,476

369

561

42.9

42.3

7.2

11.5

24.1

15.1

1.8

1.6

7.4

10.5

7.7

5.1

Navneet Education

Neutral

148

3,455

1,062

1,147

24.0

6.1

6.6

24.3

22.3

5.0

4.4

20.6

19.8

3.3

3.1

Nilkamal

Neutral

1,696

2,531

1,995

2,165

10.7

10.4

69.8

80.6

24.3

21.0

96.9

84.2

16.6

16.5

1.3

1.1

Page Industries

Neutral

14,327

15,980

2,450

3,124

20.1

17.6

299.0

310.0

47.9

46.2

319.1

243.6

47.1

87.5

6.6

5.2

Parag Milk Foods

Neutral

269

2,266

1,919

2,231

9.3

9.6

9.5

12.9

28.5

20.8

4.4

3.7

15.5

17.5

1.3

1.1

Quick Heal

Neutral

258

1,810

408

495

27.3

27.0

7.7

8.8

33.4

29.4

3.1

9.3

10.6

3.6

3.0

Radico Khaitan

Buy

123

147

1,635

1,667

1,824

13.0

13.2

6.7

8.2

18.5

15.0

1.7

1.5

9.0

10.2

1.4

1.2

Relaxo Footwears

Neutral

435

5,224

2,085

2,469

9.2

8.2

7.6

8.0

57.5

54.7

22.3

19.0

17.9

18.8

2.6

2.2

S H Kelkar & Co.

Neutral

318

4,604

1,036

1,160

15.1

15.0

6.1

7.2

52.1

44.4

5.6

5.1

10.7

11.5

4.3

3.8

Siyaram Silk Mills

Neutral

1,640

1,538

1,652

1,857

11.6

11.7

92.4

110.1

17.7

14.9

2.6

2.3

14.7

15.2

1.1

1.0

Styrolution ABS India*

Neutral

609

1,071

1,440

1,537

9.2

9.0

40.6

42.6

15.0

14.3

38.3

34.8

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

Team Lease Serv.

Neutral

881

1,506

3,229

4,001

1.5

1.8

22.8

32.8

38.7

26.8

4.1

3.6

10.7

13.4

0.4

0.3

The Byke Hospitality

Neutral

157

629

287

384

20.5

7.6

10.7

20.6

14.7

4.3

3.5

20.7

23.5

2.2

1.6

Transport Corporation of

Neutral

192

1,470

2,671

2,911

8.5

8.8

13.9

15.7

13.9

12.3

1.9

1.7

13.7

13.8

0.7

0.6

India

TVS Srichakra

Neutral

3,084

2,361

2,304

2,614

13.7

13.8

231.1

266.6

13.3

11.6

346.5

272.8

33.9

29.3

1.0

0.9

UFO Moviez

Neutral

419

1,155

619

685

33.2

33.4

30.0

34.9

14.0

12.0

1.9

1.7

13.8

13.9

1.6

1.2

Visaka Industries

Neutral

219

348

1,051

1,138

10.3

10.4

21.0

23.1

10.4

9.5

28.1

26.3

9.0

9.2

0.6

www.angelbroking.com

Market Outlook

February 14, 2017

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

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registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number

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co-managed public offering of securities of the company covered by Analyst during the past twelve months.

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decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make

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