Market Outlook

March 16, 2017

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are likely to open with a positive bias tracking the SGX Nifty.

BSE Sensex

(0.2)

(45)

29,398

US stocks rose on Wednesday in spite of the Federal Reserve raising interest rates.

Nifty

(0.0)

(2)

9,085

The Federal Reserve raised the target range for the Fed Funds Rate by 25 basis

Mid Cap

1.1

143

13,701

points. The Fed also stated that economic data indicated that the labor market has

Small Cap

0.7

13,859

become stronger and that economic activity has to expanded at a moderate pace.

Gold and airline stocks had a strong session with the NYSE Arca Gold Bugs Index

Bankex

0.3

24,151

and the NYSE Arca Airline Index closing up by 7.8 percent and 3 percent

respectively.

Global Indices

Chg (%)

(Pts)

(Close)

UK stocks closed slightly positive as investors stayed on the sidelines ahead of the

Dow Jones

0.5

113

20,950

interest rate decision by the Federal Reserve. The UK jobless rate declined to its

Nasdaq

0.7

5,900

lowest level since 1975 as companies hired more staff due to robust economic

FTSE

0.1

7,369

activity. Mining stocks were positive as rising metal prices and weak dollar provided

Nikkei

(0.2)

(32)

19,577

a boost to the sector. Glencore closed up 2.86 percent and Rio Tinto also rose by

Hang Seng

(0.1)

(35)

23,793

0.95 percent.

Shanghai Com

0.1

3,242

Indian markets closed slightly negative due to worries over how the potential interest

rate hike by the Federal Reserve would impact Indian stocks. The IT sectoral index

Advances / Declines

BSE

NSE

closed down 1.68 percent as rupee strengthened against the dollar. The biggest

Advances

1,412

890

gainer for the session was the PSU bank index which closed up 1.31 percent.

Declines

1,427

768

News Analysis

Unchanged

180

 Wipro sets up automotive engineering center in Detroit

Detailed analysis on Pg2

Volumes (` Cr)

BSE

54,337

Investor’s Ready Reckoner

NSE

23,792

Key Domestic & Global Indicators

Stock Watch: Latest investment recommendations on 150+ stocks

Net Inflows (` Cr)

Net

Mtd

Ytd

Refer Pg5 onwards

FII

344

8,938

19,377

Top Picks

MFs

(163)

(1,259)

5,811

CMP

Target

Upside

Company

Sector

Rating

(`)

(%)

Amara Raja Batteries Auto & Auto Ancillary

Buy

866

1,009

16.5

Top Gainers

Price (`)

Chg (%)

HCL Tech

Buy

840

1,000

19.1

Idea

113

9.6

Power Grid Corp.

Power

Buy

193

223

15.5

Repcohome

687

8.5

Navkar Corp.

Others

Buy

175

265

51.8

Wabag

620

7.8

KEI Industries

Others

Buy

171

207

21.2

More Top Picks on Pg3

Mrf

57,040

7.7

Irb

245

6.2

Key Upcoming Events

Consensus

Date

Region

Event Description

Reading

Expectations

Top Losers

Price (`)

Chg (%)

Mar 16 US

Housing Starts

1246.00

1263.00

Pvr

1,399

(3.5)

Mar 16 US

Initial Jobless claims

243.00

240.00

Bajajelec

306

(2.9)

Mar 16 Euro Zone Euro-Zone CPI (YoY)

2.00

Jubilant

801

(2.6)

Mar 16 US

Building permits

1293.00

1267.00

Mar 16 UK

BOE Announces rates

0.25

Polaris

180

(2.5)

Mar 17 US

Industrial Production

-0.25

0.20

Tcs

2,500

(2.4)

Mar 21 UK

CPI (YoY)

1.80

As on March 15, 2017

More Events on Pg4

www.angelbroking.com

Market Outlook

March 16, 2017

News Analysis

Wipro sets up automotive engineering center in Detroit

Wipro has set up an automotive engineering centre in Detroit. Wipro will work with

tier I vendors of auto firms such as General Motors and Ford to build and support

technology development for connected cars. This center will serve as a hub to

support the automotive engineering and technology needs of original equipment

manufacturers (OEM).

The centre, which is set up in line with the company's vision to build a global

network of delivery centers, will focus on design, product engineering, digital

customer-vehicle experiences, and sensors-driven advanced vehicle data analytics.

This centre will also leverage local talent for delivering product design and support

the development and validation of automotive cockpit electronic products.

TCS operates through its automotive centre of excellence (also located in Detroit),

which was set up in 2004, to provide technology support to the auto industry. This

unit has since scaled up and hired local talent to deliver solutions for the

automotive industry.

HCL Technologies also delivers technology services in this region through its

technology development centre in Michigan, which was opened in 2013.

Economic and Political News

 Govt. working on policy to allow for 100% FDI in airline sector

 Union cabinet approves National Health Policy (NHP) to improve care at

primary health care centers

 Indian economy to pick after the impact of note ban fades: IMF

Corporate News

 Idea Cellular and Itel Mobile partner to offer 6 GB free data on various smart

devices

 HCL Technologies to consider share buyback proposal

 Nalco aiming to turn in profit in its aluminium business by end of FY19

 Petroleum ministry discussing merger between ONGC and HPCL

 Shares of Reliance Industries worth `50,000cr exchanged in block deals

www.angelbroking.com

Market Outlook

March 16, 2017

Top Picks ★★★★★

Large Cap

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

To outpace battery industry growth due to better technological

Amara Raja Batteries

14,790

866

1,009

16.5

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

22,717

1,900

2,257

18.8

acute therapeutic segment. Alkem expects to launch more

products in USA, which bodes for its international business.

The stock is trading at attractive valuations and is factoring all

HCL Tech

1,18,528

840

1,000

19.1

the bad news.

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

Infosys

2,32,474

1,012

1,249

23.4

to be a US$20bn in FY2020.

One of the largest pharma companies with strong

Lupin

65,490

1,450

1,809

24.7

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

1,00,970

193

223

15.5

line CAGR of ~16% and bottom-line CAGR of ~19% over

FY16-18 on back of strong capitalization guidance

Source: Company, AngelResearch

Mid Cap

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

We expect the company would report strong profitability

Asian Granito

915

304

351

15.4

owing to better product mix, higher B2C sales and

amalgamation synergy.

Favourable outlook for the AC industry to augur well for

Cooling products business which is out pacing the market

Blue Star

5,356

561

634

13.1

growth. EMPPAC division's profitability to improve once

operating environment turns around.

Strong loan growth backed by diversified loan portfolio and

Equitas Holdings

5,642

167

235

40.6

adequate CAR. ROE & ROA likely to remain decent as risk of

dilution remains low. Attractive valuations considering growth.

Economic recovery to have favourable impact on advertising

& circulation revenue growth. Further, the acquisition of a

Jagran Prakashan

5,971

183

225

23.2

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

revenue growth.

High order book execution in EPC segment, rising B2C sales

KEI Industries

1,329

171

207

21.2

and higher exports to boost the revenues and profitability

Speedier execution and speedier sales, strong revenue visibilty

Mahindra Lifespace

1,544

376

522

38.8

in short-to-long run, attractive valuations

Higher growth in domestic branded sales and healthy export

Mirza International

1,079

107

19.4

to boost the profitability.

Massive capacity expansion along with rail advantage at ICD

Navkar Corporation

2,490

175

265

51.8

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

1,538

258

344

33.4

and anticipated growth in ad spends by corporates to benefit

the stock.

Source: Company, Angel Research

www.angelbroking.com

Market Outlook

March 16, 2017

Key Upcoming Events

Global economic events release calendar

Date

Time

Country

Event Description

Unit

Period

Bloomberg Data

Last Reported Estimated

Mar 16, 2017 6:00PM

Housing Starts

Thousands

Feb

1,246.00

1,263.00

6:00PM

Initial Jobless claims

Thousands

Mar 11

243.00

240.00

3:30PM

Euro Zone

Euro-Zone CPI (YoY)

Feb F

2.00

6:00PM

Building permits

Thousands

Feb

1,293.00

1,267.00

5:30PM

BOE Announces rates

% Ratio

Mar 16

0.25

Mar 17, 2017 6:45PM

Industrial Production

Feb

(0.25)

0.20

Mar 21, 2017 3:00PM

CPI (YoY)

% Change

Feb

1.80

Mar 22, 2017 7:30PM

Existing home sales

Million

Feb

5.69

5.58

Mar 23, 2017 8:30PM

Euro Zone

Euro-Zone Consumer Confidence

Value

Mar A

(6.20)

7:30PM

New home sales

Thousands

Feb

555.00

560.00

Mar 24, 2017 2:00PM

Germany

PMI Services

Value

Mar P

54.40

2:00PM

Germany

PMI Manufacturing

Value

Mar P

56.80

Mar 28, 2017 6:00PM

GDP Qoq (Annualised)

% Change

4Q T

1.90

2.00

Mar 30, 2017 7:30PM

Consumer Confidence

S.A./ 1985=100

Mar

114.80

112.00

Mar 31, 2017 1:25PM

Germany

Unemployment change (000's)

Thousands

Mar

(14.00)

6:30AM

China

PMI Manufacturing

Value

Mar

51.60

51.20

2:00PM

GDP (YoY)

% Change

4Q F

2.00

Apr 3, 2017

2:00PM

PMI Manufacturing

Value

Mar

54.60

Apr 6, 2017

2:30PM

India

RBI Reverse Repo rate

Apr 6

5.75

2:30PM

India

RBI Repo rate

Apr 6

6.25

2:30PM

India

RBI Cash Reserve ratio

Apr 6

4.00

Apr 7, 2017

2:00PM

Industrial Production (YoY)

% Change

Feb

3.20

6:00PM

Unnemployment rate

Mar

4.70

5:30PM

India

Industrial Production YoY

% Change

Feb

2.70

Apr 12, 2017

7:00AM

China

Consumer Price Index (YoY)

% Change

Mar

0.80

6:00PM

Change in Nonfarm payrolls

Thousands

Mar

235.00

Source: Bloomberg, Angel Research

Market Outlook

March 16, 2017

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

9.0

8.4

7.0

5.7

7.8

7.9

6.0

8.0

7.4

7.2

5.0

6.9

7.0

6.7

4.0

7.0

2.7

6.1

3.0

2.2

5.8

6.0

2.0

1.3

0.7

1.0

0.3

5.0

4.0

(1.0)

(0.1)

(0.7)

(2.0)

3.0

(1.3)

(3.0)

(1.9)

(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

5.8

6.0

5.5

5.1

52.0

4.8

5.0

4.3

4.2

50.0

3.6

3.7

4.0

3.4

3.2

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

30.0

7.00

6.50

20.0

6.00

10.0

5.50

0.0

5.00

4.50

(10.0)

4.00

(20.0)

3.50

(30.0)

3.00

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

www.angelbroking.com

Stock Watch

March 16, 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

245

4,764

1,937

2,164

13.3

14.3

9.0

11.0

27.2

22.3

4.7

4.1

18.4

19.8

2.5

2.2

United Phosphorus

Neutral

710

35,986

15,176

17,604

18.5

37.4

44.6

19.0

15.9

3.7

3.1

21.4

21.2

2.5

2.1

Auto & Auto Ancillary

Amara Raja Batteries

Buy

866

1,009

14,790

5,305

6,100

16.0

16.3

28.4

34.0

30.5

25.5

5.9

4.9

19.3

2.8

2.4

Apollo Tyres

Buy

194

235

9,885

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

Ashok Leyland

Buy

111

25,926

20,021

21,915

11.6

11.9

4.5

5.3

20.2

17.1

4.1

3.7

20.6

21.5

1.2

1.1

Bajaj Auto

Neutral

2,870

83,058

25,093

27,891

19.5

19.2

143.9

162.5

19.9

17.7

5.6

4.8

30.3

29.4

3.0

2.7

Bharat Forge

Neutral

1,033

24,049

7,726

8,713

20.5

21.2

35.3

42.7

29.3

24.2

5.4

4.9

18.9

20.1

3.2

2.8

Ceat

Buy

1,258

1,450

5,089

7,524

8,624

13.0

12.7

131.1

144.3

9.6

8.7

1.8

1.5

19.8

18.6

0.8

0.7

Eicher Motors

Neutral

24,133

65,668

16,583

20,447

17.5

18.0

598.0

745.2

40.4

32.4

13.8

10.5

41.2

38.3

3.8

3.0

Exide Industries

Neutral

221

18,751

7,439

8,307

15.0

8.1

9.3

27.2

23.7

3.8

3.4

14.3

16.7

2.1

1.9

Gabriel India

Accumulate

114

130

1,638

1,544

1,715

9.0

9.3

5.4

6.3

21.1

18.1

4.0

3.5

18.9

19.5

1.0

0.9

Hero Motocorp

Neutral

3,399

67,882

28,083

30,096

15.3

15.7

171.8

187.0

19.8

18.2

6.9

5.8

30.1

27.9

2.2

2.0

Indag Rubber

Neutral

201

527

286

326

19.8

16.8

11.7

13.3

17.2

15.1

2.9

2.7

17.8

17.1

1.5

1.3

Jamna Auto Industries

Neutral

212

1,691

1,486

1,620

9.8

9.9

15.0

17.2

14.2

12.3

3.1

2.6

21.8

21.3

1.2

1.1

JK Tyres

Neutral

128

2,907

7,455

8,056

15.0

21.8

24.5

5.9

5.2

1.2

1.0

22.8

21.3

0.5

0.4

L G Balakrishnan & Bros Neutral

582

913

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

1,322

82,108

46,534

53,077

11.6

11.7

67.3

78.1

19.6

16.9

3.2

2.8

15.4

15.8

1.7

1.5

Maruti

Accumulate

6,135

6,560

185,335

67,822

83,288

16.0

16.4

253.8

312.4

24.2

19.6

5.6

4.5

23.0

22.9

2.4

1.9

Minda Industries

Neutral

438

3,471

2,728

3,042

9.0

9.1

68.2

86.2

6.4

5.1

1.5

1.2

23.8

24.3

1.3

1.2

Motherson Sumi

Neutral

364

51,028

45,896

53,687

7.8

8.3

13.0

16.1

27.9

22.6

9.0

7.2

34.7

35.4

1.2

1.0

Rane Brake Lining

Neutral

942

746

511

562

11.3

11.5

28.1

30.9

33.5

30.5

5.1

4.7

15.3

15.0

1.6

1.5

Setco Automotive

Neutral

462

741

837

13.0

15.2

17.0

2.3

2.0

0.4

0.3

15.8

16.3

1.0

0.9

Subros

Neutral

191

1,148

1,488

1,681

11.7

11.9

6.4

7.2

29.9

26.7

3.2

2.9

10.8

11.4

1.0

0.9

Swaraj Engines

Neutral

1,378

1,711

660

810

15.2

16.4

54.5

72.8

25.3

18.9

7.9

7.2

31.5

39.2

2.4

1.9

Tata Motors

Neutral

473

136,673

300,209

338,549

8.9

8.4

42.7

54.3

11.1

8.7

1.8

1.5

15.6

17.2

0.6

0.5

TVS Motor

Neutral

438

20,830

13,390

15,948

6.9

7.1

12.8

16.5

34.4

26.5

8.6

6.8

26.3

27.2

1.6

1.3

Capital Goods

ACE

Neutral

536

709

814

4.1

4.6

1.4

2.1

38.7

25.8

1.6

1.5

4.4

6.0

0.9

0.8

BEML

Neutral

1,297

5,402

3,451

4,055

6.3

9.2

31.4

57.9

41.3

22.4

2.5

2.3

6.3

10.9

1.7

1.4

BGR Energy

Neutral

135

973

16,567

33,848

6.0

5.6

7.8

5.9

17.3

22.9

1.0

4.7

4.2

0.2

0.1

www.angelbroking.com

Stock Watch

March 16, 2017

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Capital Goods

Bharat Electronics

Neutral

1,570

35,060

8,137

9,169

16.8

17.2

58.7

62.5

26.7

25.1

4.1

3.7

44.6

46.3

3.3

2.9

BHEL

Neutral

166

40,740

28,797

34,742

2.8

2.3

6.9

72.4

24.1

1.2

1.3

4.8

1.1

0.8

Blue Star

Accumulate

561

634

5,356

4,283

5,077

5.9

7.3

14.9

22.1

37.7

25.3

7.3

6.2

20.4

26.4

1.3

1.1

CG Power and Industrial

Neutral

4,381

5,777

6,120

5.9

7.0

3.3

4.5

21.2

15.5

0.9

4.4

5.9

0.7

0.6

Solutions

Greaves Cotton

Neutral

166

4,042

1,755

1,881

16.8

16.9

7.8

8.5

21.2

19.5

4.2

3.9

20.6

20.9

2.0

1.8

Inox Wind

Neutral

179

3,978

5,605

6,267

15.7

16.4

24.8

30.0

7.2

6.0

2.0

1.5

25.9

24.4

0.8

0.6

KEC International

Neutral

172

4,427

9,294

10,186

7.9

8.1

9.9

11.9

17.4

14.5

2.6

2.2

15.6

16.3

0.7

0.6

KEI Industries

Buy

171

207

1,329

2,682

3,058

10.4

10.0

11.7

12.8

14.6

13.3

2.9

2.4

20.1

18.2

0.7

0.6

Thermax

Neutral

867

10,330

5,421

5,940

7.3

25.7

30.2

33.7

28.7

4.1

3.7

12.2

13.1

1.8

1.6

VATech Wabag

Accumulate

620

681

3,384

3,136

3,845

8.9

9.1

26.0

35.9

23.9

17.3

3.0

2.5

13.4

15.9

1.0

0.8

Voltas

Neutral

390

12,900

6,511

7,514

7.9

8.7

12.9

16.3

30.2

23.9

5.4

4.8

16.7

18.5

1.7

1.5

Cement

ACC

Neutral

1,421

26,680

11,225

13,172

13.2

16.9

44.5

75.5

31.9

18.8

3.0

2.8

11.2

14.2

2.4

2.0

Ambuja Cements

Neutral

233

46,315

9,350

10,979

18.2

22.5

5.8

9.5

40.2

24.6

3.4

3.0

10.2

12.5

5.0

4.2

India Cements

Neutral

162

4,970

4,364

4,997

18.5

19.2

7.9

11.3

20.5

14.3

1.5

1.4

8.0

8.5

1.9

1.7

J K Lakshmi Cement

Neutral

430

5,064

2,913

3,412

14.5

19.5

7.5

22.5

57.4

19.1

3.5

3.0

12.5

18.0

2.3

1.9

JK Cement

Neutral

899

6,282

4,398

5,173

15.5

17.5

31.2

55.5

28.8

16.2

3.5

3.0

12.0

15.5

2.0

1.6

Orient Cement

Neutral

133

2,726

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

4,015

110,220

25,768

30,385

21.0

23.5

111.0

160.0

36.2

25.1

4.6

4.0

13.5

15.8

4.4

3.6

Construction

Engineers India

Neutral

150

10,128

1,725

1,935

16.0

19.1

11.4

13.9

13.2

10.8

1.8

13.4

15.3

4.8

4.3

Gujarat Pipavav Port

Neutral

159

7,667

705

788

52.2

51.7

5.0

5.6

31.7

28.3

3.1

2.8

11.2

10.5

8.9

ITNL

Neutral

103

3,392

8,946

10,017

31.0

31.6

8.1

9.1

12.7

11.3

0.5

4.2

5.0

3.7

3.4

KNR Constructions

Neutral

182

2,554

1,385

1,673

14.7

14.0

41.2

48.5

4.4

3.7

0.8

0.7

14.9

15.2

1.9

1.6

Larsen & Toubro

Accumulate

1,547

1,634

144,358

111,017

124,908

11.0

61.1

66.7

25.3

23.2

3.0

2.8

13.1

12.9

2.3

2.2

MEP Infra

Neutral

760

1,877

1,943

30.6

29.8

3.0

4.2

15.6

11.1

7.5

5.1

0.6

1.8

1.6

Nagarjuna Const.

Neutral

4,509

8,842

9,775

9.1

8.8

5.3

6.4

15.3

12.7

1.2

1.1

8.2

9.1

0.7

0.6

NBCC

Neutral

180

16,205

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

PNC Infratech

Buy

104

143

2,674

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

Power Mech Projects

Neutral

400

588

1,801

2,219

12.7

14.6

72.1

113.9

5.6

3.5

1.0

0.9

16.8

11.9

0.3

0.2

Sadbhav Engineering

Accumulate

284

298

4,868

3,598

4,140

10.3

10.6

9.0

11.9

31.5

23.8

3.3

2.9

9.9

11.9

1.6

1.4

www.angelbroking.com

Stock Watch

March 16, 2017

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Construction

Simplex Infra

Neutral

293

1,447

6,829

7,954

10.5

31.4

37.4

9.3

7.8

1.0

0.9

9.9

13.4

0.6

0.5

SIPL

Neutral

3,397

1,036

1,252

65.5

66.2

(8.4)

(5.6)

3.6

4.1

(22.8)

(15.9)

11.5

9.6

Financials

Axis Bank

Accumulate

512

580

122,477

46,932

53,575

3.5

3.4

32.4

44.6

15.8

11.5

2.0

1.8

13.6

16.5

Bank of Baroda

Neutral

166

38,295

19,980

23,178

1.8

11.5

17.3

14.5

9.6

1.7

1.4

8.3

10.1

Can Fin Homes

Neutral

2,098

5,585

420

526

3.5

86.5

107.8

24.3

19.5

5.2

4.3

23.6

24.1

Canara Bank

Neutral

290

15,744

15,225

16,836

1.8

14.5

28.0

20.0

10.4

1.4

1.1

5.8

8.5

Cholamandalam Inv. &

Buy

988

1,230

15,440

2,012

2,317

6.3

42.7

53.6

23.1

18.4

3.7

3.1

16.9

18.3

Fin. Co.

Dewan Housing Finance Neutral

350

10,950

2,225

2,688

2.9

29.7

34.6

11.8

10.1

1.9

1.6

16.1

16.8

Equitas Holdings

Buy

167

235

5,642

939

1,281

11.7

11.5

5.8

8.2

28.8

20.4

2.5

2.2

10.9

11.5

Federal Bank

Neutral

14,895

8,259

8,995

3.0

4.3

5.6

20.1

15.5

1.7

1.6

8.5

10.1

HDFC

Neutral

1,429

226,761

11,475

13,450

3.4

45.3

52.5

31.5

27.2

6.1

5.4

20.2

20.5

HDFC Bank

Neutral

1,417

362,878

46,097

55,433

4.5

58.4

68.0

24.3

20.8

4.3

3.6

18.8

18.6

ICICI Bank

Accumulate

285

315

166,045

42,800

44,686

3.1

3.3

18.0

21.9

15.8

13.0

2.2

2.0

11.1

12.3

Lakshmi Vilas Bank

Accumulate

162

174

3,092

3,339

3,799

2.7

2.8

11.0

14.0

14.7

11.5

1.5

1.4

11.2

12.7

LIC Housing Finance

Accumulate

587

630

29,616

3,712

4,293

2.6

2.5

39.0

46.0

15.1

12.8

2.8

2.4

19.9

20.1

Punjab Natl.Bank

Neutral

145

30,909

23,532

23,595

2.3

2.4

6.8

12.6

21.4

11.5

3.3

2.3

3.3

6.5

RBL Bank

Neutral

477

17,634

1,783

2,309

2.6

12.7

16.4

37.6

29.1

4.1

3.7

12.8

13.3

Repco Home Finance

Buy

687

825

4,298

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

2,738

6,435

7,578

2.5

2.7

3.1

7.5

6.5

1.0

0.8

10.1

11.2

St Bk of India

Neutral

277

221,185

88,650

98,335

2.6

13.5

18.8

20.6

14.8

2.0

1.7

7.0

8.5

Union Bank

Neutral

151

10,377

13,450

14,925

2.3

25.5

34.5

5.9

4.4

0.9

0.7

7.5

10.2

Yes Bank

Neutral

1,531

64,839

8,978

11,281

3.3

3.4

74.0

90.0

20.7

17.0

3.9

3.3

17.0

17.2

FMCG

Akzo Nobel India

Accumulate

1,596

1,720

7,655

2,955

3,309

13.3

13.7

57.2

69.3

27.9

23.0

9.1

7.7

32.7

33.3

2.4

2.1

Asian Paints

Neutral

1,064

102,049

17,128

18,978

16.8

16.4

19.1

20.7

55.7

51.4

19.4

18.3

34.8

35.5

5.9

5.3

Britannia

Accumulate

3,189

3,626

38,268

9,594

11,011

14.6

14.9

80.3

94.0

39.7

33.9

16.3

12.6

41.2

3.9

3.3

Colgate

Neutral

958

26,043

4,605

5,149

23.4

23.8

26.9

40.2

35.6

22.3

17.4

64.8

66.8

5.6

5.0

Dabur India

Accumulate

274

304

48,319

8,315

9,405

19.8

20.7

8.1

9.2

33.9

29.8

9.4

7.8

31.6

31.0

5.5

4.8

GlaxoSmith Con*

Neutral

5,427

22,824

4,350

4,823

21.2

21.4

179.2

196.5

30.3

27.6

8.0

6.8

27.1

26.8

4.6

4.1

Godrej Consumer

Neutral

1,655

56,354

10,235

11,428

18.4

18.6

41.1

44.2

40.3

37.4

8.9

7.5

24.9

24.8

5.6

4.9

www.angelbroking.com

Stock Watch

March 16, 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

HUL

Neutral

900

194,722

35,252

38,495

17.8

20.7

22.4

43.6

40.2

41.6

35.7

95.6

88.9

5.4

4.9

ITC

Accumulate

268

284

325,171

40,059

44,439

38.3

39.2

9.0

10.1

29.8

26.4

8.3

7.3

27.8

27.5

7.6

6.9

Marico

Neutral

286

36,950

6,430

7,349

18.8

19.5

6.4

7.7

44.7

37.2

13.5

11.4

33.2

32.5

5.6

4.8

Nestle*

Neutral

6,106

58,873

10,073

11,807

20.7

21.5

124.8

154.2

48.9

39.6

20.1

18.1

34.8

36.7

5.7

4.8

Procter & Gamble

Accumulate

6,842

7,369

22,208

2,939

3,342

23.2

23.0

146.2

163.7

46.8

41.8

11.9

9.8

25.3

23.5

7.1

6.2

Hygiene

Tata Global

Neutral

141

8,893

8,675

9,088

9.8

7.4

8.2

19.0

17.2

1.5

1.4

7.9

8.1

0.9

HCL Tech^

Buy

840

1,000

118,528

49,242

57,168

20.5

55.7

64.1

15.1

13.1

3.1

2.4

20.3

17.9

2.3

1.8

Infosys

Buy

1,012

1,249

232,474

68,350

77,326

27.0

62.5

69.4

16.2

14.6

3.5

3.2

21.3

21.6

2.8

2.5

TCS

Accumulate

2,500

2,700

492,666

119,025

133,308

27.6

131.2

145.5

19.1

17.2

6.2

5.7

32.4

33.1

3.9

3.5

Tech Mahindra

Buy

478

600

46,535

29,673

32,937

15.5

17.0

32.8

39.9

14.6

12.0

2.9

2.5

19.6

20.7

1.3

1.1

Wipro

Buy

494

583

119,964

55,440

60,430

18.1

36.1

38.9

13.7

12.7

2.5

2.3

19.0

17.6

1.9

1.7

Media

D B Corp

Neutral

383

7,050

2,297

2,590

27.4

28.2

21.0

23.4

18.3

16.4

4.3

3.7

23.7

23.1

2.9

2.5

Hindustan Media

Neutral

291

2,135

1,016

1,138

24.3

25.2

27.3

30.1

10.7

9.7

2.0

1.8

16.2

15.8

1.4

1.2

Ventures

HT Media

Neutral

1,920

2,693

2,991

12.6

12.9

7.9

9.0

10.4

9.2

0.9

0.8

7.8

8.3

0.3

0.2

Jagran Prakashan

Buy

183

225

5,971

2,355

2,635

28.0

10.8

12.5

16.9

14.6

3.7

3.2

21.7

2.6

2.2

Sun TV Network

Neutral

749

29,527

2,850

3,265

70.1

71.0

26.2

30.4

28.6

24.7

7.3

6.5

24.3

25.6

10.0

8.6

TV Today Network

Buy

258

344

1,538

567

645

26.7

27.0

15.4

18.1

16.8

14.2

2.5

2.2

14.9

15.2

2.3

1.9

Metals & Mining

Coal India

Neutral

293

181,908

84,638

94,297

21.4

22.3

24.5

27.1

12.0

10.8

5.0

4.7

42.6

46.0

1.7

1.5

Hind. Zinc

Neutral

292

123,506

14,252

18,465

55.9

48.3

15.8

21.5

18.5

13.6

3.0

2.6

17.0

20.7

8.7

6.7

Hindalco

Neutral

191

39,427

107,899

112,095

7.4

8.2

9.2

13.0

20.7

14.7

1.0

0.9

4.8

6.6

0.9

0.8

JSW Steel

Neutral

183

44,259

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

141

44,532

6,643

7,284

44.4

47.7

7.1

7.7

19.8

18.3

1.7

8.8

9.2

4.5

4.0

SAIL

Neutral

24,801

47,528

53,738

(0.7)

2.1

(1.9)

2.6

23.1

0.7

0.6

(1.6)

3.9

1.4

1.2

Tata Steel

Neutral

479

46,478

121,374

121,856

7.2

8.4

18.6

34.3

25.7

14.0

1.6

1.5

6.1

10.1

1.0

Vedanta

Neutral

256

75,926

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

Oil & Gas

Cairn India

Neutral

286

53,641

9,127

10,632

4.3

20.6

8.8

11.7

32.5

24.4

1.0

3.3

4.2

7.3

6.1

GAIL

Neutral

375

47,536

56,220

65,198

9.3

10.1

27.1

33.3

13.8

11.3

1.3

1.2

9.3

10.7

1.0

0.9

Indian Oil Corp

Neutral

370

179,547

373,359

428,656

5.9

5.5

54.0

59.3

6.9

6.2

1.1

1.0

16.0

15.6

0.6

0.5

ONGC

Neutral

191

244,730

137,222

152,563

15.0

21.8

19.5

24.1

9.8

7.9

0.8

8.5

10.1

2.1

1.8

www.angelbroking.com

Stock Watch

March 16, 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

Reliance Industries

Neutral

1,304

423,145

301,963

358,039

12.1

12.6

87.7

101.7

14.9

12.8

1.5

1.4

10.7

11.3

1.9

1.6

Pharmaceuticals

Alembic Pharma

Accumulate

612

689

11,530

3,483

4,244

20.2

21.4

24.3

33.6

25.2

18.2

5.7

4.6

25.5

25.3

3.2

2.6

Alkem Laboratories Ltd

Buy

1,900

2,257

22,717

6,065

7,009

18.7

20.0

80.2

92.0

23.7

20.7

5.3

4.5

22.5

21.6

3.7

3.2

Aurobindo Pharma

Buy

678

877

39,654

15,720

18,078

23.7

41.4

47.3

16.4

14.3

4.3

3.3

29.6

26.1

2.7

2.4

Aventis*

Neutral

4,434

10,213

2,277

2,597

16.6

17.4

128.9

157.0

34.4

28.2

5.9

4.5

21.6

26.4

4.3

3.5

Cadila Healthcare

Neutral

449

46,007

10,429

12,318

17.7

21.6

13.1

19.2

34.3

23.4

7.2

5.7

22.8

27.1

4.4

3.7

Cipla

Sell

599

465

48,168

15,378

18,089

15.7

16.8

19.3

24.5

31.0

24.4

3.6

3.2

12.3

13.9

3.3

2.8

Dishman Pharma

Sell

243

143

3,925

1,718

1,890

22.7

22.8

9.5

11.3

25.6

21.5

2.5

2.2

10.1

10.9

2.7

2.4

Dr Reddy's

Neutral

2,739

45,374

16,043

18,119

18.0

23.0

78.6

130.9

34.9

20.9

3.4

3.0

10.1

15.2

2.6

2.5

GSK Pharma*

Neutral

2,702

22,890

2,800

3,290

10.2

20.6

32.2

60.3

83.9

44.8

15.5

15.4

17.2

34.5

7.9

6.8

Indoco Remedies

Reduce

258

240

2,380

1,112

1,289

16.2

18.2

11.6

16.0

22.3

16.1

3.6

3.0

17.0

20.1

2.3

1.9

Ipca labs

Accumulate

554

613

6,991

3,258

3,747

12.8

15.3

12.1

19.2

45.8

28.9

2.9

2.6

6.4

9.5

2.3

2.0

Lupin

Buy

1,450

1,809

65,490

15,912

18,644

26.4

26.7

58.1

69.3

25.0

20.9

4.9

4.0

21.4

20.9

4.2

3.4

Sun Pharma

Buy

706

847

169,446

31,129

35,258

32.0

32.9

30.2

35.3

23.4

20.0

3.8

3.1

20.0

20.1

5.0

4.2

Power

NTPC

Neutral

159

130,897

86,605

95,545

17.5

20.8

11.8

13.4

13.5

11.9

1.4

1.3

10.5

11.1

2.9

2.8

Power Grid

Buy

193

223

100,970

25,315

29,193

88.2

88.7

14.2

17.2

13.6

11.3

2.1

1.8

15.2

16.1

8.6

7.8

Tata Power

Neutral

23,004

36,916

39,557

17.4

27.1

5.1

6.3

16.7

13.5

1.5

1.4

9.0

10.3

1.6

1.5

Real Estate

MLIFE

Buy

376

522

1,544

1,152

1,300

22.7

24.6

29.9

35.8

12.6

10.5

0.9

7.6

8.6

2.1

1.7

Prestige Estate

Buy

175

210

6,544

4,707

5,105

25.2

26.0

10.3

13.0

16.9

13.4

1.4

1.3

10.3

10.2

2.6

2.3

Telecom

Bharti Airtel

Neutral

363

145,166

105,086

114,808

34.5

34.7

12.2

16.4

29.8

22.1

2.0

1.9

6.8

8.4

2.3

2.0

Idea Cellular

Neutral

113

40,683

40,133

43,731

37.2

37.1

6.4

6.5

17.6

17.4

1.5

1.4

8.2

7.6

2.0

1.7

zOthers

Abbott India

Neutral

4,490

9,542

3,153

3,583

14.1

14.4

152.2

182.7

29.5

24.6

144.9

123.7

25.6

26.1

2.7

2.4

Asian Granito

Buy

304

351

915

1,060

1,169

12.2

12.5

12.7

15.9

24.0

19.2

2.3

2.0

9.5

10.7

1.2

1.0

Bajaj Electricals

Neutral

306

3,099

4,801

5,351

5.7

6.2

10.4

13.7

29.4

22.4

3.6

3.2

12.4

14.5

0.6

Banco Products (India)

Neutral

201

1,439

1,353

1,471

12.3

12.4

14.5

16.3

13.9

12.4

19.2

17.3

14.5

14.6

1.0

107.6

Coffee Day Enterprises

Neutral

232

4,777

2,964

3,260

20.5

21.2

4.7

8.0

29.0

2.7

2.5

5.5

8.5

2.0

1.8

Ltd

Competent Automobiles Neutral

171

105

1,137

1,256

3.1

2.7

28.0

23.6

6.1

7.2

32.9

29.7

14.3

11.5

0.1

Elecon Engineering

Neutral

596

1,482

1,660

13.7

14.5

3.9

5.8

13.6

9.2

3.2

2.9

7.8

10.9

0.7

0.6

Finolex Cables

Neutral

461

7,046

2,883

3,115

12.0

12.1

14.2

18.6

32.4

24.8

17.3

15.1

15.8

14.6

2.1

1.9

www.angelbroking.com

Stock Watch

March 16, 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

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

762

1,757

1,598

1,704

10.4

10.2

49.4

52.6

15.4

14.5

71.2

62.5

18.2

17.0

0.8

110.0

Hitachi

Neutral

1,500

4,079

2,081

2,433

8.8

8.9

33.4

39.9

44.9

37.6

36.2

30.2

22.1

21.4

2.0

1.6

HSIL

Neutral

330

2,387

2,384

2,515

15.8

16.3

15.3

19.4

21.6

17.0

21.4

18.5

7.8

9.3

1.2

1.1

Interglobe Aviation

Neutral

881

31,862

21,122

26,005

14.5

27.6

110.7

132.1

8.0

6.7

47.7

34.0

168.5

201.1

1.5

1.2

Jyothy Laboratories

Neutral

371

6,733

1,440

2,052

11.5

13.0

8.5

10.0

43.6

37.1

10.6

9.8

18.6

19.3

5.0

3.5

Kirloskar Engines India

Neutral

386

5,582

2,554

2,800

9.9

10.0

10.5

12.1

36.8

31.9

15.4

14.5

10.7

11.7

1.8

1.6

Ltd

Linc Pen & Plastics

Neutral

253

374

382

420

9.3

9.5

13.5

15.7

18.8

16.1

3.2

2.8

17.1

17.3

1.0

0.9

M M Forgings

Neutral

560

676

546

608

20.4

20.7

41.3

48.7

13.6

11.5

76.8

67.9

16.6

17.0

1.1

1.0

Manpasand Bever.

Neutral

716

4,097

836

1,087

19.6

19.4

16.9

23.8

42.4

30.1

5.1

4.4

12.0

14.8

4.6

3.5

Mirza International

Buy

107

1,079

963

1,069

17.2

18.0

6.1

7.5

14.6

11.9

2.2

1.9

15.0

15.7

1.3

1.2

MT Educare

Neutral

343

366

417

17.7

18.2

9.4

10.8

9.2

8.0

2.0

1.8

22.2

22.3

0.8

0.7

Narayana Hrudaya

Neutral

310

6,325

1,873

2,166

11.5

11.7

2.6

4.0

117.0

78.1

7.2

6.5

6.1

8.3

3.5

3.0

Navkar Corporation

Buy

175

265

2,490

369

561

42.9

42.3

6.9

11.5

25.3

15.2

1.8

1.6

7.4

10.5

7.8

5.1

Navneet Education

Neutral

145

3,375

1,062

1,147

24.0

6.1

6.6

23.7

21.8

4.9

4.3

20.6

19.8

3.3

3.0

Nilkamal

Neutral

1,949

2,908

1,995

2,165

10.7

10.4

69.8

80.6

27.9

24.2

111.4

96.7

16.6

16.5

1.5

1.3

Page Industries

Neutral

14,585

16,268

2,450

3,124

20.1

17.6

299.0

310.0

48.8

47.1

324.8

248.0

47.1

87.5

6.7

5.3

Parag Milk Foods

Neutral

218

1,835

1,919

2,231

9.3

9.6

9.5

12.9

23.1

16.9

3.6

3.0

15.5

17.5

1.1

0.9

Quick Heal

Neutral

244

1,707

408

495

27.3

27.0

7.7

8.8

31.5

27.7

2.9

9.3

10.6

3.3

2.8

Radico Khaitan

Accumulate

129

147

1,720

1,667

1,824

13.0

13.2

6.7

8.2

19.4

15.8

1.8

1.6

9.0

10.2

1.4

1.3

Relaxo Footwears

Neutral

468

5,624

2,085

2,469

9.2

8.2

7.6

8.0

61.9

58.9

24.0

20.5

17.9

18.8

2.8

2.4

S H Kelkar & Co.

Neutral

295

4,271

1,036

1,160

15.1

15.0

6.1

7.2

48.4

41.1

5.2

4.7

10.7

11.5

4.0

3.5

Siyaram Silk Mills

Accumulate

1,681

1,872

1,576

1,652

1,857

11.6

11.7

92.4

110.1

18.2

15.3

2.7

2.3

14.7

15.2

1.2

1.0

Styrolution ABS India*

Neutral

610

1,072

1,440

1,537

9.2

9.0

40.6

42.6

15.0

14.3

38.3

34.9

12.3

11.6

0.7

0.6

Surya Roshni

Neutral

188

824

3,342

3,625

7.8

7.5

17.3

19.8

10.9

9.5

20.7

16.6

10.5

10.8

0.5

Team Lease Serv.

Neutral

916

1,566

3,229

4,001

1.5

1.8

22.8

32.8

40.2

27.9

4.3

3.7

10.7

13.4

0.4

0.3

The Byke Hospitality

Neutral

170

681

287

384

20.5

7.6

10.7

22.4

15.9

4.7

3.8

20.7

23.5

2.4

1.8

Transport Corporation of

Neutral

224

1,712

2,671

2,911

8.5

8.8

13.9

15.7

16.1

14.3

2.2

2.0

13.7

13.8

0.7

India

TVS Srichakra

Neutral

3,321

2,543

2,304

2,614

13.7

13.8

231.1

266.6

14.4

12.5

373.1

293.8

33.9

29.3

1.1

1.0

www.angelbroking.com

Stock Watch

March 16, 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

UFO Moviez

Neutral

401

1,106

619

685

33.2

33.4

30.0

34.9

13.4

11.5

1.9

1.6

13.8

13.9

1.5

1.2

Visaka Industries

Neutral

250

397

1,051

1,138

10.3

10.4

21.0

23.1

11.9

10.8

32.1

30.0

9.0

9.2

0.6

VRL Logistics

Neutral

297

2,706

1,902

2,119

16.7

16.6

14.6

16.8

20.4

17.6

4.5

3.9

21.9

22.2

1.5

1.3

Wonderla Holidays

Neutral

387

2,186

287

355

38.0

40.0

11.3

14.2

34.2

27.3

4.9

4.3

21.4

23.9

7.3

5.9

VIP Industries

Neutral

180

2,538

1,270

1,450

10.4

5.6

6.5

32.1

27.6

6.7

5.8

20.7

21.1

2.0

1.7

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on March 15, 2017

www.angelbroking.com

Market Outlook

March 16, 2017

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

DISCLAIMER

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Limited,Bombay Stock Exchange Limited and Metropolitan Stock Exchange Limited. It is also registered as a Depository Participant with

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

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