Market Outlook
Aug 16, 2018
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open flat tracking global indices and SGX Nifty.
BSE Sensex
0.6
207
37,852
U.S. stocks regained some ground over the course of the trading day on Wednesday
Nifty
0.7
79
11,435
but remained firmly in negative territory. The major averages all ended the day in
Mid Cap
0.9
144
16,242
the red, although the tech-heavy Nasdaq underperformed its counterparts. The Dow
Small Cap
0.5
89
16,743
Jones fell by 0.5% to 25,162 and the Nasdaq tumbled by 1.2% to 7,774.
Bankex
1.0
302
31,671
U.K. shares were moving lower on Wednesday after data showed U.K. inflation rose
for the first time since November, a development that could weigh on consumer
Global Indices
Chg (%)
(Pts)
(Close)
spending in the second half of the year.
Consumer prices climbed 2.5 percent year-
on-year in July, as expected, but slightly faster than the 2.4 percent increase in June.
Dow Jones
(0.5)
(137)
25,162
The benchmark FTSE 100 was down by 0.2% to 7,593.
Nasdaq
(1.2)
(97)
7,774
FTSE
(0.2)
(18)
7,593
On domestic front, Indian stock markets remain closed Wednesday on account of
Independence Day. On Tuesday, shares closed higher as investor sentiment
Nikkei
2.3
499
22,356
improved somewhat after official data showed India's retail price inflation dropped
Hang Seng
(0.7)
(184)
27,753
to a nine-month low of 4.17 percent in July from 4.92 percent in the previous
Shanghai Com
(0.2)
(5)
2,781
month, due to a significant fall in food inflation. The BSE Sensex was up by 0.6% to
37,852.
Advances / Declines
BSE
NSE
News Analysis
Advances
1317
622
Sebi disposes of adjudication proceedings against Arvind Lifestyle Brands
Declines
1,400
1,183
Unchanged
139
88
1QFY2019 Results Sun Pharmaceutical
Detailed analysis on Pg2
Volumes (` Cr)
BSE
4,782
Investor’s Ready Reckoner
NSE
30,957
Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocks
Net Inflows (` Cr)
Net
Mtd
Ytd
Refer Pg5 onwards
FII
414
1,470
-1,941
Top Picks
*MFs
15
155
72,753
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
Blue Star
Capital Goods
Buy
683
867
26.9
Top Gainers
Price (`)
Chg (%)
Dewan Housing Finance
Financials
Accumulate
658
720
9.4
HDIL
26
11.6
Parag Milk Foods
Others
Buy
301
410
36.2
BALKRISIND
1335
8.8
Bata India
Others
Accumulate
1,005
1,080
7.4
KEI Industries
Capital Goods
Buy
393
589
49.9
ABFRL
193
8.0
More Top Picks on Pg4
WABAG
396
7.3
TIFHL
633
7.1
Key Upcoming Events
Previous
Consensus
Date
Region
Event Description
ReadingExpectations
Top Losers
Price (`)
Chg (%)
Aug 16, 2018 US
Initial Jobless claims
213
215
VAKRANGEE
42
-16.3
Aug 16, 2018 US
Housing Starts
1173
1260
Aug 16, 2018 US
ALBK
40
-6.3
Building permits
1292
1310
Aug 17, 2018 Euro Zone Euro-Zone CPI (YoY)
2.1
2.1
REDINGTON
90
-5.9
Aug 20, 2018 US
Existing home sales
5.38
5.45
RNAVAL
18
-5.0
More Events on Pg7
CHENNPETRO
309
-4.4
As on Aug 14, 2018
Market Outlook
Aug 16, 2018
News Analysis
Sebi disposes of adjudication proceedings against Arvind Lifestyle
Brands
Markets regulator Sebi on Tuesday disposed of a case against Arvind Lifestyle
Brands Ltd saying the adjudication proceedings pertained to an unlisted company
where it "has no jurisdiction".
Arvind Lifestyle was one of the clients of the registrar and transfer agent (RTA)
Sharepro Services (I) Pvt Ltd. Through an interim order passed in March
2016, Sebi had directed the clients of Sharepro to conduct a thorough audit of the
records and systems of the RTA within a period of three months and thereafter
submit a report to the regulator in this regard, among others.
According to a fresh ruling, Arvind Lifestyle failed to comply with the directions
issued by Sebi through the March 2016 order, following which the regulator
initiated adjudication proceedings against the firm.
"I find that the present adjudication proceedings are in respect of an unlisted
company where Sebi has no jurisdiction. In view of the same, I am of the opinion
that the allegation of failure to comply with the directions issued by... Sebi vide
order dated March 22, 2016 against the noticee (Arvind Lifestyle) does not stand
established, as the noticee is not listed on any stock exchange”, the regulator's
Adjudicating Officer K Saravanan said.
Accordingly, the regulator disposed of the adjudication proceedings against Arvind
Lifestyle.
1QFY2019 Results Sun Pharmaceuticals:
Sun Pharmaceuticals, for 1QFY2019 posted sales of `7,139cr, a yoy growth of
16%. The growth was led by India (`2,152cr), a yoy growth of 22.2%, USA
(`2,544cr), a yoy growth of 12.3%. On Constant Currency basis, US finished
dosage sales at US$380mn up by 8% yoy over 1QFY2019, emerging markets
sales at US$195mn up by 16% yoy over 1QFY2019, Rest of World sales at
US$107mn, de-growth of 7% over 1QFY2019. On profitability front, the GPM
came in at 70.5% in 1QFY2019 V/s 72.8% in 1QFY2018; still the OPM came in at
21.3% in 1QFY2019 V/s 17.1% in 1QFY2018. The OPM expanded in spite of the
GPM contraction, on back of the lower other expense which dipped by 1.3% yoy
and only a 7.8% yoy rise in employee expenses. Net profit for the quarter at
`983cr, resulting net margin of 13.8%. Net profit for the same quarter last year
was adversely impacted by settlement with certain plaintiffs related to the Modafinil
antitrust litigation in the US, with the settlement amounting to `951cr. Excluding
the impact of this settlement, adjusted net profit was up by 87% yoy over
1QFY2018. In plant related development, company received the Establishment
Inspection Report (EIR) from the US FDA for the Halol facility in June-2018. We
maintain our Neutral view on the stock.
Market Outlook
Aug 16, 2018
Economic and Political News
To tackle NPA problem, RBI puts 200 stressed bank accounts under scanner
India's biggest trade deficit in more than five years adds to rupee's woes
After wage hike, Assam tea workers may face retrenchment in coming months
Telecom Commission to discuss Trai's proposal on spectrum auction on Aug
31
Corporate News
FIIs flee as Jet struggles with debt, Q1 financials
RBI turns down Kotak Bank's stake dilution plan
Aluminium, Copper twin triggers for Hindalco, Novelis a key positive
TNL working on turnaround plan, focusing on asset sale, fund raising
NCLAT reserves order on Mistry's plea over conversion of Tata Sons' status
Marans ask Sun TV board to cap pay for current financial year at FY18 level
Market Outlook
Aug 16, 2018
Top Picks
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
Favorable outlook for the AC industry to augur well
for Cooling products business which is out pacing
Blue Star
6,624
688
867
26.1
the market growth. EMPPAC division's profitability
to improve once operating environment turns
around.
With a focus on the low and medium income (LMI)
consumer segment, the company has increased its
Dewan Housing Finance
19,219
612
720
17.6
presence in tier-II & III cities where the growth
opportunity is immense.
Well capitalized with CAR of 18.1% which gives
sufficient room to grow asset base. Faster
ICICI Bank
201,394
313
416
32.9
resolution of NPA would reduce provision cost,
which would help to report better ROE.
High order book execution in EPC segment, rising
KEI Industries
3,457
441
589
33.5
B2C sales and higher exports to boost the revenues
and profitability
Expected to benefit from the lower capex
Music Broadcast Limited
1,837
322
475
47.5
requirement and 15 year long radio broadcast
licensing.
Strong brands and distribution network would
Siyaram Silk Mills
2,631
561
851
51.6
boost growth going ahead. Stock currently trades
at an inexpensive valuation.
GST regime and the Gujarat plant are expected to
Maruti Suzuki
283,859
9,397
10,820
15.1
improve the company’s sales volume and margins,
respectively.
We expect loan book to grow at 24.3% over next
GIC Housing
1,865
346
591
70.7
two year; change in borrowing mix will help in NIM
improvement
Third largest brand play in luggage segment
Increased product offerings and improving
Safari Industries
1,796
806
870
8.0
distribution network is leading to strong growth in
business. Likely to post robust growth for next 3-4
years
We expect financialisation of savings and
Aditya Birla Capital
32,778
149
218
46.4
increasing penetration in Insurance & Mutual fund
would ensure steady growth.
One of the leading Indian dairy products
companies in India created strong brands in dairy
products. Rising revenue share of high-margin
Parag Milk Foods
2,736
325
410
26.0
Value Added Products and reduction in interest cost
is likely to boost margins and earnings in next few
years.
We expect MCL to report net revenue CAGR of
~15% to ~`450cr over FY2018-20E mainly due to
strong growth in online matchmaking & marriage
Matrimony.com Ltd
1,682
740
1,016
37.3
related services. On the bottom-line front, we
expect a CAGR of ~28% to `82cr over the same
period on the back margin improvement.
HDFC Bank maintained its steady growth in the
4QFY18. The bank’s net profit grew by 20.3%.
Steady growth in interest income and other income
HDFC Bank
569,179
2,132
2,350
10.2
aided PAT growth. The Strong liability franchise
and healthy capitalisation provides strong earning
visibility. At the current market price, the bank is
trading at 3.2x FY20E ABV.
Source: Company, Angel Research
Market Outlook
Aug 16, 2018
Continued...
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
We expect strong PAT growth on back of
healthy growth in automobile segment (on
back of new launches and facelifts in some of
M&M
1,18,663
952
1,050
10.0
the model ) and strong growth in Tractors
segment coupled by its strong brand recall
and improvement in rural sentiment
Market leader in the room air conditioner
(RAC) outsourced manufacturing space in India
with a market share of 55.4%. It is a one-stop
Amber Enterprises
2,955
940
1,230
31.0
solutions provider for the major brands in the
RAC industry and currently serves eight out of
the 10 top RAC brands in India
BIL is the largest footwear retailer in India,
offering footwear, accessories and bags across
brands. We expect BIL to report net PAT CAGR
of
~16% to
~`3115cr over FY2018-20E
Bata India
12,867
1000
1,080
8.0
mainly due to new product launches, higher
number of stores addition and focus on
women’s high growth segment and margin
improvement
SHTF is in the sweet spot with benefits from
stronger CV volumes, NIMs unaffected by
Shriram Transport Finance
rising bond yields on the back of stronger
31,959
1,320
1,764
33.6
pricing power and an enhancing ROE by
750bps over FY18-20E, supported by decline
in credit cost.
We expect JSPL’s top line to grow at
27%
CAGR over FY19-FY20 on the back of strong
steel demand and capacity addition. On the
Jindal Steel & Power Limited
19,693
199
327
64.3
bottom line front, we expect JSPL to turn in to
profit by FY19 on back of strong operating
margin improvement.
GMM Pfaudler Limited (GMM) is the Indian
market leader in glass-lined (GL) steel
equipment. GMM is expected to cross CAGR
GMM Pfaudler Ltd
1,490
1,040
1,100
5.8
15%+ in revenue over the next few years
mainly led by uptick in demand from user
industries and it is also expecting to increase its
share of non-GL business to 50% by 2020.
Aurobindo Pharmaceuticals, amongst the
Indian Pharmaceutical companies, is well
placed to face the challenging generic markets,
given its focus on achieving growth through
Aurobindo Pharmaceuticals
35,749
631
780
23.6
productivity. Aurobindo will report net revenue
& net profit CAGR of ~13% & ~8% resp.
during FY2018-20E. Valuations are cheap V/s
its peers and own fair multiples of 17-18x.
Well planned strategy to grow small business
loans and cross-selling would propel fees
Yes Bank
88,000
382
435
13.9
income. We expect YES to grow its advance
much higher than industry and improvement in
asset quality to support profitability.
We believe advance to grow at a healthy
CAGR of 35% over FY18-20E. Below peers
RBL Bank
23,763
562
670
19.2
level ROA
(1.2% FY18) to expand led by
margin expansion and lower credit cost.
TTK Prestige has emerged as one of the
leading brands in kitchen appliances in India
after its successful transformation from a single
TTK Prestige
7,200
6,170
7,500
21.5
product company to offering an entire gamut
of home and kitchen appliances. We are
expecting a CAGR of 18% in revenue and 25%
in PAT over FY2018-20.
Source: Company, Angel Research
Market Outlook
Aug 16, 2018
Continued...
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
We expect Inox Wind to report exponential
growth in top-line and bottom-line over FY19-
20E. The growth would be led by changing
renewable energy industry dynamics in favor of
Inox Winds
2,172
96
127
32.9
wind energy segment viz. changes in auction
regime from Feed-In-Tariff (FIT) to reverse
auction regime and Government’s guidance for
10GW auction in FY19 and FY20 each.
Source: Company, Angel Research
Fundamental Call
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
CCL is likely to maintain the strong growth
CCL Products
3,384
254
360
41.5
trajectory over FY18-20 backed by capacity
expansion and new geographical foray
We forecast Nilkamal to report top-line CAGR of
~9% to `2,635cr over FY17-20E on the back of
Nilkamal
2,656
1,794
2,178
21.4
healthy demand growth in plastic division. On the
bottom-line front, we estimate
~10% CAGR to
`162cr owing to improvement in volumes.
Elantas Beck India is the Indian market leader in
liquid insulation segment used in electrical
equipments like motors, transformers etc. It derives
Elantas Beck India Ltd
1,570
1,980
2,500
26.2
demand from several industries which are expected
to register 10%+ CAGR in demand in the coming
years.
Greenply Industries Ltd (GIL) manufactures plywood
& allied products and medium density fibreboards
(MDF). GIL to report net revenue CAGR of ~14% to
Greenply Industries
2,424
198
333
68.2
~`2,478cr over FY2017-20E mainly due to healthy
growth in plywood & lamination business on the
back of strong brand and distribution network
L&T Fin’s new management is on track to achieve
L&T Finance Holding
35,797
179
210
17.3
ROE of 18% by 2020 and recent capital infusion of
`3000cr would support advance growth.
Market Outlook
Aug 16, 2018
Key Upcoming Events
Global economic events release calendar
Bloomberg Data
Date
Time Country
Event Description
Unit
Period
Last Reported
Estimated
Aug 16, 2018
6:00 PMUS
Initial Jobless claims
Thousands
Aug 11
213.00
6:00 PMUS
Housing Starts
Thousands
Jul
1,173.00
1,273.00
6:00 PMUS
Building permits
Thousands
Jul
1,292.00
1,308.00
Aug 17, 2018
7:30 PMUS
Existing home sales
Million
Jul
5.38
5.43
Aug 22, 2018
2:30 PMEuro Zone Euro-Zone CPI (YoY)
%
Jul F
2.10
2.10
Aug 23, 2018
1:00 PMGermany PMI Services
Value
Aug P
54.10
1:00 PMGermany PMI Manufacturing
Value
Aug P
56.90
7:30 PMEuro Zone Euro-Zone Consumer Confidence
Value
Aug A
(0.60)
7:30 PMUS
New home sales
Thousands
Jul
631.00
650.00
Aug 28, 2018
7:30 PMUS
Consumer Confidence
S.A./ 1985=100
Aug
127.40
Aug 29, 2018
6:00 PMUS
GDP Qoq (Annualised)
% Change
2Q S
4.10
Aug 30, 2018
1:25 PMGermany Unemployment change (000's)
Thousands
Aug
(6.00)
Aug 31, 2018
6:30 AMChina
PMI Manufacturing
Value
Aug
51.20
Sep 03, 2018
6:00 PMUS
Change in Nonfarm payrolls
Thousands
Aug
157.00
Sep 07, 2018
6:00 PMUS
Unnemployment rate
%
Aug
3.90
China
Exports YoY%
% Change
Aug
12.20
Sep 08, 2018
2:00 PMUK
PMI Manufacturing
Value
Aug
54.00
Source: Bloomberg, Angel Research
Market Outlook
Aug 16, 2018
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
10.0
9.0
8.5
9.1
8.0
7.3
7.5
9.0
6.9
7.0
8.0
8.1
7.6
7.6
7.7
7.0
8.0
7.2
6.8
7.0
6.0
5.3
7.0
4.8
4.8
6.1
6.3
5.0
4.1
5.6
3.9
6.0
4.0
5.0
3.0
1.8
4.0
2.0
1.0
3.0
-
Source: CSO, Angel Research
Source: MOSPI, Angel Research
Exhibit 3: Monthly CPI inflation trends
Exhibit 4: Manufacturing and services PMI
(%)
z
6.0
56.0
Mfg. PMI
Services PMI
5.2
5.1
4.9
4.9
4.9
4.6
54.0
5.0
4.4
4.3
4.2
52.0
4.0
3.6
3.3
3.3
50.0
3.0
48.0
2.0
46.0
1.0
44.0
42.0
-
40.0
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
35.0
7.00
30.0
6.50
25.0
6.00
20.0
5.50
15.0
5.00
10.0
4.50
5.0
4.00
0.0
3.50
(5.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
Aug 16, 2018
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
8.0
(%)
6.9
7.0
5.8
6.0
5.3
5.0
5.0
1.1
3.7
4.0
2.5
3.0
2.2
1.8
2.0
1.5
1.4
0.8
1.0
0.3
-
Source: Bloomberg, Angel Research
Exhibit 2: 2017 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
6.7
6.8
7.0
6.0
5.4
5.2
5.0
3.7
4.0
3.0
1.8
2.2
2.0
1.7
1.6
1.5
2.0
0.7
0.7
1.0
-
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
(x)
25.0
20.0
15.0
10.0
5.0
-
Source: IMF, Angel Research
Market Outlook
Aug 16, 2018
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
77,496
2.8
(10.9)
14.6
Russia
Micex
4,248
1.4
7.1
11.4
India
Nifty
11,356
3.0
5.1
15.6
China
Shanghai Composite
2,786
(1.8)
(12.2)
(14.9)
South Africa
Top 40
51,821
1.9
0.0
6.7
Mexico
Mexbol
48,767
(1.3)
4.0
(5.0)
Indonesia
LQ45
923
(0.8)
(3.7)
(5.2)
Malaysia
KLCI
1,783
4.7
(3.4)
0.7
Thailand
SET 50
1,129
5.5
(2.6)
12.3
USA
Dow Jones
25,188
2.5
2.3
15.8
UK
FTSE
7,642
(0.1)
(0.9)
3.5
Japan
Nikkei
21,857
(0.3)
(4.4)
9.5
Germany
DAX
12,359
(1.2)
(4.9)
1.5
France
CAC
5,412
(0.2)
(2.8)
4.9
Source: Bloomberg, Angel Research as on 14 August, 2018
Market Outlook
Aug 16, 2018
Exhibit 7: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
10-08-2018
Top Picks
Inox Wind
107
127
Open
09-08-2018
Top Picks
TTK Prstige
6,206
7,500
Open
06-07-2018
Top Picks
Aurobindo Pharma
603
780
Open
06-07-2018
Top Picks
RBL Bank
565
670
Open
06-07-2018
Top Picks
Yes Bank
348
418
Open
30-06-2018
Top Picks
Jindal Steel & Power
222
350
Open
20-06-2018
Top Picks
Shriram Transport Finance Com
1,466
1,764
Open
30-07-2018
Top Picks
Bata India
918
1,007
Open
23-07-2018
Top Picks
Bata India
842
955
01-07-2018
Top Picks
Bata India
862
948
18-06-2018
Top Picks
Bata India
779
896
14-06-2018
Top Picks
Amber Enterprises
1,026
1,230
Open
07-06-2018
Top Picks
M&M
918
1050
Open
04-05-2018
Top Picks
M&M
860
990
03-05-2018
Fundamental
L&T Finance Holding
171
210
Open
02-05-2018
Top Picks
HDFC Bank
1944
2315
Open
04-05-2018
Top Picks
Matrimony.com Ltd
810
1016
Open
20-04-2018
Top Picks
Matrimony.com Ltd
781
984
15-05-2018
Top Picks
Parag Milk Foods Limited
310
410
Open
16-04-2018
Top Picks
Parag Milk Foods Limited
249
333
07-08-2018
Top Picks
GMM Pfaudler Limited
984
1,100
Open
29-06-2018
Fundamental
GMM Pfaudler Limited
932
1,020
14-05-2018
Fundamental
GMM Pfaudler Limited
818
900
06-04-2018
Fundamental
GMM Pfaudler Limited
712
861
07-03-2018
Fundamental
Ashok Leyland Ltd
139
163
Closed (26/04/2018)
03-03-2018
Fundamental
Greenply Industries
340
395
Open
07-08-2018
Top Picks
Safari Industries
788
870
Open
16-07-2018
Top Picks
Safari Industries
693
800
16-04-2018
Top Picks
Safari Industries
651
750
21-02-2018
Top Picks
Safari Industries
532
650
31-05-2018
Top Picks
HSIL Ltd
348
Closed (31/05/2018)
16-02-2018
Top Picks
HSIL Ltd
433
510
07-02-2018
Fundamental
Elantas Beck India Ltd.
2155
2500
Open
01-02-2018
Top Picks
ICICI Bank
352
416
Open
01-02-2018
Top Picks
Aditya Birla Capital
167
218
Open
04-01-2018
Fundamental
CCL Products
278
360
Open
03-01-2018
Fundamental
Nilkamal Ltd
1880
2178
Open
01-01-2018
Fundamental
Capital First Ltd
693
850
Closed (15/01/2018)
30-12-2017
Fundamental
Shreyans Industries Ltd
205
247
Closed
Fundamental
Prism Cement Ltd
160
Closed (09/05/2018)
21-12-2017
Fundamental
Prism Cement Ltd
118
131
18-12-2017
Fundamental
Menon Bearings Limited
92
114
Closed (17/01/2018)
14-12-2017
Top Picks
Ruchira Papers Ltd.
188
244
Closed (09/02/2018)
17-05-2018
Top Picks
Century Plyboards India
280
Closed(17/05/2018)
28-11-2017
Top Picks
Century Plyboards India
317
400
19-12-2017
Top Picks
LT Foods
85
Closed(18/06/2018)
Source: Company, Angel Research
Market Outlook
Aug 16, 2018
Exhibit 8: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
06-11-2017
Top Picks
LT Foods
74
96
16-10-2017
FundamentalEndurance Technologies Ltd
1111
1277
Closed (01/12/2017)
11-09-2017
Top Picks
GIC Housing
533
655
Open
10-10-2017
Top Picks
Music Broadcast Limited
404
475
Open
20-07-2017
Top Picks
Music Broadcast Limited
368
434
07-07-2017
Fundamental L&T Finance Holdings Ltd
149
179
Closed (28/8/2017)
06-07-2017
Fundamental
Syngene International
478
564
Closed (1/3/2018)
05-07-2017
Top Picks
Maruti
7371
10619
Open
05-06-2017
Top Picks
Karur Vysya Bank
127
100
Closed (12/03/2018)
23-05-2018
Top Picks
KEI Industries
481
589
Open
04-01-2017
Top Picks
KEI Industries
125
485
31-05-2018
Top Picks
Alkem Lab
1978
Closed (31/05/2018)
01-12-2016
Top Picks
Alkem Lab
1700
2441
17-10-2016
Top Picks
Asian Granito
267
534
Closed (18/02/2018)
17-05-2018
Top Picks
TV Today Network
460
Closed (17/05/2018)
04-08-2016
Top Picks
TV Today Network
297
603
05-04-2016
Top Picks
DHFL
189
720
Open
25-06-2018
Top Picks
Navkar Corporation
207
Closed(25/06/2018)
05-01-2016
Top Picks
Navkar Corporation
207
265
Open
08-12-2015
Top Picks
Blue Star
357
867
Open
30-10-2015
Top Picks
Siyaram Silk Mills
186
851
Open
Source: Company
Market Outlook
Aug 16, 2018
Research Team Tel: 022 - 39357800
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