Market Outlook
March 20, 2017
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open with a flat to positive bias tracking the SGX Nifty.
BSE Sensex
0.2
63
29,649
U.S. Markets closed mixed Friday, dragged down by declines in financial and health
Nifty
0.1
6
9,160
care stocks.
Mid Cap
(0.1)
(19)
13,893
The European markets got off to a weak start Friday, but climbed into positive
Small Cap
0.0
6
14,013
territory by midday. The markets finished little changed overall after the weak start
Bankex
(0.5)
(113)
24,151
on Wall Street dragged the European markets back near the flat line.
Indian markets pared early gains to end marginally higher on Friday as the rupee
Global Indices
Chg (%)
(Pts)
(Close)
weakened and caution crept in ahead of a G20 finance ministers' meeting set to be
Dow Jones
(0.1)
(20)
20,915
dominated by debate on protectionism.
Nasdaq
0.0
0
5,901
News Analysis
FTSE
0.1
9
7,425
Nikkei
(0.3)
(69)
19,522
Marico buys 45% stake in Zed Lifestyle
Hang Seng
0.1
22
24,310
Detailed analysis on Pg2
Shanghai Com
(1.0)
(31)
3,237
Investor’s Ready Reckoner
Key Domestic & Global Indicators
Advances / Declines
BSE
NSE
Stock Watch: Latest investment recommendations on 150+ stocks
Advances
1,247
711
Refer Pg5 onwards
Declines
1,600
961
Unchanged
196
76
Top Picks
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
Volumes (` Cr)
Amara Raja Batteries Auto & Auto Ancillary
Buy
877
1,009
15.1
BSE
4,595
HCL Tech
IT
Buy
865
1,000
15.6
Power Grid Corp.
Power
Accumulate
195
223
14.7
NSE
31,810
Navkar Corp.
Others
Buy
178
265
48.9
KEI Industries
Others
Buy
171
207
20.8
Net Inflows (` Cr)
Net
Mtd
Ytd
More Top Picks on Pg3
FII
1,424
16,090
26,529
Key Upcoming Events
MFs
55
(969)
6,101
Previous
Consensus
Date
Region
Event Description
Reading
Expectations
Mar 21, 2017 UK
CPI (YoY)
1.80
2.10
Top Gainers
Price (`)
Chg (%)
Mar 22, 2017 US
Existing home sales
5.69
5.56
Sadbhav
309
6.1
Mar 23, 2017 Euro Zone Euro-Zone Consumer Confidence
(6.20)
(5.80)
M&Mfin
311
5.7
Mar 23, 2017 US
Initial Jobless claims
241.00
240.00
Torntpharm
1,448
5.5
Mar 23, 2017 US
New home sales
555.00
565.00
Rtnpower
8
5.3
Mar 24, 2017 US
Consumer Confidence
114.80
113.00
Tataelxsi
1,517
4.9
Mar 24, 2017 Germany PMI Services
54.40
54.50
More Events on Pg4
Top Losers
Price (`)
Chg (%)
Jpassociat
14
(5.7)
Idea
108
(4.5)
Crisil
1,890
(4.1)
Bhartiartl
347
(3.7)
Cholafin
962
(3.2)
As on March 17, 2017
Market Outlook
March 20, 2017
News Analysis
Marico buys 45% stake in Zed Lifestyle
Consumer products maker Marico has bought a strategic
45% stake in
Ahmadabad-based Zed Lifestyle for an undisclosed sum. According to
management, the company taps into the fast growing online male grooming
segment. The equity stake shall be acquired over two years through primary
infusion and secondary buy outs.
Zed Lifestyle owns Beardo, a male grooming brand founded in June 2016. Beardo
have product lines such as growth oil, wax and shampoo for beard, wax and
serum for hair, lotion, soap and facewash for skin.
It has a strong presence in online trade and earns almost 75% of revenue from this
channel .This partnership will help us access the emerging niches at the premium
end and will turbocharge our digital marketing and social media engagement
capability. This is also in line with our emerging focus of venture investments into
start-ups to incubate new engines of growth as per company. Marico is present in
India through its Set Wet brand in the mass segment and has plans to expand into
categories beyond deodorants and gel.
Economic and Political News
Iron ore production in Odisha has reached all-time high of 94 mt
GST can push up GDP by 150-200 bps: Deepak Parekh
Textile exports slump 4.5% to $26 bn in April-December
Corporate News
NTPC clocks highest ever annual power generation at 263.95 billion unit
Blue Star to beat industry growth with new AC models in FY18
Reliance Capital to monetise non-core investments by March 2018
Market Outlook
March 20, 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
14,977
877
1,009
15.1
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
24,174
2,022
2,257
11.6
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
1,22,113
865
1,000
15.6
the bad news.
Back on the growth trend, expect a long term growth of 14%
Infosys
2,38,882
1,040
1,249
20.1
to be a US$20bn in FY2020.
Strong order backlog and improvement in execution would
Larsen & Tourbo
1,44,675
1,551
1,700
9.6
trigger the growth for the L&T.
One of the largest pharma companies with strong
Lupin
65,630
1,454
1,809
24.5
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
1,01,754
195
223
14.7
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
980
326
351
7.7
owing to better product mix, higher B2C sales and
amalgamation synergy.
Among the top 4 players in the consumer durables segment.
Bajaj Electricals
3,116
308
330
7.2
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
5,592
585
634
8.4
growth. EMPPAC division's profitability to improve once
operating environment turns around.
Strong loan growth backed by diversified loan portfolio and
Equitas Holdings
5,610
166
235
41.4
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
5,814
178
225
26.5
radio business (Radio City) would also boost the company's
revenue growth.
High order book execution in EPC segment, rising B2C sales
KEI Industries
1,333
171
207
20.8
and higher exports to boost the revenues and profitability
Speedier execution and speedier sales, strong revenue visibilty
Mahindra Lifespace
1,560
380
522
37.3
in short-to-long run, attractive valuations
Higher growth in domestic branded sales and healthy export
Mirza International
1,086
90
107
18.6
to boost the profitability.
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,538
178
265
48.9
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
1,522
255
344
34.8
and anticipated growth in ad spends by corporates to benefit
the stock.
Source: Company, Angel Research
Market Outlook
March 20, 2017
Key Upcoming Events
Global economic events release calendar
Bloomberg Data
Date
Time
Country
Event Description
Unit
Period
Last Reported
Estimated
Mar 21, 2017
3:00 PM UK
CPI (YoY)
% Change
Feb
1.80
2.10
Mar 22, 2017
7:30 PM US
Existing home sales
Million
Feb
5.69
5.56
Mar 23, 2017
8:30 PM Euro Zone Euro-Zone Consumer Confidence
Value
Mar A
-6.20
-5.80
6:00 PM US
Initial Jobless claims
Thousands
Mar 18
241.00
240.00
7:30 PM US
New home sales
Thousands
Feb
555.00
565.00
Mar 24, 2017
7:30 PM US
Consumer Confidence
S.A./ 1985=100
Mar
114.80
113.00
2:00 PM Germany
PMI Services
Value
Mar P
54.40
54.50
Mar 28, 2017
2:00 PM Germany
PMI Manufacturing
Value
Mar P
56.80
56.50
Mar 30, 2017
6:00 PM US
GDP Qoq (Annualised)
% Change
4Q T
1.90
1.90
Mar 31, 2017
1:25 PM Germany
Unemployment change (000's)
Thousands
Mar
-14.00
6:30 AM China
PMI Manufacturing
Value
Mar
51.60
51.20
2:00 PM UK
GDP (YoY)
% Change
4Q F
2.00
Apr 03, 2017
2:00 PM UK
PMI Manufacturing
Value
Mar
54.60
Apr 06, 2017
2:30 PM India
RBI Reverse Repo rate
%
Apr 6
5.75
2:30 PM India
RBI Repo rate
%
Apr 6
6.25
2:30 PM India
RBI Cash Reserve ratio
%
Apr 6
4.00
April 07, 2017
2:00 PM UK
Industrial Production (YoY)
% Change
Feb
3.20
6:00 PM US
Unnemployment rate
%
Mar
4.70
4.70
6:00 PM US
Change in Nonfarm payrolls
Thousands
Mar
235.00
175.00
Apr 10, 2017
India
Imports YoY%
% Change
Mar
21.76
India
Exports YoY%
% Change
Mar
17.48
Apr 12, 2017
2:00 PM UK
Jobless claims change
% Change
Mar
(11.30)
5:30 PM India
Industrial Production YoY
% Change
Feb
2.70
7:00 AM China
Consumer Price Index (YoY)
% Change
Mar
0.80
Source: Bloomberg, Angel Research
Market Outlook
March 20, 2017
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
8.4
8.6
7.0
8.3
5.7
7.7
7.8
6.0
8.0
7.4
7.2
5.0
6.8
6.9
7.0
7.0
4.0
2.7
6.0
3.0
2.2
6.0
5.6
1.3
2.0
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
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
1.0
44.0
-
42.0
Source: MOSPI, Angel Research
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends
Exhibit 6: Key policy rates
(%)
Exports yoy growth
Imports yoy growth
(%)
Repo rate
Reverse Repo rate
CRR
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
Market Outlook
March 20, 2017
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.8
0.7
5.3
6.0
4.9
4.5
4.0
3.0
2.0
1.9
1.2
1.2
1.6
2.0
-
(2.0)
(2.5)
(0.4)
(4.0)
Source: Bloomberg, Angel Research
Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
10.0
7.6
8.0
6.6
6.0
4.9
4.3
4.0
3.2
1.8
1.7
1.6
1.3
2.0
(0.8)
0.5
(3.3)
0.1
-
(2.0)
(4.0)
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
(x)
25.0
20.0
15.0
10.0
5.0
-
Source: IMF, Angel Research
Market Outlook
March 20, 2017
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
64,210
(4.1)
8.3
34.4
Russia
Micex
2,037
(5.8)
(8.6)
7.0
India
Nifty
9,160
4.0
11.9
22.4
China
Shanghai Composite
3,237
0.8
0.1
11.6
South Africa
Top 40
45,309
(0.2)
2.6
(2.3)
Mexico
Mexbol
48,593
3.0
7.7
6.5
Indonesia
LQ45
923
3.3
4.5
10.1
Malaysia
KLCI
1,745
2.1
6.3
2.9
Thailand
SET 50
988
0.4
4.0
9.2
USA
Dow Jones
20,915
2.0
5.0
18.8
UK
FTSE
7,425
1.7
6.8
20.1
Japan
Nikkei
19,522
0.4
1.4
17.3
Germany
DAX
12,095
2.6
6.1
22.8
France
CAC
5,029
2.1
4.1
13.2
Source: Bloomberg, Angel Research
Stock Watch
March 20, 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
6,577.0
6,907.0
Agri / Agri Chemical
Rallis
Neutral
247
-
4,796
1,937
2,164
13.3
14.3
9.0
11.0
27.4
22.4
4.8
4.2
18.4
19.8
2.5
2.2
United Phosphorus
Neutral
717
-
36,364
15,176
17,604
18.5
18.5
37.4
44.6
19.2
16.1
3.8
3.1
21.4
21.2
2.5
2.1
Auto & Auto Ancillary
Ashok Leyland
Buy
91
111
25,841
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
2,914
-
84,316
25,093
27,891
19.5
19.2
143.9
162.5
20.3
17.9
5.7
4.9
30.3
29.4
3.1
2.7
Bharat Forge
Neutral
1,035
-
24,092
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
Eicher Motors
Neutral
24,691
-
67,186
16,583
20,447
17.5
18.0
598.0
745.2
41.3
33.1
14.1
10.7
41.2
38.3
3.9
3.1
Gabriel India
Accumulate
116
130
1,672
1,544
1,715
9.0
9.3
5.4
6.3
21.6
18.5
4.1
3.6
18.9
19.5
1.0
0.9
Hero Motocorp
Neutral
3,345
-
66,804
28,083
30,096
15.3
15.7
171.8
187.0
19.5
17.9
6.8
5.7
30.1
27.9
2.2
2.0
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
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
1,303
-
80,938
46,534
53,077
11.6
11.7
67.3
78.1
19.4
16.7
3.2
2.8
15.4
15.8
1.7
1.5
Maruti
Accumulate
6,189
6,560
186,957
67,822
83,288
16.0
16.4
253.8
312.4
24.4
19.8
5.6
4.5
23.0
22.9
2.4
1.9
Minda Industries
Neutral
431
-
3,415
2,728
3,042
9.0
9.1
68.2
86.2
6.3
5.0
1.4
1.1
23.8
24.3
1.3
1.1
Motherson Sumi
Neutral
366
-
51,392
45,896
53,687
7.8
8.3
13.0
16.1
28.1
22.7
9.1
7.2
34.7
35.4
1.2
1.0
Rane Brake Lining
Neutral
946
-
748
511
562
11.3
11.5
28.1
30.9
33.7
30.6
5.1
4.7
15.3
15.0
1.6
1.5
Setco Automotive
Neutral
35
-
469
741
837
13.0
13.0
15.2
17.0
2.3
2.1
0.4
0.3
15.8
16.3
1.0
0.9
Tata Motors
Neutral
476
-
137,539
300,209
338,549
8.9
8.4
42.7
54.3
11.2
8.8
1.8
1.5
15.6
17.2
0.6
0.5
TVS Motor
Neutral
442
-
21,020
13,390
15,948
6.9
7.1
12.8
16.5
34.7
26.7
8.6
6.8
26.3
27.2
1.6
1.3
Amara Raja Batteries
Buy
877
1,009
14,977
5,305
6,100
16.0
16.3
28.4
34.0
30.9
25.8
6.0
5.0
19.3
19.3
2.8
2.5
Exide Industries
Neutral
219
-
18,590
7,439
8,307
15.0
15.0
8.1
9.3
27.0
23.5
3.8
3.4
14.3
16.7
2.1
1.9
Apollo Tyres
Buy
199
235
10,125
12,877
14,504
14.3
13.9
21.4
23.0
9.3
8.7
1.4
1.3
16.4
15.2
1.0
0.9
Ceat
Accumulate
1,267
1,450
5,125
7,524
8,624
13.0
12.7
131.1
144.3
9.7
8.8
1.8
1.5
19.8
18.6
0.8
0.7
JK Tyres
Neutral
129
-
2,935
7,455
8,056
15.0
15.0
21.8
24.5
5.9
5.3
1.2
1.0
22.8
21.3
0.5
0.4
Swaraj Engines
Neutral
1,373
-
1,706
660
810
15.2
16.4
54.5
72.8
25.2
18.9
7.9
7.1
31.5
39.2
2.4
1.9
Subros
Neutral
194
-
1,164
1,488
1,681
11.7
11.9
6.4
7.2
30.3
27.1
3.2
2.9
10.8
11.4
1.0
0.9
Indag Rubber
Neutral
194
-
509
286
326
19.8
16.8
11.7
13.3
16.6
14.6
2.8
2.6
17.8
17.1
1.4
1.3
Capital Goods
ACE
Neutral
54
-
532
709
814
4.1
4.6
1.4
2.1
38.4
25.6
1.6
1.5
4.4
6.0
0.9
0.8
Stock Watch
March 20, 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
BEML
Neutral
1,313
-
5,467
3,451
4,055
6.3
9.2
31.4
57.9
41.8
22.7
2.5
2.3
6.3
10.9
1.7
1.4
Bharat Electronics
Buy
162
1,414
36,095
8,137
9,169
16.8
17.2
58.7
62.5
2.8
2.6
0.4
0.4
44.6
46.3
3.4
3.1
Voltas
Neutral
389
-
12,860
6,511
7,514
7.9
8.7
12.9
16.3
30.1
23.8
5.4
4.8
16.7
18.5
1.7
1.5
BGR Energy
Neutral
142
-
1,025
16,567
33,848
6.0
5.6
7.8
5.9
18.2
24.1
1.0
1.0
4.7
4.2
0.2
0.1
BHEL
Neutral
168
-
41,218
28,797
34,742
-
2.8
2.3
6.9
73.2
24.4
1.2
1.2
1.3
4.8
1.1
0.8
Blue Star
Accumulate
585
634
5,592
4,283
5,077
5.9
7.3
14.9
22.1
39.3
26.4
7.6
6.4
20.4
26.4
1.4
1.1
CG Power and Industrial
Neutral
73
-
4,594
5,777
6,120
5.9
7.0
3.3
4.5
22.2
16.3
1.0
0.9
4.4
5.9
0.8
0.6
Solutions
Greaves Cotton
Neutral
166
-
4,059
1,755
1,881
16.8
16.9
7.8
8.5
21.3
19.6
4.3
4.0
20.6
20.9
2.0
1.8
Inox Wind
Neutral
182
-
4,043
5,605
6,267
15.7
16.4
24.8
30.0
7.4
6.1
2.1
1.5
25.9
24.4
0.8
0.6
KEC International
Neutral
172
-
4,423
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
1,333
2,682
3,058
10.4
10.0
11.7
12.8
14.6
13.4
2.9
2.4
20.1
18.2
0.7
0.6
Thermax
Neutral
907
-
10,810
5,421
5,940
7.3
7.3
25.7
30.2
35.3
30.0
4.3
3.9
12.2
13.1
1.9
1.7
VATech Wabag
Accumulate
603
681
3,289
3,136
3,845
8.9
9.1
26.0
35.9
23.2
16.8
2.9
2.5
13.4
15.9
1.0
0.8
Cement
ACC
Neutral
1,410
-
26,483
11,225
13,172
13.2
16.9
44.5
75.5
31.7
18.7
3.0
2.8
11.2
14.2
2.4
2.0
Ambuja Cements
Neutral
234
-
46,494
9,350
10,979
18.2
22.5
5.8
9.5
40.4
24.7
3.4
3.0
10.2
12.5
5.0
4.2
India Cements
Neutral
160
-
4,926
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
1.7
JK Cement
Neutral
888
-
6,209
4,398
5,173
15.5
17.5
31.2
55.5
28.5
16.0
3.4
3.0
12.0
15.5
2.0
1.6
J K Lakshmi Cement
Neutral
425
-
5,000
2,913
3,412
14.5
19.5
7.5
22.5
56.7
18.9
3.5
2.9
12.5
18.0
2.3
1.9
Orient Cement
Neutral
139
-
2,843
2,114
2,558
18.5
20.5
8.1
11.3
17.1
12.3
2.5
2.1
9.0
14.0
2.0
1.5
UltraTech Cement
Neutral
4,035
-
110,767
25,768
30,385
21.0
23.5
111.0
160.0
36.4
25.2
4.6
4.1
13.5
15.8
4.4
3.7
Construction
ITNL
Neutral
106
-
3,484
8,946
10,017
31.0
31.6
8.1
9.1
13.1
11.6
0.5
0.5
4.2
5.0
3.7
3.5
KNR Constructions
Neutral
180
-
2,537
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
1,551
1,700
144,675
111,017
124,908
11.0
11.0
61.1
66.7
25.4
23.2
3.1
2.8
13.1
12.9
2.3
2.2
Gujarat Pipavav Port
Neutral
165
-
7,955
705
788
52.2
51.7
5.0
5.6
32.9
29.4
3.3
2.9
11.2
11.2
10.9
9.3
Nagarjuna Const.
Neutral
82
-
4,570
8,842
9,775
9.1
8.8
5.3
6.4
15.5
12.8
1.2
1.1
8.2
9.1
0.7
0.6
PNC Infratech
Buy
113
143
2,892
2,350
2,904
13.1
13.2
9.0
8.8
12.5
12.8
0.5
0.4
15.9
13.9
1.3
1.1
Simplex Infra
Neutral
301
-
1,489
6,829
7,954
10.5
10.5
31.4
37.4
9.6
8.1
1.0
0.9
9.9
13.4
0.6
0.5
Power Mech Projects
Neutral
511
-
751
1,801
2,219
12.7
14.6
72.1
113.9
7.1
4.5
1.3
1.1
16.8
11.9
0.4
0.3
Sadbhav Engineering
Neutral
307
-
5,275
3,598
4,140
10.3
10.6
9.0
11.9
34.2
25.8
3.6
3.1
9.9
11.9
1.8
1.5
Stock Watch
March 20, 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
NBCC
Neutral
179
-
16,119
7,428
9,549
7.9
8.6
8.2
11.0
21.8
16.3
1.1
0.9
28.2
28.7
1.9
1.4
MEP Infra
Neutral
49
-
798
1,877
1,943
30.6
29.8
3.0
4.2
16.4
11.7
7.9
5.3
0.6
0.6
1.8
1.6
SIPL
Neutral
94
-
3,325
1,036
1,252
65.5
66.2
(8.4)
(5.6)
3.5
4.0
(22.8)
(15.9)
11.4
9.5
Engineers India
Neutral
155
-
10,428
1,725
1,935
16.0
19.1
11.4
13.9
13.6
11.1
1.9
1.8
13.4
15.3
5.0
4.5
Financials
Axis Bank
Accumulate
517
580
123,733
46,932
53,575
3.5
3.4
32.4
44.6
16.0
11.6
2.1
1.8
13.6
16.5
-
-
Bank of Baroda
Neutral
165
-
37,996
19,980
23,178
1.8
1.8
11.5
17.3
14.3
9.5
1.6
1.4
8.3
10.1
-
-
Canara Bank
Neutral
292
-
15,880
15,225
16,836
1.8
1.8
14.5
28.0
20.2
10.4
1.4
1.1
5.8
8.5
-
-
Can Fin Homes
Neutral
2,094
-
5,574
420
526
3.5
3.5
86.5
107.8
24.2
19.4
5.2
4.3
23.6
24.1
-
-
Cholamandalam Inv. &
Buy
963
1,230
15,047
2,012
2,317
6.3
6.3
42.7
53.6
22.6
18.0
3.6
3.1
16.9
18.3
-
-
Fin. Co.
Dewan Housing Finance Neutral
357
-
11,192
2,225
2,688
2.9
2.9
29.7
34.6
12.0
10.3
1.9
1.7
16.1
16.8
-
-
Equitas Holdings
Buy
166
235
5,610
939
1,281
11.7
11.5
5.8
8.2
28.7
20.3
2.5
2.2
10.9
11.5
-
-
Federal Bank
Neutral
87
-
15,007
8,259
8,995
3.0
3.0
4.3
5.6
20.3
15.6
1.7
1.6
8.5
10.1
-
-
HDFC
Neutral
1,451
-
230,252
11,475
13,450
3.4
3.4
45.3
52.5
32.0
27.6
6.2
5.5
20.2
20.5
-
-
HDFC Bank
Neutral
1,426
-
365,067
46,097
55,433
4.5
4.5
58.4
68.0
24.4
21.0
4.3
3.6
18.8
18.6
-
-
ICICI Bank
Accumulate
281
315
163,483
42,800
44,686
3.1
3.3
18.0
21.9
15.6
12.8
2.1
2.0
11.1
12.3
-
-
Lakshmi Vilas Bank
Accumulate
165
174
3,155
3,339
3,799
2.7
2.8
11.0
14.0
15.0
11.8
1.6
1.4
11.2
12.7
-
-
LIC Housing Finance
Accumulate
587
630
29,598
3,712
4,293
2.6
2.5
39.0
46.0
15.0
12.8
2.8
2.4
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
145
-
30,824
23,532
23,595
2.3
2.4
6.8
12.6
21.3
11.5
3.3
2.3
3.3
6.5
-
-
RBL Bank
Neutral
487
-
17,997
1,783
2,309
2.6
2.6
12.7
16.4
38.3
29.7
4.2
3.7
12.8
13.3
-
-
Repco Home Finance
Buy
708
825
4,429
388
457
4.5
4.2
30.0
38.0
23.6
18.6
3.9
3.3
18.0
19.2
-
-
South Ind.Bank
Neutral
21
-
2,772
6,435
7,578
2.5
2.5
2.7
3.1
7.6
6.6
1.0
0.8
10.1
11.2
-
-
St Bk of India
Neutral
274
-
218,554
88,650
98,335
2.6
2.6
13.5
18.8
20.3
14.6
1.9
1.7
7.0
8.5
-
-
Union Bank
Neutral
154
-
10,566
13,450
14,925
2.3
2.3
25.5
34.5
6.0
4.5
0.9
0.8
7.5
10.2
-
-
Yes Bank
Neutral
1,508
-
63,888
8,978
11,281
3.3
3.4
74.0
90.0
20.4
16.8
3.9
3.3
17.0
17.2
-
-
FMCG
Akzo Nobel India
Accumulate
1,604
1,720
7,693
2,955
3,309
13.3
13.7
57.2
69.3
28.1
23.1
9.2
7.7
32.7
33.3
2.4
2.1
Asian Paints
Neutral
1,078
-
103,402
17,128
18,978
16.8
16.4
19.1
20.7
56.4
52.1
19.6
18.5
34.8
35.5
6.0
5.4
Britannia
Accumulate
3,240
3,626
38,885
9,594
11,011
14.6
14.9
80.3
94.0
40.4
34.5
16.6
12.8
41.2
-
3.9
3.4
Colgate
Neutral
989
-
26,905
4,605
5,149
23.4
23.4
23.8
26.9
41.6
36.8
23.0
18.0
64.8
66.8
5.8
5.1
Dabur India
Accumulate
278
304
48,979
8,315
9,405
19.8
20.7
8.1
9.2
34.3
30.2
9.6
7.9
31.6
31.0
5.5
4.9
Stock Watch
March 20, 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
GlaxoSmith Con*
Neutral
5,533
-
23,267
4,350
4,823
21.2
21.4
179.2
196.5
30.9
28.2
8.2
6.9
27.1
26.8
4.7
4.2
Godrej Consumer
Neutral
1,681
-
57,255
10,235
11,428
18.4
18.6
41.1
44.2
40.9
38.0
9.1
7.7
24.9
24.8
5.7
5.0
HUL
Neutral
902
-
195,220
35,252
38,495
17.8
17.8
20.7
22.4
43.7
40.3
41.8
35.8
95.6
88.9
5.4
4.9
ITC
Neutral
281
-
341,377
40,059
44,439
38.3
39.2
9.0
10.1
31.3
27.8
8.7
7.6
27.8
27.5
8.0
7.2
Marico
Neutral
293
-
37,795
6,430
7,349
18.8
19.5
6.4
7.7
45.8
38.0
13.8
11.6
33.2
32.5
5.7
4.9
Nestle*
Neutral
6,205
-
59,825
10,073
11,807
20.7
21.5
124.8
154.2
49.7
40.2
20.4
18.4
34.8
36.7
5.8
4.9
Tata Global
Neutral
145
-
9,139
8,675
9,088
9.8
9.8
7.4
8.2
19.6
17.7
1.6
1.5
7.9
8.1
1.0
0.9
Procter & Gamble
Accumulate
6,802
7,369
22,080
2,939
3,342
23.2
23.0
146.2
163.7
46.5
41.6
11.8
9.8
25.3
23.5
7.1
6.1
Hygiene
IT
HCL Tech^
Buy
865
1,000
122,113
49,242
57,168
20.5
20.5
55.7
64.1
15.5
13.5
3.2
2.4
20.3
17.9
2.3
1.9
Infosys
Buy
1,040
1,249
238,882
68,350
77,326
27.0
27.0
62.5
69.4
16.6
15.0
3.6
3.2
21.3
21.6
2.9
2.5
TCS
Accumulate
2,527
2,700
497,898
119,025
133,308
27.6
27.6
131.2
145.5
19.3
17.4
6.2
5.7
32.4
33.1
4.0
3.5
Tech Mahindra
Buy
483
600
47,027
29,673
32,937
15.5
17.0
32.8
39.9
14.7
12.1
2.9
2.5
19.6
20.7
1.3
1.1
Wipro
Buy
504
583
122,456
55,440
60,430
18.1
18.1
36.1
38.9
14.0
13.0
2.5
2.3
19.0
17.6
1.9
1.7
Media
D B Corp
Neutral
383
-
7,041
2,297
2,590
27.4
28.2
21.0
23.4
18.2
16.4
4.3
3.7
23.7
23.1
2.9
2.5
HT Media
Neutral
84
-
1,945
2,693
2,991
12.6
12.9
7.9
9.0
10.6
9.3
0.9
0.8
7.8
8.3
0.3
0.2
Jagran Prakashan
Buy
178
225
5,814
2,355
2,635
28.0
28.0
10.8
12.5
16.5
14.2
3.6
3.1
21.7
21.7
2.5
2.2
Sun TV Network
Neutral
750
-
29,568
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
Hindustan Media
Neutral
289
-
2,119
1,016
1,138
24.3
25.2
27.3
30.1
10.6
9.6
2.0
1.8
16.2
15.8
1.4
1.2
Ventures
TV Today Network
Buy
255
344
1,522
567
645
26.7
27.0
15.4
18.1
16.6
14.1
2.5
2.2
14.9
15.2
2.3
1.9
Metals & Mining
Coal India
Neutral
290
-
179,860
84,638
94,297
21.4
22.3
24.5
27.1
11.8
10.7
4.9
4.7
42.6
46.0
1.6
1.5
Hind. Zinc
Neutral
310
-
131,027
14,252
18,465
55.9
48.3
15.8
21.5
19.6
14.4
3.2
2.8
17.0
20.7
9.2
7.1
Hindalco
Neutral
196
-
40,522
107,899
112,095
7.4
8.2
9.2
13.0
21.3
15.1
1.0
1.0
4.8
6.6
0.9
0.8
JSW Steel
Neutral
192
-
46,374
53,201
58,779
16.1
16.2
130.6
153.7
1.5
1.3
0.2
0.2
14.0
14.4
1.6
1.4
NMDC
Neutral
139
-
43,836
6,643
7,284
44.4
47.7
7.1
7.7
19.5
18.0
1.7
1.7
8.8
9.2
4.4
3.9
SAIL
Neutral
63
-
26,185
47,528
53,738
(0.7)
2.1
(1.9)
2.6
24.4
0.7
0.7
(1.6)
3.9
1.4
1.3
Vedanta
Neutral
265
-
78,520
71,744
81,944
19.2
21.7
13.4
20.1
19.8
13.2
1.7
1.5
8.4
11.3
1.5
1.2
Tata Steel
Neutral
502
-
48,760
121,374
121,856
7.2
8.4
18.6
34.3
27.0
14.6
1.7
1.5
6.1
10.1
1.0
1.0
Oil & Gas
Cairn India
Neutral
295
-
55,283
9,127
10,632
4.3
20.6
8.8
11.7
33.5
25.2
1.1
1.1
3.3
4.2
7.5
6.3
GAIL
Neutral
375
-
63,466
56,220
65,198
9.3
10.1
27.1
33.3
13.9
11.3
1.3
1.2
9.3
10.7
1.3
1.1
Stock Watch
March 20, 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
ONGC
Neutral
190
-
243,767
137,222
152,563
15.0
21.8
19.5
24.1
9.7
7.9
0.8
0.8
8.5
10.1
2.1
1.8
Indian Oil Corp
Neutral
376
-
182,509
373,359
428,656
5.9
5.5
54.0
59.3
7.0
6.3
1.1
1.0
16.0
15.6
0.6
0.6
Reliance Industries
Neutral
1,301
-
421,928
301,963
358,039
12.1
12.6
87.7
101.7
14.8
12.8
1.5
1.4
10.7
11.3
1.9
1.6
Pharmaceuticals
Alembic Pharma
Accumulate
605
689
11,413
3,483
4,244
20.2
21.4
24.3
33.6
24.9
18.0
5.7
4.5
25.5
25.3
3.2
2.6
Alkem Laboratories Ltd
Accumulate
2,022
2,257
24,174
6,065
7,009
18.7
20.0
80.2
92.0
25.2
22.0
5.7
4.7
22.5
21.6
3.9
3.4
Aurobindo Pharma
Buy
687
877
40,240
15,720
18,078
23.7
23.7
41.4
47.3
16.6
14.5
4.3
3.4
29.6
26.1
2.8
2.4
Aventis*
Neutral
4,480
-
10,318
2,277
2,597
16.6
17.4
128.9
157.0
34.8
28.5
5.9
4.6
21.6
26.4
4.3
3.6
Cadila Healthcare
Neutral
444
-
45,429
10,429
12,318
17.7
21.6
13.1
19.2
33.9
23.1
7.1
5.6
22.8
27.1
4.4
3.6
Cipla
Sell
596
465
47,951
15,378
18,089
15.7
16.8
19.3
24.5
30.9
24.3
3.6
3.2
12.3
13.9
3.3
2.8
Dr Reddy's
Neutral
2,735
-
45,314
16,043
18,119
18.0
23.0
78.6
130.9
34.8
20.9
3.4
3.0
10.1
15.2
2.6
2.5
Dishman Pharma
Sell
242
143
3,913
1,718
1,890
22.7
22.8
9.5
11.3
25.5
21.5
2.5
2.2
10.1
10.9
2.7
2.4
GSK Pharma*
Neutral
2,756
-
23,347
2,800
3,290
10.2
20.6
32.2
60.3
85.6
45.7
15.8
15.7
17.2
34.5
8.1
7.0
Indoco Remedies
Reduce
257
240
2,366
1,112
1,289
16.2
18.2
11.6
16.0
22.1
16.1
3.5
3.0
17.0
20.1
2.3
1.9
Ipca labs
Accumulate
549
613
6,928
3,258
3,747
12.8
15.3
12.1
19.2
45.4
28.6
2.8
2.6
6.4
9.5
2.3
2.0
Lupin
Buy
1,454
1,809
65,630
15,912
18,644
26.4
26.7
58.1
69.3
25.0
21.0
4.9
4.0
21.4
20.9
4.2
3.5
Sun Pharma
Buy
707
847
169,554
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
Tata Power
Neutral
86
-
23,356
36,916
39,557
17.4
27.1
5.1
6.3
16.9
13.7
1.5
1.4
9.0
10.3
1.6
1.5
NTPC
Neutral
160
-
132,010
86,605
95,545
17.5
20.8
11.8
13.4
13.6
12.0
1.4
1.3
10.5
11.1
2.9
2.9
Power Grid
Accumulate
195
223
101,754
25,315
29,193
88.2
88.7
14.2
17.2
13.7
11.3
2.1
1.8
15.2
16.1
8.7
7.8
Real Estate
Prestige Estate
Accumulate
184
210
6,889
4,707
5,105
25.2
26.0
10.3
13.0
17.8
14.1
1.4
1.3
10.3
10.2
2.6
2.3
MLIFE
Buy
380
522
1,560
1,152
1,300
22.7
24.6
29.9
35.8
12.7
10.6
0.9
0.9
7.6
8.6
2.1
1.7
Telecom
Bharti Airtel
Neutral
347
-
138,630
105,086
114,808
34.5
34.7
12.2
16.4
28.4
21.2
1.9
1.8
6.8
8.4
2.2
1.9
Idea Cellular
Neutral
108
-
38,882
40,133
43,731
37.2
37.1
6.4
6.5
16.9
16.6
1.4
1.3
8.2
7.6
2.0
1.7
zOthers
Abbott India
Neutral
4,480
-
9,519
3,153
3,583
14.1
14.4
152.2
182.7
29.4
24.5
144.5
123.4
25.6
26.1
2.7
2.3
Asian Granito
Accumulate
326
351
980
1,060
1,169
12.2
12.5
12.7
15.9
25.7
20.5
2.4
2.2
9.5
10.7
1.2
1.1
Bajaj Electricals
Accumulate
308
330
3,116
4,801
5,351
5.7
6.2
10.4
13.7
29.5
22.5
3.7
3.3
12.4
14.5
0.6
0.6
Banco Products (India)
Neutral
204
-
1,459
1,353
1,471
12.3
12.4
14.5
16.3
14.1
12.5
19.4
17.5
14.5
14.6
1.0
109.2
Coffee Day Enterprises
Neutral
234
-
4,813
2,964
3,260
20.5
21.2
4.7
8.0
-
29.2
2.7
2.5
5.5
8.5
2.0
1.8
Ltd
Competent Automobiles Neutral
177
-
109
1,137
1,256
3.1
2.7
28.0
23.6
6.3
7.5
34.0
30.8
14.3
11.5
0.1
0.1
Stock Watch
March 20, 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
Elecon Engineering
Neutral
53
-
597
1,482
1,660
13.7
14.5
3.9
5.8
13.7
9.2
3.2
3.0
7.8
10.9
0.7
0.6
Finolex Cables
Neutral
459
-
7,025
2,883
3,115
12.0
12.1
14.2
18.6
32.4
24.7
17.2
15.0
15.8
14.6
2.1
1.9
Garware Wall Ropes
Neutral
694
-
1,519
863
928
15.1
15.2
36.4
39.4
19.1
17.6
3.5
2.9
17.5
15.9
1.7
1.5
Goodyear India*
Neutral
771
-
1,778
1,598
1,704
10.4
10.2
49.4
52.6
15.6
14.7
72.0
63.2
18.2
17.0
0.8
111.9
Hitachi
Neutral
1,502
-
4,084
2,081
2,433
8.8
8.9
33.4
39.9
45.0
37.7
36.3
30.2
22.1
21.4
2.0
1.6
HSIL
Neutral
327
-
2,367
2,384
2,515
15.8
16.3
15.3
19.4
21.4
16.9
21.3
18.3
7.8
9.3
1.2
1.1
Interglobe Aviation
Neutral
921
-
33,282
21,122
26,005
14.5
27.6
110.7
132.1
8.3
7.0
49.8
35.6
168.5
201.1
1.6
1.2
Jyothy Laboratories
Neutral
363
-
6,595
1,440
2,052
11.5
13.0
8.5
10.0
42.7
36.3
10.3
9.6
18.6
19.3
4.9
3.4
Kirloskar Engines India
Neutral
391
-
5,652
2,554
2,800
9.9
10.0
10.5
12.1
37.2
32.3
15.6
14.7
10.7
11.7
1.9
1.7
Ltd
Linc Pen & Plastics
Neutral
252
-
373
382
420
9.3
9.5
13.5
15.7
18.7
16.1
3.2
2.8
17.1
17.3
1.0
0.9
M M Forgings
Neutral
547
-
660
546
608
20.4
20.7
41.3
48.7
13.3
11.2
75.0
66.3
16.6
17.0
1.1
0.9
Manpasand Bever.
Neutral
730
-
4,175
836
1,087
19.6
19.4
16.9
23.8
43.2
30.6
5.2
4.5
12.0
14.8
4.7
3.6
Mirza International
Buy
90
107
1,086
963
1,069
17.2
18.0
6.1
7.5
14.7
12.0
2.3
1.9
15.0
15.7
1.3
1.2
MT Educare
Neutral
85
-
337
366
417
17.7
18.2
9.4
10.8
9.0
7.8
2.0
1.7
22.2
22.3
0.8
0.7
Narayana Hrudaya
Neutral
314
-
6,421
1,873
2,166
11.5
11.7
2.6
4.0
118.8
79.3
7.3
6.6
6.1
8.3
3.5
3.0
Navkar Corporation
Buy
178
265
2,538
369
561
42.9
42.3
6.9
11.5
25.8
15.5
1.8
1.6
7.4
10.5
7.9
5.2
Navneet Education
Neutral
143
-
3,338
1,062
1,147
24.0
24.0
6.1
6.6
23.5
21.6
4.8
4.3
20.6
19.8
3.2
3.0
Nilkamal
Neutral
1,934
-
2,886
1,995
2,165
10.7
10.4
69.8
80.6
27.7
24.0
110.5
96.0
16.6
16.5
1.4
1.3
Page Industries
Neutral
14,641
-
16,330
2,450
3,124
20.1
17.6
299.0
310.0
49.0
47.2
326.1
248.9
47.1
87.5
6.7
5.3
Parag Milk Foods
Neutral
218
-
1,836
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
240
-
1,679
408
495
27.3
27.0
7.7
8.8
30.9
27.2
2.9
2.9
9.3
10.6
3.3
2.7
Radico Khaitan
Buy
128
147
1,697
1,667
1,824
13.0
13.2
6.7
8.2
19.2
15.6
1.7
1.6
9.0
10.2
1.4
1.3
Relaxo Footwears
Neutral
465
-
5,581
2,085
2,469
9.2
8.2
7.6
8.0
61.5
58.5
23.8
20.3
17.9
18.8
2.8
2.4
S H Kelkar & Co.
Neutral
311
-
4,492
1,036
1,160
15.1
15.0
6.1
7.2
50.9
43.3
5.4
5.0
10.7
11.5
4.2
3.7
Siyaram Silk Mills
Accumulate
1,682
1,872
1,577
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
611
-
1,075
1,440
1,537
9.2
9.0
40.6
42.6
15.1
14.4
38.5
35.0
12.3
11.6
0.7
0.6
Surya Roshni
Neutral
189
-
827
3,342
3,625
7.8
7.5
17.3
19.8
10.9
9.6
20.7
16.6
10.5
10.8
0.5
0.5
Team Lease Serv.
Neutral
950
-
1,623
3,229
4,001
1.5
1.8
22.8
32.8
41.7
28.9
4.5
3.9
10.7
13.4
0.4
0.3
The Byke Hospitality
Neutral
185
-
740
287
384
20.5
20.5
7.6
10.7
24.3
17.3
5.1
4.1
20.7
23.5
2.6
1.9
Stock Watch
March 20, 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
Transport Corporation of
Neutral
230
-
1,760
2,671
2,911
8.5
8.8
13.9
15.7
16.6
14.7
2.3
2.0
13.7
13.8
0.8
0.7
India
TVS Srichakra
Neutral
3,254
-
2,492
2,304
2,614
13.7
13.8
231.1
266.6
14.1
12.2
365.6
287.9
33.9
29.3
1.1
0.9
UFO Moviez
Neutral
429
-
1,183
619
685
33.2
33.4
30.0
34.9
14.3
12.3
2.0
1.7
13.8
13.9
1.6
1.3
Visaka Industries
Neutral
252
-
400
1,051
1,138
10.3
10.4
21.0
23.1
12.0
10.9
32.3
30.3
9.0
9.2
0.6
0.6
VRL Logistics
Neutral
300
-
2,734
1,902
2,119
16.7
16.6
14.6
16.8
20.6
17.8
4.5
4.0
21.9
22.2
1.6
1.4
VIP Industries
Neutral
176
-
2,489
1,270
1,450
10.4
10.4
5.6
6.5
31.5
27.1
6.5
5.7
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 17, 2017
Market Outlook
March 20, 2017
Research Team Tel: 022 - 39357800
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