Market Outlook
June 20, 2017
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open flat tracking the SGX Nifty and Asian markets.
BSE Sensex
0.8
255
31,312
US markets reacted positively to the French election. However, participation was low
Nifty
0.7
69
9,658
due to a lack of economic data. Biotechnology stocks rallied during the session, with
Mid Cap
0.1
10
14,818
the NYSE Arca Biotechnology Index rising by 2.2 percent. The other significant
Small Cap
(0.1)
(13)
15,654
gainer for the session was the Philadelphia Semiconductor Index, which closed up
1.9 percent.
Bankex
1.0
256
26,845
UK stocks had a positive session as higher iron ore prices helped lift mining
Global Indices
Chg (%)
(Pts)
(Close)
stocks.The positive results in the French general elections were a positive for
European stocks as well. Mining stocks Antofagasta, Glencore, Rio Tinto Plc and
Dow Jones
0.7
145
21,529
Anglo American climbed between 1 and 2 percent. Rolls-Royce rose 1.8 percent
Nasdaq
1.4
87
6,239
after the company said that all businesses performing in line with expectations.
FTSE
0.8
60
7,524
Nikkei
(00.6
124
20,068
Indian markets closed positive for the session as steel stocks rallied strongly after the
Union Steel minister conveyed his commitment to the existing anti-dumping policy
Hang Seng
1.2
298
25,925
on steel products. The steel index closed up 1.89 percent. The banking index also
Shanghai Com
0.7
21
3,144
had a strong session posting gains of 0.96 percent. The losing index for the session
was the Healthcare index, which closed down 0.48 percent.
Advances / Declines
BSE
NSE
News Analysis
Advances
1,225
1,736
SpiceJet and Boeing sign MoU for 40 737 MAX planes for $4.7 bln
Declines
1,503
953
Unchanged
151
81
Detailed analysis on Pg2
Investor’s Ready Reckoner
Volumes (` Cr)
Key Domestic & Global Indicators
BSE
3,032
Stock Watch: Latest investment recommendations on 150+ stocks
NSE
20,037
Refer Pg5 onwards
#Net Inflows (` Cr)
Net
Mtd
Ytd
Top Picks
CMP
Target
Upside
Company
Sector
Rating
FII
(5(694)
(22,197
54,165
(`)
(`)
(%)
MFs
8238
3,636
33,675
Blue Star
Capital Goods
Accumulate
665
760
14.2
Dewan Housing Fin. Financials
Accumulate
459
520
13.3
Mahindra Lifespace Real Estate
Buy
436
522
19.7
Top Gainers
Price (`)
Chg (%)
Navkar Corporation Others
Buy
217
265
22.0
Hathway
142
4.9
KEI Industries
Capital Goods
Accumulate
225
258
14.8
Tataelxsi
1,617
4.7
More Top Picks on Pg3
J&Kbank
94
4.6
Key Upcoming Events
Balkrisind
1,609
4.4
Previous
Consensus
Date
Region
Event Description
Fsl
34
3.8
Reading
Expectations
Jun 21, 2017 US
Existing home sales
5.57
5.55
Jun 22, 2017 US
Initial Jobless claims
237.00
240.00
Top Losers
Price (`)
Chg (%)
Jun 22, 2017 Germany PMI Services
55.40
55.40
Amtekauto
223
(20.0)
Jun 23, 2017 Euro Zone Euro-Zone Consumer Confidence
(3.30)
(3.00)
Wockpharma
589
(6.8)
Jun 23, 2017 Germany PMI Manufacturing
59.50
59.00
Videoind
21
(5.0)
Jun 23, 2017 US
GDP Qoq (Annualised)
1.20
1.20
More Events on Pg4
Vakrangee
428
(4.1)
Voltas
474
(3.1)
#as on 19th June, 2017
Market Outlook
June 20, 2017
News Analysis
SpiceJet and Boeing sign MoU for 40 737 MAX planes for $4.7
bln
Budget carrier SpiceJet signed an initial pact with the US aircraft maker Boeing Co
for 40 737 MAX planes. A Memorandum of Understanding (MoU), valued at $4.7
billion at current list prices, was signed at the Paris Air Show.
The agreement is split evenly between 20 new orders for the 737 MAX 10 and
conversions of 20 737 MAX 8 airplanes from the airline's existing order to 737
MAX 10s.
According to the management, these new purchases would help the company to
maximise revenue on their dense routes while having a lower unit seat cost.
Spice Jet had announced earlier this year that it would be purchasing up to 205
new aircraft (including 55 from the 2014 order) from Boeing with the order valued
at $22 billion.
SpiceJet currently has a fleet of 55 planes, comprising 35 Boeing B 737s and 20
Bombardier Q400s.
SpiceJet is scheduled to take the delivery of its first 737 MAX in 2018. The carrier
plans to grow its operational fleet to 200 planes by the end of 2020 and looks to
expand regionally with the acquisition of the new 737 MAX family of aircraft.
Economic and Political News
Punjab CM announces crop loan waiver for 10.25 lakh farmers
Domestic airlines passengers grow 17.63% in January-May YoY
India plans SAARC meet for startups to promote interaction:
Corporate News
Moody's revises Adani Ports outlook from negative to stable
Tata Motors says it has no plans to list JLR
IHH Healthcare to buy 26% stake in Fortis
Market Outlook
June 20, 2017
Top Picks
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
Strong growth in domestic business due to its leadership
in acute therapeutic segment. Alkem expects to launch
Alkem Laboratories
22,216
1,858
2,161
16.3
more products in USA, which bodes for its international
business.
We expect the company would report strong profitability
Asian Granito
1,252
416
447
7.4
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
6,360
665
760
14.2
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
14,378
459
520
13.3
presence in tier-II & III cities where the growth opportunity
is immense.
Loan growth is likely to pick up after a sluggish FY17.
Karur Vysya Bank
9,062
150
160
6.7
Lower credit cost will help in strong bottomline growth.
Increasing share of CASA will help in NIM improvement.
Economic recovery to have favourable impact on
advertising & circulation revenue growth. Further, the
Jagran Prakashan
6,018
184
225
22.2
acquisition of a radio business (Radio City) would also
boost the company's revenue growth.
High order book execution in EPC segment, rising B2C
KEI Industries
1,748
225
258
14.8
sales and higher exports to boost the revenues and
profitability
Speedier execution and speedier sales, strong revenue
Mahindra Lifespace
2,238
436
522
19.7
visibilty in short-to-long run, attractive valuations
Massive capacity expansion along with rail advantage at
Navkar Corporation
3,097
217
265
22.0
ICD as well CFS augurs well for the company
Strong brands and distribution network would boost
Siyaram Silk Mills
2,068
2,206
2,500
13.3
growth going ahead. Stock currently trades at an
inexpensive valuation.
Market leadership in Hindi news genre and no.
2
viewership ranking in English news genre, exit from the
TV Today Network
1,535
257
344
33.7
radio business, and anticipated growth in ad spends by
corporates to benefit the stock.
Source: Company, Angel Research
Market Outlook
June 20, 2017
Key Upcoming Events
Global economic events release calendar
Bloomberg Data
Date
Time
Country
Event Description
Unit
Period
Last Reported
Estimated
7:30 PMUS
Existing home sales
Million
May
5.57
5.55
Jun 21, 2017
Jun 22, 2017
6:00 PMUS
Initial Jobless claims
Thousands
Jun 17
237.00
240.00
1:00 PMGermany PMI Services
Value
Jun P
55.40
55.40
Jun 23, 2017
7:30 PMEuro Zone Euro-Zone Consumer Confidence
Value
Jun A
(3.30)
(3.00)
1:00 PMGermany PMI Manufacturing
Value
Jun P
59.50
59.00
6:00 PMUS
GDP Qoq (Annualised)
% Change
1Q T
1.20
1.20
Jun 27, 2017
7:30 PMUS
New home sales
Thousands
May
569.00
590.50
Jun 29, 2017
7:30 PMUS
Consumer Confidence
S.A./ 1985=100 Jun
117.90
117.50
Jun 30, 2017
1:25 PMGermany Unemployment change (000's)
Thousands
Jun
(9.00)
6:30 AMChina
PMI Manufacturing
Value
Jun
51.20
2:00 PMUK
GDP (YoY)
% Change
1Q F
2.00
Jul 03, 2017
2:00 PMUK
PMI Manufacturing
Value
Jun
56.70
Jul 07, 2017
2:00 PMUK
Industrial Production (YoY)
% Change
May
(0.80)
6:00 PMUS
Change in Nonfarm payrolls
Thousands
Jun
138.00
6:00 PMUS
Unnemployment rate
%
Jun
4.30
Jul 10, 2017
India
Imports YoY%
% Change
Jun
33.10
India
Exports YoY%
% Change
Jun
8.30
2:00 PMUK
Jobless claims change
% Change
Jun
7.30
Jul 12, 2017
7:00 AMChina
Consumer Price Index (YoY)
% Change
Jun
1.50
5:30 PMIndia
Industrial Production YoY
% Change
May
3.10
Jul 13, 2017
US
Producer Price Index (mom)
% Change
Jun
(0.70)
China
Exports YoY%
% Change
Jun
8.70
Source: Bloomberg, Angel Research
Market Outlook
June 20, 2017
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
10.0
10.0
9.1
8.9
8.8
9.0
9.0
7.9
8.0
7.9
8.0
7.6
7.5
8.0
7.3
7.2
7.0
7.0
5.7
5.7
7.0
6.0
5.2
6.1
6.1
4.9
4.9
6.0
5.0
3.8
4.0
3.0
3.1
2.6
5.0
3.0
1.9
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
56.0
Mfg. PMI
Services PMI
(%)
7.0
54.0
6.1
5.8
6.0
5.1
52.0
5.0
4.3
4.2
3.9
50.0
3.6
3.7
4.0
3.4
3.2
3.0
48.0
3.0
2.2
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
60.0
7.00
50.0
6.50
40.0
6.00
30.0
5.50
20.0
5.00
10.0
4.50
0.0
4.00
(10.0)
(20.0)
3.50
(30.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
June 20, 2017
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.9
7.0
5.6
6.0
5.3
5.0
1.0
5.0
4.0
3.3
2.9
3.0
2.0
2.0
0.5
2.0
1.0
1.3
1.0
-
(1.0)
(0.4)
Source: Bloomberg, Angel Research
Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
7.2
7.0
6.6
6.0
5.1
5.0
4.5
4.0
3.0
3.0
2.3
2.0
1.4
1.6
2.0
1.4
1.2
0.2
0.8
1.0
-
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
(x)
20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
-
Source: IMF, Angel Research
Market Outlook
June 20, 2017
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
62,014
(8.2)
(6.4)
26.8
Russia
Micex
1,850
(7.2)
(7.2)
(2.8)
India
Nifty
9,658
2.4
5.5
19.1
China
Shanghai Composite
3,144
1.3
(3.0)
7.1
South Africa
Top 40
45,381
(4.5)
1.2
(0.0)
Mexico
Mexbol
49,170
1.8
3.6
7.4
Indonesia
LQ45
964
3.3
8.0
13.7
Malaysia
KLCI
1,789
0.7
3.0
8.4
Thailand
SET 50
996
1.5
1.9
9.5
USA
Dow Jones
21,529
4.5
2.9
20.9
UK
FTSE
7,524
0.3
2.1
20.8
Japan
Nikkei
20,068
2.6
2.5
20.9
Germany
DAX
12,889
2.0
7.3
25.7
France
CAC
5,311
0.4
5.9
33.3
Source: Bloomberg, Angel Research
Stock Watch
June 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
Agri / Agri Chemical
Rallis
Reduce
246
209
4,781
1,937
2,164
13.3
14.3
9.0
11.0
27.3
22.4
4.8
4.2
18.4
19.8
2.5
2.2
United Phosphorus
Neutral
874
-
44,384
15,176
17,604
18.5
18.5
37.4
44.6
23.4
19.6
4.6
3.8
21.4
21.2
3.0
2.6
Auto & Auto Ancillary
Ashok Leyland
Buy
94
111
26,794
20,021
21,915
11.6
11.9
4.5
5.3
20.9
17.7
4.3
3.8
20.6
21.5
1.3
1.1
Bajaj Auto
Neutral
2,835
-
82,021
25,093
27,891
19.5
19.2
143.9
162.5
19.7
17.5
5.5
4.8
30.3
29.4
3.0
2.6
Bharat Forge
Neutral
1,182
-
27,515
7,726
8,713
20.5
21.2
35.3
42.7
33.5
27.7
6.2
5.6
18.9
20.1
3.6
3.2
Eicher Motors
Neutral
28,445
-
77,434
16,583
20,447
17.5
18.0
598.0
745.2
47.6
38.2
16.3
12.4
41.2
38.3
4.5
3.6
Gabriel India
Neutral
151
-
2,170
1,544
1,715
9.0
9.3
5.4
6.3
28.0
24.0
5.3
4.7
18.9
19.5
1.4
1.2
Hero Motocorp
Neutral
3,826
-
76,405
28,083
30,096
15.3
15.7
171.8
187.0
22.3
20.5
7.8
6.5
30.1
27.9
2.5
2.3
Jamna Auto Industries Neutral
266
-
2,120
1,486
1,620
9.8
9.9
15.0
17.2
17.7
15.5
3.9
3.3
21.8
21.3
1.5
1.4
L G Balakrishnan & Bros Neutral
786
-
1,233
1,302
1,432
11.6
11.9
43.7
53.0
18.0
14.8
2.5
2.3
13.8
14.2
1.0
0.9
Mahindra and Mahindra Neutral
1,386
-
86,102
46,534
53,077
11.6
11.7
67.3
78.1
20.6
17.8
3.4
2.9
15.4
15.8
1.8
1.6
Maruti
Neutral
7,253
-
219,106
67,822
83,288
16.0
16.4
253.8
312.4
28.6
23.2
6.6
5.3
23.0
22.9
2.9
2.3
Minda Industries
Neutral
607
-
5,243
2,728
3,042
9.0
9.1
68.2
86.2
8.9
7.0
2.0
1.6
23.8
24.3
2.0
1.7
Motherson Sumi
Neutral
490
-
68,788
45,896
53,687
7.8
8.3
13.0
16.1
37.6
30.4
12.1
9.7
34.7
35.4
1.6
1.3
Rane Brake Lining
Neutral
1,394
-
1,103
511
562
11.3
11.5
28.1
30.9
49.6
45.1
7.6
6.9
15.3
15.0
2.3
2.1
Setco Automotive
Neutral
39
-
520
741
837
13.0
13.0
15.2
17.0
2.6
2.3
0.4
0.4
15.8
16.3
1.1
1.0
Tata Motors
Neutral
452
-
130,595
300,209
338,549
8.9
8.4
42.7
54.3
10.6
8.3
1.7
1.4
15.6
17.2
0.6
0.5
TVS Motor
Neutral
551
-
26,180
13,390
15,948
6.9
7.1
12.8
16.5
43.2
33.3
10.7
8.5
26.3
27.2
2.0
1.7
Amara Raja Batteries
Buy
837
1,009
14,294
5,305
6,100
16.0
16.3
28.4
34.0
29.5
24.6
5.7
4.8
19.3
19.3
2.7
2.3
Exide Industries
Neutral
226
-
19,240
7,439
8,307
15.0
15.0
8.1
9.3
27.9
24.3
3.9
3.5
14.3
16.7
2.2
2.0
Apollo Tyres
Neutral
257
-
13,072
12,877
14,504
14.3
13.9
21.4
23.0
12.0
11.2
1.9
1.6
16.4
15.2
1.2
1.1
Ceat
Neutral
1,851
-
7,489
7,524
8,624
13.0
12.7
131.1
144.3
14.1
12.8
2.6
2.2
19.8
18.6
1.1
0.9
JK Tyres
Neutral
168
-
3,806
7,455
8,056
15.0
15.0
21.8
24.5
7.7
6.9
1.6
1.3
22.8
21.3
0.6
0.5
Swaraj Engines
Neutral
2,382
-
2,958
660
810
15.2
16.4
54.5
72.8
43.7
32.7
13.6
12.4
31.5
39.2
4.3
3.5
Subros
Neutral
258
-
1,546
1,488
1,681
11.7
11.9
6.4
7.2
40.3
35.9
4.3
3.9
10.8
11.4
1.3
1.1
Indag Rubber
Neutral
220
-
576
286
326
19.8
16.8
11.7
13.3
18.8
16.5
3.2
3.0
17.8
17.1
1.7
1.5
Capital Goods
ACE
Neutral
76
-
753
709
814
4.1
4.6
1.4
2.1
54.4
36.2
2.2
2.1
4.4
6.0
1.2
1.1
BEML
Neutral
1,441
-
6,002
3,451
4,055
6.3
9.2
31.4
57.9
45.9
24.9
2.8
2.5
6.3
10.9
1.9
1.6
Bharat Electronics
Neutral
169
-
37,670
8,137
9,169
16.8
17.2
58.7
62.5
2.9
2.7
0.4
0.4
44.6
46.3
3.6
3.2
Stock Watch
June 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
Voltas
Neutral
474
-
15,677
6,511
7,514
7.9
8.7
12.9
16.3
36.7
29.1
6.6
5.8
16.7
18.5
2.2
1.8
BGR Energy
Neutral
158
-
1,139
16,567
33,848
6.0
5.6
7.8
5.9
20.2
26.8
1.2
1.1
4.7
4.2
0.2
0.1
BHEL
Neutral
138
-
33,801
28,797
34,742
-
2.8
2.3
6.9
60.0
20.0
1.0
1.0
1.3
4.8
0.8
0.6
Blue Star
Accumulate
665
760
6,360
4,283
5,077
5.9
7.3
14.9
22.1
44.7
30.1
8.7
7.3
20.4
26.4
1.5
1.3
CG Power and Industrial
Neutral
85
-
5,327
5,777
6,120
5.9
7.0
3.3
4.5
25.8
18.9
1.1
1.1
4.4
5.9
0.9
0.8
Solutions
Greaves Cotton
Neutral
164
-
4,003
1,755
1,881
16.8
16.9
7.8
8.5
21.0
19.3
4.2
3.9
20.6
20.9
2.0
1.8
Inox Wind
Neutral
144
-
3,186
5,605
6,267
15.7
16.4
24.8
30.0
5.8
4.8
1.6
1.2
25.9
24.4
0.6
0.5
KEC International
Neutral
252
-
6,477
9,294
10,186
7.9
8.1
9.9
11.9
25.5
21.2
3.7
3.2
15.6
16.3
0.9
0.8
KEI Industries
Accumulate
225
258
1,748
2,633
3,001
10.4
10.0
12.7
13.0
17.7
17.3
3.8
3.1
21.4
18.2
0.9
0.8
Thermax
Neutral
958
-
11,409
5,421
5,940
7.3
7.3
25.7
30.2
37.3
31.7
4.5
4.1
12.2
13.1
2.0
1.8
VATech Wabag
Neutral
728
-
3,970
3,136
3,845
8.9
9.1
26.0
35.9
28.0
20.3
3.5
3.0
13.4
15.9
1.2
0.9
Cement
ACC
Neutral
1,641
-
30,809
11,225
13,172
13.2
16.9
44.5
75.5
36.9
21.7
3.5
3.2
11.2
14.2
2.7
2.3
Ambuja Cements
Neutral
237
-
47,149
9,350
10,979
18.2
22.5
5.8
9.5
40.9
25.0
3.4
3.1
10.2
12.5
5.0
4.3
India Cements
Neutral
221
-
6,795
4,364
4,997
18.5
19.2
7.9
11.3
28.0
19.6
2.0
2.0
8.0
8.5
2.3
2.0
JK Cement
Neutral
999
-
6,982
4,398
5,173
15.5
17.5
31.2
55.5
32.0
18.0
3.8
3.3
12.0
15.5
2.1
1.8
J K Lakshmi Cement
Neutral
495
-
5,820
2,913
3,412
14.5
19.5
7.5
22.5
66.0
22.0
4.1
3.4
12.5
18.0
2.6
2.2
Orient Cement
Neutral
149
-
3,061
2,114
2,558
18.5
20.5
8.1
11.3
18.4
13.2
2.7
2.3
9.0
14.0
2.1
1.6
UltraTech Cement
Neutral
4,096
-
112,440
25,768
30,385
21.0
23.5
111.0
160.0
36.9
25.6
4.7
4.1
13.5
15.8
4.5
3.7
Construction
ITNL
Neutral
97
-
3,186
8,946
10,017
31.0
31.6
8.1
9.1
12.0
10.6
0.4
0.4
4.2
5.0
3.7
3.4
KNR Constructions
Neutral
204
-
2,869
1,385
1,673
14.7
14.0
41.2
48.5
5.0
4.2
0.9
0.8
14.9
15.2
2.2
1.8
Larsen & Toubro
Neutral
1,754
-
163,745
111,017
124,908
11.0
11.0
61.1
66.7
28.7
26.3
3.5
3.2
13.1
12.9
2.5
2.3
Gujarat Pipavav Port
Neutral
155
-
7,479
705
788
52.2
51.7
5.0
5.6
30.9
27.6
3.1
2.7
11.2
11.2
10.3
8.7
Nagarjuna Const.
Neutral
91
-
5,081
8,842
9,775
9.1
8.8
5.3
6.4
17.3
14.3
1.4
1.3
8.2
9.1
0.7
0.6
PNC Infratech
Neutral
144
-
3,692
2,350
2,904
13.1
13.2
9.0
8.8
16.0
16.4
0.6
0.5
15.9
13.9
1.7
1.4
Simplex Infra
Neutral
529
-
2,617
6,829
7,954
10.5
10.5
31.4
37.4
16.9
14.1
1.8
1.6
9.9
13.4
0.8
0.7
Power Mech Projects
Neutral
604
-
889
1,801
2,219
12.7
14.6
72.1
113.9
8.4
5.3
1.5
1.3
16.8
11.9
0.5
0.4
Sadbhav Engineering
Neutral
306
-
5,252
3,598
4,140
10.3
10.6
9.0
11.9
34.0
25.7
3.6
3.1
9.9
11.9
1.7
1.5
NBCC
Neutral
205
-
18,491
7,428
9,549
7.9
8.6
8.2
11.0
25.1
18.7
1.3
1.0
28.2
28.7
2.2
1.7
MEP Infra
Neutral
103
-
1,677
1,877
1,943
30.6
29.8
3.0
4.2
34.4
24.6
16.6
11.2
0.6
0.6
2.3
2.1
Stock Watch
June 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
SIPL
Neutral
110
-
3,867
1,036
1,252
65.5
66.2
(8.4)
(5.6)
4.1
4.7
(22.8)
(15.9)
12.0
9.9
Engineers India
Neutral
158
-
10,640
1,725
1,935
16.0
19.1
11.4
13.9
13.9
11.4
1.9
1.9
13.4
15.3
5.1
4.6
Financials
Axis Bank
Accumulate
520
580
124,611
46,932
53,575
3.5
3.4
32.4
44.6
16.1
11.7
2.1
1.8
13.6
16.5
-
-
Bank of Baroda
Neutral
168
-
38,710
19,980
23,178
1.8
1.8
11.5
17.3
14.6
9.7
1.7
1.4
8.3
10.1
-
-
Canara Bank
Neutral
356
-
21,255
15,225
16,836
1.8
1.8
14.5
28.0
24.5
12.7
1.7
1.4
5.8
8.5
-
-
Can Fin Homes
Neutral
3,136
-
8,349
420
526
3.5
3.5
86.5
107.8
36.3
29.1
7.8
6.4
23.6
24.1
-
-
Cholamandalam Inv. &
Accumulate
1,089
1,230
17,016
2,012
2,317
6.3
6.3
42.7
53.6
25.5
20.3
4.0
3.5
16.9
18.3
-
-
Fin. Co.
Dewan Housing Finance Accumulate
459
520
14,378
2,225
2,688
2.9
2.9
29.7
34.6
15.5
13.3
2.5
1.6
16.1
14.8
-
-
Equitas Holdings
Buy
155
235
5,244
939
1,281
11.7
11.5
5.8
8.2
26.8
18.9
2.3
2.1
10.9
11.5
-
-
Federal Bank
Neutral
119
-
20,588
8,259
8,995
3.0
3.0
4.3
5.6
27.7
21.3
2.3
2.2
8.5
10.1
-
-
HDFC
Neutral
1,654
-
262,834
11,475
13,450
3.4
3.4
45.3
52.5
36.5
31.5
7.0
6.2
20.2
20.5
-
-
HDFC Bank
Neutral
1,691
-
434,477
46,097
55,433
4.5
4.5
58.4
68.0
29.0
24.9
5.1
4.2
18.8
18.6
-
-
ICICI Bank
Neutral
321
-
186,905
42,800
44,686
3.1
3.3
18.0
21.9
17.8
14.6
2.4
2.2
11.1
12.3
-
-
Karur Vysya Bank
Accumulate
150
160
9,062
5,640
6,030
3.3
3.2
8.9
10.0
16.9
15.0
1.8
1.7
11.2
11.4
-
-
Lakshmi Vilas Bank
Neutral
197
-
3,783
3,339
3,799
2.7
2.8
11.0
14.0
17.9
14.1
1.9
1.7
11.2
12.7
-
-
LIC Housing Finance
Neutral
774
-
39,051
3,712
4,293
2.6
2.5
39.0
46.0
19.8
16.8
3.7
3.2
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
147
-
31,366
23,532
23,595
2.3
2.4
6.8
12.6
21.7
11.7
3.4
2.4
3.3
6.5
-
-
RBL Bank
Neutral
509
-
19,174
1,783
2,309
2.6
2.6
12.7
16.4
40.1
31.1
4.4
3.9
12.8
13.3
-
-
Repco Home Finance
Neutral
893
-
5,587
388
457
4.5
4.2
30.0
38.0
29.8
23.5
5.0
4.2
18.0
19.2
-
-
South Ind.Bank
Neutral
30
-
5,347
6,435
7,578
2.5
2.5
2.7
3.1
11.0
9.6
1.4
1.2
10.1
11.2
-
-
St Bk of India
Neutral
289
-
233,969
88,650
98,335
2.6
2.6
13.5
18.8
21.4
15.4
2.0
1.8
7.0
8.5
-
-
Union Bank
Neutral
152
-
10,435
13,450
14,925
2.3
2.3
25.5
34.5
6.0
4.4
0.9
0.7
7.5
10.2
-
-
Yes Bank
Neutral
1,434
-
65,601
8,978
11,281
3.3
3.4
74.0
90.0
19.4
15.9
3.7
3.1
17.0
17.2
-
-
FMCG
Akzo Nobel India
Neutral
1,898
-
9,102
2,955
3,309
13.3
13.7
57.2
69.3
33.2
27.4
10.9
9.1
32.7
33.3
2.9
2.5
Asian Paints
Neutral
1,154
-
110,658
17,128
18,978
16.8
16.4
19.1
20.7
60.4
55.7
21.0
19.8
34.8
35.5
6.4
5.8
Britannia
Neutral
3,593
-
43,121
9,594
11,011
14.6
14.9
80.3
94.0
44.8
38.2
18.4
14.2
41.2
-
4.4
3.7
Colgate
Neutral
1,099
-
29,898
4,605
5,149
23.4
23.4
23.8
26.9
46.2
40.9
25.6
20.0
64.8
66.8
6.4
5.7
Dabur India
Accumulate
288
304
50,644
8,315
9,405
19.8
20.7
8.1
9.2
35.5
31.3
9.9
8.2
31.6
31.0
5.7
5.0
GlaxoSmith Con*
Neutral
5,354
-
22,517
4,350
4,823
21.2
21.4
179.2
196.5
29.9
27.3
7.9
6.7
27.1
26.8
4.6
4.0
Stock Watch
June 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
Godrej Consumer
Neutral
1,883
-
64,142
10,235
11,428
18.4
18.6
41.1
44.2
45.8
42.6
10.2
8.6
24.9
24.8
6.4
5.6
HUL
Neutral
1,095
-
237,095
35,252
38,495
17.8
17.8
20.7
22.4
53.1
48.9
50.7
43.5
95.6
88.9
6.6
6.0
ITC
Neutral
310
-
377,115
40,059
44,439
38.3
39.2
9.0
10.1
34.6
30.6
9.6
8.4
27.8
27.5
8.9
8.0
Marico
Neutral
310
-
39,979
6,430
7,349
18.8
19.5
6.4
7.7
48.4
40.2
14.6
12.3
33.2
32.5
6.0
5.2
Nestle*
Neutral
6,744
-
65,020
10,073
11,807
20.7
21.5
124.8
154.2
54.0
43.7
22.2
20.0
34.8
36.7
6.3
5.3
Tata Global
Neutral
156
-
9,871
8,675
9,088
9.8
9.8
7.4
8.2
21.1
19.1
1.7
1.6
7.9
8.1
1.1
1.0
Procter & Gamble
Neutral
7,935
-
25,756
2,939
3,342
23.2
23.0
146.2
163.7
54.3
48.5
13.7
11.4
25.3
23.5
8.3
7.2
Hygiene
IT
HCL Tech^
Buy
842
1,014
120,167
46,723
52,342
22.1
20.9
60.0
62.8
14.0
13.4
3.6
3.0
25.3
22.4
2.3
2.0
Infosys
Buy
929
1,179
213,490
68,484
73,963
26.0
26.0
63.0
64.0
14.8
14.5
3.1
2.8
20.8
19.7
2.8
2.5
TCS
Accumulate
2,432
2,651
479,188
117,966
127,403
27.5
27.6
134.3
144.5
18.1
16.8
5.4
5.0
29.8
29.7
3.7
3.5
Tech Mahindra
Buy
389
533
37,923
29,141
31,051
14.4
15.0
32.3
35.6
12.0
10.9
2.1
1.9
17.1
17.0
1.2
1.0
Wipro
Accumulate
254
280
123,771
55,421
58,536
20.3
20.3
35.1
36.5
7.3
7.0
1.3
1.1
19.2
14.6
1.7
1.4
Media
D B Corp
Neutral
374
-
6,884
2,297
2,590
27.4
28.2
21.0
23.4
17.8
16.0
4.2
3.6
23.7
23.1
2.8
2.4
HT Media
Neutral
82
-
1,905
2,693
2,991
12.6
12.9
7.9
9.0
10.4
9.1
0.9
0.8
7.8
8.3
0.3
0.2
Jagran Prakashan
Buy
184
225
6,018
2,283
2,555
28.0
28.0
10.6
12.3
17.3
15.0
3.7
3.2
21.4
21.4
2.6
2.3
Sun TV Network
Neutral
859
-
33,868
2,850
3,265
70.1
71.0
26.2
30.4
32.8
28.3
8.4
7.4
24.3
25.6
11.5
9.9
Hindustan Media
Neutral
276
-
2,023
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
257
344
1,535
608
667
21.5
22.3
15.7
19.2
16.4
13.4
2.5
2.1
16.1
16.0
2.1
1.8
Metals & Mining
Coal India
Neutral
254
-
157,606
84,638
94,297
21.4
22.3
24.5
27.1
10.4
9.4
4.3
4.1
42.6
46.0
1.4
1.2
Hind. Zinc
Neutral
246
-
103,901
14,252
18,465
55.9
48.3
15.8
21.5
15.6
11.4
2.5
2.2
17.0
20.7
7.3
5.6
Hindalco
Neutral
201
-
45,025
107,899
112,095
7.4
8.2
9.2
13.0
21.8
15.4
1.1
1.0
4.8
6.6
0.9
0.9
JSW Steel
Neutral
199
-
48,151
53,201
58,779
16.1
16.2
130.6
153.7
1.5
1.3
0.2
0.2
14.0
14.4
1.7
1.4
NMDC
Neutral
113
-
35,784
6,643
7,284
44.4
47.7
7.1
7.7
15.9
14.7
1.4
1.3
8.8
9.2
3.2
2.8
SAIL
Neutral
58
-
23,810
47,528
53,738
(0.7)
2.1
(1.9)
2.6
22.2
0.6
0.6
(1.6)
3.9
1.4
1.2
Vedanta
Neutral
242
-
89,919
71,744
81,944
19.2
21.7
13.4
20.1
18.1
12.0
1.5
1.4
8.4
11.3
1.6
1.3
Tata Steel
Neutral
519
-
50,435
121,374
121,856
7.2
8.4
18.6
34.3
27.9
15.1
1.7
1.6
6.1
10.1
1.1
1.0
Oil & Gas
GAIL
Neutral
381
-
64,388
56,220
65,198
9.3
10.1
27.1
33.3
14.1
11.4
1.3
1.2
9.3
10.7
1.3
1.1
ONGC
Neutral
166
-
213,096
137,222
152,563
15.0
21.8
19.5
24.1
8.5
6.9
0.7
0.7
8.5
10.1
1.8
1.6
Indian Oil Corp
Neutral
407
-
197,732
373,359
428,656
5.9
5.5
54.0
59.3
7.5
6.9
1.2
1.1
16.0
15.6
0.7
0.6
Stock Watch
June 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
Reliance Industries
Neutral
1,409
-
458,176
301,963
358,039
12.1
12.6
87.7
101.7
16.1
13.9
1.7
1.5
10.7
11.3
2.0
1.7
Pharmaceuticals
Alembic Pharma
Buy
524
648
9,877
3,101
3,966
19.7
20.5
21.4
25.5
24.5
20.6
5.2
4.2
23.0
22.8
3.1
2.3
Alkem Laboratories Ltd
Buy
1,858
2,161
22,216
5,853
6,901
17.1
18.4
74.6
85.0
24.9
21.9
5.3
4.4
21.1
20.2
3.8
3.2
Aurobindo Pharma
Buy
655
823
38,390
14,845
17,086
21.5
22.1
39.4
44.7
16.6
14.7
4.1
3.3
27.6
24.7
2.7
2.4
Aventis*
Neutral
4,143
-
9,541
2,206
2,508
16.6
16.8
128.9
139.9
32.1
29.6
5.5
4.3
21.6
23.5
4.1
3.4
Cadila Healthcare
Sell
531
450
54,376
9,220
11,584
18.4
20.3
14.5
18.7
36.6
28.4
7.8
6.3
23.5
24.6
6.2
4.8
Cipla
Reduce
539
461
43,378
14,281
16,619
15.4
16.2
12.5
19.7
43.1
27.4
3.5
3.1
8.4
12.0
3.2
2.7
Dr Reddy's
Neutral
2,657
-
44,030
14,081
15,937
16.1
18.6
72.6
105.9
36.6
25.1
3.6
3.2
9.6
13.6
3.4
3.0
Dishman Pharma
Sell
143
1,718
1,890
22.7
22.8
9.5
11.3
10.1
10.9
3.3
2.9
GSK Pharma*
Neutral
2,437
-
20,645
2,927
3,290
11.8
16.2
34.4
49.6
70.9
49.1
10.3
10.7
13.9
21.3
6.8
6.2
Indoco Remedies
Sell
190
153
1,750
1,067
1,154
12.1
14.9
8.4
11.3
22.6
16.8
2.7
2.4
12.6
15.0
1.8
1.7
Ipca labs
Buy
471
620
5,940
3,211
3,593
13.9
14.5
15.4
19.4
30.6
24.3
2.4
2.2
8.2
9.5
2.0
1.7
Lupin
Buy
1,131
1,526
51,078
17,120
18,657
24.1
24.1
56.9
61.1
19.9
18.5
3.8
3.2
20.7
18.6
3.3
2.7
Natco Pharma
Accumulate
978
1,060
17,055
2,065
1,988
33.1
33.7
27.9
25.7
35.1
38.1
10.2
8.7
29.2
22.9
8.4
8.4
Sun Pharma
Buy
525
712
125,972
30,264
32,899
29.0
26.9
32.7
31.6
16.1
16.6
3.5
2.9
22.2
18.7
3.9
3.5
Power
Tata Power
Neutral
78
-
21,111
36,916
39,557
17.4
27.1
5.1
6.3
15.3
12.4
1.4
1.2
9.0
10.3
1.6
1.4
NTPC
Neutral
161
-
132,422
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
Neutral
212
-
111,119
25,315
29,193
88.2
88.7
14.2
17.2
15.0
12.4
2.3
2.0
15.2
16.1
9.0
8.1
Real Estate
Prestige Estate
Neutral
266
-
9,983
4,707
5,105
25.2
26.0
10.3
13.0
25.8
20.5
2.1
1.9
10.3
10.2
3.3
2.9
MLIFE
Buy
436
522
2,238
1,152
1,300
22.7
24.6
29.9
35.8
14.6
12.2
1.1
1.0
7.6
8.6
2.7
2.2
Telecom
Bharti Airtel
Neutral
367
-
146,725
105,086
114,808
34.5
34.7
12.2
16.4
30.1
22.4
2.0
1.9
6.8
8.4
2.3
2.0
Idea Cellular
Neutral
80
-
28,776
40,133
43,731
37.2
37.1
6.4
6.5
12.5
12.3
1.0
1.0
8.2
7.6
1.7
1.5
zOthers
Abbott India
Neutral
4,272
-
9,077
3,153
3,583
14.1
14.4
152.2
182.7
28.1
23.4
137.8
117.7
25.6
26.1
2.6
2.2
Asian Granito
Accumulate
416
447
1,252
1,066
1,169
11.6
12.5
13.0
16.0
32.0
26.1
3.1
2.8
9.5
10.7
1.5
1.3
Bajaj Electricals
Accumulate
347
395
3,511
4,801
5,351
5.7
6.2
10.4
13.7
33.3
25.3
4.1
3.7
12.4
14.5
0.7
0.7
Banco Products (India)
Neutral
223
-
1,594
1,353
1,471
12.3
12.4
14.5
16.3
15.4
13.7
21.2
19.1
14.5
14.6
1.1
120.2
Coffee Day Enterprises
Neutral
252
-
5,198
2,964
3,260
20.5
21.2
4.7
8.0
-
31.5
2.9
2.7
5.5
8.5
2.2
1.9
Ltd
Competent Automobiles Neutral
196
-
126
1,137
1,256
3.1
2.7
28.0
23.6
7.0
8.3
37.7
34.1
14.3
11.5
0.1
0.1
Elecon Engineering
Neutral
60
-
671
1,482
1,660
13.7
14.5
3.9
5.8
15.3
10.3
3.6
3.3
7.8
10.9
0.8
0.7
Stock Watch
June 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
Finolex Cables
Neutral
496
-
7,587
2,883
3,115
12.0
12.1
14.2
18.6
34.9
26.7
18.6
16.2
15.8
14.6
2.3
2.1
Garware Wall Ropes
Neutral
832
-
1,820
863
928
15.1
15.2
36.4
39.4
22.9
21.1
4.1
3.5
17.5
15.9
2.0
1.9
Goodyear India*
Neutral
875
-
2,018
1,598
1,704
10.4
10.2
49.4
52.6
17.7
16.6
81.7
71.7
18.2
17.0
0.9
135.0
Hitachi
Neutral
2,074
-
5,638
2,081
2,433
8.8
8.9
33.4
39.9
62.1
52.0
50.1
41.7
22.1
21.4
2.7
2.3
HSIL
Neutral
396
-
2,862
2,384
2,515
15.8
16.3
15.3
19.4
25.9
20.4
25.7
22.1
7.8
9.3
1.4
1.3
Interglobe Aviation
Neutral
1,202
-
43,450
21,122
26,005
14.5
27.6
110.7
132.1
10.9
9.1
65.0
46.4
168.5
201.1
2.0
1.6
Jyothy Laboratories
Neutral
377
-
6,845
1,440
2,052
11.5
13.0
8.5
10.0
44.3
37.7
10.7
9.9
18.6
19.3
5.0
3.5
Kirloskar Engines India
Neutral
384
-
5,553
2,554
2,800
9.9
10.0
10.5
12.1
36.6
31.7
15.3
14.4
10.7
11.7
1.8
1.6
Ltd
Linc Pen & Plastics
Neutral
287
-
424
382
420
9.3
9.5
13.5
15.7
21.3
18.3
3.6
3.2
17.1
17.3
1.2
1.1
M M Forgings
Neutral
622
-
751
546
608
20.4
20.7
41.3
48.7
15.1
12.8
85.3
75.5
16.6
17.0
1.2
1.1
Manpasand Bever.
Neutral
794
-
4,540
836
1,087
19.6
19.4
16.9
23.8
47.0
33.3
5.6
4.9
12.0
14.8
5.2
3.9
Mirza International
Neutral
160
-
1,919
963
1,069
17.2
18.0
6.1
7.5
26.0
21.3
4.0
3.4
15.0
15.7
2.2
2.0
MT Educare
Neutral
64
-
254
366
417
17.7
18.2
9.4
10.8
6.8
5.9
1.5
1.3
22.2
22.3
0.6
0.5
Narayana Hrudaya
Neutral
319
-
6,511
1,873
2,166
11.5
11.7
2.6
4.0
120.5
80.4
7.4
6.7
6.1
8.3
3.6
3.1
Navkar Corporation
Buy
217
265
3,097
347
371
43.2
37.3
6.7
6.0
32.6
36.2
2.2
2.0
6.2
10.6
10.0
9.4
Navneet Education
Neutral
187
-
4,359
1,062
1,147
24.0
24.0
6.1
6.6
30.6
28.2
6.3
5.6
20.6
19.8
4.2
3.9
Nilkamal
Neutral
1,957
-
2,921
1,995
2,165
10.7
10.4
69.8
80.6
28.0
24.3
111.8
97.2
16.6
16.5
1.5
1.3
Page Industries
Neutral
16,747
-
18,679
2,450
3,124
20.1
17.6
299.0
310.0
56.0
54.0
373.0
284.7
47.1
87.5
7.7
6.0
Parag Milk Foods
Neutral
218
-
1,833
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
211
-
1,483
408
495
27.3
27.0
7.7
8.8
27.3
24.1
2.5
2.5
9.3
10.6
2.8
2.3
Radico Khaitan
Buy
125
147
1,661
1,667
1,824
13.0
13.2
6.7
8.2
18.8
15.3
1.7
1.6
9.0
10.2
1.4
1.2
Relaxo Footwears
Neutral
482
-
5,785
2,085
2,469
9.2
8.2
7.6
8.0
63.7
60.6
24.7
21.1
17.9
18.8
2.9
2.4
S H Kelkar & Co.
Neutral
286
-
4,141
1,036
1,160
15.1
15.0
6.1
7.2
46.9
39.9
5.0
4.6
10.7
11.5
3.9
3.4
Siyaram Silk Mills
Accumulate
2,206
2,500
2,068
1,574
1,769
12.5
12.7
97.1
113.1
22.7
19.5
3.5
3.0
15.4
15.5
1.5
1.3
Styrolution ABS India*
Neutral
858
-
1,509
1,440
1,537
9.2
9.0
40.6
42.6
21.1
20.1
54.0
49.1
12.3
11.6
1.0
0.9
Surya Roshni
Neutral
286
-
1,255
3,342
3,625
7.8
7.5
17.3
19.8
16.6
14.5
31.5
25.3
10.5
10.8
0.6
0.6
Team Lease Serv.
Neutral
1,313
-
2,246
3,229
4,001
1.5
1.8
22.8
32.8
57.7
40.0
6.2
5.4
10.7
13.4
0.6
0.5
The Byke Hospitality
Neutral
190
-
762
287
384
20.5
20.5
7.6
10.7
25.0
17.8
5.2
4.2
20.7
23.5
2.7
2.0
Transport Corporation of
Neutral
308
-
2,359
2,671
2,911
8.5
8.8
13.9
15.7
22.2
19.7
3.0
2.7
13.7
13.8
1.0
0.9
India
Stock Watch
June 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
TVS Srichakra
Neutral
3,952
-
3,026
2,304
2,614
13.7
13.8
231.1
266.6
17.1
14.8
444.1
349.7
33.9
29.3
1.3
1.1
UFO Moviez
Neutral
418
-
1,153
619
685
33.2
33.4
30.0
34.9
13.9
12.0
1.9
1.7
13.8
13.9
1.6
1.2
Visaka Industries
Neutral
519
-
824
1,051
1,138
10.3
10.4
21.0
23.1
24.7
22.4
66.5
62.3
9.0
9.2
1.0
1.0
VRL Logistics
Neutral
332
-
3,033
1,902
2,119
16.7
16.6
14.6
16.8
22.8
19.8
5.0
4.4
21.9
22.2
1.7
1.5
VIP Industries
Accumulate
195
218
2,759
1,270
1,450
10.4
10.4
5.6
6.5
34.9
30.0
7.2
6.3
20.7
21.1
2.2
1.9
Navin Fluorine
Buy
3,119
3,650
3,054
789
945
21.1
22.4
120.1
143.4
26.0
21.8
4.2
3.6
17.8
18.5
3.8
3.1
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on June 19, 2017
Market Outlook
June 20, 2017
Research Team Tel: 022 - 39357800
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