Market Outlook
October 20, 2016
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open positive tracking Asian markets and SGX Nifty.
BSE Sensex
(0.2)
(67)
27,984
Nifty
(0.2)
(19)
8,659
U.S. stocks closed higher on Wednesday, with energy companies the biggest gainers
Mid Cap
0.1
9
13,553
of the day as crude prices climbed nearly 2%. Sentiment was also lifted by stronger-
Small Cap
0.6
73
13,352
than-expected quarterly results from Morgan Stanley, as well as the Federal
Reserve's Beige Book, which indicated that the U.S. economy was continuing its
Bankex
(0.5)
(116)
22,227
modest, albeit steady, expansion. The Dow Jones Industrial Average closed up 0.2%,
to close at 18,203 while S&P 500 rose 0.2%, to end at 2,144.
Global Indices
Chg (%)
(Pts)
(Close)
U.K. stocks reversed course to finish higher Wednesday, supported by a rally in oil
Dow Jones
0.2
41
18,203
prices.
Nasdaq
0.0
3
5,246
Yesterday was a volatile day on the bourses for Indian markets as key benchmark
FTSE
0.3
22
7,022
indices oscillated between the positives and negatives. By the end of the day, Indian
Nikkei
0.2
35
16,999
markets closed down 67 points as investors booked profit over mixed global
Hang Seng
(0.4)
(89)
23,305
conditions fuelling from expected volatility arising from ECB meet scheduled this
Shanghai Com
0.0
1
3,085
week. The rupee extended its gains by adding 5 paise to close at 66.68 against the
US dollar on sustained selling of the American currency by banks and exporters.
Advances / Declines
BSE
NSE
News Analysis
Advances
1,639
942
Mahindra acquires 60% in Classic Legends
Declines
1,186
701
Endurance Technologies - Book profit
Unchanged
211
82
Detailed analysis on Pg2
Volumes (` Cr)
Investor’s Ready Reckoner
BSE
3,957
Key Domestic & Global Indicators
NSE
23,090
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg6 onwards
Net Inflows (` Cr)
Net
Mtd
Ytd
Top Picks
FII
(220)
(801)
49,203
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
MFs
244
3,040
16,986
Amara Raja Batteries Auto & Auto Ancill.
Buy
1,037
1,218
17.5
HCL Tech
IT
Buy
830
1,000
20.5
Top Gainers
Price (`)
Chg (%)
Bharat Electronics
Capital Goods
Accumulate
1,273
1,414
11.1
Edelweiss
126
6.4
Equitas Holdings
Financials
Buy
179
235
31.7
Nlcindia
76
4.8
Navkar Corporation Others
Buy
199
265
33.1
More Top Picks on Pg4
Gsfc
96
4.8
Tatachem
567
4.8
Key Upcoming Events
Previous
Consensus
Idea
76
4.7
Date
Region
Event Description
Reading
Expectations
Oct 20 US
Initial Jobless claims
246.00
250.00
Top Losers
Price (`)
Chg (%)
Oct 20 US
Existing home sales
5.33
5.35
Havells
411
(4.8)
Oct 20 Euro Zone
ECB announces interest rates
-
-
Oct 21 Euro Zone
Euro-Zone Consumer Confidence
(8.20)
(8.00)
Petronet
383
(4.3)
Oct 24 Germany
PMI Services
50.90
--
Apollotyre
212
(3.5)
Oct 24 Germany
PMI Manufacturing
54.30
--
Ceatltd
1,288
(3.3)
Oct 25 US
Consumer Confidence
104.1
100.5
Prestige
189
(3.1)
Oct 26 US
New home sales
609.0
604.0
As on October 19, 2016
Oct 27 UK
GDP (YoY)
2.1
--
6.(
More Events on Pg5
Market Outlook
October 20, 2016
News Analysis
Mahindra acquires 60% in Classic Legends
Mahindra & Mahindra, the market leader in utility vehicle and tractors, announced
that the company will buy 60% stake in Classic Legends (CLPL), a company
engaged in manufacturing and marketing two-wheelers, for `6cr. CLPL is a
Mumbai-based, unlisted company, belonging to the automobile industry, which is
yet to start commercial operations. It was incorporated in June last year and is not
a related party of Mahindra & Mahindra. The deal, executed on Tuesday, was an
all-cash deal. Mahindra agreed to subscribe to and has been allotted 6 million
equity shares at a consideration of `10 per share.
This is a second major change done by M&M with regards to its two-wheeler
business in recent times. Last month, it acquired in full the equity shares of
Mahindra Two Wheelers Europe Holdings S.a.r.l (MTWL Europe) from Mahindra
Two Wheelers, which is a subsidiary company. MTWL Europe holds investment in
Two-wheeler Company in Europe which is Peugeot Motorcycles S.A.S. The
acquisition would result in MTWL Europe becoming a direct subsidiary of the
company and would facilitate better focus on downstream two wheeler business.
Earlier in the year over 200 employees of MTWL were given the option of voluntary
retirement even as attempts are made by the company at repositioning itself.
Moving forward the company will focus on premium offerings in the motorcycles
and scooter segment that offer higher margins. The Mahindra Mojo, for instance,
is a 300cc motorcycle priced at `171,800. It competes against bikes from Bajaj
KTM, Honda, and Kawasaki among others. The overhaul is a result of failure of
the company to turn profitable with its traditional products in the budget category.
Endurance Technologies - Book profit
Yesterday Endurance Technology listed on the bourses with strong gains of 21%.
The Aurangabad based company has seen 43.7 times subscription for its IPO. We
in our IPO note had rated this IPO as ‘SUBSCRIBE’. The stock, by the end of the
day closed on `647.70 apiece, showing gains of 37%.
At the CMP of `647.70, we rate this stock ‘NEUTRAL’. Investors should book profit
in Endurance at the CMP.
Economic and Political News
China September quarter GDP grows 6.7%
Rosneft, BP entry may fuel retail competition in India
GST Council meet ends without decision on rates
Inflation to soften on good rains, economic revival visible: MPC
Corporate News
Sun enters vaccine space with dengue shot
Govt. to sell 15% in NBCC; targets Rs 2,200 crore
Jio effect: Airtel offers mobile data at Rs 26 a GB
Market Outlook
October 20, 2016
Quarterly Bl oomberg Brokers Consensus Estimate
Reliance Industries Ltd - Oct 20, 2016
Particulars ( ` cr)
2QFY17E
2QFY16
y-o-y (%)
1QFY17
q-o-q (%)
Net sales
58,028
60,817
(4.6)
53,496
8.5
EBITDA
9,817
9,833
(0.2)
10,817
(9.2)
EBITDA margin (%)
16.9
16.2
20.2
Net profit
6,549
6,561
(0.2)
7,548
(13.2)
LIC Housing Finance Ltd - October 20, 2016
Particulars ( ` cr)
2QFY17E
2QFY16
y-o-y (%)
1QFY17
q-o-q (%)
Net profit
455
412
10.6
408
11.6
Yes Bank Ltd - October 20, 2016
Particulars ( ` cr)
2QFY17E
2QFY16
y-o-y (%)
1QFY17
q-o-q (%)
Net profit
705
610
15.5
732
(3.7)
ACC Ltd - Oct 21, 2016
Particulars ( ` cr)
3QCY16E
3QCY15
y-o-y (%)
2QCY16
q-o-q (%)
Net sales
3,033
2,740
10.7
2,870
5.7
EBITDA
451
314
43.7
457
(1.3)
EBITDA margin (%)
14.9
11.4
15.9
Net profit
245
117
109.7
238
3.2
Wipro Ltd Consol - Oct 21, 2016
Particulars ( ` cr)
2QFY17E
2QFY16
y-o-y (%)
1QFY17
q-o-q (%)
Net sales
13,788
12,514
10.2
13,599
1.4
EBITDA
2,811
2,729
3.0
2,653
6.0
EBITDA margin (%)
20.4
21.8
19.5
Net profit
2,168
2,241
(3.2)
2,052
5.7
IndiaBulls Housing Finance Ltd - October 21, 2016
Particulars ( ` cr)
2QFY17E
2QFY16
y-o-y (%)
1QFY17
q-o-q (%)
Net profit
678
545
24.4
630
7.6
Market Outlook
October 20, 2016
Top Picks ★★★★★
Large Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
To outpace battery industry growth due to better technological
Amara Raja Batteries
17,706
1,037
1,218
17.5
products leading to market share gains in both the
automotive OEM and replacement segments.
Healthy pace of branch expansion, backed by distribution
Axis Bank
1,27,775
535
630
17.7
network, will be the driving force for the bank’s retail business
and overall earnings.
Uptick in defense capex by government when coupled with
Bharat Electronics
30,541
1,273
1,414
11.1
BELs strong market positioning, indicate that good times are
ahead for BEL.
The stock is trading at attractive valuations and is factoring all
HCL Tech
1,17,093
830
1,000
20.5
the bad news.
Back on the growth trend, expect a long term growth of 14%
Infosys
2,39,250
1,042
1,249
19.9
to be a US$20bn in FY2020.
Source: Company, Angel Research
Mid Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
We expect the company would report strong profitability
Asian Granito
829
276
351
27.4
owing to better product mix, higher B2C sales and
amalgamation synergy.
Among the top 4 players in the consumer durables segment.
Bajaj Electricals
2,604
258
306
18.8
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
5,360
562
634
12.8
growth. EMPPAC division's profitability to improve once
operating environment turns around.
With a focus on the low and medium income (LMI) consumer
Dewan Housing Finance
9,765
335
350
4.6
segment, the company has increased its presence in tier-II &
III cities where the growth opportunity is immense.
Strong loan growth backed by diversified loan portfolio and
Equitas Holdings
5,986
179
235
31.7
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
6,682
204
225
10.1
radio business (Radio City) would also boost the company's
revenue growth.
Speedier execution and speedier sales, strong revenue visibilty
Mahindra Lifespace
1,777
433
522
20.5
in short-to-long run, attractive valuations
We expect the company to report strong growth on back of
healthy growth in domestic branded sales (owing to
Mirza International
1,131
94
113
20.1
aggressive ad spend and addition in the number of EBOs &
multi-brand outlets [MBOs]) and healthy export revenues.
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,840
199
265
33.1
as well CFS augurs well for the company.
Strong brands and distribution network would boost growth
Siyaram Silk Mills
1,436
1,532
1,714
11.9
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 radio business,
TV Today Network
1,998
335
363
8.4
and anticipated growth in ad spends by corporates to benefit
the stock.
Source: Company, Angel Research
Market Outlook
October 20, 2016
Key Upcoming Events
Result Calendar
Date
Company
Oct 20, 2016
LIC Housing Fin., Yes Bank, D B Corp, Reliance Industries
Oct 21, 2016
ACC, Wipro, Mindtree, Cairn India, Kirloskar Engines India Ltd
Oct 22, 2016
Persistent, L G Balakrishnan & Bros
Oct 24, 2016
Rallis, Axis Bank, Reliance Capital, Adani Power
HDFC Bank, Kotak Mah. Bank, Shriram Trans., Federal Bank, Asian Paints, Hexaware, Jyothy Laboratories, Visaka
Oct 25, 2016
Industries, Dr Reddy's, Alembic Pharma
Hero Motocorp, Exide Industries, Cummins India, LMW, J K Lakshmi Cements, HDFC, Canara Bank, Syndicate Bank,
Oct 26, 2016
ITC, HUL, Dabur India, Cadila Healthcare, Indoco Remedies
Oct 27, 2016
Maruti, TVS Motor, ABB, Tech Mahindra, PVR, JSW Steel , IOC, MRF, GSK Pharma, Glenmark Pharma., VRL Logistics
Oct 28, 2016
United Phosphorus, Bajaj Auto, IDFC, Nestle, Colgate, Sesa Goa, NTPC
Source: Bloomberg, Angel Research
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
Oct 20, 2016 5:15PM Euro Zone
ECB announces interest rates
%
Oct 20
--
--
6:00PM US
Initial Jobless claims
Thousands
Oct 15
246.00
250.00
7:30PM US
Existing home sales
Million
Sep
5.33
5.35
Oct 21, 2016 7:30PM Euro Zone
Euro-Zone Consumer Confidence
Value
Oct A
(8.20)
(8.00)
Oct 24, 2016 1:00PM Germany
PMI Services
Value
Oct P
50.90
--
1:00PM Germany
PMI Manufacturing
Value
Oct P
54.30
--
Oct 25, 2016 7:30PM US
Consumer Confidence
S.A./ 1985=100
Oct
104.10
100.50
Oct 26, 2016 7:30PM US
New home sales
Thousands
Sep
609.00
604.00
Oct 27, 2016 2:00PM UK
GDP (YoY)
% Change
3Q A
2.10
--
Oct 28, 2016 6:00PM US
GDP Qoq (Annualised)
% Change
3Q A
1.40
2.50
Oct 31, 2016 3:30PM Euro Zone
Euro-Zone GDP s.a. (QoQ)
% Change
3Q A
0.30
--
Nov 1, 2016
3:00PM UK
PMI Manufacturing
Value
Oct
55.40
--
2:25PM Germany
Unemployment change (000's)
Thousands
Oct
1.00
--
Nov 2, 2016
6:30AM China
PMI Manufacturing
Value
Oct
50.40
--
11:30PM US
FOMC rate decision
%
Nov 2
0.50
0.50
Nov 3, 2016
5:30PM UK
BOE Announces rates
% Ratio
Nov 3
0.25
--
Nov 4, 2016
6:00PM US
Change in Nonfarm payrolls
Thousands
Oct
156.00
150.00
6:00PM US
Unnemployment rate
%
Oct
5.00
4.90
Nov 8, 2016
China
Exports YoY%
% Change
Oct
(10.00)
--
3:00PM UK
Industrial Production (YoY)
% Change
Sep
0.70
--
Source: Bloomberg, Angel Research
Market Outlook
October 20, 2016
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
12.0
8.3
9.9
7.8
7.9
10.0
8.0
7.5
7.5
7.6
7.2
7.1
8.0
6.6
6.7
7.0
6.4
6.0
5.8
6.0
4.0
1.9
2.0
1.3
2.0
0.3
5.0
-
4.0
(2.0)
(0.7)
(0.9)
(1.3)
(1.6)
(4.0)
(2.5)
3.0
(3.4)
(6.0)
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
(%)
55.0
7.0
6.1
54.0
5.6
5.7
5.8
5.8
6.0
5.4
5.5
5.0
5.3
5.1
53.0
4.8
5.0
4.3
52.0
4.0
51.0
50.0
3.0
49.0
2.0
48.0
1.0
47.0
46.0
-
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
10.0
7.00
5.0
6.50
0.0
6.00
(5.0)
5.50
(10.0)
5.00
(15.0)
4.50
(20.0)
4.00
(25.0)
(30.0)
3.50
(35.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
October 20, 2016
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.7
6.0
5.3
0.6
5.2
4.0
3.5
4.0
3.1
2.1
2.0
1.3
1.3
0.8
-
(2.0)
(0.6)
(4.0)
(3.8)
(6.0)
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
2.0
1.3
(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)
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
October 20, 2016
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
63,506
11.3
12.0
36.0
Russia
Micex
1,968
(1.0)
2.1
14.7
India
Nifty
8,659
(1.0)
1.1
5.7
China
Shanghai Composite
3,085
0.2
0.8
(6.1)
South Africa
Top 40
44,940
(1.2)
(2.8)
(5.8)
Mexico
Mexbol
48,493
5.7
2.1
9.2
Indonesia
LQ45
931
1.8
2.9
18.1
Malaysia
KLCI
1,668
0.9
(0.0)
(2.2)
Thailand
SET 50
940
(1.2)
(1.9)
3.6
USA
Dow Jones
18,203
0.5
(2.1)
6.0
UK
FTSE
7,022
3.1
4.4
10.1
Japan
Nikkei
16,999
2.3
3.7
(6.3)
Germany
DAX
10,646
3.6
5.0
1.5
France
CAC
4,520
2.9
3.3
(7.6)
Source: Bloomberg, Angel Research
Stock Watch
October 20, 2016
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
235
-
4,562
1,937
2,164
13.3
14.3
9.0
11.0
26.1
21.3
4.5
4.0
18.4
19.8
2.4
2.1
United Phosphorus
Neutral
710
-
36,009
15,176
17,604
18.5
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
Ashok Leyland
Buy
84
111
23,962
22,407
26,022
10.6
10.6
5.2
6.4
16.1
13.1
3.7
3.1
23.6
24.7
1.2
1.0
Bajaj Auto
Neutral
2,787
-
80,651
25,093
27,891
19.5
19.2
143.9
162.5
19.4
17.2
5.4
4.7
30.3
29.4
2.9
2.6
Bharat Forge
Neutral
901
-
20,975
7,726
8,713
20.5
21.2
35.3
42.7
25.5
21.1
4.7
4.3
18.9
20.1
2.8
2.4
Eicher Motors
Neutral
24,978
-
67,844
16,583
20,447
17.5
18.0
598.0
745.2
41.8
33.5
14.3
10.9
41.2
38.3
3.9
3.1
Gabriel India
Accumulate
120
130
1,717
1,544
1,715
9.0
9.3
5.4
6.3
22.1
19.0
4.2
3.7
18.9
19.5
1.1
0.9
Hero Motocorp
Neutral
3,367
-
67,235
31,253
35,198
15.3
15.0
172.3
192.1
19.5
17.5
7.2
6.1
38.9
37.0
2.0
1.8
Jamna Auto Industries Neutral
228
-
1,821
1,486
1,620
9.8
9.9
15.0
17.2
15.2
13.3
3.3
2.8
21.8
21.3
1.3
1.2
L G Balakrishnan & Bros Neutral
595
-
934
1,302
1,432
11.6
11.9
43.7
53.0
13.6
11.2
1.9
1.8
13.8
14.2
0.8
0.7
Mahindra and Mahindra Neutral
1,329
-
82,537
46,534
53,077
11.6
11.7
67.3
78.1
19.7
17.0
3.2
2.8
15.4
15.8
1.7
1.5
Maruti
Accumulate
5,608
5,998
169,397
69,186
82,217
14.7
14.4
198.5
241.4
28.3
23.2
5.5
4.5
20.2
20.0
2.1
1.7
Minda Industries
Neutral
337
-
2,673
2,728
3,042
9.0
9.1
68.2
86.2
4.9
3.9
1.1
0.9
23.8
24.3
1.0
0.9
Motherson Sumi
Neutral
333
-
46,677
45,896
53,687
7.8
8.3
13.0
16.1
25.5
20.7
8.2
6.6
34.7
35.4
1.1
0.9
Rane Brake Lining
Neutral
1,268
-
1,003
511
562
11.3
11.5
28.1
30.9
45.1
41.0
6.9
6.3
15.3
15.0
2.1
1.9
Setco Automotive
Neutral
42
-
565
741
837
13.0
13.0
15.2
17.0
2.8
2.5
0.5
0.4
15.8
16.3
1.1
1.0
Tata Motors
Neutral
550
-
158,868
300,209
338,549
8.9
8.4
42.7
54.3
12.9
10.1
2.1
1.7
15.6
17.2
0.6
0.6
TVS Motor
Neutral
391
-
18,576
13,390
15,948
6.9
7.1
12.8
16.5
30.6
23.6
7.6
6.0
26.3
27.2
1.4
1.2
Amara Raja Batteries
Buy
1,037
1,218
17,706
5,429
6,471
17.5
17.6
35.3
43.5
29.4
23.8
6.7
5.5
25.3
24.8
3.1
2.5
Exide Industries
Neutral
196
-
16,643
7,439
8,307
15.0
15.0
8.1
9.3
24.2
21.1
3.4
3.0
14.3
16.7
1.9
1.7
Apollo Tyres
Accumulate
212
235
10,789
12,877
14,504
14.3
13.9
21.4
23.0
9.9
9.2
1.5
1.3
16.4
15.2
1.0
0.9
Ceat
Accumulate
1,288
1,450
5,209
7,524
8,624
13.0
12.7
131.1
144.3
9.8
8.9
1.8
1.5
19.8
18.6
0.8
0.7
JK Tyres
Neutral
151
-
3,418
7,455
8,056
15.0
15.0
21.8
24.5
6.9
6.2
1.4
1.2
22.8
21.3
0.6
0.5
Swaraj Engines
Neutral
1,373
-
1,705
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
137
-
823
1,488
1,681
11.7
11.9
6.4
7.2
21.4
19.1
2.3
2.1
10.8
11.4
0.8
0.7
Indag Rubber
Neutral
212
-
558
286
326
19.8
16.8
11.7
13.3
18.2
15.9
3.1
2.9
17.8
17.1
1.6
1.4
Capital Goods
ACE
Neutral
44
-
438
709
814
4.1
4.6
1.4
2.1
31.6
21.1
1.3
1.2
4.4
6.0
0.8
0.7
BEML
Buy
933
1,157
3,884
3,451
4,055
6.3
9.2
31.4
57.9
29.7
16.1
1.8
1.6
6.3
10.9
1.2
1.0
Bharat Electronics
Accumulate
1,273
1,414
30,541
8,137
9,169
16.8
17.2
58.7
62.5
21.7
20.4
3.4
3.0
44.6
46.3
2.7
2.5
Stock Watch
October 20, 2016
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
402
-
13,308
6,511
7,514
7.9
8.7
12.9
16.3
31.2
24.7
5.6
4.9
16.7
18.5
1.8
1.5
BGR Energy
Neutral
116
-
836
16,567
33,848
6.0
5.6
7.8
5.9
14.9
19.6
0.9
0.8
4.7
4.2
0.2
0.1
BHEL
Neutral
141
-
34,572
28,797
34,742
-
2.8
2.3
6.9
61.4
20.5
1.0
1.0
1.3
4.8
0.9
0.6
Blue Star
Accumulate
562
634
5,360
4,283
5,077
5.9
7.3
14.9
22.1
37.8
25.4
7.3
6.2
20.4
26.4
1.3
1.1
Crompton Greaves
Neutral
76
-
4,770
5,777
6,120
5.9
7.0
3.3
4.5
23.1
16.9
1.0
1.0
4.4
5.9
0.8
0.7
Greaves Cotton
Neutral
128
-
3,132
1,755
1,881
16.8
16.9
7.8
8.5
16.4
15.1
3.3
3.1
20.6
20.9
1.5
1.3
Inox Wind
Buy
225
286
4,987
5,605
6,267
15.7
16.4
24.8
30.0
9.1
7.5
2.5
1.9
25.9
24.4
0.9
0.8
KEC International
Neutral
125
-
3,216
9,294
10,186
7.9
8.1
9.9
11.9
12.6
10.5
1.9
1.6
15.6
16.3
0.6
0.5
Thermax
Neutral
874
-
10,420
5,421
5,940
7.3
7.3
25.7
30.2
34.0
29.0
4.1
3.8
12.2
13.1
1.8
1.7
VATech Wabag
Buy
521
681
2,838
3,136
3,845
8.9
9.1
26.0
35.9
20.0
14.5
2.5
2.1
13.4
15.9
0.8
0.6
Cement
ACC
Neutral
1,609
-
30,209
11,225
13,172
13.2
16.9
44.5
75.5
36.2
21.3
3.4
3.2
11.2
14.2
2.7
2.3
Ambuja Cements
Neutral
251
-
49,780
9,350
10,979
18.2
22.5
5.8
9.5
43.2
26.4
3.6
3.3
10.2
12.5
5.3
4.5
India Cements
Neutral
156
-
4,801
4,364
4,997
18.5
19.2
7.9
11.3
19.8
13.8
1.4
1.4
8.0
8.5
1.9
1.6
JK Cement
Neutral
944
-
6,602
4,398
5,173
15.5
17.5
31.2
55.5
30.3
17.0
3.6
3.2
12.0
15.5
2.0
1.7
J K Lakshmi Cement
Buy
485
565
5,702
2,913
3,412
14.5
19.5
7.5
22.5
64.6
21.5
4.0
3.3
12.5
18.0
2.5
2.1
Orient Cement
Buy
182
215
3,722
2,114
2,558
18.5
20.5
8.1
11.3
22.4
16.1
3.3
2.8
9.0
14.0
2.4
1.9
UltraTech Cement
Neutral
4,032
-
110,645
25,768
30,385
21.0
23.5
111.0
160.0
36.3
25.2
4.6
4.1
13.5
15.8
4.4
3.7
Construction
ITNL
Neutral
103
-
3,387
8,946
10,017
31.0
31.6
8.1
9.1
12.7
11.3
0.5
0.5
4.2
5.0
3.7
3.4
KNR Constructions
Neutral
783
-
2,203
1,385
1,673
14.7
14.0
41.2
48.5
19.0
16.2
3.5
3.1
14.9
15.2
1.7
1.4
Larsen & Toubro
Accumulate
1,486
1,700
138,478
67,665
77,249
10.7
11.5
57.3
71.2
25.9
20.9
2.4
2.2
12.6
14.3
2.2
1.9
Gujarat Pipavav Port
Neutral
170
-
8,235
705
788
52.2
51.7
5.0
5.6
34.1
30.4
3.4
3.0
11.2
11.2
11.3
9.7
Nagarjuna Const.
Neutral
81
-
4,506
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
PNC Infratech
Accumulate
124
143
3,190
2,350
2,904
13.1
13.2
9.0
8.8
13.8
14.1
0.5
0.5
15.9
13.9
1.5
1.2
Simplex Infra
Neutral
327
-
1,620
6,829
7,954
10.5
10.5
31.4
37.4
10.4
8.8
1.1
1.0
9.9
13.4
0.7
0.6
Power Mech Projects
Neutral
487
-
716
1,801
2,219
12.7
14.6
72.1
113.9
6.8
4.3
1.2
1.1
16.8
11.9
0.4
0.3
Sadbhav Engineering
Accumulate
270
298
4,628
3,598
4,140
10.3
10.6
9.0
11.9
30.0
22.7
3.1
2.8
9.9
11.9
1.6
1.3
NBCC
Neutral
253
-
15,198
7,428
9,549
7.9
8.6
8.2
11.0
30.9
23.0
1.5
1.2
28.2
28.7
1.8
1.3
MEP Infra
Neutral
43
-
705
1,877
1,943
30.6
29.8
3.0
4.2
14.5
10.3
7.0
4.7
0.6
0.6
1.8
1.6
SIPL
Neutral
107
-
3,769
1,036
1,252
65.5
66.2
(8.4)
(5.6)
4.0
4.6
(22.8)
(15.9)
11.9
9.9
Stock Watch
October 20, 2016
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
Engineers India
Neutral
260
-
8,745
1,725
1,935
16.0
19.1
11.4
13.9
22.8
18.7
3.1
3.0
13.4
15.3
4.0
3.6
Financials
Axis Bank
Buy
535
630
127,775
46,932
53,575
3.5
3.4
32.4
44.6
16.6
12.0
2.1
1.9
13.6
16.5
-
-
Bank of Baroda
Neutral
155
-
35,761
19,980
23,178
1.8
1.8
11.5
17.3
13.5
9.0
1.5
1.3
8.3
10.1
-
-
Canara Bank
Neutral
314
-
17,042
15,225
16,836
1.8
1.8
14.5
28.0
21.6
11.2
1.5
1.2
5.8
8.5
-
-
Dewan Housing Finance Neutral
335
-
9,765
2,225
2,688
2.9
2.9
29.7
34.6
11.3
9.7
1.8
1.6
16.1
16.8
-
-
Equitas Holdings
Buy
179
235
5,986
939
1,281
11.7
11.5
5.8
8.2
30.8
21.8
2.7
2.4
10.9
11.5
-
-
Federal Bank
Neutral
71
-
12,173
9,353
10,623
2.9
2.9
4.4
5.8
16.1
12.2
1.5
1.4
9.5
11.0
-
-
HDFC
Neutral
1,342
-
212,181
11,475
13,450
3.4
3.4
45.3
52.5
29.6
25.6
5.7
5.1
20.2
20.5
-
-
HDFC Bank
Accumulate
1,259
1,350
318,632
46,097
55,433
4.5
4.5
58.4
68.0
21.6
18.5
3.8
3.2
18.8
18.6
-
-
ICICI Bank
Neutral
265
-
154,148
39,029
45,903
3.3
3.3
16.7
16.3
15.9
16.3
2.0
1.8
10.1
12.4
-
-
LIC Housing Finance
Neutral
616
-
31,085
3,712
4,293
2.6
2.5
39.0
46.0
15.8
13.4
3.0
2.5
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
141
-
29,972
23,532
23,595
2.3
2.4
6.8
12.6
20.7
11.2
3.2
2.3
3.3
6.5
-
-
RBL Bank
Buy
313
365
11,590
1,783
2,309
2.6
2.6
12.7
16.4
24.7
19.1
2.7
2.4
12.8
13.3
-
-
South Ind.Bank
Neutral
24
-
3,187
6,435
7,578
2.5
2.5
2.7
3.1
8.7
7.6
1.1
0.9
10.1
11.2
-
-
St Bk of India
Neutral
255
-
197,796
88,650
98,335
2.6
2.6
13.5
18.8
18.9
13.6
1.8
1.6
7.0
8.5
-
-
Union Bank
Neutral
143
-
9,806
13,450
14,925
2.3
2.3
25.5
34.5
5.6
4.1
0.8
0.7
7.5
10.2
-
-
Yes Bank
Neutral
1,292
-
54,387
8,978
11,281
3.3
3.4
74.0
90.0
17.5
14.4
3.3
2.8
17.0
17.2
-
-
FMCG
Asian Paints
Neutral
1,169
-
112,173
17,128
18,978
16.8
16.4
19.1
20.7
61.2
56.5
21.3
20.1
34.8
35.5
6.5
5.8
Britannia
Accumulate
3,317
3,626
39,791
9,795
11,040
14.6
14.9
80.3
94.0
41.3
35.3
17.0
13.1
41.2
-
3.9
3.4
Colgate
Accumulate
936
995
25,465
4,605
5,149
23.4
23.4
23.8
26.9
39.3
34.8
21.8
17.0
64.8
66.8
5.5
4.9
Dabur India
Accumulate
277
304
48,763
8,315
9,405
19.8
20.7
8.1
9.2
34.2
30.1
9.5
7.9
31.6
31.0
5.5
4.8
GlaxoSmith Con*
Neutral
6,201
-
26,079
4,350
4,823
21.2
21.4
179.2
196.5
34.6
31.6
9.2
7.8
27.1
26.8
5.4
4.8
Godrej Consumer
Neutral
1,579
-
53,769
10,235
11,428
18.4
18.6
41.1
44.2
38.4
35.7
8.5
7.2
24.9
24.8
5.3
4.7
HUL
Neutral
846
-
183,095
35,252
38,495
17.6
17.4
20.4
21.9
41.4
38.6
34.1
29.8
82.2
77.3
5.0
4.6
ITC
Buy
240
283
289,458
40,059
44,439
39.0
39.2
9.1
10.1
26.4
23.8
7.2
6.3
27.2
26.5
6.7
6.0
Marico
Neutral
287
-
37,067
6,430
7,349
18.8
19.5
6.4
7.7
44.9
37.3
13.6
11.4
33.2
32.5
5.6
4.8
Nestle*
Neutral
6,787
-
65,439
10,073
11,807
20.7
21.5
124.8
154.2
54.4
44.0
22.3
20.1
34.8
36.7
6.3
5.4
Tata Global
Neutral
155
-
9,757
8,675
9,088
9.8
9.8
7.4
8.2
20.9
18.9
2.4
2.3
7.9
8.1
1.0
1.0
Procter & Gamble
Accumulate
7,000
7,369
22,723
2,939
3,342
23.2
23.0
146.2
163.7
47.9
42.8
107.2
102.8
25.3
23.5
7.3
6.3
Hygiene
Stock Watch
October 20, 2016
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
IT
HCL Tech^
Buy
830
1,000
117,093
49,242
57,168
20.5
20.5
55.7
64.1
14.9
13.0
3.0
2.3
20.3
17.9
2.2
1.8
Infosys
Buy
1,042
1,249
239,250
68,350
77,326
27.0
27.0
62.5
69.4
16.7
15.0
3.6
3.2
21.3
21.6
2.9
2.5
TCS
Buy
2,394
3,004
471,760
121,684
136,286
27.3
27.3
135.0
150.1
17.7
16.0
5.9
5.4
33.2
33.9
3.6
3.2
Tech Mahindra
Buy
425
700
41,254
30,347
33,685
17.0
17.0
37.5
41.3
11.3
10.3
2.5
2.1
21.8
20.7
1.1
0.9
Wipro
Buy
495
680
120,212
51,631
55,822
21.7
17.9
35.9
36.9
13.8
13.4
2.9
2.7
19.0
18.1
2.0
1.8
Media
D B Corp
Neutral
399
-
7,338
2,297
2,590
27.4
28.2
21.0
23.4
19.0
17.1
4.4
3.8
23.7
23.1
3.0
2.6
HT Media
Neutral
90
-
2,098
2,693
2,991
12.6
12.9
7.9
9.0
11.4
10.0
1.0
0.9
7.8
8.3
0.4
0.2
Jagran Prakashan
Accumulate
204
225
6,682
2,355
2,635
28.0
28.0
10.8
12.5
18.9
16.4
4.1
3.6
21.7
21.7
2.9
2.5
Sun TV Network
Neutral
534
-
21,056
2,850
3,265
70.1
71.0
26.2
30.4
20.4
17.6
5.2
4.6
24.3
25.6
7.0
6.0
Hindustan Media
Neutral
304
-
2,231
1,016
1,138
24.3
25.2
27.3
30.1
11.1
10.1
2.1
1.9
16.2
15.8
1.5
1.3
Ventures
TV Today Network
Accumulate
335
363
1,998
637
743
27.5
27.5
18.4
21.4
18.2
15.7
3.2
2.7
17.4
17.2
2.7
2.3
Metals & Mining
Coal India
Neutral
313
-
197,386
84,638
94,297
21.4
22.3
24.5
27.1
12.8
11.5
5.3
5.1
42.6
46.0
1.8
1.7
Hind. Zinc
Neutral
248
-
104,872
14,252
18,465
55.9
48.3
15.8
21.5
15.7
11.5
2.6
2.2
17.0
20.7
7.4
5.7
Hindalco
Neutral
151
-
31,171
107,899
112,095
7.4
8.2
9.2
13.0
16.4
11.6
0.8
0.8
4.8
6.6
0.8
0.8
JSW Steel
Neutral
1,745
-
42,187
53,201
58,779
16.1
16.2
130.6
153.7
13.4
11.4
1.8
1.6
14.0
14.4
1.6
1.3
NMDC
Neutral
122
-
48,330
6,643
7,284
44.4
47.7
7.1
7.7
17.2
15.8
1.5
1.5
8.8
9.2
5.0
4.6
SAIL
Neutral
49
-
20,031
47,528
53,738
(0.7)
2.1
(1.9)
2.6
18.7
0.5
0.5
(1.6)
3.9
1.3
1.2
Vedanta
Neutral
199
-
58,849
71,744
81,944
19.2
21.7
13.4
20.1
14.8
9.9
1.3
1.1
8.4
11.3
1.2
0.9
Tata Steel
Neutral
425
-
41,320
121,374
121,856
7.2
8.4
18.6
34.3
22.9
12.4
1.4
1.3
6.1
10.1
1.0
1.0
Oil & Gas
Cairn India
Neutral
227
-
42,475
9,127
10,632
4.3
20.6
8.8
11.7
25.7
19.4
0.8
0.8
3.3
4.2
6.1
5.1
GAIL
Neutral
436
-
55,280
56,220
65,198
9.3
10.1
27.1
33.3
16.1
13.1
1.5
1.4
9.3
10.7
1.2
1.0
ONGC
Neutral
279
-
238,399
137,222
152,563
15.0
21.8
19.5
24.1
14.3
11.6
1.2
1.2
8.5
10.1
2.0
1.8
Indian Oil Corp
Neutral
327
-
158,570
373,359
428,656
5.9
5.5
54.0
59.3
6.1
5.5
0.9
0.8
16.0
15.6
0.6
0.5
Reliance Industries
Neutral
1,087
-
352,421
301,963
358,039
12.1
12.6
87.7
101.7
12.4
10.7
1.3
1.2
10.7
11.3
1.6
1.4
Pharmaceuticals
Alembic Pharma
Neutral
673
-
12,685
3,483
4,083
20.2
21.4
24.3
30.4
27.7
22.1
6.3
5.0
25.5
25.3
3.6
3.0
Aurobindo Pharma
Accumulate
828
877
48,461
15,720
18,078
23.7
23.7
41.4
47.3
20.0
17.5
5.2
4.1
29.6
26.1
3.3
2.9
Sanofi India*
Neutral
4,247
-
9,780
2,357
2,692
17.3
17.3
153.5
169.2
27.7
25.1
4.7
3.8
25.8
28.4
3.8
3.1
Cadila Healthcare
Neutral
391
-
39,977
11,126
13,148
22.0
22.0
17.1
20.0
22.8
19.5
5.9
4.7
28.8
26.6
3.6
2.9
Cipla
Sell
595
490
47,804
15,378
18,089
17.4
18.4
21.6
27.2
27.5
21.9
3.6
3.1
13.7
15.2
3.3
2.8
Stock Watch
October 20, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
Pharmaceuticals
Dr Reddy's
Neutral
3,068
-
50,839
16,043
18,119
23.1
24.7
126.0
157.8
24.4
19.4
3.6
3.1
15.7
17.1
3.1
2.7
Dishman Pharma
Sell
242
45
3,904
1,718
1,890
22.7
22.8
9.5
11.3
25.5
21.4
2.5
2.2
10.1
10.9
2.7
2.4
GSK Pharma*
Neutral
2,976
-
25,208
3,528
3,811
16.6
18.8
51.8
59.4
57.5
50.1
15.4
15.3
26.3
30.6
6.9
6.4
Indoco Remedies
Sell
313
225
2,884
1,112
1,289
18.2
18.2
13.2
15.6
23.7
20.1
4.2
3.6
19.2
19.2
2.7
2.3
Ipca labs
Neutral
625
-
7,891
3,303
3,799
15.3
15.3
17.3
19.7
36.2
31.8
3.1
2.9
9.1
9.4
2.5
2.2
Lupin
Buy
1,512
1,809
68,169
15,912
18,644
26.4
26.7
58.1
69.3
26.0
21.8
5.1
4.2
21.4
20.9
4.4
3.6
Sun Pharma
Buy
750
944
180,598
31,129
35,258
30.0
30.9
28.0
32.8
26.8
22.9
4.1
3.4
18.7
18.9
5.4
4.6
Power
Tata Power
Neutral
81
-
21,975
36,916
39,557
17.4
27.1
5.1
6.3
15.9
12.9
1.4
1.3
9.0
10.3
1.6
1.4
NTPC
Neutral
149
-
122,816
86,605
95,545
17.5
20.8
11.8
13.4
12.6
11.1
1.3
1.2
10.5
11.1
2.8
2.8
Power Grid
Neutral
178
-
93,148
25,763
29,762
74.3
73.1
14.8
17.3
12.0
10.3
1.9
1.7
16.9
17.5
7.9
7.5
Real Estate
MLIFE
Buy
433
522
1,777
1,152
1,300
22.7
24.6
29.9
35.8
14.5
12.1
1.1
1.0
7.6
8.6
2.3
1.9
Telecom
Bharti Airtel
Neutral
307
-
122,840
105,086
114,808
34.5
34.7
12.2
16.4
25.2
18.7
1.7
1.6
6.8
8.4
2.1
1.8
Idea Cellular
Neutral
76
-
27,510
40,133
43,731
37.2
37.1
6.4
6.5
11.9
11.8
1.0
0.9
8.2
7.6
1.7
1.4
zOthers
Abbott India
Neutral
4,728
-
10,048
3,153
3,583
14.1
14.4
152.2
182.7
31.1
25.9
152.5
130.3
25.6
26.1
2.9
2.5
Bajaj Electricals
Buy
258
306
2,604
5,099
5,805
5.6
5.9
11.4
14.6
22.7
17.7
3.0
2.7
13.4
15.1
0.5
0.4
Finolex Cables
Neutral
431
-
6,592
2,883
3,115
12.0
12.1
14.2
18.6
30.4
23.2
16.1
14.1
15.8
14.6
2.0
1.8
Goodyear India*
Neutral
799
-
1,844
1,598
1,704
10.4
10.2
49.4
52.6
16.2
15.2
74.7
65.5
18.2
17.0
0.8
118.3
Hitachi
Neutral
1,521
-
4,135
2,081
2,433
8.8
8.9
33.4
39.9
45.5
38.1
36.7
30.6
22.1
21.4
2.0
1.7
Jyothy Laboratories
Neutral
357
-
6,491
1,440
2,052
11.5
13.0
8.5
10.0
42.1
35.7
10.2
9.4
18.6
19.3
4.8
3.3
Page Industries
Neutral
16,098
-
17,955
2,450
3,124
20.1
17.6
299.0
310.0
53.8
51.9
358.5
273.7
47.1
87.5
7.4
5.8
Relaxo Footwears
Neutral
433
-
5,201
2,085
2,469
9.2
8.2
7.6
8.0
57.3
54.5
22.2
19.0
17.9
18.8
2.6
2.2
Siyaram Silk Mills
Accumulate
1,532
1,714
1,436
1,799
2,040
11.6
11.7
104.9
122.4
14.6
12.5
2.4
2.1
16.4
16.4
1.0
0.9
Styrolution ABS India*
Neutral
611
-
1,074
1,440
1,537
9.2
9.0
40.6
42.6
15.0
14.3
38.4
34.9
12.3
11.6
0.7
0.6
TVS Srichakra
Neutral
3,861
-
2,956
2,304
2,614
13.7
13.8
231.1
266.6
16.7
14.5
433.8
341.6
33.9
29.3
1.3
1.1
HSIL
Neutral
352
-
2,542
2,384
2,515
15.8
16.3
15.3
19.4
23.0
18.1
22.8
19.7
7.8
9.3
1.2
1.1
Kirloskar Engines India
Neutral
349
-
5,048
2,554
2,800
9.9
10.0
10.5
12.1
33.3
28.9
13.9
13.1
10.7
11.7
1.6
1.4
Ltd
M M Forgings
Neutral
482
-
581
546
608
20.4
20.7
41.3
48.7
11.7
9.9
66.0
58.4
16.6
17.0
0.9
0.8
Banco Products (India)
Neutral
226
-
1,615
1,353
1,471
12.3
12.4
14.5
16.3
15.6
13.9
21.5
19.4
14.5
14.6
1.1
121.9
Competent Automobiles Neutral
190
-
117
1,137
1,256
3.1
2.7
28.0
23.6
6.8
8.1
36.6
33.0
14.3
11.5
0.1
0.1
Stock Watch
October 20, 2016
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
Nilkamal
Neutral
1,773
-
2,645
1,995
2,165
10.7
10.4
69.8
80.6
25.4
22.0
101.3
88.0
16.6
16.5
1.3
1.2
Visaka Industries
Neutral
220
-
350
1,051
1,138
10.3
10.4
21.0
23.1
10.5
9.5
28.2
26.4
9.0
9.2
0.6
0.6
Transport Corporation of
Neutral
179
-
1,367
2,671
2,911
8.5
8.8
13.9
15.7
12.9
11.4
1.8
1.6
13.7
13.8
0.6
0.6
India
Elecon Engineering
Neutral
72
-
783
1,482
1,660
13.7
14.5
3.9
5.8
18.4
12.4
4.3
4.0
7.8
10.9
0.8
0.8
Surya Roshni
Neutral
226
-
993
3,342
3,625
7.8
7.5
17.3
19.8
13.1
11.5
24.9
20.0
10.5
10.8
0.6
0.5
MT Educare
Neutral
139
-
552
366
417
17.7
18.2
9.4
10.8
14.8
12.8
3.3
2.9
22.2
22.3
1.4
1.2
Radico Khaitan
Neutral
144
-
1,914
1,659
1,802
13.0
13.2
6.3
7.4
22.7
19.5
2.0
1.8
8.6
9.3
1.6
1.5
Garware Wall Ropes
Neutral
518
-
1,133
873
938
12.9
13.1
30.9
34.9
16.8
14.8
2.6
2.3
15.7
15.2
1.2
1.1
Wonderla Holidays
Neutral
405
-
2,286
287
355
38.0
40.0
11.3
14.2
35.8
28.5
5.1
4.5
21.4
23.9
7.7
6.2
Linc Pen & Plastics
Neutral
260
-
384
382
420
9.3
9.5
13.5
15.7
19.3
16.5
3.3
2.9
17.1
17.3
1.1
1.0
The Byke Hospitality
Neutral
185
-
742
287
384
20.5
20.5
7.6
10.7
24.4
17.3
5.1
4.1
20.7
23.5
2.6
1.9
Interglobe Aviation
Neutral
948
-
34,167
21,122
26,005
14.5
27.6
110.7
132.1
8.6
7.2
51.3
36.6
168.5
201.1
1.6
1.3
Coffee Day Enterprises
Neutral
229
-
4,714
2,964
3,260
20.5
21.2
4.7
8.0
-
28.6
2.6
2.4
5.5
8.5
2.0
1.8
Ltd
Navneet Education
Neutral
101
-
2,404
1,062
1,147
24.0
24.0
6.1
6.6
16.6
15.2
3.4
3.0
20.6
19.8
2.3
2.2
Navkar Corporation
Buy
199
265
2,840
408
612
42.9
42.3
6.8
11.5
29.4
17.3
2.0
1.8
6.9
10.5
7.9
5.3
UFO Moviez
Neutral
446
-
1,231
619
685
33.2
33.4
30.0
34.9
14.9
12.8
2.1
1.8
13.8
13.9
1.7
1.4
VRL Logistics
Neutral
328
-
2,988
1,902
2,119
16.7
16.6
14.6
16.8
22.5
19.5
4.9
4.3
21.9
22.2
1.7
1.5
Team Lease Serv.
Neutral
1,010
-
1,727
3,229
4,001
1.5
1.8
22.8
32.8
44.4
30.8
4.8
4.1
10.7
13.4
0.4
0.3
S H Kelkar & Co.
Neutral
301
-
4,357
1,036
1,160
15.1
15.0
6.1
7.2
49.3
42.0
5.3
4.8
10.7
11.5
4.1
3.6
Quick Heal
Neutral
246
-
1,723
408
495
27.3
27.0
7.7
8.8
31.8
28.0
3.0
3.0
9.3
10.6
3.4
2.8
Narayana Hrudaya
Neutral
352
-
7,194
1,873
2,166
11.5
11.7
2.6
4.0
133.1
88.8
8.2
7.4
6.1
8.3
3.9
3.4
Manpasand Bever.
Neutral
725
-
4,146
836
1,087
19.6
19.4
16.9
23.8
42.9
30.4
5.2
4.5
12.0
14.8
4.7
3.5
Parag Milk Foods
Neutral
323
-
2,717
1,919
2,231
9.3
9.6
9.5
12.9
34.2
25.0
5.3
4.4
15.5
17.5
1.6
1.3
Mirza International
Buy
94
113
1,131
1,024
1,148
18.0
18.0
6.9
8.0
13.6
11.8
2.3
1.9
16.6
16.2
1.3
1.1
Asian Granito
Buy
276
351
829
1,118
1,220
11.8
12.0
13.0
16.0
21.2
17.3
2.1
1.8
9.7
10.7
1.0
0.9
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on October 19, 2016
Market Outlook
October 20, 2016
Research Team Tel: 022 - 39357800
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