Market Outlook
June 21, 2017
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open flat to negative tracking the SGX Nifty and Asian
BSE Sensex
(0.0)
(14)
31,298
markets.
Nifty
(0.0)
(4)
9,654
US markets dropped during Tuesday’s session as oil prices moved to its lowest
Mid Cap
0.2
28
14,845
closing level since September. Oil prices have been moving lower on concerns of
Small Cap
0.2
126
15,680
oversupply from Nigeria and Libya. The Philadelphia Oil Service Index fell by 2.3
Bankex
(0.2)
(42)
26,803
percent, while the NYSE Arca Oil & Gas Index and the NYSE Arca Natural Gas Index
fell by 1.7 percent and 1.3 percent, respectively.
Global Indices
Chg (%)
(Pts)
(Close)
UK stocks closed lower at the end of the session Barclays dropped 1.6 percent after
the bank, its former chief executive and three other former top executives were
Dow Jones
(0.3)
(62)
21,467
charged with fraud over their actions in the 2008 financial crisis. The Confederation
Nasdaq
(0.8)
(51)
6,188
of British Industry stated their forecast that the UK economy would have steady, but
FTSE
(0.7)
(51)
7,473
subdued economic growth over the next couple of years as the country faces several
Nikkei
(00.8
163
20,230
headwinds.
Hang Seng
(0.3)
(82)
25,843
Indian markets closed flat for the session. The biggest gainer for the session was the
Shanghai Com
(0.1)
(4)
1
3,140
IT index, which closed up 0.9 percent. The FMCG index lost 0.27 percent over fears
of disruption in the sector due to the implementation of GST. Experts expect markets
Advances / Declines
BSE
NSE
to remain cautious till the GST implementation date of July 1.
Advances
1,213
1,729
News Analysis
Declines
1,479
954
Ashok Leyland to enhance focus on fully built units (FBUs) in the trucks segment
Unchanged
155
75
Detailed analysis on Pg2
Volumes (` Cr)
Investor’s Ready Reckoner
BSE
2,989
Key Domestic & Global Indicators
NSE
22,111
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg5 onwards
#Net Inflows (` Cr)
Net
Mtd
Ytd
Top Picks
FII
(5(172)
(22,025
53,994
CMP
Target
Upside
Company
Sector
Rating
MFs
8214
4,873
34,913
(`)
(`)
(%)
Blue Star
Capital Goods
Accumulate
652
760
16.7
Dewan Housing Fin. Financials
Accumulate
460
520
13.1
Top Gainers
Price (`)
Chg (%)
Mahindra Lifespace Real Estate
Buy
443
522
17.8
Amtekauto
126
9.2
Navkar Corporation Others
Buy
218
265
21.8
Il&Fstrans
103
6.7
KEI Industries
Capital Goods
Accumulate
225
258
14.5
Gati
132
5.5
More Top Picks on Pg3
Sreinfra
117
5.5
Key Upcoming Events
Tatapower
82
5.3
Previous
Consensus
Date
Region
Event Description
Reading
Expectations
Jun 21, 2017 US
Existing home sales
5.57
5.55
Top Losers
Price (`)
Chg (%)
Jun 22, 2017 US
Initial Jobless claims
237.00
240.00
Videoind
220
(5.0)
Jun 22, 2017 Germany PMI Services
55.40
55.40
Gppl
148
(4.0)
Jun 23, 2017 Euro Zone Euro-Zone Consumer Confidence
(3.30)
(3.00)
Gdl
255
(3.5)
Jun 23, 2017 Germany PMI Manufacturing
59.50
59.00
Jun 23, 2017 US
GDP Qoq (Annualised)
1.20
1.20
Punjlloyd
18
(3.3)
More Events on Pg4
Hathway
41
(3.1)
#as on 20th June, 2017
Market Outlook
June 21, 2017
News Analysis
Ashok Leyland to enhance focus on fully built units (FBUs) in the
trucks segment
Ashok Leyland Ltd is enhancing its focus on fully built units (FBUs) in the trucks
segment. From the current share of 20 percent of sales, Ashok Leyland aims to
take the share of FBUs in its overall sales to 50 per cent within the next two to three
years.
FBUs are ready-to-use trucks customised for the type of good that needs
transportation. The company is in talks with its supplier partners to develop more
FBUs.
The management stated that it plans to offer more ready to use vehicles to their
customers and are already working with supplier partners on the same. The
management stated that this change would also help in improving the revenue, as
the ticket size would increase.
Ashok Leyland has a manufacturing capacity of about 160,000 units per annum
for MHCV, and around 70,000 units per annum for light commercial vehicles
(LCVs). It is currently utilising around 60-70 per cent of its capacity and sold
84,255 trucks last year. We have a BUY rating on the stock with a target of `111.
Economic and Political News
Country would investment of `2-3 lakh crore over the next 10-15 years for
setting up new airports and adding capacity at the existing ones: MoS Civil
Aviation
Niti Aayog approves `18,000cr project to increase train speeds along Delhi-
Mumbai and Delhi-Howrah rail corridors
Anti-profiteering authority to deregister companies not passing on benefits of
GST to customers
Corporate News
Polyhose Group acquires Ashok Leyland-John Deere JV facility for undisclosed
sum
East Hope Group signs deal with Adani Group in which it will invest over
$300 million to set up a manufacturing unit for solar power generation
equipment
Piramal Enterprises to raise up to `125cr via non-convertible debentures
through private placement
NHPC awards `287cr order to Larsen & Toubro for setting up 50 Mw solar
power capacities in Tamil Nadu
Market Outlook
June 21, 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
22,432
1,876
2,161
15.2
more products in USA, which bodes for its international
business.
We expect the company would report strong profitability
Asian Granito
1,255
417
447
7.2
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
6,229
652
760
16.7
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
14,411
460
520
13.1
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
9,034
150
160
7.0
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
5,953
182
225
23.5
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
1,753
225
258
14.5
sales and higher exports to boost the revenues and
profitability
Speedier execution and speedier sales, strong revenue
Mahindra Lifespace
2,273
443
522
17.8
visibilty in short-to-long run, attractive valuations
Massive capacity expansion along with rail advantage at
Navkar Corporation
3,102
218
265
21.8
ICD as well CFS augurs well for the company
Strong brands and distribution network would boost
Siyaram Silk Mills
1,948
2,078
2,500
20.3
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
1,526
256
344
34.5
radio business, and anticipated growth in ad spends by
corporates to benefit the stock.
Source: Company, Angel Research
Market Outlook
June 21, 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 21, 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 21, 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 21, 2017
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
60,766
(1.3)
(7.6)
23.0
Russia
Micex
1,858
(5.6)
(7.8)
(2.0)
India
Nifty
9,654
2.4
5.4
17.6
China
Shanghai Composite
3,140
1.5
(4.1)
6.8
South Africa
Top 40
44,970
(5.9)
0.7
(2.3)
Mexico
Mexbol
49,033
(0.1)
2.0
7.3
Indonesia
LQ45
974
3.2
8.4
15.1
Malaysia
KLCI
1,781
0.8
2.0
8.5
Thailand
SET 50
995
1.2
1.9
10.2
USA
Dow Jones
21,467
3.9
2.7
20.4
UK
FTSE
7,473
0.5
0.8
19.3
Japan
Nikkei
20,230
3.3
3.3
26.3
Germany
DAX
12,815
1.8
6.1
34.1
France
CAC
5,294
(0.6)
5.3
29.5
Source: Bloomberg, Angel Research
Stock Watch
June 21, 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
243
209
4,728
1,937
2,164
13.3
14.3
9.0
11.0
27.0
22.1
4.7
4.1
18.4
19.8
2.5
2.2
United Phosphorus
Neutral
862
-
43,780
15,176
17,604
18.5
18.5
37.4
44.6
23.0
19.3
4.5
3.7
21.4
21.2
3.0
2.5
Auto & Auto Ancillary
Ashok Leyland
Buy
93
111
26,495
20,021
21,915
11.6
11.9
4.5
5.3
20.7
17.5
4.2
3.8
20.6
21.5
1.3
1.1
Bajaj Auto
Neutral
2,816
-
81,499
25,093
27,891
19.5
19.2
143.9
162.5
19.6
17.3
5.5
4.7
30.3
29.4
3.0
2.6
Bharat Forge
Neutral
1,182
-
27,520
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
27,917
-
75,997
16,583
20,447
17.5
18.0
598.0
745.2
46.7
37.5
16.0
12.2
41.2
38.3
4.4
3.5
Gabriel India
Neutral
156
-
2,235
1,544
1,715
9.0
9.3
5.4
6.3
28.8
24.7
5.4
4.8
18.9
19.5
1.4
1.2
Hero Motocorp
Neutral
3,801
-
75,909
28,083
30,096
15.3
15.7
171.8
187.0
22.1
20.3
7.7
6.5
30.1
27.9
2.5
2.3
Jamna Auto Industries Neutral
269
-
2,140
1,486
1,620
9.8
9.9
15.0
17.2
17.9
15.6
3.9
3.3
21.8
21.3
1.5
1.4
L G Balakrishnan & Bros Neutral
791
-
1,242
1,302
1,432
11.6
11.9
43.7
53.0
18.1
14.9
2.6
2.3
13.8
14.2
1.0
0.9
Mahindra and Mahindra Neutral
1,390
-
86,313
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
7,215
-
217,964
67,822
83,288
16.0
16.4
253.8
312.4
28.4
23.1
6.5
5.3
23.0
22.9
2.9
2.3
Minda Industries
Neutral
607
-
5,247
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
480
-
67,405
45,896
53,687
7.8
8.3
13.0
16.1
36.8
29.8
11.9
9.5
34.7
35.4
1.5
1.3
Rane Brake Lining
Neutral
1,381
-
1,093
511
562
11.3
11.5
28.1
30.9
49.2
44.7
7.5
6.8
15.3
15.0
2.3
2.1
Setco Automotive
Neutral
39
-
522
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
467
-
134,882
300,209
338,549
8.9
8.4
42.7
54.3
11.0
8.6
1.8
1.5
15.6
17.2
0.6
0.5
TVS Motor
Neutral
549
-
26,092
13,390
15,948
6.9
7.1
12.8
16.5
43.0
33.2
10.7
8.5
26.3
27.2
2.0
1.6
Amara Raja Batteries
Buy
835
1,009
14,260
5,305
6,100
16.0
16.3
28.4
34.0
29.4
24.6
5.7
4.7
19.3
19.3
2.7
2.3
Exide Industries
Neutral
225
-
19,142
7,439
8,307
15.0
15.0
8.1
9.3
27.8
24.2
3.9
3.5
14.3
16.7
2.2
2.0
Apollo Tyres
Neutral
262
-
13,319
12,877
14,504
14.3
13.9
21.4
23.0
12.2
11.4
1.9
1.7
16.4
15.2
1.2
1.1
Ceat
Neutral
1,868
-
7,556
7,524
8,624
13.0
12.7
131.1
144.3
14.3
13.0
2.6
2.2
19.8
18.6
1.1
0.9
JK Tyres
Neutral
171
-
3,879
7,455
8,056
15.0
15.0
21.8
24.5
7.8
7.0
1.6
1.3
22.8
21.3
0.7
0.6
Swaraj Engines
Neutral
2,370
-
2,944
660
810
15.2
16.4
54.5
72.8
43.5
32.6
13.6
12.3
31.5
39.2
4.3
3.5
Subros
Neutral
257
-
1,542
1,488
1,681
11.7
11.9
6.4
7.2
40.2
35.9
4.2
3.9
10.8
11.4
1.3
1.1
Indag Rubber
Neutral
217
-
570
286
326
19.8
16.8
11.7
13.3
18.6
16.3
3.1
2.9
17.8
17.1
1.7
1.5
Capital Goods
ACE
Neutral
74
-
731
709
814
4.1
4.6
1.4
2.1
52.8
35.2
2.2
2.1
4.4
6.0
1.2
1.0
BEML
Neutral
1,499
-
6,241
3,451
4,055
6.3
9.2
31.4
57.9
47.7
25.9
2.9
2.6
6.3
10.9
1.9
1.6
Bharat Electronics
Neutral
168
-
37,491
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 21, 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
471
-
15,570
6,511
7,514
7.9
8.7
12.9
16.3
36.5
28.9
6.6
5.8
16.7
18.5
2.1
1.8
BGR Energy
Neutral
155
-
1,119
16,567
33,848
6.0
5.6
7.8
5.9
19.9
26.3
1.1
1.1
4.7
4.2
0.2
0.1
BHEL
Neutral
138
-
33,703
28,797
34,742
-
2.8
2.3
6.9
59.9
20.0
1.0
1.0
1.3
4.8
0.8
0.6
Blue Star
Buy
652
760
6,229
4,283
5,077
5.9
7.3
14.9
22.1
43.8
29.4
8.5
7.2
20.4
26.4
1.5
1.3
CG Power and Industrial
Neutral
85
-
5,321
5,777
6,120
5.9
7.0
3.3
4.5
25.7
18.9
1.1
1.1
4.4
5.9
0.9
0.8
Solutions
Greaves Cotton
Neutral
163
-
3,983
1,755
1,881
16.8
16.9
7.8
8.5
20.9
19.2
4.2
3.9
20.6
20.9
2.0
1.8
Inox Wind
Neutral
146
-
3,233
5,605
6,267
15.7
16.4
24.8
30.0
5.9
4.9
1.6
1.2
25.9
24.4
0.6
0.5
KEC International
Neutral
249
-
6,403
9,294
10,186
7.9
8.1
9.9
11.9
25.2
20.9
3.7
3.2
15.6
16.3
0.9
0.8
KEI Industries
Accumulate
225
258
1,753
2,633
3,001
10.4
10.0
12.7
13.0
17.7
17.3
3.8
3.2
21.4
18.2
0.9
0.8
Thermax
Neutral
963
-
11,477
5,421
5,940
7.3
7.3
25.7
30.2
37.5
31.9
4.5
4.1
12.2
13.1
2.0
1.8
VATech Wabag
Neutral
724
-
3,954
3,136
3,845
8.9
9.1
26.0
35.9
27.9
20.2
3.5
3.0
13.4
15.9
1.2
0.9
Cement
ACC
Neutral
1,648
-
30,944
11,225
13,172
13.2
16.9
44.5
75.5
37.0
21.8
3.5
3.2
11.2
14.2
2.8
2.4
Ambuja Cements
Neutral
240
-
47,745
9,350
10,979
18.2
22.5
5.8
9.5
41.5
25.3
3.5
3.1
10.2
12.5
5.1
4.4
India Cements
Neutral
217
-
6,652
4,364
4,997
18.5
19.2
7.9
11.3
27.4
19.2
2.0
1.9
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
485
-
5,710
2,913
3,412
14.5
19.5
7.5
22.5
64.7
21.6
4.0
3.4
12.5
18.0
2.5
2.1
Orient Cement
Neutral
148
-
3,038
2,114
2,558
18.5
20.5
8.1
11.3
18.3
13.1
2.7
2.3
9.0
14.0
2.1
1.6
UltraTech Cement
Neutral
4,065
-
111,606
25,768
30,385
21.0
23.5
111.0
160.0
36.6
25.4
4.7
4.1
13.5
15.8
4.4
3.7
Construction
ITNL
Neutral
103
-
3,398
8,946
10,017
31.0
31.6
8.1
9.1
12.8
11.4
0.5
0.5
4.2
5.0
3.7
3.4
KNR Constructions
Neutral
201
-
2,833
1,385
1,673
14.7
14.0
41.2
48.5
4.9
4.2
0.9
0.8
14.9
15.2
2.1
1.8
Larsen & Toubro
Neutral
1,751
-
163,404
111,017
124,908
11.0
11.0
61.1
66.7
28.7
26.2
3.4
3.2
13.1
12.9
2.5
2.3
Gujarat Pipavav Port
Neutral
150
-
7,269
705
788
52.2
51.7
5.0
5.6
30.1
26.9
3.0
2.7
11.2
11.2
10.0
8.4
Nagarjuna Const.
Neutral
91
-
5,076
8,842
9,775
9.1
8.8
5.3
6.4
17.2
14.3
1.4
1.3
8.2
9.1
0.7
0.6
PNC Infratech
Neutral
146
-
3,736
2,350
2,904
13.1
13.2
9.0
8.8
16.2
16.6
0.6
0.5
15.9
13.9
1.7
1.4
Simplex Infra
Neutral
527
-
2,605
6,829
7,954
10.5
10.5
31.4
37.4
16.8
14.1
1.7
1.6
9.9
13.4
0.8
0.7
Power Mech Projects
Neutral
602
-
886
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
302
-
5,188
3,598
4,140
10.3
10.6
9.0
11.9
33.6
25.4
3.5
3.1
9.9
11.9
1.7
1.5
NBCC
Neutral
207
-
18,626
7,428
9,549
7.9
8.6
8.2
11.0
25.2
18.8
1.3
1.0
28.2
28.7
2.2
1.7
MEP Infra
Neutral
101
-
1,647
1,877
1,943
30.6
29.8
3.0
4.2
33.8
24.1
16.3
11.0
0.6
0.6
2.3
2.1
Stock Watch
June 21, 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
-
3,874
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
160
-
10,792
1,725
1,935
16.0
19.1
11.4
13.9
14.1
11.5
1.9
1.9
13.4
15.3
5.2
4.6
Financials
Axis Bank
Accumulate
512
580
122,669
46,932
53,575
3.5
3.4
32.4
44.6
15.8
11.5
2.0
1.8
13.6
16.5
-
-
Bank of Baroda
Neutral
167
-
38,560
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
353
-
21,057
15,225
16,836
1.8
1.8
14.5
28.0
24.3
12.6
1.7
1.4
5.8
8.5
-
-
Can Fin Homes
Neutral
3,200
-
8,518
420
526
3.5
3.5
86.5
107.8
37.0
29.7
8.0
6.5
23.6
24.1
-
-
Cholamandalam Inv. &
Accumulate
1,132
1,230
17,687
2,012
2,317
6.3
6.3
42.7
53.6
26.5
21.1
4.2
3.6
16.9
18.3
-
-
Fin. Co.
Dewan Housing Finance Accumulate
460
520
14,411
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
158
235
5,345
939
1,281
11.7
11.5
5.8
8.2
27.3
19.3
2.4
2.1
10.9
11.5
-
-
Federal Bank
Accumulate
119
125
20,536
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
1,633
-
259,616
11,475
13,450
3.4
3.4
45.3
52.5
36.1
31.1
7.0
6.1
20.2
20.5
-
-
HDFC Bank
Neutral
1,688
-
433,565
46,097
55,433
4.5
4.5
58.4
68.0
28.9
24.8
5.1
4.2
18.8
18.6
-
-
ICICI Bank
Accumulate
293
315
187,607
42,800
44,686
3.1
3.3
18.0
21.9
16.3
13.4
2.2
2.0
11.1
12.3
-
-
Karur Vysya Bank
Accumulate
150
160
9,034
5,640
6,030
3.3
3.2
8.9
10.0
16.8
15.0
1.8
1.6
11.2
11.4
-
-
Lakshmi Vilas Bank
Neutral
194
-
3,718
3,339
3,799
2.7
2.8
11.0
14.0
17.6
13.9
1.8
1.7
11.2
12.7
-
-
LIC Housing Finance
Neutral
775
-
39,109
3,712
4,293
2.6
2.5
39.0
46.0
19.9
16.9
3.7
3.2
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
144
-
30,621
23,532
23,595
2.3
2.4
6.8
12.6
21.2
11.4
3.3
2.3
3.3
6.5
-
-
RBL Bank
Neutral
510
-
19,186
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
885
-
5,538
388
457
4.5
4.2
30.0
38.0
29.5
23.3
4.9
4.1
18.0
19.2
-
-
South Ind.Bank
Neutral
29
-
5,293
6,435
7,578
2.5
2.5
2.7
3.1
10.9
9.5
1.4
1.2
10.1
11.2
-
-
St Bk of India
Neutral
290
-
235,186
88,650
98,335
2.6
2.6
13.5
18.8
21.5
15.4
2.0
1.8
7.0
8.5
-
-
Union Bank
Neutral
151
-
10,411
13,450
14,925
2.3
2.3
25.5
34.5
5.9
4.4
0.9
0.7
7.5
10.2
-
-
Yes Bank
Neutral
1,443
-
65,974
8,978
11,281
3.3
3.4
74.0
90.0
19.5
16.0
3.7
3.1
17.0
17.2
-
-
FMCG
Akzo Nobel India
Neutral
1,863
-
8,935
2,955
3,309
13.3
13.7
57.2
69.3
32.6
26.9
10.7
8.9
32.7
33.3
2.8
2.5
Asian Paints
Neutral
1,151
-
110,384
17,128
18,978
16.8
16.4
19.1
20.7
60.3
55.6
21.0
19.8
34.8
35.5
6.4
5.7
Britannia
Neutral
3,581
-
42,969
9,594
11,011
14.6
14.9
80.3
94.0
44.6
38.1
18.3
14.2
41.2
-
4.3
3.7
Colgate
Neutral
1,082
-
29,417
4,605
5,149
23.4
23.4
23.8
26.9
45.4
40.2
25.2
19.7
64.8
66.8
6.3
5.6
Dabur India
Accumulate
287
304
50,538
8,315
9,405
19.8
20.7
8.1
9.2
35.4
31.2
9.9
8.2
31.6
31.0
5.7
5.0
GlaxoSmith Con*
Neutral
5,351
-
22,504
4,350
4,823
21.2
21.4
179.2
196.5
29.9
27.2
7.9
6.7
27.1
26.8
4.6
4.0
Stock Watch
June 21, 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
1,938
-
65,991
10,235
11,428
18.4
18.6
41.1
44.2
47.1
43.8
10.5
8.8
24.9
24.8
6.5
5.8
HUL
Neutral
1,096
-
237,247
35,252
38,495
17.8
17.8
20.7
22.4
53.1
49.0
50.7
43.5
95.6
88.9
6.6
6.0
ITC
Neutral
309
-
374,747
40,059
44,439
38.3
39.2
9.0
10.1
34.4
30.4
9.6
8.4
27.8
27.5
8.9
8.0
Marico
Neutral
318
-
41,005
6,430
7,349
18.8
19.5
6.4
7.7
49.7
41.3
15.0
12.6
33.2
32.5
6.2
5.4
Nestle*
Neutral
6,704
-
64,640
10,073
11,807
20.7
21.5
124.8
154.2
53.7
43.5
22.1
19.8
34.8
36.7
6.2
5.3
Tata Global
Neutral
157
-
9,899
8,675
9,088
9.8
9.8
7.4
8.2
21.2
19.1
1.7
1.6
7.9
8.1
1.1
1.0
Procter & Gamble
Neutral
7,950
-
25,806
2,939
3,342
23.2
23.0
146.2
163.7
54.4
48.6
13.8
11.4
25.3
23.5
8.3
7.2
Hygiene
IT
HCL Tech^
Buy
855
1,014
121,936
46,723
52,342
22.1
20.9
60.0
62.8
14.2
13.6
3.6
3.1
25.3
22.4
2.3
2.0
Infosys
Buy
944
1,179
216,786
68,484
73,963
26.0
26.0
63.0
64.0
15.0
14.8
3.2
2.9
20.8
19.7
2.8
2.5
TCS
Accumulate
2,442
2,651
481,080
117,966
127,403
27.5
27.6
134.3
144.5
18.2
16.9
5.4
5.0
29.8
29.7
3.7
3.5
Tech Mahindra
Buy
394
533
38,449
29,141
31,051
14.4
15.0
32.3
35.6
12.2
11.1
2.1
1.9
17.1
17.0
1.2
1.0
Wipro
Accumulate
254
280
123,625
55,421
58,536
20.3
20.3
35.1
36.5
7.2
7.0
1.3
1.1
19.2
14.6
1.6
1.4
Media
D B Corp
Neutral
377
-
6,934
2,297
2,590
27.4
28.2
21.0
23.4
18.0
16.1
4.2
3.6
23.7
23.1
2.8
2.4
HT Media
Neutral
81
-
1,896
2,693
2,991
12.6
12.9
7.9
9.0
10.3
9.1
0.9
0.8
7.8
8.3
0.3
0.2
Jagran Prakashan
Buy
182
225
5,953
2,283
2,555
28.0
28.0
10.6
12.3
17.1
14.9
3.7
3.2
21.4
21.4
2.6
2.3
Sun TV Network
Neutral
846
-
33,355
2,850
3,265
70.1
71.0
26.2
30.4
32.3
27.8
8.3
7.3
24.3
25.6
11.3
9.7
Hindustan Media
Neutral
275
-
2,019
1,016
1,138
24.3
25.2
27.3
30.1
10.1
9.1
1.9
1.7
16.2
15.8
1.3
1.1
Ventures
TV Today Network
Buy
256
344
1,526
608
667
21.5
22.3
15.7
19.2
16.3
13.3
2.5
2.1
16.1
16.0
2.1
1.8
Metals & Mining
Coal India
Neutral
254
-
157,761
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
253
-
106,732
14,252
18,465
55.9
48.3
15.8
21.5
16.0
11.8
2.6
2.3
17.0
20.7
7.5
5.8
Hindalco
Neutral
202
-
45,305
107,899
112,095
7.4
8.2
9.2
13.0
22.0
15.5
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
-
35,720
6,643
7,284
44.4
47.7
7.1
7.7
15.9
14.7
1.4
1.3
8.8
9.2
3.1
2.8
SAIL
Neutral
57
-
23,707
47,528
53,738
(0.7)
2.1
(1.9)
2.6
22.1
0.6
0.6
(1.6)
3.9
1.4
1.2
Vedanta
Neutral
242
-
89,770
71,744
81,944
19.2
21.7
13.4
20.1
18.0
12.0
1.5
1.4
8.4
11.3
1.6
1.3
Tata Steel
Neutral
522
-
50,717
121,374
121,856
7.2
8.4
18.6
34.3
28.1
15.2
1.8
1.6
6.1
10.1
1.1
1.0
Oil & Gas
GAIL
Neutral
376
-
63,551
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
ONGC
Neutral
169
-
216,497
137,222
152,563
15.0
21.8
19.5
24.1
8.7
7.0
0.7
0.7
8.5
10.1
1.9
1.7
Indian Oil Corp
Neutral
412
-
199,918
373,359
428,656
5.9
5.5
54.0
59.3
7.6
6.9
1.2
1.1
16.0
15.6
0.7
0.6
Stock Watch
June 21, 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
1,412
-
459,184
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
523
648
9,859
3,101
3,966
19.7
20.5
21.4
25.5
24.4
20.5
5.2
4.2
23.0
22.8
3.1
2.3
Alkem Laboratories Ltd
Buy
1,876
2,161
22,432
5,853
6,901
17.1
18.4
74.6
85.0
25.1
22.1
5.3
4.5
21.1
20.2
3.8
3.2
Aurobindo Pharma
Buy
659
823
38,592
14,845
17,086
21.5
22.1
39.4
44.7
16.7
14.7
4.1
3.3
27.6
24.7
2.8
2.4
Aventis*
Neutral
4,244
-
9,774
2,206
2,508
16.6
16.8
128.9
139.9
32.9
30.3
5.6
4.4
21.6
23.5
4.2
3.5
Cadila Healthcare
Reduce
524
450
53,624
9,220
11,584
18.4
20.3
14.5
18.7
36.1
28.0
7.7
6.2
23.5
24.6
6.1
4.7
Cipla
Sell
546
461
43,945
14,281
16,619
15.4
16.2
12.5
19.7
43.7
27.7
3.5
3.2
8.4
12.0
3.2
2.8
Dr Reddy's
Neutral
2,670
-
44,250
14,081
15,937
16.1
18.6
72.6
105.9
36.8
25.2
3.6
3.3
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
2,462
-
20,858
2,927
3,290
11.8
16.2
34.4
49.6
71.6
49.7
10.4
10.8
13.9
21.3
6.9
6.2
Indoco Remedies
Sell
189
153
1,742
1,067
1,154
12.1
14.9
8.4
11.3
22.5
16.7
2.7
2.4
12.6
15.0
1.8
1.7
Ipca labs
Buy
474
620
5,982
3,211
3,593
13.9
14.5
15.4
19.4
30.8
24.4
2.4
2.2
8.2
9.5
2.0
1.7
Lupin
Buy
1,112
1,526
50,245
17,120
18,657
24.1
24.1
56.9
61.1
19.6
18.2
3.7
3.1
20.7
18.6
3.2
2.6
Natco Pharma
Accumulate
970
1,060
16,907
2,065
1,988
33.1
33.7
27.9
25.7
34.8
37.7
10.1
8.6
29.2
22.9
8.3
8.4
Sun Pharma
Buy
524
712
125,672
30,264
32,899
29.0
26.9
32.7
31.6
16.0
16.6
3.4
2.9
22.2
18.7
3.9
3.5
Power
Tata Power
Neutral
82
-
22,220
36,916
39,557
17.4
27.1
5.1
6.3
16.1
13.0
1.4
1.3
9.0
10.3
1.6
1.5
NTPC
Neutral
159
-
130,979
86,605
95,545
17.5
20.8
11.8
13.4
13.5
11.9
1.4
1.3
10.5
11.1
2.9
2.8
Power Grid
Accumulate
208
223
108,896
25,315
29,193
88.2
88.7
14.2
17.2
14.7
12.1
2.2
2.0
15.2
16.1
8.9
8.0
Real Estate
Prestige Estate
Neutral
262
-
9,833
4,707
5,105
25.2
26.0
10.3
13.0
25.5
20.2
2.0
1.9
10.3
10.2
3.3
2.9
MLIFE
Buy
443
522
2,273
1,152
1,300
22.7
24.6
29.9
35.8
14.8
12.4
1.1
1.0
7.6
8.6
2.7
2.3
Telecom
Bharti Airtel
Neutral
366
-
146,305
105,086
114,808
34.5
34.7
12.2
16.4
30.0
22.3
2.0
1.9
6.8
8.4
2.3
2.0
Idea Cellular
Neutral
82
-
29,552
40,133
43,731
37.2
37.1
6.4
6.5
12.8
12.6
1.1
1.0
8.2
7.6
1.8
1.5
zOthers
Abbott India
Neutral
4,353
-
9,250
3,153
3,583
14.1
14.4
152.2
182.7
28.6
23.8
140.4
119.9
25.6
26.1
2.6
2.3
Asian Granito
Accumulate
417
447
1,255
1,066
1,169
11.6
12.5
13.0
16.0
32.1
26.1
3.1
2.8
9.5
10.7
1.5
1.3
Bajaj Electricals
Buy
342
395
3,461
4,801
5,351
5.7
6.2
10.4
13.7
32.8
25.0
4.1
3.6
12.4
14.5
0.7
0.6
Banco Products (India)
Neutral
228
-
1,627
1,353
1,471
12.3
12.4
14.5
16.3
15.7
14.0
21.7
19.5
14.5
14.6
1.1
122.9
Coffee Day Enterprises
Neutral
252
-
5,181
2,964
3,260
20.5
21.2
4.7
8.0
-
31.4
2.9
2.7
5.5
8.5
2.2
1.9
Ltd
Competent Automobiles Neutral
191
-
123
1,137
1,256
3.1
2.7
28.0
23.6
6.8
8.1
36.8
33.2
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 21, 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
498
-
7,616
2,883
3,115
12.0
12.1
14.2
18.6
35.1
26.8
18.7
16.3
15.8
14.6
2.3
2.1
Garware Wall Ropes
Neutral
838
-
1,833
863
928
15.1
15.2
36.4
39.4
23.0
21.3
4.2
3.6
17.5
15.9
2.0
1.9
Goodyear India*
Neutral
870
-
2,007
1,598
1,704
10.4
10.2
49.4
52.6
17.6
16.5
81.3
71.3
18.2
17.0
0.9
134.0
Hitachi
Neutral
2,043
-
5,554
2,081
2,433
8.8
8.9
33.4
39.9
61.2
51.2
49.3
41.1
22.1
21.4
2.7
2.2
HSIL
Neutral
391
-
2,829
2,384
2,515
15.8
16.3
15.3
19.4
25.6
20.2
25.4
21.9
7.8
9.3
1.4
1.2
Interglobe Aviation
Neutral
1,232
-
44,560
21,122
26,005
14.5
27.6
110.7
132.1
11.1
9.3
66.6
47.6
168.5
201.1
2.1
1.7
Jyothy Laboratories
Neutral
382
-
6,931
1,440
2,052
11.5
13.0
8.5
10.0
44.9
38.2
10.9
10.1
18.6
19.3
5.1
3.6
Kirloskar Engines India
Neutral
387
-
5,597
2,554
2,800
9.9
10.0
10.5
12.1
36.9
32.0
15.4
14.6
10.7
11.7
1.8
1.6
Ltd
Linc Pen & Plastics
Neutral
285
-
422
382
420
9.3
9.5
13.5
15.7
21.2
18.2
3.6
3.1
17.1
17.3
1.2
1.0
M M Forgings
Neutral
632
-
762
546
608
20.4
20.7
41.3
48.7
15.3
13.0
86.5
76.6
16.6
17.0
1.2
1.1
Manpasand Bever.
Neutral
798
-
4,565
836
1,087
19.6
19.4
16.9
23.8
47.2
33.5
5.7
5.0
12.0
14.8
5.2
3.9
Mirza International
Neutral
158
-
1,904
963
1,069
17.2
18.0
6.1
7.5
25.8
21.1
4.0
3.4
15.0
15.7
2.2
2.0
MT Educare
Neutral
64
-
256
366
417
17.7
18.2
9.4
10.8
6.9
6.0
1.5
1.3
22.2
22.3
0.6
0.5
Narayana Hrudaya
Neutral
318
-
6,496
1,873
2,166
11.5
11.7
2.6
4.0
120.2
80.2
7.4
6.7
6.1
8.3
3.6
3.1
Navkar Corporation
Buy
218
265
3,102
347
371
43.2
37.3
6.7
6.0
32.6
36.3
2.2
2.0
6.2
10.6
10.1
9.4
Navneet Education
Neutral
183
-
4,273
1,062
1,147
24.0
24.0
6.1
6.6
30.0
27.6
6.2
5.5
20.6
19.8
4.1
3.8
Nilkamal
Neutral
1,941
-
2,897
1,995
2,165
10.7
10.4
69.8
80.6
27.8
24.1
110.9
96.4
16.6
16.5
1.4
1.3
Page Industries
Neutral
16,345
-
18,231
2,450
3,124
20.1
17.6
299.0
310.0
54.7
52.7
364.0
277.9
47.1
87.5
7.5
5.9
Parag Milk Foods
Neutral
221
-
1,856
1,919
2,231
9.3
9.6
9.5
12.9
23.4
17.1
3.6
3.0
15.5
17.5
1.1
1.0
Quick Heal
Neutral
210
-
1,475
408
495
27.3
27.0
7.7
8.8
27.2
23.9
2.5
2.5
9.3
10.6
2.8
2.3
Radico Khaitan
Accumulate
130
147
1,728
1,667
1,824
13.0
13.2
6.7
8.2
19.5
15.9
1.8
1.6
9.0
10.2
1.4
1.3
Relaxo Footwears
Neutral
483
-
5,804
2,085
2,469
9.2
8.2
7.6
8.0
63.9
60.8
24.8
21.2
17.9
18.8
2.9
2.5
S H Kelkar & Co.
Neutral
284
-
4,100
1,036
1,160
15.1
15.0
6.1
7.2
46.4
39.5
5.0
4.6
10.7
11.5
3.8
3.4
Siyaram Silk Mills
Buy
2,078
2,500
1,948
1,574
1,769
12.5
12.7
97.1
113.1
21.4
18.4
3.3
2.8
15.4
15.5
1.4
1.3
Styrolution ABS India*
Neutral
870
-
1,530
1,440
1,537
9.2
9.0
40.6
42.6
21.4
20.4
54.7
49.7
12.3
11.6
1.0
0.9
Surya Roshni
Neutral
292
-
1,280
3,342
3,625
7.8
7.5
17.3
19.8
16.9
14.8
32.1
25.8
10.5
10.8
0.6
0.6
Team Lease Serv.
Neutral
1,331
-
2,276
3,229
4,001
1.5
1.8
22.8
32.8
58.5
40.5
6.3
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
309
-
2,369
2,671
2,911
8.5
8.8
13.9
15.7
22.3
19.8
3.1
2.7
13.7
13.8
1.0
0.9
India
Stock Watch
June 21, 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
4,020
-
3,078
2,304
2,614
13.7
13.8
231.1
266.6
17.4
15.1
451.7
355.7
33.9
29.3
1.3
1.2
UFO Moviez
Neutral
413
-
1,140
619
685
33.2
33.4
30.0
34.9
13.8
11.8
1.9
1.7
13.8
13.9
1.6
1.2
Visaka Industries
Neutral
540
-
858
1,051
1,138
10.3
10.4
21.0
23.1
25.7
23.3
69.3
64.9
9.0
9.2
1.1
1.0
VRL Logistics
Neutral
337
-
3,078
1,902
2,119
16.7
16.6
14.6
16.8
23.2
20.1
5.1
4.5
21.9
22.2
1.7
1.5
VIP Industries
Accumulate
195
218
2,756
1,270
1,450
10.4
10.4
5.6
6.5
34.8
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 20, 2017
Market Outlook
June 21, 2017
Research Team Tel: 022 - 39357800
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