Market Outlook

October 21, 2016

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are likely to open sideways tracking Asian markets and SGX Nifty.

BSE Sensex

0.5

145

28,130

Nifty

0.5

8,699

U.S. stocks closed lower Thursday, as a sharp drop in oil and telecommunications

shares weighed on investors’ sentiment. Investors also grappled with a mixed bag of

Mid Cap

0.1

13,560

economic data, earnings results, a steep drop in crude-oil prices, the prospect of a

Small Cap

0.5

13,419

rate increase by the Federal Reserve and tumult wrought by the U.S. presidential

Bankex

1.4

315

22,542

election.

UK’s FTSE 100, edged into positive territory at the end of Thursday trading.

Global Indices

Chg (%)

(Pts)

(Close)

Indian stocks advanced to a two-week high as over positive sentiment on the

Dow Jones

(0.2)

(40)

18,162

banking sector. The S&P BSE Sensex ended up 145 points at 28,129.84 and the

Nasdaq

(0.1)

(5)

5,242

Nifty50 settled 40 points higher at 8,699.40. The mood in the market has changed

FTSE

0.1

7,027

over positive earnings and fresh buying seen in banking space. The market will track

the US elections and corporate earnings which will decide the course of the market

Nikkei

1.4

237

17,236

going ahead.

Hang Seng

0.3

23,374

Shanghai Com

(0.0)

(0)

3,084

News Analysis

 Result Preview: Wipro

Advances / Declines

BSE

NSE

 Result Preview: HCL Tech

Advances

1,603

961

Detailed analysis on Pg2

Declines

1,244

682

Investor’s Ready Reckoner

Unchanged

222

Key Domestic & Global Indicators

Volumes (` Cr)

Stock Watch: Latest investment recommendations on 150+ stocks

Refer Pg6 onwards

BSE

3,425

NSE

23,090

Top Picks

CMP

Target

Upside

Company

Sector

Rating

(`)

(%)

Net Inflows (` Cr)

Net

Mtd

Ytd

Amara Raja Batteries Auto & Auto Ancill.

Buy

1,035

1,218

17.7

FII

374

(428)

49,577

HCL Tech

Buy

815

1,000

22.7

MFs

244

3,040

16,986

Bharat Electronics

Capital Goods

Accumulate

1,276

1,414

10.8

Equitas Holdings

Financials

Buy

183

235

28.8

Navkar Corporation Others

Buy

200

265

32.4

Top Gainers

Price (`)

Chg (%)

More Top Picks on Pg4

Jisljaleqs

102

6.3

Syndibank

6.1

Key Upcoming Events

Consensus

Deltacorp

182

5.9

Date

Region

Event Description

Reading

Expectations

Jpassociat

5.6

Oct 21 Euro Zone

ECB announces interest rate

Corpbank

5.6

Oct 24 Germany

PMI Services

50.90

Oct 24 US

New home sales

609.0

600.0

Oct 25 Germany

PMI Manufacturing

54.3

Top Losers

Price (`)

Chg (%)

Oct 26 US

Consumer Confidence

104.1

101.5

Kajariacer

662

(9.1)

Oct 27 UK

GDP (YoY)

2.1

Wabag

499

(5.0)

Oct 28 US

GDP QoQ (Annualised)

1.4

2.5

Bayercrop

4,355

(3.4)

Oct 31 Euro Zone

Euro Zone GDP s.a. (QoQ)

0.3

6.(

More Events on Pg5

Gati

138

(2.8)

Aloktext

(2.5)

As on October 20, 2016

www.angelbroking.com

Market Outlook

October 21, 2016

News Analysis

Result Preview

Wipro (CMP: `494 / TP: `680 /Upside: 37.6%)

Wipro is slated to announce its 2QFY2017 results today. We expect the company

to post 0.5% sequential de-growth in its USD IT Services revenues to US$1,921mn

v/s US$1,931mn in 1QFY2017. In rupee terms, the consolidated revenues are

expected to come in at `13,428cr, down 1.3% qoq. EBIT margin is expected to

show an dip of ~94bp qoq to end the period at 15.1% on account of wage hikes

and currency impact. Consequently, PAT is expected to be at `1,968cr, a dip of

4.1% qoq. We maintain our buy rating on the stock.

Y/E

Sales OPM

PAT

EPS ROE P/E P/BV EV/EBITDA EV/Sales

March

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2017E

51,631

21.7

8,887

35.9

19.0

13.7

2.6

8.8

1.9

FY2018E

55,822

17.9

9,115

36.9

18.1

13.4

2.7

7.5

1.6

HCL Tech (CMP: `815 / TP: `1,000 /Upside: 22.7%)

HCL Tech is slated to announce its 2QFY2017 results today. We expect the

company to post 2.1% sequential growth in USD revenues to US$1,726mn v/s

US$1,691mn in 1QFY2017. In rupee terms, the revenues are expected to come in

at `11,548cr, up 1.9% qoq. EBIT margin is expected to show a dip of ~63bp qoq

to end the period at 20.0% on account of wage hikes and currency impact.

Consequently, PAT is expected to be at `1,979cr, a dip of 3.3% qoq. We maintain

our buy rating on the stock.

Y/E

Sales OPM

PAT

EPS ROE P/E P/BV EV/EBITDA EV/Sales

March

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2017E

49,242

20.5

7,862

55.7

20.3

14.6

3.0

9.0

1.8

FY2018E

57,168

20.5

9,037

64.1

17.9

12.7

2.3

6.8

1.4

Economic and Political News

 RBI simplifies norms related to ECB

 European Central Bank Keeps Rates on Hold

 Pulses, metals, fuel may play spoilsport in cooling CPI inflation

 Discom losses to halve by FY19: CRISIL

 RBI decides to allow FDI up to 100% in other financial services

 Govt orders probe into debit card data breach

Corporate News

 Reliance Q2 profit rises 18%; GRM at $10.1/bbl, petchem shines

 Biocon profit at `147 cr, revenue up 21%

 Tata Coffee Q2 profit up 85%

 Mahindra begins use of IoT for its trucks and tractors

 Wipro to buy cloud services firm Appirio for $500 million

www.angelbroking.com

Market Outlook

October 21, 2016

Quarterly Bloomberg Brokers Consensus Estimate

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

Axis Bank Ltd Consol - Oct 24, 2016

Particulars ( ` cr)

2QFY17E

2QFY16

y-o-y (%)

1QFY17

q-o-q (%)

PAT

1,998

1,916

4.3

1,556

28.5

Reliance Capital Ltd Consol - Oct 24, 2016

Particulars ( ` cr)

2QFY17E

2QFY16

y-o-y (%)

1QFY17

q-o-q (%)

PAT

259

250

3.7

207

25.3

Idea Cellular Ltd Consol - Oct 24, 2016

Particulars ( ` cr)

2QFY17E

2QFY16

y-o-y (%)

1QFY17

q-o-q (%)

Net sales

9,763

8,677

12.5

9,484

2.9

EBITDA

3,579

3,057

17.1

3,074

16.4

EBITDA margin (%)

36.7

35.2

32.4

Net profit

445

809

(45.1)

217

104.8

www.angelbroking.com

Market Outlook

October 21, 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

17,673

1,035

1,218

17.7

products leading to market share gains in both the

automotive OEM and replacement segments.

Healthy pace of branch expansion, backed by distribution

Axis Bank

1,28,599

539

630

16.9

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

30,622

1,276

1,414

10.8

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

1,15,012

815

1,000

22.7

the bad news.

Back on the growth trend, expect a long term growth of 14%

Infosys

2,38,182

1,037

1,249

20.4

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

840

279

351

25.8

owing to better product mix, higher B2C sales and

amalgamation synergy.

Among the top 4 players in the consumer durables segment.

Bajaj Electricals

2,569

254

306

20.4

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

5,294

555

634

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

Dewan Housing Finance

9,632

330

350

6.0

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

6,121

183

235

28.8

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

6,849

210

225

7.4

radio business (Radio City) would also boost the company's

revenue growth.

Speedier execution and speedier sales, strong revenue visibilty

Mahindra Lifespace

1,812

442

522

18.2

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

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

2,854

200

265

32.4

as well CFS augurs well for the company.

Strong brands and distribution network would boost growth

Siyaram Silk Mills

1,443

1,539

1,714

11.4

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

2,004

336

363

8.1

and anticipated growth in ad spends by corporates to benefit

the stock.

Source: Company, Angel Research

www.angelbroking.com

Market Outlook

October 21, 2016

Key Upcoming Events

Result Calendar

Date

Company

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

Maruti, TVS Motor, ABB, Tech Mahindra, PVR, JSW Steel , ONGC, IOC, MRF, GSK Pharma, Glenmark Pharma.,

Oct 27, 2016

Dishman 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 21, 2016 5:15PM Euro Zone

ECB announces interest rates

Oct 20

Oct 24, 2016 1:00PM Germany

PMI Services

Value

Oct P

50.90

7:30PM US

New home sales

Thousands

Sep

609.00

600.00

Oct 25, 2016 1:00PM Germany

PMI Manufacturing

Value

Oct P

54.30

Oct 26, 2016 7:30PM US

Consumer Confidence

S.A./ 1985=100

Oct

104.10

101.50

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

6:30AM China

PMI Manufacturing

Value

Oct

50.40

Nov 2, 2016

2:25PM Germany

Unemployment change (000's)

Thousands

Oct

1.00

11:30PM US

FOMC rate decision

Nov 2

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

China

Exports YoY%

% Change

Oct

(10.00)

Nov 8, 2016

6:00PM US

Unnemployment rate

Oct

5.00

4.90

3:00PM UK

Industrial Production (YoY)

% Change

Sep

0.70

Nov 9, 2016

7:00AM China

Consumer Price Index (YoY)

% Change

Oct

1.90

Nov 10, 2016

India

Imports YoY%

% Change

Oct

(2.50)

India

Exports YoY%

% Change

Oct

4.60

Nov 11, 2016 5:30PM India

Industrial Production YoY

% Change

Sep

(0.70)

Nov 14, 2016 7:30AM China

Industrial Production (YoY)

% Change

Oct

6.10

12:00PM India

Monthly Wholesale Prices YoY%

% Change

Oct

3.57

Source: Bloomberg, Angel Research

Market Outlook

October 21, 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

7.6

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

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

www.angelbroking.com

Market Outlook

October 21, 2016

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

63,838

11.3

12.8

35.4

Russia

Micex

1,957

(1.7)

1.6

13.6

India

Nifty

8,699

(0.9)

1.8

6.8

China

Shanghai Composite

3,084

2.0

0.9

(6.4)

South Africa

Top 40

44,866

0.0

(2.9)

(5.4)

Mexico

Mexbol

48,274

4.2

1.9

8.2

Indonesia

LQ45

930

1.0

3.5

16.8

Malaysia

KLCI

1,667

0.9

(0.2)

(2.5)

Thailand

SET 50

945

0.6

(1.0)

2.5

USA

Dow Jones

18,162

0.2

(1.9)

3.8

FTSE

7,027

2.9

4.9

9.0

Japan

Nikkei

17,236

5.1

4.5

(6.5)

Germany

DAX

10,701

3.2

5.4

(0.9)

France

CAC

4,540

3.5

3.6

(7.1)

Source: Bloomberg, Angel Research

www.angelbroking.com

Stock Watch

October 21, 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

4,570

1,937

2,164

13.3

14.3

9.0

11.0

26.1

21.4

4.6

4.0

18.4

19.8

2.4

2.1

United Phosphorus

Neutral

714

36,186

15,176

17,604

18.5

37.4

44.6

19.1

16.0

3.7

3.1

21.4

21.2

2.5

2.1

Auto & Auto Ancillary

Ashok Leyland

Buy

111

24,375

22,407

26,022

10.6

5.2

6.4

16.4

13.3

3.7

3.1

23.6

24.7

1.2

1.0

Bajaj Auto

Neutral

2,788

80,683

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

897

20,872

7,726

8,713

20.5

21.2

35.3

42.7

25.4

21.0

4.7

4.2

18.9

20.1

2.8

2.4

Eicher Motors

Neutral

24,989

67,872

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

119

130

1,712

1,544

1,715

9.0

9.3

5.4

6.3

22.1

18.9

4.2

3.7

18.9

19.5

1.1

0.9

Hero Motocorp

Neutral

3,363

67,150

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

224

1,788

1,486

1,620

9.8

9.9

15.0

17.2

14.9

13.0

3.3

2.8

21.8

21.3

1.3

1.2

L G Balakrishnan & Bros Neutral

588

923

1,302

1,432

11.6

11.9

43.7

53.0

13.5

11.1

1.9

1.7

13.8

14.2

0.8

0.7

Mahindra and Mahindra Neutral

1,327

82,388

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

5,645

5,998

170,509

69,186

82,217

14.7

14.4

198.5

241.4

28.4

23.4

5.5

4.5

20.2

20.0

2.2

1.7

Minda Industries

Neutral

341

2,704

2,728

3,042

9.0

9.1

68.2

86.2

5.0

4.0

1.1

0.9

23.8

24.3

1.1

0.9

Motherson Sumi

Neutral

330

46,326

45,896

53,687

7.8

8.3

13.0

16.1

25.3

20.5

8.2

6.5

34.7

35.4

1.1

0.9

Rane Brake Lining

Neutral

1,251

990

511

562

11.3

11.5

28.1

30.9

44.5

40.5

6.8

6.2

15.3

15.0

2.1

1.9

Setco Automotive

Neutral

565

741

837

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

547

158,017

300,209

338,549

8.9

8.4

42.7

54.3

12.8

10.1

2.1

1.7

15.6

17.2

0.6

TVS Motor

Neutral

392

18,633

13,390

15,948

6.9

7.1

12.8

16.5

30.7

23.7

7.6

6.1

26.3

27.2

1.4

1.2

Amara Raja Batteries

Buy

1,035

1,218

17,673

5,429

6,471

17.5

17.6

35.3

43.5

29.3

23.8

6.7

5.5

25.3

24.8

3.1

2.5

Exide Industries

Neutral

199

16,919

7,439

8,307

15.0

8.1

9.3

24.6

21.4

3.4

3.1

14.3

16.7

1.9

1.7

Apollo Tyres

Accumulate

213

235

10,822

12,877

14,504

14.3

13.9

21.4

23.0

9.9

9.3

1.5

1.3

16.4

15.2

1.0

0.9

Ceat

Accumulate

1,301

1,450

5,262

7,524

8,624

13.0

12.7

131.1

144.3

9.9

9.0

1.8

1.6

19.8

18.6

0.8

0.7

JK Tyres

Neutral

150

3,399

7,455

8,056

15.0

21.8

24.5

6.9

6.1

1.4

1.2

22.8

21.3

0.6

0.5

Swaraj Engines

Neutral

1,376

1,709

660

810

15.2

16.4

54.5

72.8

25.3

18.9

7.9

7.1

31.5

39.2

2.4

1.9

Subros

Neutral

142

849

1,488

1,681

11.7

11.9

6.4

7.2

22.1

19.7

2.3

2.1

10.8

11.4

0.8

0.7

Indag Rubber

Neutral

212

555

286

326

19.8

16.8

11.7

13.3

18.1

15.9

3.1

2.9

17.8

17.1

1.6

1.4

Capital Goods

ACE

Neutral

444

709

814

4.1

4.6

1.4

2.1

32.0

21.4

1.3

4.4

6.0

0.8

0.7

BEML

Buy

939

1,157

3,909

3,451

4,055

6.3

9.2

31.4

57.9

29.9

16.2

1.8

1.6

6.3

10.9

1.3

1.1

Bharat Electronics

Accumulate

1,276

1,414

30,622

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

www.angelbroking.com

Stock Watch

October 21, 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

397

13,123

6,511

7,514

7.9

8.7

12.9

16.3

30.7

24.3

5.5

4.9

16.7

18.5

1.8

1.5

BGR Energy

Neutral

116

840

16,567

33,848

6.0

5.6

7.8

5.9

14.9

19.7

0.9

0.8

4.7

4.2

0.2

0.1

BHEL

Neutral

142

34,780

28,797

34,742

2.8

2.3

6.9

61.8

20.6

1.1

1.0

1.3

4.8

0.9

0.6

Blue Star

Accumulate

555

634

5,294

4,283

5,077

5.9

7.3

14.9

22.1

37.3

25.1

7.2

6.1

20.4

26.4

1.3

1.1

Crompton Greaves

Neutral

4,766

5,777

6,120

5.9

7.0

3.3

4.5

23.1

16.9

1.0

4.4

5.9

0.8

0.7

Greaves Cotton

Neutral

128

3,117

1,755

1,881

16.8

16.9

7.8

8.5

16.4

15.0

3.3

3.0

20.6

20.9

1.5

1.3

Inox Wind

Buy

224

286

4,977

5,605

6,267

15.7

16.4

24.8

30.0

9.0

7.5

2.5

1.9

25.9

24.4

0.9

0.8

KEC International

Neutral

126

3,226

9,294

10,186

7.9

8.1

9.9

11.9

12.7

10.6

1.9

1.6

15.6

16.3

0.6

0.5

Thermax

Neutral

868

10,339

5,421

5,940

7.3

25.7

30.2

33.8

28.7

4.1

3.7

12.2

13.1

1.8

1.6

VATech Wabag

Buy

497

681

2,707

3,136

3,845

8.9

9.1

26.0

35.9

19.1

13.8

2.4

2.0

13.4

15.9

0.8

0.6

Cement

ACC

Neutral

1,612

30,273

11,225

13,172

13.2

16.9

44.5

75.5

36.2

21.4

3.4

3.2

11.2

14.2

2.7

2.3

Ambuja Cements

Neutral

252

50,108

9,350

10,979

18.2

22.5

5.8

9.5

43.5

26.6

3.7

3.3

10.2

12.5

5.4

4.6

India Cements

Neutral

157

4,817

4,364

4,997

18.5

19.2

7.9

11.3

19.9

13.9

1.4

8.0

8.5

1.9

1.6

JK Cement

Neutral

926

6,474

4,398

5,173

15.5

17.5

31.2

55.5

29.7

16.7

3.6

3.1

12.0

15.5

2.0

1.7

J K Lakshmi Cement

Accumulate

506

565

5,948

2,913

3,412

14.5

19.5

7.5

22.5

67.4

22.5

4.1

3.5

12.5

18.0

2.6

2.2

Orient Cement

Buy

181

215

3,717

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

4,008

110,000

25,768

30,385

21.0

23.5

111.0

160.0

36.1

25.1

4.6

4.0

13.5

15.8

4.4

3.6

Construction

ITNL

Neutral

102

3,357

8,946

10,017

31.0

31.6

8.1

9.1

12.6

11.2

0.5

4.2

5.0

3.7

3.4

KNR Constructions

Neutral

779

2,191

1,385

1,673

14.7

14.0

41.2

48.5

18.9

16.1

3.5

3.0

14.9

15.2

1.7

1.4

Larsen & Toubro

Accumulate

1,504

1,700

140,179

67,665

77,249

10.7

11.5

57.3

71.2

26.3

21.1

2.4

2.3

12.6

14.3

2.3

2.0

Gujarat Pipavav Port

Neutral

169

8,192

705

788

52.2

51.7

5.0

5.6

33.9

30.3

3.3

3.0

11.2

11.3

9.6

Nagarjuna Const.

Neutral

4,584

8,842

9,775

9.1

8.8

5.3

6.4

15.6

12.9

1.2

1.1

8.2

9.1

0.7

0.6

PNC Infratech

Accumulate

125

143

3,218

2,350

2,904

13.1

13.2

9.0

8.8

13.9

14.3

0.5

15.9

13.9

1.5

1.2

Simplex Infra

Neutral

326

1,614

6,829

7,954

10.5

31.4

37.4

10.4

8.7

1.1

1.0

9.9

13.4

0.7

0.6

Power Mech Projects

Neutral

484

711

1,801

2,219

12.7

14.6

72.1

113.9

6.7

4.3

1.2

1.0

16.8

11.9

0.4

0.3

Sadbhav Engineering

Accumulate

270

298

4,624

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

251

15,057

7,428

9,549

7.9

8.6

8.2

11.0

30.6

22.8

1.5

1.2

28.2

28.7

1.7

1.3

MEP Infra

Neutral

701

1,877

1,943

30.6

29.8

3.0

4.2

14.4

10.3

7.0

4.7

0.6

1.8

1.6

SIPL

Neutral

108

3,816

1,036

1,252

65.5

66.2

(8.4)

(5.6)

4.1

4.6

(22.8)

(15.9)

11.9

9.9

www.angelbroking.com

Stock Watch

October 21, 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

266

8,964

1,725

1,935

16.0

19.1

11.4

13.9

23.3

19.1

3.2

3.1

13.4

15.3

4.1

3.7

Financials

Axis Bank

Buy

539

630

128,599

46,932

53,575

3.5

3.4

32.4

44.6

16.7

12.1

2.1

1.9

13.6

16.5

Bank of Baroda

Neutral

158

36,325

19,980

23,178

1.8

11.5

17.3

13.7

9.1

1.6

1.3

8.3

10.1

Canara Bank

Neutral

322

17,468

15,225

16,836

1.8

14.5

28.0

22.2

11.5

1.5

1.2

5.8

8.5

Dewan Housing Finance Accumulate

330

350

9,632

2,225

2,688

2.9

29.7

34.6

11.1

9.5

1.8

1.5

16.1

16.8

Equitas Holdings

Buy

183

235

6,121

939

1,281

11.7

11.5

5.8

8.2

31.5

22.3

2.7

2.4

10.9

11.5

Federal Bank

Neutral

12,586

9,353

10,623

2.9

4.4

5.8

16.7

12.6

1.6

1.4

9.5

11.0

HDFC

Neutral

1,359

214,861

11,475

13,450

3.4

45.3

52.5

30.0

25.9

5.8

5.1

20.2

20.5

HDFC Bank

Accumulate

1,255

1,350

317,822

46,097

55,433

4.5

58.4

68.0

21.5

18.5

3.8

3.2

18.8

18.6

ICICI Bank

Neutral

278

161,420

39,029

45,903

3.3

16.7

16.3

16.6

17.0

2.1

1.9

10.1

12.4

LIC Housing Finance

Neutral

609

30,737

3,712

4,293

2.6

2.5

39.0

46.0

15.6

13.2

2.9

2.5

19.9

20.1

Punjab Natl.Bank

Neutral

145

30,941

23,532

23,595

2.3

2.4

6.8

12.6

21.4

11.5

3.3

2.4

3.3

6.5

RBL Bank

Accumulate

328

365

12,132

1,783

2,309

2.6

12.7

16.4

25.8

20.0

2.8

2.5

12.8

13.3

South Ind.Bank

Neutral

3,227

6,435

7,578

2.5

2.7

3.1

8.9

7.7

1.1

1.0

10.1

11.2

St Bk of India

Neutral

260

201,793

88,650

98,335

2.6

13.5

18.8

19.3

13.8

1.8

1.6

7.0

8.5

Union Bank

Neutral

148

10,178

13,450

14,925

2.3

25.5

34.5

5.8

4.3

0.9

0.7

7.5

10.2

Yes Bank

Neutral

1,309

55,100

8,978

11,281

3.3

3.4

74.0

90.0

17.7

14.5

3.4

2.9

17.0

17.2

FMCG

Asian Paints

Neutral

1,167

111,958

17,128

18,978

16.8

16.4

19.1

20.7

61.1

56.4

21.3

20.1

34.8

35.5

6.5

5.8

Britannia

Accumulate

3,308

3,626

39,692

9,795

11,040

14.6

14.9

80.3

94.0

41.2

35.2

16.9

13.1

41.2

3.9

3.4

Colgate

Accumulate

943

995

25,643

4,605

5,149

23.4

23.8

26.9

39.6

35.1

21.9

17.1

64.8

66.8

5.5

4.9

Dabur India

Accumulate

280

304

49,256

8,315

9,405

19.8

20.7

8.1

9.2

34.6

30.4

9.6

8.0

31.6

31.0

5.6

4.9

GlaxoSmith Con*

Neutral

6,190

26,030

4,350

4,823

21.2

21.4

179.2

196.5

34.5

31.5

9.2

7.8

27.1

26.8

5.4

4.8

Godrej Consumer

Neutral

1,587

54,034

10,235

11,428

18.4

18.6

41.1

44.2

38.6

35.9

8.6

7.2

24.9

24.8

5.4

4.7

HUL

Neutral

841

181,916

35,252

38,495

17.6

17.4

20.4

21.9

41.2

38.4

33.8

29.7

82.2

77.3

5.0

4.5

ITC

Buy

239

283

288,854

40,059

44,439

39.0

39.2

9.1

10.1

26.3

23.7

7.2

6.3

27.2

26.5

6.7

6.0

Marico

Accumulate

285

300

36,718

6,430

7,349

18.8

19.5

6.4

7.7

44.5

37.0

13.4

11.3

33.2

32.5

5.5

4.8

Nestle*

Neutral

6,835

65,904

10,073

11,807

20.7

21.5

124.8

154.2

54.8

44.3

22.5

20.2

34.8

36.7

6.4

5.4

Tata Global

Neutral

152

9,615

8,675

9,088

9.8

7.4

8.2

20.6

18.6

2.3

2.2

7.9

8.1

1.0

Procter & Gamble

Neutral

7,050

22,885

2,939

3,342

23.2

23.0

146.2

163.7

48.2

43.1

108.0

103.5

25.3

23.5

7.3

6.4

Hygiene

www.angelbroking.com

Stock Watch

October 21, 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

HCL Tech^

Buy

815

1,000

115,012

49,242

57,168

20.5

55.7

64.1

14.6

12.7

3.0

2.3

20.3

17.9

2.2

1.8

Infosys

Buy

1,037

1,249

238,182

68,350

77,326

27.0

62.5

69.4

16.6

14.9

3.5

3.2

21.3

21.6

2.9

2.5

TCS

Buy

2,400

3,004

472,873

121,684

136,286

27.3

135.0

150.1

17.8

16.0

5.9

5.4

33.2

33.9

3.7

3.2

Tech Mahindra

Buy

425

700

41,240

30,347

33,685

17.0

37.5

41.3

11.3

10.3

2.5

2.1

21.8

20.7

1.1

0.9

Wipro

Buy

496

680

120,443

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

398

7,308

2,297

2,590

27.4

28.2

21.0

23.4

18.9

17.0

4.4

3.8

23.7

23.1

3.0

2.6

HT Media

Neutral

2,173

2,693

2,991

12.6

12.9

7.9

9.0

11.8

10.4

1.0

0.9

7.8

8.3

0.4

0.3

Jagran Prakashan

Accumulate

210

225

6,849

2,355

2,635

28.0

10.8

12.5

19.4

16.8

4.2

3.6

21.7

2.9

2.6

Sun TV Network

Neutral

538

21,192

2,850

3,265

70.1

71.0

26.2

30.4

20.5

17.7

5.3

4.6

24.3

25.6

7.0

6.0

Hindustan Media

Neutral

301

2,210

1,016

1,138

24.3

25.2

27.3

30.1

11.0

10.0

2.1

1.9

16.2

15.8

1.5

1.3

Ventures

TV Today Network

Accumulate

336

363

2,004

637

743

27.5

18.4

21.4

18.3

15.7

3.2

2.7

17.4

17.2

2.8

2.3

Metals & Mining

Coal India

Neutral

313

197,544

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

250

105,591

14,252

18,465

55.9

48.3

15.8

21.5

15.8

11.6

2.6

2.3

17.0

20.7

7.4

5.7

Hindalco

Neutral

155

32,059

107,899

112,095

7.4

8.2

9.2

13.0

16.9

11.9

0.8

4.8

6.6

0.8

JSW Steel

Neutral

1,741

42,078

53,201

58,779

16.1

16.2

130.6

153.7

13.3

11.3

1.8

1.6

14.0

14.4

1.6

1.3

NMDC

Neutral

125

49,579

6,643

7,284

44.4

47.7

7.1

7.7

17.6

16.2

1.5

8.8

9.2

5.2

4.7

SAIL

Neutral

20,403

47,528

53,738

(0.7)

2.1

(1.9)

2.6

19.0

0.5

(1.6)

3.9

1.3

1.2

Vedanta

Neutral

208

61,547

71,744

81,944

19.2

21.7

13.4

20.1

15.5

10.3

1.3

1.2

8.4

11.3

1.2

1.0

Tata Steel

Neutral

428

41,612

121,374

121,856

7.2

8.4

18.6

34.3

23.0

12.5

1.4

1.3

6.1

10.1

1.0

Oil & Gas

Cairn India

Neutral

236

44,209

9,127

10,632

4.3

20.6

8.8

11.7

26.8

20.2

0.9

0.8

3.3

4.2

6.3

5.2

GAIL

Neutral

438

55,585

56,220

65,198

9.3

10.1

27.1

33.3

16.2

13.2

1.5

1.4

9.3

10.7

1.2

1.0

ONGC

Neutral

282

240,837

137,222

152,563

15.0

21.8

19.5

24.1

14.4

11.7

1.2

8.5

10.1

2.0

1.8

Indian Oil Corp

Neutral

321

156,020

373,359

428,656

5.9

5.5

54.0

59.3

6.0

5.4

0.9

0.8

16.0

15.6

0.6

0.5

Reliance Industries

Neutral

1,089

352,940

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

677

12,754

3,483

4,083

20.2

21.4

24.3

30.4

27.8

22.3

6.3

5.1

25.5

25.3

3.6

3.0

Aurobindo Pharma

Accumulate

826

877

48,335

15,720

18,078

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

4,237

9,757

2,357

2,692

17.3

153.5

169.2

27.6

25.0

4.7

3.8

25.8

28.4

3.8

3.1

Cadila Healthcare

Neutral

389

39,808

11,126

13,148

22.0

17.1

20.0

22.7

19.4

5.8

4.6

28.8

26.6

3.6

2.9

Cipla

Sell

595

490

47,816

15,378

18,089

17.4

18.4

21.6

27.2

27.6

21.9

3.6

3.1

13.7

15.2

3.3

2.8

www.angelbroking.com

Stock Watch

October 21, 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

3,076

50,963

16,043

18,119

23.1

24.7

126.0

157.8

24.4

19.5

3.6

3.1

15.7

17.1

3.1

2.7

Dishman Pharma

Sell

242

3,899

1,718

1,890

22.7

22.8

9.5

11.3

25.4

21.4

2.5

2.2

10.1

10.9

2.7

2.4

GSK Pharma*

Neutral

2,960

25,068

3,528

3,811

16.6

18.8

51.8

59.4

57.1

49.8

15.3

15.2

26.3

30.6

6.9

6.4

Indoco Remedies

Sell

312

225

2,875

1,112

1,289

18.2

13.2

15.6

23.6

20.0

4.2

3.6

19.2

2.7

2.3

Ipca labs

Neutral

614

7,749

3,303

3,799

15.3

17.3

19.7

35.5

31.2

3.1

2.8

9.1

9.4

2.5

2.2

Lupin

Buy

1,502

1,809

67,707

15,912

18,644

26.4

26.7

58.1

69.3

25.9

21.7

5.0

4.1

21.4

20.9

4.3

3.6

Sun Pharma

Buy

747

944

179,708

31,129

35,258

30.0

30.9

28.0

32.8

26.7

22.8

4.1

3.4

18.7

18.9

5.4

4.5

Power

Tata Power

Neutral

22,164

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

149

122,734

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

Power Grid

Neutral

178

93,175

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

442

522

1,812

1,152

1,300

22.7

24.6

29.9

35.8

14.8

12.3

1.1

1.0

7.6

8.6

2.3

1.9

Telecom

Bharti Airtel

Neutral

309

123,640

105,086

114,808

34.5

34.7

12.2

16.4

25.4

18.9

1.7

1.6

6.8

8.4

2.1

1.8

Idea Cellular

Neutral

28,194

40,133

43,731

37.2

37.1

6.4

6.5

12.2

12.1

1.0

0.9

8.2

7.6

1.7

1.5

zOthers

Abbott India

Neutral

4,748

10,089

3,153

3,583

14.1

14.4

152.2

182.7

31.2

26.0

153.2

130.8

25.6

26.1

2.9

2.5

Bajaj Electricals

Buy

254

306

2,569

5,099

5,805

5.6

5.9

11.4

14.6

22.4

17.4

3.0

2.7

13.4

15.1

0.5

0.4

Finolex Cables

Neutral

428

6,544

2,883

3,115

12.0

12.1

14.2

18.6

30.1

23.0

16.0

14.0

15.8

14.6

2.0

1.8

Goodyear India*

Neutral

800

1,845

1,598

1,704

10.4

10.2

49.4

52.6

16.2

15.2

74.7

65.6

18.2

17.0

0.8

118.4

Hitachi

Neutral

1,529

4,157

2,081

2,433

8.8

8.9

33.4

39.9

45.8

38.3

36.9

30.8

22.1

21.4

2.0

1.7

Jyothy Laboratories

Neutral

352

6,391

1,440

2,052

11.5

13.0

8.5

10.0

41.4

35.2

10.0

9.3

18.6

19.3

4.7

3.3

Page Industries

Neutral

16,117

17,977

2,450

3,124

20.1

17.6

299.0

310.0

53.9

52.0

359.0

274.0

47.1

87.5

7.4

5.8

Relaxo Footwears

Neutral

435

5,222

2,085

2,469

9.2

8.2

7.6

8.0

57.5

54.7

22.3

19.0

17.9

18.8

2.6

2.2

Siyaram Silk Mills

Accumulate

1,539

1,714

1,443

1,799

2,040

11.6

11.7

104.9

122.4

14.7

12.6

2.4

2.1

16.4

1.0

0.9

Styrolution ABS India*

Neutral

620

1,090

1,440

1,537

9.2

9.0

40.6

42.6

15.3

14.5

39.0

35.4

12.3

11.6

0.7

0.6

TVS Srichakra

Neutral

3,794

2,905

2,304

2,614

13.7

13.8

231.1

266.6

16.4

14.2

426.3

335.6

33.9

29.3

1.3

1.1

HSIL

Neutral

351

2,536

2,384

2,515

15.8

16.3

15.3

19.4

22.9

18.1

22.8

19.6

7.8

9.3

1.2

1.1

Kirloskar Engines India

Neutral

350

5,061

2,554

2,800

9.9

10.0

10.5

12.1

33.3

28.9

13.9

13.2

10.7

11.7

1.6

1.4

Ltd

M M Forgings

Neutral

481

581

546

608

20.4

20.7

41.3

48.7

11.7

9.9

65.9

58.3

16.6

17.0

0.9

0.8

Banco Products (India)

Neutral

223

1,598

1,353

1,471

12.3

12.4

14.5

16.3

15.4

13.7

21.3

19.2

14.5

14.6

1.1

120.5

Competent Automobiles Neutral

191

118

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

www.angelbroking.com

Stock Watch

October 21, 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

1,790

2,670

1,995

2,165

10.7

10.4

69.8

80.6

25.6

22.2

102.3

88.8

16.6

16.5

1.3

1.2

Visaka Industries

Neutral

223

355

1,051

1,138

10.3

10.4

21.0

23.1

10.6

9.7

28.6

26.8

9.0

9.2

0.6

Transport Corporation of

Neutral

180

1,381

2,671

2,911

8.5

8.8

13.9

15.7

13.0

11.5

1.8

1.6

13.7

13.8

0.6

India

Elecon Engineering

Neutral

768

1,482

1,660

13.7

14.5

3.9

5.8

18.1

12.2

4.3

3.9

7.8

10.9

0.8

0.7

Surya Roshni

Neutral

234

1,024

3,342

3,625

7.8

7.5

17.3

19.8

13.5

11.8

25.7

20.6

10.5

10.8

0.6

0.5

MT Educare

Neutral

136

542

366

417

17.7

18.2

9.4

10.8

14.5

12.6

3.2

2.8

22.2

22.3

1.4

1.2

Radico Khaitan

Neutral

145

1,933

1,659

1,802

13.0

13.2

6.3

7.4

22.9

19.7

2.0

1.8

8.6

9.3

1.6

1.5

Garware Wall Ropes

Neutral

537

1,174

873

938

12.9

13.1

30.9

34.9

17.4

15.4

2.7

2.3

15.7

15.2

1.2

1.1

Wonderla Holidays

Neutral

402

2,274

287

355

38.0

40.0

11.3

14.2

35.6

28.3

5.1

4.5

21.4

23.9

7.6

6.2

Linc Pen & Plastics

Neutral

262

387

382

420

9.3

9.5

13.5

15.7

19.4

16.7

3.3

2.9

17.1

17.3

1.1

1.0

The Byke Hospitality

Neutral

185

740

287

384

20.5

7.6

10.7

24.3

17.2

5.1

4.1

20.7

23.5

2.6

1.9

Interglobe Aviation

Neutral

938

33,800

21,122

26,005

14.5

27.6

110.7

132.1

8.5

7.1

50.7

36.2

168.5

201.1

1.6

1.2

Coffee Day Enterprises

Neutral

227

4,686

2,964

3,260

20.5

21.2

4.7

8.0

28.4

2.6

2.4

5.5

8.5

2.0

1.8

Ltd

Navneet Education

Neutral

102

2,427

1,062

1,147

24.0

6.1

6.6

16.7

15.4

3.4

3.0

20.6

19.8

2.4

2.2

Navkar Corporation

Buy

200

265

2,854

408

612

42.9

42.3

6.8

11.5

29.6

17.4

2.1

1.8

6.9

10.5

7.9

5.3

UFO Moviez

Neutral

449

1,240

619

685

33.2

33.4

30.0

34.9

15.0

12.9

2.1

1.8

13.8

13.9

1.7

1.4

VRL Logistics

Neutral

322

2,939

1,902

2,119

16.7

16.6

14.6

16.8

22.1

19.2

4.8

4.3

21.9

22.2

1.7

1.5

Team Lease Serv.

Neutral

1,027

1,756

3,229

4,001

1.5

1.8

22.8

32.8

45.1

31.3

4.8

4.2

10.7

13.4

0.4

0.3

S H Kelkar & Co.

Neutral

306

4,425

1,036

1,160

15.1

15.0

6.1

7.2

50.1

42.6

5.4

4.9

10.7

11.5

4.1

3.7

Quick Heal

Neutral

246

1,723

408

495

27.3

27.0

7.7

8.8

31.8

28.0

3.0

9.3

10.6

3.4

2.8

Narayana Hrudaya

Neutral

354

7,224

1,873

2,166

11.5

11.7

2.6

4.0

133.7

89.2

8.2

7.4

6.1

8.3

4.0

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

320

2,689

1,919

2,231

9.3

9.6

9.5

12.9

33.8

24.7

5.3

4.3

15.5

17.5

1.6

1.3

Mirza International

Buy

113

1,131

1,024

1,148

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

279

351

840

1,118

1,220

11.8

12.0

13.0

16.0

21.5

17.5

2.1

1.9

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 20, 2016

www.angelbroking.com

Market Outlook

October 21, 2016

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

DISCLAIMER

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Limited,Bombay Stock Exchange Limited and Metropolitan Stock Exchange Limited. It is also registered as a Depository Participant with

CDSL and Portfolio Manager with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel Broking Private Limited is a

registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number

INH000000164. Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing

/dealing in securities Market. Angel or its associates/analyst has not received any compensation / managed or

co-managed public offering of securities of the company covered by Analyst during the past twelve months.

This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment

decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make

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