Market Outlook
December 21, 2016
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are expected to open flat tracking the SGX Nifty.
BSE Sensex
(0.3)
(67)
26,308
Nifty
(0.3)
(22)
8,082
US stock indices Nasdaq and Dow made record closing highs on Tuesday as
investors shrugged off geopolitical concerns from Asia. Most sectoral indices closed
Mid Cap
(1.4)
(170)
12,004
modestly upwards. Steel stocks revived and covered their losses to as the NYSE Arca
Small Cap
(0.9)
(111)
11,947
Steel Index closed up 2.3 percent. US financials and banks also had a strong
Bankex
(1.3)
(264)
20,663
session. The NYSE Arca Broker/Dealer Index and the Dow Jones Banks Index closed
up by 1.6 percent and 1.5 percent, respectively.
Global Indices
Chg (%)
(Pts)
(Close)
The FTSE 100 had a positive session that saw it close at a two month high. Carnival
Dow Jones
0.5
92
19,975
was one of the biggest gainers after rising by about 3 percent after it reported a
Nasdaq
0.5
27
5,484
good quarter. Lloyds bank shares rose 2% on news that it had bought MBNA Ltd., a
credit card firm. Barclays and Royal Bank of Scotland also gained 0.47 percent and
FTSE
0.4
27
7,044
1.43 percent respectively.
Nikkei
0.5
103
19,495
Indian markets continued its fall for the fifth straight session on Tuesday as FII selling
Hang Seng
(0.5)
(104)
21,729
resumed. Rising geopolitical tensions in Asia as well as concerns over
Shanghai Com
(0.5)
(15)
3,103
demonetisation were reasons for the volatility and negative sentiment during the
session. The PSU bank index was the biggest loser for the session and closed down
Advances / Declines
BSE
NSE
2.53 percent. Among the gainers, the IT index reported a steady gain of 0.97
Advances
816
432
percent and the FMCG index recovered its losses to close up 0.47 percent.
Declines
1,821
1,186
News Analysis
Unchanged
135
66
USFDA issues Form 483 against Aurobindo Pharma
Jubilant Life Sciences hikes prices by up to 15%
Volumes (` Cr)
Detailed analysis on Pg2
BSE
2,470
Investor’s Ready Reckoner
NSE
14,484
Key Domestic & Global Indicators
Net Inflows (` Cr)
Net
Mtd
Ytd
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg5 onwards
FII
(554)
(1,081)
26,197
MFs
485
621
38,806
Top Picks
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
Top Gainers
Price (`)
Chg (%)
Amara Raja Batt. Auto & Auto Ancill.
Buy
880
1,167
32.7
Aloktext
4
11.0
Alkem Laboratories Pharmaceuticals
Buy
1,632
1,989
21.9
Edelweiss
93
7.5
HCL Tech
IT
Buy
829
1,000
20.6
Crisil
2,290
4.7
Power Grid Corp. Power
Buy
182
223
22.5
Navkar Corp.
Others
Buy
170
265
55.6
Prestige
173
4.6
More Top Picks on Pg3
Shriramcit
1,825
3.1
Key Upcoming Events
Previous
Consensus
Top Losers
Price (`)
Chg (%)
Date
Region
Event Description
Reading
Expectations
Albk
63
(4.8)
Dec 22 US
GDP QoQ (Annualised)
3.2
3.3
Justdial
354
(4.7)
Dec 22 US
Initial Jobless claims
254.0
258.5
Dec 23 UK
GDP (YoY)
2.3
2.3
Manappuram
60
(4.7)
Dec 22 China
PMI Manufacturing
51.7
51.6
Unitech
4
(4.5)
Dec 23 US
New home sales
563.0
575.0
Jpassociat
7
(4.4)
More Events on Pg4
As on December 20, 2016
Market Outlook
December 21, 2016
News Analysis
USFDA issues Form 483 against Aurobindo Pharma
The US Food and Drug Administration (USFDA) issued Form 483 observations
against Unit I of Aurobindo Pharma Limited in Hyderabad. The plant is used for
manufacturing of active pharmaceutical ingredients (APIs), which contribute to a
little over 20 percent of the company's total revenues.
A company official stated that the Form 483 would not have any material impact
going forward. Earlier in February, Aurobindo's Unit VII in Mahaboobnagar district
in Telangana received some Form 483 observations from the US FDA inspectors.
Companies receiving Form 483 observations must respond to the US FDA with a
remedial action plan followed by its implementation.
The price of Aurobindo Pharma closed down by 3.73 percent on Tuesday.
Jubilant Life Sciences hikes prices by up to 15%
Jubilant Life Sciences announced a price increase of up to 15 per cent on select
products.
The company increased prices by up to
15 per cent for Beta Picoline,
3-Cyanopyridine and Vitamin B3 (Niacin & Niacinamide) with immediate effect.
This change would be for non-contract customers and for some existing contracts.
Jubilant Life Sciences is engaged in the businesses of pharmaceuticals, life science
ingredients and drug discovery solutions.
Economic and Political News
According to the Central Electricity Authority, the country faced a 1.6% peak
power deficit in the April-November period of this financial year
Electronics and IT Ministry states that more than 70 percent of rural citizens
have adopted e-wallets through Unified Payment Interface (UPI)
Developers of new SEZs need security clearance from Ministry of Home Affairs
Corporate News
Tata Sons announces that it will contest allegations made by Cyrus Mistry at
National Company Law Tribunal
Analjit Singh resigns from the board of Tata Global Beverages Ltd.
8K Miles acquires US IT firm Cornerstone Advisors for $10.2mln
Market Outlook
December 21, 2016
Top Picks ★★★★★
Large Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
To outpace battery industry growth due to better
Amara Raja Batteries
15,024
880
1,167
32.7
technological products leading to market share gains in
both the automotive OEM and replacement segments.
Strong growth in domestic business due to its leadership in
Alkem Laboratories
19,513
1,632
1,989
21.9
acute therapeutic segment. Alkem expects to launch more
products in USA, which bodes for its international business.
The stock is trading at attractive valuations and is factoring
HCL Tech
1,16,982
829
1,000
20.6
all the bad news.
Back on the growth trend; expect a long term growth of 14%
Infosys
2,32,083
1,010
1,249
23.6
to be a US$20bn in FY2020.
Strong order backlog and improvement in execution would
Larsen & Tourbo
1,26,196
1,353
1,634
20.8
trigger the growth for the L&T
One of the largest pharma companies with strong
international presence. It has a rich pipeline of ANDAs
Lupin
65,399
1,449
1,809
24.8
which is also one of the largest among the generic
companies.
Going forward, we expect the company to report strong
Power Grid Corporation
95,241
182
223
22.5
top-line CAGR of ~16% and bottom-line CAGR of ~19%
over FY16-18 on back of strong capitalization guidance
Source: Company, Angel Research
Mid Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
We expect the company would report strong profitability
Asian Granito
678
225
351
55.8
owing to better product mix, higher B2C sales and
amalgamation synergy.
Among the top 4 players in the consumer durables segment.
Bajaj Electricals
2,196
217
274
26.1
Improved profitability backed by turn around in E&P
segment. Strong order book lends earnings visibility.
Favourable outlook for AC industry augurs well for Cooling
Blue Star
4,405
461
634
37.4
products business which is outgrowing the market. EMPPAC
division's is likely to turn around on improving economy
With a focus on the low and medium income (LMI)
Dewan Housing Finance
7,409
237
350
47.9
consumer 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
adequate CAR. ROE & ROA likely to remain decent as risk of
Equitas Holdings
4,928
147
235
59.9
dilution remains low. Attractive valuations considering
growth.
Economic recovery to have favourable impact on advertising
& circulation revenue growth. Further, the acquisition of a
Jagran Prakashan
5,538
169
225
32.8
radio business (Radio City) would also boost the company's
revenue growth.
Speedier execution and speedier sales, strong revenue
Mahindra Lifespace
1,457
355
522
47.0
visibilty 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
1,035
86
107
24.4
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
Navkar Corporation
2,429
170
265
55.6
ICD as well CFS augurs well for the company.
Strong brands and distribution network would boost growth
Siyaram Silk Mills
1,147
1,224
1,605
31.1
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
1,553
260
385
47.9
and anticipated growth in ad spends by corporate to benefit
the stock.
Source: Company, Angel Research
Market Outlook
December 21, 2016
Key Upcoming Events
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
Dec 22, 2016
7:00PM
US
GDP Qoq (Annualised)
% Change
3Q T
3.20
3.30
7:00PM
US
Initial Jobless claims
Thousands
Dec 17
254.00
257.00
Dec 23, 2016
3:00PM
UK
GDP (YoY)
% Change
3Q F
2.30
2.30
6:30AM
China
PMI Manufacturing
Value
Dec
51.70
51.60
Dec 27, 2016
8:30PM
US
New home sales
Thousands
Nov
563.00
575.00
Jan 1, 2017
8:30PM
US
Consumer Confidence
S.A./ 1985=100
Dec
107.10
108.25
Jan 2, 2017
2:25PM
Germany
PMI Manufacturing
Value
Dec F
55.50
55.50
Jan 3, 2017
3:00PM
UK
PMI Manufacturing
Value
Dec
53.40
53.30
2:25PM
Germany
Unemployment change (000's)
Thousands
Dec
(5.00)
(5.00)
Jan 4, 2017
2:25PM
Germany
PMI Services
Value
Dec F
53.80
53.80
Jan 6, 2017
7:00PM
US
Change in Nonfarm payrolls
Thousands
Dec
178.00
175.00
7:00PM
US
Unnemployment rate
%
Dec
4.60
4.70
Jan 8, 2017
China
Exports YoY%
% Change
Dec
0.10
--
Jan 9, 2017
China
Consumer Price Index (YoY)
% Change
Dec
2.30
--
Jan 10, 2017
India
Imports YoY%
% Change
Dec
10.40
--
3:00PM
UK
Industrial Production (YoY)
% Change
Nov
(1.10)
--
Jan 11, 2017
India
Exports YoY%
% Change
Dec
2.30
--
Jan 12, 2017
5:30PM
India
Industrial Production YoY
% Change
Nov
(1.90)
--
Jan 13, 2017
US
Producer Price Index (mom)
% Change
Dec
--
--
Jan 16, 2017
12:00PM
India
Monthly Wholesale Prices YoY%
% Change
Dec
3.15
--
Jan 17, 2017
3:00PM
UK
CPI (YoY)
% Change
Dec
1.20
--
China
Industrial Production (YoY)
% Change
Dec
6.20
--
China
Real GDP (YoY)
% Change
4Q
6.70
--
Jan 18, 2017
7:00PM
US
Consumer price index (mom)
% Change
Dec
0.20
--
3:30PM
Euro Zone
Euro-Zone CPI (YoY)
%
Dec F
0.60
--
7:45PM
US
Industrial Production
%
Dec
(0.44)
--
7:00PM
US
Housing Starts
Thousands
Dec
1,090.00
--
Source: Bloomberg, Angel Research
Market Outlook
December 21, 2016
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
3.0
8.3
2.2
7.9
1.9
7.5
7.5
7.6
8.0
7.3
2.0
7.2
7.1
1.3
6.6
6.7
0.7
7.0
6.4
1.0
0.3
5.8
6.0
-
5.0
(1.0)
(0.7)
(0.9)
4.0
(1.3)
(2.0)
(1.6)
(1.9)
3.0
(3.0)
(2.5)
Source: CSO, Angel Research
Source: MOSPI, Angel Research
Exhibit 3: Monthly CPI inflation trends
Exhibit 4: Manufacturing and services PMI
56.0
Mfg. PMI
Services PMI
(%)
7.0
54.0
6.1
5.6
5.7
5.8
5.8
6.0
5.3
5.5
5.1
52.0
4.8
5.0
4.4
4.2
50.0
3.6
4.0
48.0
3.0
46.0
2.0
1.0
44.0
-
42.0
Source: MOSPI, Angel Research
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends
Exhibit 6: Key policy rates
(%)
Exports yoy growth
Imports yoy growth
(%)
Repo rate
Reverse Repo rate
CRR
15.0
7.00
10.0
6.50
5.0
6.00
0.0
5.50
(5.0)
5.00
(10.0)
4.50
(15.0)
(20.0)
4.00
(25.0)
3.50
(30.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
December 21, 2016
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.7
5.3
6.0
5.0
0.7
4.3
4.0
3.2
2.3
1.6
1.5
2.0
1.1
1.1
-
(2.0)
(0.4)
(2.9)
(4.0)
Source: Bloomberg, Angel Research
Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
10.0
7.6
8.0
6.6
6.0
4.9
4.3
4.0
3.2
1.8
1.7
1.6
1.3
2.0
(0.8)
0.5
(3.3)
0.1
-
(2.0)
(4.0)
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
(x)
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
-
Source: IMF, Angel Research
Market Outlook
December 21, 2016
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
57,583
(4.0)
0.9
28.3
Russia
Micex
2,226
9.2
11.8
29.5
India
Nifty
8,082
0.1
(7.9)
5.7
China
Shanghai Composite
3,103
(3.3)
3.0
(9.4)
South Africa
Top 40
43,755
(0.9)
(2.5)
(0.5)
Mexico
Mexbol
44,930
0.1
(2.2)
4.1
Indonesia
LQ45
858
(1.4)
(6.2)
11.9
Malaysia
KLCI
1,635
0.5
(1.0)
(0.3)
Thailand
SET 50
944
2.9
0.0
12.7
USA
Dow Jones
19,975
5.7
10.2
14.7
UK
FTSE
7,044
4.0
3.1
12.9
Japan
Nikkei
19,495
9.1
17.3
2.4
Germany
DAX
11,465
7.5
10.3
6.9
France
CAC
4,850
7.7
10.0
3.7
Source: Bloomberg, Angel Research
Stock Watch
December 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
Accumulate
196
209
3,806
1,937
2,164
13.3
14.3
9.0
11.0
21.7
17.8
3.8
3.3
18.4
19.8
2.0
1.8
United Phosphorus
Accumulate
634
684
32,143
15,176
17,604
18.5
18.5
37.4
44.6
17.0
14.2
3.3
2.8
21.4
21.2
2.2
1.9
Auto & Auto Ancillary
Ashok Leyland
Buy
77
111
21,913
22,407
26,022
10.6
10.6
5.2
6.4
14.8
12.0
3.3
2.8
23.6
24.7
1.1
0.9
Bajaj Auto
Neutral
2,585
-
74,813
25,093
27,891
19.5
19.2
143.9
162.5
18.0
15.9
5.0
4.3
30.3
29.4
2.7
2.4
Bharat Forge
Neutral
950
-
22,111
7,726
8,713
20.5
21.2
35.3
42.7
26.9
22.2
5.0
4.5
18.9
20.1
2.9
2.5
Eicher Motors
Neutral
21,156
-
57,552
16,583
20,447
17.5
18.0
598.0
745.2
35.4
28.4
12.1
9.2
41.2
38.3
3.3
2.6
Gabriel India
Buy
107
130
1,539
1,544
1,715
9.0
9.3
5.4
6.3
19.8
17.0
3.8
3.3
18.9
19.5
1.0
0.8
Hero Motocorp
Buy
3,057
3,541
61,049
30,958
34,139
15.7
15.7
193.6
208.3
15.8
14.7
6.2
5.1
34.2
30.5
1.8
1.6
Jamna Auto Industries Neutral
161
-
1,282
1,486
1,620
9.8
9.9
15.0
17.2
10.7
9.4
2.4
2.0
21.8
21.3
0.9
0.8
L G Balakrishnan & Bros Neutral
578
-
907
1,302
1,432
11.6
11.9
43.7
53.0
13.2
10.9
1.9
1.7
13.8
14.2
0.8
0.7
Mahindra and Mahindra Neutral
1,179
-
73,214
46,534
53,077
11.6
11.7
67.3
78.1
17.5
15.1
2.9
2.5
15.4
15.8
1.5
1.3
Maruti
Buy
5,102
6,006
154,132
68,057
82,958
15.8
15.5
212.1
261.2
24.1
19.5
4.8
4.0
19.8
20.3
1.9
1.5
Minda Industries
Neutral
313
-
2,482
2,728
3,042
9.0
9.1
68.2
86.2
4.6
3.6
1.0
0.8
23.8
24.3
1.0
0.8
Motherson Sumi
Neutral
319
-
44,754
45,896
53,687
7.8
8.3
13.0
16.1
24.5
19.8
7.9
6.3
34.7
35.4
1.0
0.9
Rane Brake Lining
Neutral
965
-
764
511
562
11.3
11.5
28.1
30.9
34.4
31.2
5.2
4.8
15.3
15.0
1.6
1.5
Setco Automotive
Neutral
38
-
501
741
837
13.0
13.0
15.2
17.0
2.5
2.2
0.4
0.4
15.8
16.3
1.1
1.0
Tata Motors
Neutral
473
-
136,507
300,209
338,549
8.9
8.4
42.7
54.3
11.1
8.7
1.8
1.5
15.6
17.2
0.6
0.5
TVS Motor
Neutral
370
-
17,576
13,390
15,948
6.9
7.1
12.8
16.5
29.0
22.4
7.2
5.7
26.3
27.2
1.4
1.1
Amara Raja Batteries
Buy
880
1,167
15,024
5,504
6,605
17.6
17.5
33.4
40.9
26.3
21.5
5.8
4.7
22.1
22.0
2.7
2.3
Exide Industries
Neutral
174
-
14,777
7,439
8,307
15.0
15.0
8.1
9.3
21.5
18.7
3.0
2.7
14.3
16.7
1.6
1.4
Apollo Tyres
Buy
196
235
9,962
12,877
14,504
14.3
13.9
21.4
23.0
9.1
8.5
1.4
1.2
16.4
15.2
0.9
0.9
Ceat
Buy
1,204
1,450
4,871
7,524
8,624
13.0
12.7
131.1
144.3
9.2
8.3
1.7
1.4
19.8
18.6
0.7
0.6
JK Tyres
Neutral
113
-
2,556
7,455
8,056
15.0
15.0
21.8
24.5
5.2
4.6
1.1
0.9
22.8
21.3
0.5
0.4
Swaraj Engines
Neutral
1,360
-
1,689
660
810
15.2
16.4
54.5
72.8
25.0
18.7
7.8
7.1
31.5
39.2
2.4
1.9
Subros
Neutral
158
-
950
1,488
1,681
11.7
11.9
6.4
7.2
24.7
22.1
2.6
2.4
10.8
11.4
0.9
0.7
Indag Rubber
Neutral
181
-
475
286
326
19.8
16.8
11.7
13.3
15.5
13.6
2.6
2.4
17.8
17.1
1.3
1.2
Capital Goods
ACE
Neutral
48
-
471
709
814
4.1
4.6
1.4
2.1
34.0
22.7
1.4
1.3
4.4
6.0
0.8
0.7
BEML
Neutral
906
-
3,774
3,451
4,055
6.3
9.2
31.4
57.9
28.9
15.7
1.7
1.6
6.3
10.9
1.2
1.0
Bharat Electronics
Neutral
1,412
-
31,540
8,137
9,169
16.8
17.2
58.7
62.5
24.1
22.6
3.7
3.3
44.6
46.3
2.9
2.6
Stock Watch
December 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
Buy
308
407
10,195
6,511
7,514
7.9
8.7
12.9
16.3
23.9
18.9
4.3
3.8
16.7
18.5
1.3
1.1
BGR Energy
Neutral
113
-
818
16,567
33,848
6.0
5.6
7.8
5.9
14.5
19.2
0.8
0.8
4.7
4.2
0.2
0.1
BHEL
Neutral
121
-
29,530
28,797
34,742
-
2.8
2.3
6.9
52.5
17.5
0.9
0.9
1.3
4.8
0.7
0.5
Blue Star
Buy
461
634
4,405
4,283
5,077
5.9
7.3
14.9
22.1
31.0
20.9
6.0
5.1
20.4
26.4
1.1
0.9
Crompton Greaves
Neutral
58
-
3,641
5,777
6,120
5.9
7.0
3.3
4.5
17.6
12.9
0.8
0.7
4.4
5.9
0.6
0.5
Greaves Cotton
Neutral
121
-
2,963
1,755
1,881
16.8
16.9
7.8
8.5
15.6
14.3
3.1
2.9
20.6
20.9
1.4
1.2
Inox Wind
Neutral
193
-
4,281
5,605
6,267
15.7
16.4
24.8
30.0
7.8
6.4
2.2
1.6
25.9
24.4
0.8
0.7
KEC International
Neutral
137
-
3,518
9,294
10,186
7.9
8.1
9.9
11.9
13.8
11.5
2.0
1.8
15.6
16.3
0.6
0.6
Thermax
Neutral
800
-
9,528
5,421
5,940
7.3
7.3
25.7
30.2
31.1
26.5
3.8
3.4
12.2
13.1
1.6
1.5
VATech Wabag
Buy
470
681
2,563
3,136
3,845
8.9
9.1
26.0
35.9
18.1
13.1
2.3
1.9
13.4
15.9
0.7
0.6
Cement
ACC
Neutral
1,294
-
24,297
11,225
13,172
13.2
16.9
44.5
75.5
29.1
17.1
2.8
2.5
11.2
14.2
2.2
1.8
Ambuja Cements
Neutral
205
-
40,616
9,350
10,979
18.2
22.5
5.8
9.5
35.3
21.5
3.0
2.7
10.2
12.5
4.3
3.7
India Cements
Neutral
112
-
3,447
4,364
4,997
18.5
19.2
7.9
11.3
14.2
9.9
1.0
1.0
8.0
8.5
1.6
1.4
JK Cement
Neutral
665
-
4,653
4,398
5,173
15.5
17.5
31.2
55.5
21.3
12.0
2.6
2.2
12.0
15.5
1.6
1.3
J K Lakshmi Cement
Buy
337
565
3,968
2,913
3,412
14.5
19.5
7.5
22.5
45.0
15.0
2.8
2.3
12.5
18.0
2.0
1.6
Orient Cement
Buy
120
215
2,460
2,114
2,558
18.5
20.5
8.1
11.3
14.8
10.6
2.2
1.9
9.0
14.0
1.8
1.4
UltraTech Cement
Neutral
3,149
-
86,424
25,768
30,385
21.0
23.5
111.0
160.0
28.4
19.7
3.6
3.2
13.5
15.8
3.5
2.9
Construction
ITNL
Neutral
104
-
3,431
8,946
10,017
31.0
31.6
8.1
9.1
12.9
11.5
0.5
0.5
4.2
5.0
3.7
3.4
KNR Constructions
Buy
174
802
2,446
1,385
1,673
14.7
14.0
41.2
48.5
4.2
3.6
0.8
0.7
14.9
15.2
1.8
1.5
Larsen & Toubro
Buy
1,353
1,634
126,196
111,017
124,908
11.0
11.0
61.1
66.7
22.2
20.3
2.7
2.5
13.1
12.9
2.2
2.0
Gujarat Pipavav Port
Neutral
137
-
6,618
705
788
52.2
51.7
5.0
5.6
27.4
24.5
2.7
2.4
11.2
11.2
9.0
7.6
Nagarjuna Const.
Neutral
81
-
4,500
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
Buy
103
143
2,644
2,350
2,904
13.1
13.2
9.0
8.8
11.5
11.7
0.4
0.4
15.9
13.9
1.2
1.0
Simplex Infra
Neutral
272
-
1,346
6,829
7,954
10.5
10.5
31.4
37.4
8.7
7.3
0.9
0.8
9.9
13.4
0.6
0.5
Power Mech Projects
Neutral
448
-
658
1,801
2,219
12.7
14.6
72.1
113.9
6.2
3.9
1.1
1.0
16.8
11.9
0.4
0.3
Sadbhav Engineering
Accumulate
270
298
4,631
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
229
-
13,722
7,428
9,549
7.9
8.6
8.2
11.0
27.9
20.8
1.4
1.1
28.2
28.7
1.6
1.2
MEP Infra
Neutral
37
-
595
1,877
1,943
30.6
29.8
3.0
4.2
12.2
8.7
5.9
4.0
0.6
0.6
1.7
1.5
SIPL
Neutral
96
-
3,381
1,036
1,252
65.5
66.2
(8.4)
(5.6)
3.6
4.1
(22.8)
(15.9)
11.5
9.6
Stock Watch
December 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
313
-
10,541
1,725
1,935
16.0
19.1
11.4
13.9
27.4
22.5
3.8
3.7
13.4
15.3
5.0
4.5
Financials
Axis Bank
Buy
462
630
110,377
46,932
53,575
3.5
3.4
32.4
44.6
14.3
10.3
1.8
1.6
13.6
16.5
-
-
Bank of Baroda
Neutral
156
-
35,864
19,980
23,178
1.8
1.8
11.5
17.3
13.5
9.0
1.6
1.3
8.3
10.1
-
-
Canara Bank
Neutral
292
-
15,839
15,225
16,836
1.8
1.8
14.5
28.0
20.1
10.4
1.4
1.1
5.8
8.5
-
-
Dewan Housing Finance Buy
237
350
7,409
2,225
2,688
2.9
2.9
29.7
34.6
8.0
6.8
1.3
1.1
16.1
16.8
-
-
Equitas Holdings
Buy
147
235
4,928
939
1,281
11.7
11.5
5.8
8.2
25.3
17.9
2.2
1.9
10.9
11.5
-
-
Federal Bank
Neutral
68
-
11,666
9,353
10,623
2.9
2.9
4.4
5.8
15.4
11.7
1.5
1.3
9.5
11.0
-
-
HDFC
Neutral
1,238
-
195,917
11,475
13,450
3.4
3.4
45.3
52.5
27.3
23.6
5.3
4.7
20.2
20.5
-
-
HDFC Bank
Accumulate
1,182
1,350
301,662
46,097
55,433
4.5
4.5
58.4
68.0
20.2
17.4
3.6
3.0
18.8
18.6
-
-
ICICI Bank
Buy
252
315
146,433
42,800
44,686
3.1
3.3
18.0
21.9
14.0
11.5
1.9
1.8
11.1
12.3
-
-
Lakshmi Vilas Bank
Buy
143
174
2,560
3,339
3,799
2.7
2.8
11.0
14.0
13.0
10.2
1.4
1.2
11.2
12.7
-
-
LIC Housing Finance
Buy
545
630
27,512
3,712
4,293
2.6
2.5
39.0
46.0
14.0
11.9
2.6
2.2
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
122
-
25,876
23,532
23,595
2.3
2.4
6.8
12.6
17.9
9.7
2.8
2.0
3.3
6.5
-
-
RBL Bank
Neutral
345
-
12,757
1,783
2,309
2.6
2.6
12.7
16.4
27.2
21.0
3.0
2.7
12.8
13.3
-
-
South Ind.Bank
Neutral
21
-
2,778
6,435
7,578
2.5
2.5
2.7
3.1
7.6
6.6
1.0
0.8
10.1
11.2
-
-
St Bk of India
Neutral
255
-
197,601
88,650
98,335
2.6
2.6
13.5
18.8
18.9
13.5
1.8
1.6
7.0
8.5
-
-
Union Bank
Neutral
129
-
8,889
13,450
14,925
2.3
2.3
25.5
34.5
5.1
3.8
0.7
0.6
7.5
10.2
-
-
Yes Bank
Neutral
1,148
-
48,529
8,978
11,281
3.3
3.4
74.0
90.0
15.5
12.8
2.9
2.5
17.0
17.2
-
-
FMCG
Asian Paints
Neutral
869
-
83,326
17,128
18,978
16.8
16.4
19.1
20.7
45.5
42.0
15.8
14.9
34.8
35.5
4.8
4.3
Britannia
Buy
2,876
3,626
34,513
9,594
11,011
14.6
14.9
80.3
94.0
35.8
30.6
14.7
11.4
41.2
-
3.5
3.0
Colgate
Accumulate
910
995
24,751
4,605
5,149
23.4
23.4
23.8
26.9
38.2
33.8
21.2
16.6
64.8
66.8
5.3
4.7
Dabur India
Accumulate
274
304
48,239
8,315
9,405
19.8
20.7
8.1
9.2
33.8
29.8
9.4
7.8
31.6
31.0
5.5
4.8
GlaxoSmith Con*
Neutral
5,051
-
21,243
4,350
4,823
21.2
21.4
179.2
196.5
28.2
25.7
7.5
6.3
27.1
26.8
4.3
3.8
Godrej Consumer
Neutral
1,448
-
49,321
10,235
11,428
18.4
18.6
41.1
44.2
35.2
32.8
7.8
6.6
24.9
24.8
4.9
4.3
HUL
Neutral
801
-
173,380
35,252
38,495
17.8
17.8
20.7
22.4
38.8
35.8
37.1
31.8
95.6
88.9
4.8
4.3
ITC
Buy
229
284
278,019
40,059
44,439
38.3
39.2
9.0
10.1
25.6
22.6
7.1
6.2
27.8
27.5
6.4
5.8
Marico
Buy
251
300
32,334
6,430
7,349
18.8
19.5
6.4
7.7
39.2
32.6
11.8
9.9
33.2
32.5
4.8
4.2
Nestle*
Neutral
5,934
-
57,216
10,073
11,807
20.7
21.5
124.8
154.2
47.6
38.5
19.5
17.6
34.8
36.7
5.5
4.7
Tata Global
Neutral
121
-
7,652
8,675
9,088
9.8
9.8
7.4
8.2
16.4
14.8
1.9
1.8
7.9
8.1
0.8
0.7
Stock Watch
December 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
FMCG
Procter & Gamble
Accumulate
6,776
7,369
21,995
2,939
3,342
23.2
23.0
146.2
163.7
46.4
41.4
103.8
99.5
25.3
23.5
7.0
6.1
Hygiene
IT
HCL Tech^
Buy
829
1,000
116,982
49,242
57,168
20.5
20.5
55.7
64.1
14.9
12.9
3.0
2.3
20.3
17.9
2.2
1.8
Infosys
Buy
1,010
1,249
232,083
68,350
77,326
27.0
27.0
62.5
69.4
16.2
14.6
3.5
3.2
21.3
21.6
2.8
2.5
TCS
Accumulate
2,338
2,620
460,637
119,025
133,308
27.6
27.6
131.2
145.5
17.8
16.1
5.8
5.3
32.4
33.1
3.6
3.2
Tech Mahindra
Buy
477
600
46,440
29,673
32,937
15.5
17.0
32.8
39.9
14.6
12.0
2.9
2.5
19.6
20.7
1.3
1.1
Wipro
Buy
467
590
113,473
55,440
60,430
18.1
18.1
35.9
39.9
13.0
11.7
2.3
2.1
19.0
19.3
1.8
1.6
Media
D B Corp
Neutral
348
-
6,399
2,297
2,590
27.4
28.2
21.0
23.4
16.6
14.9
3.9
3.4
23.7
23.1
2.6
2.2
HT Media
Neutral
72
-
1,684
2,693
2,991
12.6
12.9
7.9
9.0
9.2
8.0
0.8
0.7
7.8
8.3
0.2
0.1
Jagran Prakashan
Buy
169
225
5,538
2,355
2,635
28.0
28.0
10.8
12.5
15.7
13.6
3.4
2.9
21.7
21.7
2.4
2.1
Sun TV Network
Neutral
492
-
19,393
2,850
3,265
70.1
71.0
26.2
30.4
18.8
16.2
4.8
4.2
24.3
25.6
6.4
5.5
Hindustan Media
Neutral
270
-
1,982
1,016
1,138
24.3
25.2
27.3
30.1
9.9
9.0
1.9
1.7
16.2
15.8
1.3
1.1
Ventures
TV Today Network
Buy
260
385
1,553
637
743
27.5
27.5
18.4
21.4
14.2
12.2
2.5
2.1
17.4
17.2
2.0
1.7
Metals & Mining
Coal India
Neutral
291
-
180,356
84,638
94,297
21.4
22.3
24.5
27.1
11.9
10.7
4.9
4.7
42.6
46.0
1.6
1.5
Hind. Zinc
Neutral
262
-
110,851
14,252
18,465
55.9
48.3
15.8
21.5
16.6
12.2
2.7
2.4
17.0
20.7
7.8
6.0
Hindalco
Neutral
167
-
34,554
107,899
112,095
7.4
8.2
9.2
13.0
18.2
12.9
0.9
0.8
4.8
6.6
0.8
0.8
JSW Steel
Neutral
1,591
-
38,459
53,201
58,779
16.1
16.2
130.6
153.7
12.2
10.4
1.6
1.4
14.0
14.4
1.5
1.3
NMDC
Neutral
126
-
39,786
6,643
7,284
44.4
47.7
7.1
7.7
17.7
16.3
1.5
1.5
8.8
9.2
3.8
3.4
SAIL
Neutral
51
-
21,125
47,528
53,738
(0.7)
2.1
(1.9)
2.6
19.7
0.6
0.5
(1.6)
3.9
1.3
1.2
Vedanta
Neutral
224
-
66,528
71,744
81,944
19.2
21.7
13.4
20.1
16.8
11.2
1.4
1.3
8.4
11.3
1.3
1.0
Tata Steel
Neutral
404
-
39,227
121,374
121,856
7.2
8.4
18.6
34.3
21.7
11.8
1.4
1.2
6.1
10.1
1.0
0.9
Oil & Gas
Cairn India
Neutral
251
-
47,112
9,127
10,632
4.3
20.6
8.8
11.7
28.5
21.5
0.9
0.9
3.3
4.2
6.6
5.5
GAIL
Neutral
429
-
54,373
56,220
65,198
9.3
10.1
27.1
33.3
15.8
12.9
1.5
1.4
9.3
10.7
1.2
1.0
ONGC
Neutral
200
-
256,536
137,222
152,563
15.0
21.8
19.5
24.1
10.3
8.3
0.9
0.8
8.5
10.1
2.2
1.9
Indian Oil Corp
Neutral
302
-
146,794
373,359
428,656
5.9
5.5
54.0
59.3
5.6
5.1
0.9
0.8
16.0
15.6
0.5
0.5
Reliance Industries
Neutral
1,059
-
343,529
301,963
358,039
12.1
12.6
87.7
101.7
12.1
10.4
1.2
1.1
10.7
11.3
1.6
1.3
Pharmaceuticals
Alembic Pharma
Neutral
627
-
11,814
3,483
4,083
20.2
21.4
24.3
30.4
25.8
20.6
5.9
4.7
25.5
25.3
3.3
2.8
Alkem Laboratories Ltd
Buy
1,632
1,989
19,513
6,043
6,893
18.7
19.3
80.5
88.8
20.3
18.4
4.5
3.7
22.3
20.3
3.2
2.7
Aurobindo Pharma
Buy
673
877
39,408
15,720
18,078
23.7
23.7
41.4
47.3
16.3
14.2
4.2
3.3
29.6
26.1
2.7
2.4
Sanofi India*
Neutral
4,255
-
9,800
2,277
2,597
17.3
18.3
149.4
172.0
28.5
24.7
4.7
3.8
25.1
28.8
4.0
3.2
Stock Watch
December 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
Cadila Healthcare
Accumulate
371
400
38,006
10,429
12,318
22.6
22.0
16.9
19.2
22.0
19.3
5.6
4.5
28.5
25.7
3.6
3.0
Cipla
Reduce
562
490
45,200
15,378
18,089
17.4
18.4
21.6
27.2
26.0
20.7
3.4
2.9
13.7
15.2
3.1
2.6
Dr Reddy's
Neutral
3,046
-
50,458
16,043
18,119
20.8
22.4
112.4
142.9
27.1
21.3
3.6
3.2
14.1
15.9
3.1
2.7
Dishman Pharma
Neutral
219
-
3,531
1,718
1,890
22.7
22.8
9.5
11.3
23.0
19.4
2.2
2.0
10.1
10.9
2.5
2.2
GSK Pharma*
Neutral
2,704
-
22,900
3,000
3,312
15.4
20.6
46.5
60.8
58.1
44.5
14.0
13.9
26.3
30.6
7.4
6.7
Indoco Remedies
Reduce
260
240
2,396
1,112
1,289
16.2
18.2
11.6
16.0
22.4
16.3
3.6
3.0
17.0
20.1
2.3
1.9
Ipca labs
Buy
533
613
6,723
3,303
3,799
15.3
15.3
17.3
19.7
30.8
27.1
2.7
2.5
9.1
9.4
2.2
1.9
Lupin
Buy
1,449
1,809
65,399
15,912
18,644
26.4
26.7
58.1
69.3
24.9
20.9
4.9
4.0
21.4
20.9
4.2
3.4
Sun Pharma
Buy
629
847
150,802
31,129
35,258
32.0
32.9
30.2
35.3
20.8
17.8
3.4
2.8
20.0
20.1
4.4
3.7
Power
Tata Power
Neutral
77
-
20,704
36,916
39,557
17.4
27.1
5.1
6.3
15.0
12.2
1.3
1.2
9.0
10.3
1.6
1.4
NTPC
Neutral
162
-
133,412
86,605
95,545
17.5
20.8
11.8
13.4
13.7
12.1
1.4
1.3
10.5
11.1
2.9
2.9
Power Grid
Buy
182
223
95,241
25,315
29,193
88.2
88.7
14.2
17.2
12.9
10.6
2.0
1.7
15.2
16.1
8.4
7.6
Real Estate
MLIFE
Buy
355
522
1,457
1,152
1,300
22.7
24.6
29.9
35.8
11.9
9.9
0.9
0.8
7.6
8.6
2.0
1.6
Telecom
Bharti Airtel
Neutral
302
-
120,821
105,086
114,808
34.5
34.7
12.2
16.4
24.8
18.4
1.7
1.6
6.8
8.4
2.1
1.8
Idea Cellular
Neutral
73
-
26,380
40,133
43,731
37.2
37.1
6.4
6.5
11.5
11.3
1.0
0.9
8.2
7.6
1.7
1.4
zOthers
Abbott India
Neutral
4,612
-
9,801
3,153
3,583
14.1
14.4
152.2
182.7
30.3
25.2
148.8
127.1
25.6
26.1
2.8
2.4
Bajaj Electricals
Buy
217
274
2,196
4,801
5,351
5.7
6.2
10.4
13.7
20.8
15.9
2.6
2.3
12.4
14.5
0.5
0.4
Finolex Cables
Neutral
412
-
6,299
2,883
3,115
12.0
12.1
14.2
18.6
29.0
22.1
15.4
13.5
15.8
14.6
1.9
1.7
Goodyear India*
Neutral
692
-
1,596
1,598
1,704
10.4
10.2
49.4
52.6
14.0
13.2
64.7
56.7
18.2
17.0
0.7
94.5
Hitachi
Neutral
1,417
-
3,852
2,081
2,433
8.8
8.9
33.4
39.9
42.4
35.5
34.2
28.5
22.1
21.4
1.8
1.5
Jyothy Laboratories
Neutral
346
-
6,285
1,440
2,052
11.5
13.0
8.5
10.0
40.7
34.6
9.9
9.1
18.6
19.3
4.6
3.2
Page Industries
Neutral
13,350
-
14,890
2,450
3,124
20.1
17.6
299.0
310.0
44.7
43.1
297.3
227.0
47.1
87.5
6.1
4.8
Relaxo Footwears
Neutral
398
-
4,778
2,085
2,469
9.2
8.2
7.6
8.0
52.6
50.0
20.4
17.4
17.9
18.8
2.4
2.0
Siyaram Silk Mills
Accumulate
1,224
1,605
1,147
1,733
1,948
11.6
11.7
96.6
114.7
12.7
10.7
1.9
1.7
15.3
15.7
0.9
0.8
Styrolution ABS India*
Neutral
590
-
1,037
1,440
1,537
9.2
9.0
40.6
42.6
14.5
13.8
37.1
33.7
12.3
11.6
0.7
0.6
TVS Srichakra
Neutral
3,192
-
2,444
2,304
2,614
13.7
13.8
231.1
266.6
13.8
12.0
358.6
282.4
33.9
29.3
1.1
0.9
HSIL
Neutral
285
-
2,060
2,384
2,515
15.8
16.3
15.3
19.4
18.6
14.7
18.5
15.9
7.8
9.3
1.0
0.9
Kirloskar Engines India
Neutral
325
-
4,704
2,554
2,800
9.9
10.0
10.5
12.1
31.0
26.9
13.0
12.2
10.7
11.7
1.5
1.3
Ltd
M M Forgings
Neutral
446
-
538
546
608
20.4
20.7
41.3
48.7
10.8
9.2
61.1
54.1
16.6
17.0
0.8
0.7
Stock Watch
December 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
Banco Products (India) Neutral
183
-
1,309
1,353
1,471
12.3
12.4
14.5
16.3
12.6
11.2
17.4
15.7
14.5
14.6
0.9
97.0
Competent Automobiles Neutral
161
-
99
1,137
1,256
3.1
2.7
28.0
23.6
5.8
6.8
31.0
28.0
14.3
11.5
0.1
0.1
Nilkamal
Neutral
1,295
-
1,932
1,995
2,165
10.7
10.4
69.8
80.6
18.6
16.1
74.0
64.3
16.6
16.5
1.0
0.8
Visaka Industries
Neutral
186
-
296
1,051
1,138
10.3
10.4
21.0
23.1
8.9
8.1
23.9
22.4
9.0
9.2
0.5
0.5
Transport Corporation of
Neutral
156
-
1,194
2,671
2,911
8.5
8.8
13.9
15.7
11.3
10.0
1.5
1.4
13.7
13.8
0.6
0.5
India
Elecon Engineering
Neutral
57
-
640
1,482
1,660
13.7
14.5
3.9
5.8
14.6
9.8
3.4
3.2
7.8
10.9
0.8
0.7
Surya Roshni
Neutral
181
-
793
3,342
3,625
7.8
7.5
17.3
19.8
10.5
9.2
19.9
16.0
10.5
10.8
0.5
0.4
MT Educare
Neutral
114
-
454
366
417
17.7
18.2
9.4
10.8
12.2
10.6
2.7
2.4
22.2
22.3
1.1
1.0
Radico Khaitan
Buy
108
147
1,441
1,667
1,824
13.0
13.2
6.7
8.2
16.3
13.2
1.5
1.3
9.0
10.2
1.3
1.1
Garware Wall Ropes
Neutral
633
-
1,385
873
938
14.3
14.3
35.2
37.5
18.0
16.9
3.2
2.7
17.5
15.9
1.5
1.4
Wonderla Holidays
Neutral
344
-
1,944
287
355
38.0
40.0
11.3
14.2
30.4
24.2
4.4
3.8
21.4
23.9
6.5
5.2
Linc Pen & Plastics
Neutral
223
-
330
382
420
9.3
9.5
13.5
15.7
16.6
14.2
2.8
2.5
17.1
17.3
0.9
0.8
The Byke Hospitality
Neutral
169
-
679
287
384
20.5
20.5
7.6
10.7
22.3
15.8
4.7
3.8
20.7
23.5
2.4
1.8
Interglobe Aviation
Neutral
833
-
30,116
21,122
26,005
14.5
27.6
110.7
132.1
7.5
6.3
45.0
32.2
168.5
201.1
1.4
1.1
Coffee Day Enterprises
Neutral
196
-
4,041
2,964
3,260
20.5
21.2
4.7
8.0
-
24.5
2.3
2.1
5.5
8.5
1.8
1.6
Ltd
Navneet Education
Neutral
111
-
2,635
1,062
1,147
24.0
24.0
6.1
6.6
18.2
16.7
3.7
3.3
20.6
19.8
2.6
2.4
Navkar Corporation
Buy
170
265
2,429
369
561
42.9
42.3
7.2
11.5
23.6
14.8
1.7
1.6
7.4
10.5
7.6
5.0
UFO Moviez
Neutral
409
-
1,129
619
685
33.2
33.4
30.0
34.9
13.7
11.7
1.9
1.6
13.8
13.9
1.5
1.2
VRL Logistics
Neutral
268
-
2,444
1,902
2,119
16.7
16.6
14.6
16.8
18.4
15.9
4.0
3.5
21.9
22.2
1.4
1.2
Team Lease Serv.
Neutral
865
-
1,479
3,229
4,001
1.5
1.8
22.8
32.8
38.0
26.3
4.1
3.5
10.7
13.4
0.4
0.3
S H Kelkar & Co.
Neutral
284
-
4,102
1,036
1,160
15.1
15.0
6.1
7.2
46.5
39.5
5.0
4.6
10.7
11.5
3.8
3.4
Quick Heal
Neutral
264
-
1,847
408
495
27.3
27.0
7.7
8.8
34.1
30.0
3.2
3.2
9.3
10.6
3.7
3.0
Narayana Hrudaya
Neutral
333
-
6,810
1,873
2,166
11.5
11.7
2.6
4.0
126.0
84.1
7.7
7.0
6.1
8.3
3.7
3.2
Manpasand Bever.
Neutral
539
-
3,084
836
1,087
19.6
19.4
16.9
23.8
31.9
22.6
3.8
3.3
12.0
14.8
3.4
2.6
Parag Milk Foods
Neutral
257
-
2,162
1,919
2,231
9.3
9.6
9.5
12.9
27.2
19.9
4.2
3.5
15.5
17.5
1.3
1.1
Mirza International
Buy
86
107
1,035
987
1,106
18.0
18.0
6.5
7.6
13.2
11.3
2.1
1.8
15.9
15.7
1.3
1.1
Asian Granito
Buy
225
351
678
1,071
1,182
12.1
12.4
12.7
16.0
17.7
14.1
1.7
1.5
9.5
10.7
0.9
0.8
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on December 20, 2016
Market Outlook
December 21, 2016
Research Team Tel: 022 - 39357800
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