Market Outlook
March 22, 2017
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open flat and may trade in red tracking SGX Nifty &
BSE Sensex
(0.1)
(33)
29,485
Asian markets.
Nifty
(0.1)
(5)
9,122
US market on Tuesday suffered its biggest decline since before Donald Trump’s
Mid Cap
(0.5)
(63)
13,854
election, as uncertainty over the Republican effort to overhaul healthcare fuelled
Small Cap
(0.2)
(27)
14,028
concerns about prospects for the president’s pro-business agenda.
Bankex
(0.6)
(143)
23,908
The majority of the European markets were in positive territory early Tuesday, but
pared their gains in late trade and most markets ended the session in the red. The
Global Indices
Chg (%)
(Pts)
(Close)
late sell-off was triggered by the early pullback on Wall Street, where early gains
were quickly erased.
Dow Jones
(1.1)
(238)
20,668
Nasdaq
(1.8)
(108)
5,794
Indian markets recovered from the day's lows to close marginally lower on Tuesday,
extending losses for the second straight session.
FTSE
(0.7)
(51)
7,378
Nikkei
(0.3)
(66)
19,456
News Analysis
Hang Seng
0.4
91
24,593
Wockhardt gets USFDA nod for generic anti-bacterial drug
Shanghai Com
0.3
11
3,262
Detailed analysis on Pg2
Investor’s Ready Reckoner
Advances / Declines
BSE
NSE
Key Domestic & Global Indicators
Advances
1,077
588
Stock Watch: Latest investment recommendations on 150+ stocks
Declines
1,700
1,072
Refer Pg5 onwards
Unchanged
216
81
Top Picks
CMP
Target
Upside
Volumes (` Cr)
Company
Sector
Rating
(`)
(`)
(%)
BSE
5,206
Amara Raja Batteries Auto & Auto Ancillary
Buy
863
1,009
17.0
NSE
29,062
HCL Tech
IT
Buy
857
1,000
16.7
Power Grid Corp.
Power
Buy
194
223
15.0
Navkar Corp.
Others
Buy
175
265
51.4
Net Inflows (` Cr)
Net
Mtd
Ytd
KEI Industries
Others
Buy
174
207
18.9
FII
619
18,309
28,748
More Top Picks on Pg3
MFs
117
(906)
6,164
Key Upcoming Events
Previous
Consensus
Date
Region
Event Description
Top Gainers
Price (`)
Chg (%)
Reading
Expectations
Nlcindia
111
14.3
Mar 22, 2017 US
Existing home sales
5.69
5.56
Mar 23, 2017 Euro Zone Euro-Zone Consumer Confidence
-6.20
-5.90
Prestige
199
7.7
Mar 23, 2017 US
Initial Jobless claims
241.00
240.00
Deltacorp
169
5.2
Mar 23, 2017 US
New home sales
555.00
565.00
Jklakshmi
450
4.6
Mar 24, 2017 US
Consumer Confidence
114.80
113.20
Ifci
31
3.7
Mar 24, 2017 Germany PMI Services
54.40
54.50
Mar 28, 2017 Germany PMI Manufacturing
56.80
56.50
More Events on Pg4
Top Losers
Price (`)
Chg (%)
Divislab
634
(19.8)
Idea
93
(4.8)
Sreinfra
93
(4.4)
Drreddy
2,623
(4.4)
Axisbank
488
(3.3)
As on March 21, 2017
Market Outlook
March 22, 2017
News Analysis
Wockhardt gets USFDA nod for generic anti-bacterial drug
India is Drug firm Wockhardt has received approval from the US health regulator
to market generic version of Wyeth's Zosyn, used for treating bacterial infections, in
the American market.
The application for the product to the US Food and Drug Administration (USFDA)
was made by the company's subsidiary Wockhardt Bio AG, the Mumbai-based
company. Wockhardt Bio AG had filed this abbreviated new drug application
(ANDA) in collaboration with Fresinius, Italy (FKAI) where the product development
was completed. The ANDA will be manufactured commercially at FKAI, Mitim,
Italy.
Music Broadcast and Avenue supermarkets - Book profit
Currently, D-Mart is trading at 68.8x PE multiple, and has already witnessed more
than 100% upside on the day of listing. We believe that all the positive aspects of
the company are already factored in the current stock price (i.e. better RoE profile,
promoter’s strong background, strategically located stores, intense focus on
maintaining lower costs and strong brand perception). Hence, we recommend the
investors to book profits. Going forward, we don’t expect multiple re-rating due
stretched valuations.
Economic and Political News
Govt approves 1.1 lakh houses for urban poor in 6 states
Govt nod for 18 new airports costing `30,000cr
Govt may allow 100% FDI in insurance broking to attract more funds
Corporate News
Hindalco to set up Rs 150 crore solar park in Odisha
Jio impact: BSNL launches 2GB/day plan at `339
Glenmark gets USFDA nod for skin ointment
Market Outlook
March 22, 2017
Top Picks ★★★★★
Large Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
To outpace battery industry growth due to better technological
Amara Raja Batteries
14,735
863
1,009
17.0
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
25,406
2,125
2,257
6.2
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 all
HCL Tech
1,20,970
857
1,000
16.7
the bad news.
Back on the growth trend, expect a long term growth of 14%
Infosys
2,37,045
1,032
1,249
21.0
to be a US$20bn in FY2020.
Strong order backlog and improvement in execution would
Larsen & Tourbo
1,44,568
1,550
1,700
9.7
trigger the growth for the L&T.
One of the largest pharma companies with strong
Lupin
65,528
1,451
1,809
24.7
international presence. It has a rich pipeline of ANDAs which
is also one of the largest among the generic companies.
Going forward, we expect the company to report strong top-
Power Grid Corporation
1,01,467
194
223
15.0
line CAGR of ~16% and bottom-line CAGR of ~19% over
FY16-18 on back of strong capitalization guidance
Source: Company, AngelResearch
Mid Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
We expect the company would report strong profitability
Asian Granito
1,010
336
351
4.6
owing to better product mix, higher B2C sales and
amalgamation synergy.
Among the top 4 players in the consumer durables segment.
Bajaj Electricals
3,153
311
330
6.0
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
5,985
626
634
1.2
growth. EMPPAC division's profitability to improve once
operating environment turns around.
Strong loan growth backed by diversified loan portfolio and
Equitas Holdings
5,427
161
235
46.2
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
5,633
172
225
30.6
radio business (Radio City) would also boost the company's
revenue growth.
High order book execution in EPC segment, rising B2C sales
KEI Industries
1,354
174
207
18.9
and higher exports to boost the revenues and profitability
Speedier execution and speedier sales, strong revenue visibilty
Mahindra Lifespace
1,564
381
522
37.0
in short-to-long run, attractive valuations
Higher growth in domestic branded sales and healthy export
Mirza International
1,053
88
107
22.2
to boost the profitability.
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,496
175
265
51.4
as well CFS augurs well for the company
Market leadership in Hindi news genre and no. 2 viewership
ranking in English news genre, exit from the radio business,
TV Today Network
1,505
252
344
36.4
and anticipated growth in ad spends by corporates to benefit
the stock.
Source: Company, Angel Research
Market Outlook
March 22, 2017
Key Upcoming Events
Global economic events release calendar
Bloomberg Data
Date
Time
Country
Event Description
Unit
Period
Last Reported
Estimated
Mar 22, 2017
7:30 PM US
Existing home sales
Million
Feb
5.69
5.56
Mar 23, 2017
8:30 PM Euro Zone Euro-Zone Consumer Confidence
Value
Mar A
-6.20
-5.90
6:00 PM US
Initial Jobless claims
Thousands
Mar 18
241.00
240.00
7:30 PM US
New home sales
Thousands
Feb
555.00
565.00
Mar 24, 2017
7:30 PM US
Consumer Confidence
S.A./ 1985=100
Mar
114.80
113.20
2:00 PM Germany
PMI Services
Value
Mar P
54.40
54.50
Mar 28, 2017
2:00 PM Germany
PMI Manufacturing
Value
Mar P
56.80
56.50
Mar 30, 2017
6:00 PM US
GDP QoQ (Annualised)
% Change
4Q T
1.90
1.90
Mar 31, 2017
1:25 PM Germany
Unemployment change (000's)
Thousands
Mar
-15.00
6:30 AM China
PMI Manufacturing
Value
Mar
51.60
2:00 PM UK
GDP (YoY)
% Change
4Q F
2.00
Apr 03, 2017
2:00 PM UK
PMI Manufacturing
Value
Mar
54.60
Apr 06, 2017
2:30 PM India
RBI Reverse Repo rate
%
Apr 6
5.75
2:30 PM India
RBI Repo rate
%
Apr 6
6.25
2:30 PM India
RBI Cash Reserve ratio
%
Apr 6
4.00
Apr 07, 2017
2:00 PM UK
Industrial Production (YoY)
% Change
Feb
3.20
6:00 PM US
Unemployment rate
%
Mar
4.70
4.70
6:00 PM US
Change in Nonfarm payrolls
Thousands
Mar
235.00
175.00
Apr 10, 2017
India
Imports YoY%
% Change
Mar
21.76
India
Exports YoY%
% Change
Mar
17.48
Apr 12, 2017
2:00 PM UK
Jobless claims change
% Change
Mar
(11.30)
5:30 PM India
Industrial Production YoY
% Change
Feb
2.70
7:00 AM China
Consumer Price Index (YoY)
% Change
Mar
0.80
Apr 13, 2017
US
Producer Price Index (mom)
% Change
Mar
0.10
Source: Bloomberg, Angel Research
Market Outlook
March 22, 2017
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
8.4
8.6
7.0
8.3
5.7
7.7
7.8
6.0
8.0
7.4
7.2
5.0
6.8
6.9
7.0
7.0
4.0
2.7
6.0
3.0
2.2
6.0
5.6
1.3
2.0
0.7
1.0
0.3
5.0
-
4.0
(1.0)
(0.1)
(0.7)
(2.0)
(1.3)
3.0
(1.9)
(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
5.8
5.8
6.0
5.5
5.1
52.0
4.8
5.0
4.3
4.2
50.0
3.6
3.7
4.0
3.4
3.2
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
30.0
7.00
6.50
20.0
6.00
10.0
5.50
0 .0
5.00
4.50
(10.0)
4.00
(20.0)
3.50
(30.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
March 22, 2017
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.8
0.7
5.3
6.0
4.9
4.5
4.0
3.0
2.0
1.9
1.2
1.2
1.6
2.0
-
(2.0)
(0.4)
(2.5)
(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
1.6
1.7
2.0
1.3
(0.8)
0.5
(3.3)
0.1
-
(2.0)
(4.0)
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
(x)
25.0
20.0
15.0
10.0
5.0
-
Source: IMF, Angel Research
Market Outlook
March 22, 2017
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
62,980
(2.7)
11.5
27.4
Russia
Micex
2,048
(4.0)
(8.0)
9.1
India
Nifty
9,122
4.5
12.1
21.0
China
Shanghai Composite
3,262
1.9
3.4
16.3
South Africa
Top 40
45,309
0.0
3.3
(2.8)
Mexico
Mexbol
48,589
3.0
7.7
6.5
Indonesia
LQ45
922
3.9
5.6
9.0
Malaysia
KLCI
1,755
2.8
6.8
3.8
Thailand
SET 50
994
0.5
5.0
10.4
USA
Dow Jones
20,668
1.4
5.6
18.6
UK
FTSE
7,378
1.1
5.2
19.0
Japan
Nikkei
19,456
0.6
1.1
15.4
Germany
DAX
11,962
2.5
5.2
20.0
France
CAC
5,002
3.3
3.6
16.3
Source: Bloomberg, Angel Research
Stock Watch
March 22, 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
6,577.0
6,907.0
Agri / Agri Chemical
Rallis
Neutral
255
-
4,959
1,937
2,164
13.3
14.3
9.0
11.0
28.3
23.2
4.9
4.3
18.4
19.8
2.6
2.3
United Phosphorus
Neutral
726
-
36,818
15,176
17,604
18.5
18.5
37.4
44.6
19.4
16.3
3.8
3.2
21.4
21.2
2.5
2.1
Auto & Auto Ancillary
Ashok Leyland
Buy
89
111
25,300
20,021
21,915
11.6
11.9
4.5
5.3
19.8
16.7
4.0
3.6
20.6
21.5
1.2
1.1
Bajaj Auto
Neutral
2,903
-
83,993
25,093
27,891
19.5
19.2
143.9
162.5
20.2
17.9
5.7
4.9
30.3
29.4
3.1
2.7
Bharat Forge
Neutral
1,018
-
23,693
7,726
8,713
20.5
21.2
35.3
42.7
28.8
23.8
5.3
4.8
18.9
20.1
3.1
2.7
Eicher Motors
Neutral
24,962
-
67,922
16,583
20,447
17.5
18.0
598.0
745.2
41.7
33.5
14.3
10.9
41.2
38.3
3.9
3.1
Gabriel India
Accumulate
123
130
1,765
1,544
1,715
9.0
9.3
5.4
6.3
22.8
19.5
4.3
3.8
18.9
19.5
1.1
1.0
Hero Motocorp
Neutral
3,341
-
66,720
28,083
30,096
15.3
15.7
171.8
187.0
19.4
17.9
6.8
5.7
30.1
27.9
2.2
2.0
Jamna Auto Industries Neutral
216
-
1,717
1,486
1,620
9.8
9.9
15.0
17.2
14.4
12.5
3.1
2.7
21.8
21.3
1.2
1.1
L G Balakrishnan & Bros Neutral
590
-
926
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
1,294
-
80,388
46,534
53,077
11.6
11.7
67.3
78.1
19.2
16.6
3.1
2.7
15.4
15.8
1.7
1.5
Maruti
Accumulate
6,077
6,560
183,586
67,822
83,288
16.0
16.4
253.8
312.4
24.0
19.5
5.5
4.5
23.0
22.9
2.4
1.9
Minda Industries
Neutral
435
-
3,448
2,728
3,042
9.0
9.1
68.2
86.2
6.4
5.0
1.5
1.2
23.8
24.3
1.3
1.2
Motherson Sumi
Neutral
369
-
51,799
45,896
53,687
7.8
8.3
13.0
16.1
28.3
22.9
9.1
7.3
34.7
35.4
1.2
1.0
Rane Brake Lining
Neutral
927
-
734
511
562
11.3
11.5
28.1
30.9
33.0
30.0
5.0
4.6
15.3
15.0
1.6
1.4
Setco Automotive
Neutral
35
-
464
741
837
13.0
13.0
15.2
17.0
2.3
2.0
0.4
0.3
15.8
16.3
1.0
0.9
Tata Motors
Neutral
473
-
136,673
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
438
-
20,809
13,390
15,948
6.9
7.1
12.8
16.5
34.3
26.5
8.5
6.8
26.3
27.2
1.6
1.3
Amara Raja Batteries
Buy
864
1,009
14,762
5,305
6,100
16.0
16.3
28.4
34.0
30.4
25.4
5.9
4.9
19.3
19.3
2.8
2.4
Exide Industries
Neutral
219
-
18,645
7,439
8,307
15.0
15.0
8.1
9.3
27.1
23.6
3.8
3.4
14.3
16.7
2.1
1.9
Apollo Tyres
Accumulate
205
235
10,430
12,877
14,504
14.3
13.9
21.4
23.0
9.6
8.9
1.5
1.3
16.4
15.2
1.0
0.9
Ceat
Accumulate
1,288
1,450
5,210
7,524
8,624
13.0
12.7
131.1
144.3
9.8
8.9
1.8
1.5
19.8
18.6
0.8
0.7
JK Tyres
Neutral
132
-
3,004
7,455
8,056
15.0
15.0
21.8
24.5
6.1
5.4
1.3
1.0
22.8
21.3
0.5
0.4
Swaraj Engines
Neutral
1,384
-
1,719
660
810
15.2
16.4
54.5
72.8
25.4
19.0
7.9
7.2
31.5
39.2
2.4
2.0
Subros
Neutral
196
-
1,177
1,488
1,681
11.7
11.9
6.4
7.2
30.7
27.4
3.2
2.9
10.8
11.4
1.0
0.9
Indag Rubber
Neutral
192
-
504
286
326
19.8
16.8
11.7
13.3
16.4
14.4
2.8
2.6
17.8
17.1
1.4
1.2
Capital Goods
ACE
Neutral
53
-
528
709
814
4.1
4.6
1.4
2.1
38.1
25.4
1.6
1.5
4.4
6.0
0.9
0.8
Stock Watch
March 22, 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
BEML
Neutral
1,293
-
5,385
3,451
4,055
6.3
9.2
31.4
57.9
41.2
22.3
2.5
2.3
6.3
10.9
1.7
1.4
Bharat Electronics
Neutral
160
-
35,626
8,137
9,169
16.8
17.2
58.7
62.5
2.7
2.6
0.4
0.4
44.6
46.3
3.4
3.0
Voltas
Neutral
388
-
12,853
6,511
7,514
7.9
8.7
12.9
16.3
30.1
23.8
5.4
4.8
16.7
18.5
1.7
1.5
BGR Energy
Neutral
140
-
1,009
16,567
33,848
6.0
5.6
7.8
5.9
17.9
23.7
1.0
1.0
4.7
4.2
0.2
0.1
BHEL
Neutral
169
-
41,389
28,797
34,742
-
2.8
2.3
6.9
73.5
24.5
1.3
1.2
1.3
4.8
1.1
0.8
Blue Star
Neutral
626
-
5,985
4,283
5,077
5.9
7.3
14.9
22.1
42.1
28.3
8.2
6.9
20.4
26.4
1.4
1.2
CG Power and Industrial
Neutral
73
-
4,585
5,777
6,120
5.9
7.0
3.3
4.5
22.2
16.3
1.0
0.9
4.4
5.9
0.8
0.6
Solutions
Greaves Cotton
Neutral
164
-
4,007
1,755
1,881
16.8
16.9
7.8
8.5
21.0
19.3
4.2
3.9
20.6
20.9
2.0
1.8
Inox Wind
Neutral
177
-
3,922
5,605
6,267
15.7
16.4
24.8
30.0
7.1
5.9
2.0
1.5
25.9
24.4
0.7
0.6
KEC International
Neutral
177
-
4,548
9,294
10,186
7.9
8.1
9.9
11.9
17.9
14.9
2.6
2.3
15.6
16.3
0.7
0.7
KEI Industries
Buy
173
207
1,347
2,682
3,058
10.4
10.0
11.7
12.8
14.8
13.5
3.0
2.5
20.1
18.2
0.7
0.6
Thermax
Neutral
915
-
10,903
5,421
5,940
7.3
7.3
25.7
30.2
35.6
30.3
4.3
3.9
12.2
13.1
1.9
1.7
VATech Wabag
Accumulate
594
681
3,242
3,136
3,845
8.9
9.1
26.0
35.9
22.9
16.6
2.9
2.4
13.4
15.9
0.9
0.7
Cement
ACC
Neutral
1,412
-
26,517
11,225
13,172
13.2
16.9
44.5
75.5
31.7
18.7
3.0
2.8
11.2
14.2
2.4
2.0
Ambuja Cements
Neutral
237
-
46,990
9,350
10,979
18.2
22.5
5.8
9.5
40.8
24.9
3.4
3.1
10.2
12.5
5.0
4.3
India Cements
Neutral
163
-
5,019
4,364
4,997
18.5
19.2
7.9
11.3
20.7
14.5
1.5
1.5
8.0
8.5
1.9
1.7
JK Cement
Neutral
886
-
6,191
4,398
5,173
15.5
17.5
31.2
55.5
28.4
16.0
3.4
3.0
12.0
15.5
2.0
1.6
J K Lakshmi Cement
Neutral
450
-
5,295
2,913
3,412
14.5
19.5
7.5
22.5
60.0
20.0
3.7
3.1
12.5
18.0
2.4
2.0
Orient Cement
Neutral
134
-
2,739
2,114
2,558
18.5
20.5
8.1
11.3
16.5
11.8
2.4
2.1
9.0
14.0
1.9
1.5
UltraTech Cement
Neutral
4,000
-
109,800
25,768
30,385
21.0
23.5
111.0
160.0
36.0
25.0
4.6
4.0
13.5
15.8
4.4
3.6
Construction
ITNL
Neutral
103
-
3,382
8,946
10,017
31.0
31.6
8.1
9.1
12.7
11.3
0.5
0.5
4.2
5.0
3.7
3.4
KNR Constructions
Neutral
182
-
2,559
1,385
1,673
14.7
14.0
41.2
48.5
4.4
3.8
0.8
0.7
14.9
15.2
1.9
1.6
Larsen & Toubro
Accumulate
1,550
1,700
144,568
111,017
124,908
11.0
11.0
61.1
66.7
25.4
23.2
3.1
2.8
13.1
12.9
2.3
2.2
Gujarat Pipavav Port
Neutral
166
-
8,003
705
788
52.2
51.7
5.0
5.6
33.1
29.6
3.3
2.9
11.2
11.2
11.0
9.4
Nagarjuna Const.
Neutral
83
-
4,592
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
Buy
114
143
2,914
2,350
2,904
13.1
13.2
9.0
8.8
12.6
12.9
0.5
0.4
15.9
13.9
1.4
1.1
Simplex Infra
Neutral
300
-
1,484
6,829
7,954
10.5
10.5
31.4
37.4
9.6
8.0
1.0
0.9
9.9
13.4
0.6
0.5
Power Mech Projects
Neutral
513
-
755
1,801
2,219
12.7
14.6
72.1
113.9
7.1
4.5
1.3
1.1
16.8
11.9
0.4
0.3
Sadbhav Engineering
Neutral
318
-
5,453
3,598
4,140
10.3
10.6
9.0
11.9
35.3
26.7
3.7
3.2
9.9
11.9
1.8
1.5
Stock Watch
March 22, 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
NBCC
Neutral
177
-
15,912
7,428
9,549
7.9
8.6
8.2
11.0
21.6
16.1
1.1
0.9
28.2
28.7
1.9
1.4
MEP Infra
Neutral
52
-
847
1,877
1,943
30.6
29.8
3.0
4.2
17.4
12.4
8.4
5.7
0.6
0.6
1.8
1.7
SIPL
Neutral
97
-
3,399
1,036
1,252
65.5
66.2
(8.4)
(5.6)
3.6
4.1
(22.8)
(15.9)
11.5
9.6
Engineers India
Neutral
151
-
10,189
1,725
1,935
16.0
19.1
11.4
13.9
13.3
10.9
1.8
1.8
13.4
15.3
4.8
4.3
Financials
Axis Bank
Buy
488
580
116,793
46,932
53,575
3.5
3.4
32.4
44.6
15.1
10.9
1.9
1.7
13.6
16.5
-
-
Bank of Baroda
Neutral
163
-
37,546
19,980
23,178
1.8
1.8
11.5
17.3
14.2
9.4
1.6
1.3
8.3
10.1
-
-
Canara Bank
Neutral
289
-
15,665
15,225
16,836
1.8
1.8
14.5
28.0
19.9
10.3
1.4
1.1
5.8
8.5
-
-
Can Fin Homes
Neutral
2,099
-
5,588
420
526
3.5
3.5
86.5
107.8
24.3
19.5
5.2
4.3
23.6
24.1
-
-
Cholamandalam Inv. &
Buy
985
1,230
15,392
2,012
2,317
6.3
6.3
42.7
53.6
23.1
18.4
3.7
3.1
16.9
18.3
-
-
Fin. Co.
Dewan Housing Finance Neutral
361
-
11,312
2,225
2,688
2.9
2.9
29.7
34.6
12.2
10.4
2.0
1.7
16.1
16.8
-
-
Equitas Holdings
Buy
161
235
5,427
939
1,281
11.7
11.5
5.8
8.2
27.7
19.6
2.4
2.1
10.9
11.5
-
-
Federal Bank
Neutral
89
-
15,291
8,259
8,995
3.0
3.0
4.3
5.6
20.7
15.9
1.7
1.6
8.5
10.1
-
-
HDFC
Neutral
1,461
-
231,879
11,475
13,450
3.4
3.4
45.3
52.5
32.3
27.8
6.2
5.5
20.2
20.5
-
-
HDFC Bank
Neutral
1,442
-
369,048
46,097
55,433
4.5
4.5
58.4
68.0
24.7
21.2
4.3
3.6
18.8
18.6
-
-
ICICI Bank
Buy
272
315
158,504
42,800
44,686
3.1
3.3
18.0
21.9
15.1
12.4
2.1
1.9
11.1
12.3
-
-
Lakshmi Vilas Bank
Neutral
168
-
3,209
3,339
3,799
2.7
2.8
11.0
14.0
15.2
12.0
1.6
1.4
11.2
12.7
-
-
LIC Housing Finance
Accumulate
588
630
29,664
3,712
4,293
2.6
2.5
39.0
46.0
15.1
12.8
2.8
2.4
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
143
-
30,334
23,532
23,595
2.3
2.4
6.8
12.6
21.0
11.3
3.2
2.3
3.3
6.5
-
-
RBL Bank
Neutral
501
-
18,527
1,783
2,309
2.6
2.6
12.7
16.4
39.5
30.6
4.3
3.8
12.8
13.3
-
-
Repco Home Finance
Buy
674
825
4,218
388
457
4.5
4.2
30.0
38.0
22.5
17.7
3.8
3.1
18.0
19.2
-
-
South Ind.Bank
Neutral
20
-
2,758
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
272
-
217,119
88,650
98,335
2.6
2.6
13.5
18.8
20.2
14.5
1.9
1.7
7.0
8.5
-
-
Union Bank
Neutral
153
-
10,487
13,450
14,925
2.3
2.3
25.5
34.5
6.0
4.4
0.9
0.7
7.5
10.2
-
-
Yes Bank
Neutral
1,487
-
62,987
8,978
11,281
3.3
3.4
74.0
90.0
20.1
16.5
3.8
3.2
17.0
17.2
-
-
FMCG
Akzo Nobel India
Accumulate
1,615
1,720
7,746
2,955
3,309
13.3
13.7
57.2
69.3
28.3
23.3
9.2
7.8
32.7
33.3
2.4
2.1
Asian Paints
Neutral
1,067
-
102,390
17,128
18,978
16.8
16.4
19.1
20.7
55.9
51.6
19.4
18.3
34.8
35.5
5.9
5.3
Britannia
Accumulate
3,299
3,626
39,591
9,594
11,011
14.6
14.9
80.3
94.0
41.1
35.1
16.9
13.1
41.2
-
4.0
3.4
Colgate
Neutral
979
-
26,627
4,605
5,149
23.4
23.4
23.8
26.9
41.1
36.4
22.8
17.8
64.8
66.8
5.7
5.1
Dabur India
Accumulate
281
304
49,569
8,315
9,405
19.8
20.7
8.1
9.2
34.7
30.6
9.7
8.0
31.6
31.0
5.6
4.9
Stock Watch
March 22, 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
GlaxoSmith Con*
Neutral
5,411
-
22,756
4,350
4,823
21.2
21.4
179.2
196.5
30.2
27.5
8.0
6.8
27.1
26.8
4.6
4.1
Godrej Consumer
Neutral
1,698
-
57,848
10,235
11,428
18.4
18.6
41.1
44.2
41.3
38.4
9.2
7.7
24.9
24.8
5.7
5.1
HUL
Neutral
902
-
195,112
35,252
38,495
17.8
17.8
20.7
22.4
43.7
40.3
41.7
35.8
95.6
88.9
5.4
4.9
ITC
Neutral
288
-
349,207
40,059
44,439
38.3
39.2
9.0
10.1
32.0
28.4
8.9
7.8
27.8
27.5
8.2
7.4
Marico
Neutral
292
-
37,679
6,430
7,349
18.8
19.5
6.4
7.7
45.6
37.9
13.8
11.6
33.2
32.5
5.7
4.9
Nestle*
Neutral
6,344
-
61,166
10,073
11,807
20.7
21.5
124.8
154.2
50.8
41.1
20.9
18.8
34.8
36.7
5.9
5.0
Tata Global
Neutral
146
-
9,208
8,675
9,088
9.8
9.8
7.4
8.2
19.7
17.8
1.6
1.5
7.9
8.1
1.0
0.9
Procter & Gamble
Accumulate
6,835
7,369
22,187
2,939
3,342
23.2
23.0
146.2
163.7
46.8
41.8
11.8
9.8
25.3
23.5
7.1
6.2
Hygiene
IT
HCL Tech^
Buy
857
1,000
120,970
49,242
57,168
20.5
20.5
55.7
64.1
15.4
13.4
3.1
2.4
20.3
17.9
2.3
1.9
Infosys
Buy
1,032
1,249
237,045
68,350
77,326
27.0
27.0
62.5
69.4
16.5
14.9
3.5
3.2
21.3
21.6
2.9
2.5
TCS
Accumulate
2,486
2,700
489,878
119,025
133,308
27.6
27.6
131.2
145.5
19.0
17.1
6.1
5.7
32.4
33.1
3.9
3.4
Tech Mahindra
Buy
479
600
46,628
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
498
583
120,961
55,440
60,430
18.1
18.1
36.1
38.9
13.8
12.8
2.5
2.3
19.0
17.6
1.9
1.7
Media
D B Corp
Neutral
386
-
7,101
2,297
2,590
27.4
28.2
21.0
23.4
18.4
16.5
4.3
3.7
23.7
23.1
2.9
2.5
HT Media
Neutral
83
-
1,920
2,693
2,991
12.6
12.9
7.9
9.0
10.4
9.2
0.9
0.8
7.8
8.3
0.3
0.2
Jagran Prakashan
Buy
172
225
5,633
2,355
2,635
28.0
28.0
10.8
12.5
16.0
13.8
3.5
3.0
21.7
21.7
2.4
2.1
Sun TV Network
Neutral
755
-
29,753
2,850
3,265
70.1
71.0
26.2
30.4
28.8
24.8
7.4
6.5
24.3
25.6
10.0
8.6
Hindustan Media
Neutral
290
-
2,130
1,016
1,138
24.3
25.2
27.3
30.1
10.6
9.6
2.0
1.8
16.2
15.8
1.4
1.2
Ventures
TV Today Network
Buy
252
344
1,505
567
645
26.7
27.0
15.4
18.1
16.4
13.9
2.5
2.1
14.9
15.2
2.2
1.9
Metals & Mining
Coal India
Neutral
293
-
181,753
84,638
94,297
21.4
22.3
24.5
27.1
12.0
10.8
5.0
4.7
42.6
46.0
1.7
1.5
Hind. Zinc
Neutral
307
-
129,823
14,252
18,465
55.9
48.3
15.8
21.5
19.5
14.3
3.2
2.8
17.0
20.7
9.1
7.0
Hindalco
Neutral
199
-
41,183
107,899
112,095
7.4
8.2
9.2
13.0
21.7
15.3
1.0
1.0
4.8
6.6
0.9
0.8
JSW Steel
Neutral
192
-
46,411
53,201
58,779
16.1
16.2
130.6
153.7
1.5
1.3
0.2
0.2
14.0
14.4
1.6
1.4
NMDC
Neutral
137
-
43,314
6,643
7,284
44.4
47.7
7.1
7.7
19.3
17.8
1.7
1.6
8.8
9.2
4.3
3.9
SAIL
Neutral
63
-
26,102
47,528
53,738
(0.7)
2.1
(1.9)
2.6
24.3
0.7
0.7
(1.6)
3.9
1.4
1.3
Vedanta
Neutral
262
-
77,571
71,744
81,944
19.2
21.7
13.4
20.1
19.5
13.0
1.7
1.5
8.4
11.3
1.5
1.2
Tata Steel
Neutral
497
-
48,231
121,374
121,856
7.2
8.4
18.6
34.3
26.7
14.5
1.7
1.5
6.1
10.1
1.0
1.0
Oil & Gas
Cairn India
Neutral
291
-
54,532
9,127
10,632
4.3
20.6
8.8
11.7
33.0
24.9
1.1
1.0
3.3
4.2
7.4
6.2
GAIL
Neutral
370
-
62,587
56,220
65,198
9.3
10.1
27.1
33.3
13.7
11.1
1.3
1.2
9.3
10.7
1.3
1.1
Stock Watch
March 22, 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
ONGC
Neutral
194
-
248,580
137,222
152,563
15.0
21.8
19.5
24.1
9.9
8.0
0.9
0.8
8.5
10.1
2.1
1.9
Indian Oil Corp
Neutral
372
-
180,688
373,359
428,656
5.9
5.5
54.0
59.3
6.9
6.3
1.1
1.0
16.0
15.6
0.6
0.5
Reliance Industries
Neutral
1,264
-
409,974
301,963
358,039
12.1
12.6
87.7
101.7
14.4
12.4
1.5
1.3
10.7
11.3
1.8
1.5
Pharmaceuticals
Alembic Pharma
Buy
596
689
11,236
3,483
4,244
20.2
21.4
24.3
33.6
24.5
17.7
5.6
4.5
25.5
25.3
3.2
2.5
Alkem Laboratories Ltd
Accumulate
2,125
2,257
25,406
6,065
7,009
18.7
20.0
80.2
92.0
26.5
23.1
6.0
5.0
22.5
21.6
4.1
3.6
Aurobindo Pharma
Buy
691
877
40,489
15,720
18,078
23.7
23.7
41.4
47.3
16.7
14.6
4.3
3.4
29.6
26.1
2.8
2.4
Aventis*
Neutral
4,590
-
10,571
2,277
2,597
16.6
17.4
128.9
157.0
35.6
29.2
6.1
4.7
21.6
26.4
4.4
3.7
Cadila Healthcare
Neutral
442
-
45,239
10,429
12,318
17.7
21.6
13.1
19.2
33.7
23.0
7.1
5.6
22.8
27.1
4.4
3.6
Cipla
Sell
591
465
47,580
15,378
18,089
15.7
16.8
19.3
24.5
30.7
24.1
3.6
3.2
12.3
13.9
3.3
2.7
Dr Reddy's
Neutral
2,623
-
43,451
16,043
18,119
18.0
23.0
78.6
130.9
33.4
20.0
3.3
2.9
10.1
15.2
2.5
2.4
Dishman Pharma
Sell
235
143
3,793
1,718
1,890
22.7
22.8
9.5
11.3
24.7
20.8
2.4
2.2
10.1
10.9
2.7
2.3
GSK Pharma*
Neutral
2,753
-
23,315
2,800
3,290
10.2
20.6
32.2
60.3
85.5
45.7
15.8
15.6
17.2
34.5
8.1
6.9
Indoco Remedies
Reduce
259
240
2,387
1,112
1,289
16.2
18.2
11.6
16.0
22.3
16.2
3.6
3.0
17.0
20.1
2.3
1.9
Ipca labs
Accumulate
554
613
6,990
3,258
3,747
12.8
15.3
12.1
19.2
45.8
28.9
2.9
2.6
6.4
9.5
2.3
2.0
Lupin
Buy
1,451
1,809
65,528
15,912
18,644
26.4
26.7
58.1
69.3
25.0
20.9
4.9
4.0
21.4
20.9
4.2
3.4
Sun Pharma
Buy
699
847
167,778
31,129
35,258
32.0
32.9
30.2
35.3
23.2
19.8
3.8
3.1
20.0
20.1
5.0
4.2
Power
Tata Power
Neutral
88
-
23,707
36,916
39,557
17.4
27.1
5.1
6.3
17.2
13.9
1.5
1.4
9.0
10.3
1.7
1.5
NTPC
Neutral
162
-
133,453
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
Accumulate
194
223
101,467
25,315
29,193
88.2
88.7
14.2
17.2
13.7
11.3
2.1
1.8
15.2
16.1
8.7
7.8
Real Estate
Prestige Estate
Accumulate
199
210
7,466
4,707
5,105
25.2
26.0
10.3
13.0
19.3
15.3
1.6
1.4
10.3
10.2
2.8
2.4
MLIFE
Buy
381
522
1,564
1,152
1,300
22.7
24.6
29.9
35.8
12.7
10.6
0.9
0.9
7.6
8.6
2.1
1.7
Telecom
Bharti Airtel
Neutral
350
-
139,749
105,086
114,808
34.5
34.7
12.2
16.4
28.7
21.3
1.9
1.8
6.8
8.4
2.2
2.0
Idea Cellular
Neutral
93
-
33,495
40,133
43,731
37.2
37.1
6.4
6.5
14.5
14.3
1.2
1.1
8.2
7.6
1.9
1.6
zOthers
Abbott India
Neutral
4,506
-
9,575
3,153
3,583
14.1
14.4
152.2
182.7
29.6
24.7
145.4
124.1
25.6
26.1
2.7
2.4
Asian Granito
Neutral
336
-
1,010
1,060
1,169
12.2
12.5
12.7
15.9
26.5
21.1
2.5
2.3
9.5
10.7
1.3
1.1
Bajaj Electricals
Accumulate
311
330
3,153
4,801
5,351
5.7
6.2
10.4
13.7
29.9
22.8
3.7
3.3
12.4
14.5
0.7
0.6
Banco Products (India)
Neutral
206
-
1,471
1,353
1,471
12.3
12.4
14.5
16.3
14.2
12.6
19.6
17.6
14.5
14.6
1.0
110.2
Coffee Day Enterprises
Neutral
232
-
4,785
2,964
3,260
20.5
21.2
4.7
8.0
-
29.0
2.7
2.5
5.5
8.5
2.0
1.8
Ltd
Competent Automobiles Neutral
175
-
108
1,137
1,256
3.1
2.7
28.0
23.6
6.3
7.4
33.7
30.4
14.3
11.5
0.1
0.1
Stock Watch
March 22, 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
Elecon Engineering
Neutral
52
-
588
1,482
1,660
13.7
14.5
3.9
5.8
13.5
9.0
3.2
2.9
7.8
10.9
0.7
0.6
Finolex Cables
Neutral
463
-
7,083
2,883
3,115
12.0
12.1
14.2
18.6
32.6
24.9
17.4
15.2
15.8
14.6
2.2
1.9
Garware Wall Ropes
Neutral
692
-
1,514
863
928
15.1
15.2
36.4
39.4
19.0
17.6
3.4
2.9
17.5
15.9
1.7
1.5
Goodyear India*
Neutral
769
-
1,774
1,598
1,704
10.4
10.2
49.4
52.6
15.6
14.6
71.9
63.1
18.2
17.0
0.8
111.6
Hitachi
Neutral
1,525
-
4,146
2,081
2,433
8.8
8.9
33.4
39.9
45.7
38.2
36.8
30.7
22.1
21.4
2.0
1.7
HSIL
Neutral
326
-
2,358
2,384
2,515
15.8
16.3
15.3
19.4
21.3
16.8
21.2
18.2
7.8
9.3
1.2
1.1
Interglobe Aviation
Neutral
935
-
33,799
21,122
26,005
14.5
27.6
110.7
132.1
8.5
7.1
50.5
36.1
168.5
201.1
1.6
1.2
Jyothy Laboratories
Neutral
355
-
6,455
1,440
2,052
11.5
13.0
8.5
10.0
41.8
35.5
10.1
9.4
18.6
19.3
4.8
3.3
Kirloskar Engines India
Neutral
400
-
5,784
2,554
2,800
9.9
10.0
10.5
12.1
38.1
33.1
15.9
15.0
10.7
11.7
1.9
1.7
Ltd
Linc Pen & Plastics
Neutral
256
-
379
382
420
9.3
9.5
13.5
15.7
19.0
16.3
3.3
2.8
17.1
17.3
1.1
0.9
M M Forgings
Neutral
543
-
655
546
608
20.4
20.7
41.3
48.7
13.2
11.2
74.4
65.8
16.6
17.0
1.0
0.9
Manpasand Bever.
Neutral
718
-
4,109
836
1,087
19.6
19.4
16.9
23.8
42.5
30.2
5.1
4.5
12.0
14.8
4.7
3.5
Mirza International
Buy
88
107
1,053
963
1,069
17.2
18.0
6.1
7.5
14.3
11.7
2.2
1.9
15.0
15.7
1.3
1.2
MT Educare
Neutral
85
-
340
366
417
17.7
18.2
9.4
10.8
9.1
7.9
2.0
1.8
22.2
22.3
0.8
0.7
Narayana Hrudaya
Neutral
315
-
6,427
1,873
2,166
11.5
11.7
2.6
4.0
118.9
79.3
7.3
6.6
6.1
8.3
3.5
3.0
Navkar Corporation
Buy
175
265
2,496
369
561
42.9
42.3
6.9
11.5
25.3
15.2
1.8
1.6
7.4
10.5
7.8
5.1
Navneet Education
Neutral
140
-
3,270
1,062
1,147
24.0
24.0
6.1
6.6
23.0
21.1
4.7
4.2
20.6
19.8
3.2
2.9
Nilkamal
Neutral
1,942
-
2,897
1,995
2,165
10.7
10.4
69.8
80.6
27.8
24.1
111.0
96.4
16.6
16.5
1.5
1.3
Page Industries
Neutral
14,585
-
16,268
2,450
3,124
20.1
17.6
299.0
310.0
48.8
47.1
324.8
248.0
47.1
87.5
6.7
5.3
Parag Milk Foods
Neutral
220
-
1,848
1,919
2,231
9.3
9.6
9.5
12.9
23.3
17.0
3.6
3.0
15.5
17.5
1.1
0.9
Quick Heal
Neutral
235
-
1,647
408
495
27.3
27.0
7.7
8.8
30.3
26.7
2.8
2.8
9.3
10.6
3.2
2.6
Radico Khaitan
Buy
124
147
1,648
1,667
1,824
13.0
13.2
6.7
8.2
18.6
15.1
1.7
1.5
9.0
10.2
1.4
1.2
Relaxo Footwears
Neutral
481
-
5,779
2,085
2,469
9.2
8.2
7.6
8.0
63.6
60.5
24.7
21.1
17.9
18.8
2.9
2.4
S H Kelkar & Co.
Neutral
302
-
4,360
1,036
1,160
15.1
15.0
6.1
7.2
49.4
42.0
5.3
4.8
10.7
11.5
4.1
3.6
Siyaram Silk Mills
Accumulate
1,680
1,872
1,575
1,652
1,857
11.6
11.7
92.4
110.1
18.2
15.3
2.7
2.3
14.7
15.2
1.2
1.0
Styrolution ABS India*
Neutral
609
-
1,070
1,440
1,537
9.2
9.0
40.6
42.6
15.0
14.3
38.3
34.8
12.3
11.6
0.7
0.6
Surya Roshni
Neutral
188
-
824
3,342
3,625
7.8
7.5
17.3
19.8
10.9
9.5
20.7
16.6
10.5
10.8
0.5
0.5
Team Lease Serv.
Neutral
972
-
1,662
3,229
4,001
1.5
1.8
22.8
32.8
42.7
29.6
4.6
4.0
10.7
13.4
0.4
0.3
The Byke Hospitality
Neutral
183
-
732
287
384
20.5
20.5
7.6
10.7
24.0
17.1
5.0
4.1
20.7
23.5
2.6
1.9
Stock Watch
March 22, 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
Transport Corporation of
Neutral
223
-
1,704
2,671
2,911
8.5
8.8
13.9
15.7
16.1
14.2
2.2
2.0
13.7
13.8
0.7
0.7
India
TVS Srichakra
Neutral
3,324
-
2,545
2,304
2,614
13.7
13.8
231.1
266.6
14.4
12.5
373.5
294.1
33.9
29.3
1.1
1.0
UFO Moviez
Neutral
435
-
1,201
619
685
33.2
33.4
30.0
34.9
14.5
12.5
2.0
1.7
13.8
13.9
1.6
1.3
Visaka Industries
Neutral
251
-
399
1,051
1,138
10.3
10.4
21.0
23.1
12.0
10.8
32.2
30.1
9.0
9.2
0.6
0.6
VRL Logistics
Neutral
297
-
2,711
1,902
2,119
16.7
16.6
14.6
16.8
20.4
17.7
4.5
3.9
21.9
22.2
1.5
1.4
VIP Industries
Accumulate
168
180
2,376
1,270
1,450
10.4
10.4
5.6
6.5
30.0
25.9
6.2
5.4
20.7
21.1
1.9
1.6
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on March 21, 2017
Market Outlook
March 22, 2017
Research Team Tel: 022 - 39357800
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