Market Outlook
March 23, 2017
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open with a flat to positive bias tracking the SGX Nifty.
BSE Sensex
(1.1)
(318)
29,168
U.S. market closed mixed on Wednesday as Wall Street eagerly awaited a vote on
Nifty
(1.0)
(91)
9,030
the House's health care proposal and monitored oil prices.
Mid Cap
(1.0)
(132)
13,721
The European markets ended Wednesday's session firmly in negative territory. After
Small Cap
(0.9)
(126)
13,902
getting off to a weak start, the markets remained locked in a sideways trend
Bankex
(1.2)
(280)
23,628
throughout the session. Some disappointing regional data soured the mood among
investors, but concerns over the policies of U.S. President Trump also contributed to
Global Indices
Chg (%)
(Pts)
(Close)
the weak performance.
Dow Jones
(0.0)
(7)
20,661
Sluggish global cues coupled with profit taking after recent sharp gains led to heavy
Nasdaq
0.5
28
5,822
selling on Wednesday, dragging Indian markets down about 1 percent.
FTSE
(0.7)
(54)
7,325
News Analysis
Nikkei
(2.1)
(414)
19,041
Hindustan Zinc announces special dividend of 1,375% per equity share
Hang Seng
(1.1)
(273)
24,320
Detailed analysis on Pg2
Shanghai Com
(0.5)
(16)
3,245
Investor’s Ready Reckoner
Advances / Declines
BSE
NSE
Key Domestic & Global Indicators
Advances
967
477
Stock Watch: Latest investment recommendations on 150+ stocks
Declines
1,843
1,192
Refer Pg5 onwards
Unchanged
209
73
Top Picks
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
Volumes (` Cr)
Amara Raja Batteries Auto & Auto Ancillary
Buy
869
1,009
16.1
BSE
8,022
HCL Tech
IT
Accumulate
872
1,000
14.6
NSE
24,375
Power Grid Corp.
Power
Buy
192
223
15.9
Navkar Corp.
Others
Buy
170
265
55.5
Net Inflows (` Cr)
Net
Mtd
Ytd
KEI Industries
Others
Buy
173
207
19.6
More Top Picks on Pg3
FII
1,617
19,927
30,365
MFs
(95)
(1,234)
5,836
Key Upcoming Events
Previous
Consensus
Date
Region
Event Description
Reading
Expectations
Top Gainers
Price (`)
Chg (%)
Mar 23, 2017 US
Initial Jobless claims
241.00
240.00
Nlcindia
119
6.9
Mar 23, 2017 US
New home sales
555.00
565.00
Sobha
341
6.9
Mar 23, 2017 Euro Zone Euro-Zone Consumer Confidence
-6.20
-5.90
Mar 24, 2017 Germany PMI Services
54.40
54.50
Deltacorp
177
4.6
Mar 24, 2017 US
GDP Qoq (Annualised)
1.90
2.00
Oberoirlty
385
3.7
Mar 28, 2017 Germany PMI Manufacturing
56.80
56.50
Gmdcltd
117
3.2
More Events on Pg4
Top Losers
Price (`)
Chg (%)
Justdial
565
(5.3)
Coromandel
316
(4.7)
Geship
381
(4.5)
Indiacem
157
(4.0)
Pnb
137
(4.0)
As on March 22, 2017
Market Outlook
March 23, 2017
News Analysis
Hindustan Zinc announces special dividend of 1,375% per equity
share
Hindustan Zinc Ltd Wednesday announced a special one-time interim dividend of
1,375% or `27.5 on an equity share of `2, which will cost the company `13,985cr
including dividend distribution tax.
the company said that together with its golden jubilee dividend paid in April 2016
and the interim dividend paid in October 2016, the aggregate payout this
financial year will be `27,157cr, including tax. Hindustan Zinc called it the largest
dividend outflow by any company in India in a single financial year. Of this,
`11,259cr will go to the government, which holds 29.54% in the company.
Hindustan Zinc had reported a ~28% jump in net profit for the December 2016
quarter to
`2,320cr helped by higher metal production and better prices.
Commodity prices have been firming up in the last few months, aiding miners and
metal producers.
Economic and Political News
Govt could exceed revised tax target of `17 lakh cr in FY17: Jaitley
Arun Jaitley hopes GST roll out from July 1 to make goods cheaper
94 infra projects worth `150cr and more facing delay, cost overrun: Govt
Corporate News
NTPC pays `2,152cr interim dividend for FY'17
At least 84% Jio users expected to take Prime membership: Survey
Emami ties up with Sheth Corp for luxury homes project, to invest `350cr
Market Outlook
March 23, 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
14,847
869
1,009
16.1
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
25,950
2,170
2,257
4.0
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
1,23,108
872
1,000
14.6
the bad news.
Back on the growth trend, expect a long term growth of 14%
Infosys
2,36,080
1,028
1,249
21.5
to be a US$20bn in FY2020.
Strong order backlog and improvement in execution would
Larsen & Tourbo
1,42,739
1,530
1,700
11.1
trigger the growth for the L&T.
One of the largest pharma companies with strong
Lupin
66,230
1,467
1,809
23.3
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
1,00,630
192
223
15.9
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
994
330
351
6.3
owing to better product mix, higher B2C sales and
amalgamation synergy.
Among the top 4 players in the consumer durables segment.
Bajaj Electricals
3,136
310
330
6.5
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
5,811
608
634
4.3
growth. EMPPAC division's profitability to improve once
operating environment turns around.
Strong loan growth backed by diversified loan portfolio and
Equitas Holdings
5,306
157
235
49.5
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
5,525
169
225
33.1
radio business (Radio City) would also boost the company's
revenue growth.
High order book execution in EPC segment, rising B2C sales
KEI Industries
1,347
173
207
19.6
and higher exports to boost the revenues and profitability
Speedier execution and speedier sales, strong revenue visibilty
Mahindra Lifespace
1,573
383
522
36.2
in short-to-long run, attractive valuations
Higher growth in domestic branded sales and healthy export
Mirza International
1,039
86
107
23.9
to boost the profitability.
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,431
170
265
55.5
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
1,517
254
344
35.3
and anticipated growth in ad spends by corporates to benefit
the stock.
Source: Company, Angel Research
Market Outlook
March 23, 2017
Key Upcoming Events
Global economic events release calendar
Bloomberg Data
Date
Time
Country
Event Description
Unit
Period
Last Reported
Estimated
Mar 23, 2017
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
8:30 PM Euro Zone Euro-Zone Consumer Confidence
Value
Mar A
-6.20
-5.90
Mar 24, 2017
2:00 PM Germany
PMI Services
Value
Mar P
54.40
54.50
6:00 PM US
GDP Qoq (Annualised)
% Change
4Q T
1.90
2.00
Mar 28, 2017
2:00 PM Germany
PMI Manufacturing
Value
Mar P
56.80
56.50
Mar 30, 2017
7:30 PM US
Consumer Confidence
S.A./ 1985=100
Mar
114.80
113.00
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
51.50
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
April 07, 2017
2:00 PM UK
Industrial Production (YoY)
% Change
Feb
3.20
6:00 PM US
Change in Nonfarm payrolls
Thousands
Mar
235.00
175.00
India
Imports YoY%
% Change
Mar
21.76
Apr 10, 2017
6:00 PM US
Unemployment rate
%
Mar
4.70
4.70
India
Exports YoY%
% Change
Mar
17.48
Apr 11, 2017
2:00 PM UK
CPI (YoY)
% Change
Mar
2.30
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 23, 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 23, 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 23, 2017
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
63,521
(6.3)
8.8
24.1
Russia
Micex
2,062
(4.0)
(7.0)
10.4
India
Nifty
9,030
2.9
11.4
21.0
China
Shanghai Composite
3,245
(0.0)
4.3
13.8
South Africa
Top 40
44,856
(0.5)
3.9
(4.9)
Mexico
Mexbol
48,487
2.8
7.9
6.3
Indonesia
LQ45
922
3.8
6.5
8.5
Malaysia
KLCI
1,748
2.1
6.8
3.2
Thailand
SET 50
992
0.2
4.6
11.7
USA
Dow Jones
20,661
0.2
4.1
18.0
UK
FTSE
7,325
0.3
4.4
19.9
Japan
Nikkei
19,041
(1.0)
(1.2)
12.4
Germany
DAX
11,904
0.6
3.8
19.5
France
CAC
4,995
2.7
3.3
14.9
Source: Bloomberg, Angel Research
Stock Watch
March 23, 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
243
-
4,726
1,937
2,164
13.3
14.3
9.0
11.0
27.0
22.1
4.7
4.1
18.4
19.8
2.5
2.2
United Phosphorus
Neutral
719
-
36,465
15,176
17,604
18.5
18.5
37.4
44.6
19.2
16.1
3.8
3.1
21.4
21.2
2.5
2.1
Auto & Auto Ancillary
Ashok Leyland
Buy
87
111
24,845
20,021
21,915
11.6
11.9
4.5
5.3
19.4
16.4
4.0
3.5
20.6
21.5
1.2
1.1
Bajaj Auto
Neutral
2,850
-
82,470
25,093
27,891
19.5
19.2
143.9
162.5
19.8
17.5
5.6
4.8
30.3
29.4
3.0
2.6
Bharat Forge
Neutral
1,015
-
23,625
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
24,541
-
66,777
16,583
20,447
17.5
18.0
598.0
745.2
41.0
32.9
14.0
10.7
41.2
38.3
3.9
3.1
Gabriel India
Accumulate
122
130
1,752
1,544
1,715
9.0
9.3
5.4
6.3
22.6
19.4
4.3
3.8
18.9
19.5
1.1
1.0
Hero Motocorp
Neutral
3,307
-
66,046
28,083
30,096
15.3
15.7
171.8
187.0
19.3
17.7
6.7
5.7
30.1
27.9
2.2
2.0
Jamna Auto Industries Neutral
210
-
1,672
1,486
1,620
9.8
9.9
15.0
17.2
14.0
12.2
3.1
2.6
21.8
21.3
1.2
1.1
L G Balakrishnan & Bros Neutral
598
-
938
1,302
1,432
11.6
11.9
43.7
53.0
13.7
11.3
1.9
1.8
13.8
14.2
0.8
0.7
Mahindra and Mahindra Neutral
1,271
-
78,935
46,534
53,077
11.6
11.7
67.3
78.1
18.9
16.3
3.1
2.7
15.4
15.8
1.7
1.4
Maruti
Accumulate
6,010
6,560
181,547
67,822
83,288
16.0
16.4
253.8
312.4
23.7
19.2
5.4
4.4
23.0
22.9
2.3
1.8
Minda Industries
Neutral
435
-
3,449
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
362
-
50,747
45,896
53,687
7.8
8.3
13.0
16.1
27.7
22.5
8.9
7.1
34.7
35.4
1.2
1.0
Rane Brake Lining
Neutral
924
-
731
511
562
11.3
11.5
28.1
30.9
32.9
29.9
5.0
4.6
15.3
15.0
1.6
1.4
Setco Automotive
Neutral
34
-
455
741
837
13.0
13.0
15.2
17.0
2.2
2.0
0.4
0.3
15.8
16.3
1.0
0.9
Tata Motors
Neutral
460
-
132,789
300,209
338,549
8.9
8.4
42.7
54.3
10.8
8.5
1.7
1.5
15.6
17.2
0.6
0.5
TVS Motor
Neutral
432
-
20,524
13,390
15,948
6.9
7.1
12.8
16.5
33.9
26.1
8.4
6.7
26.3
27.2
1.6
1.3
Amara Raja Batteries
Buy
869
1,009
14,847
5,305
6,100
16.0
16.3
28.4
34.0
30.6
25.6
5.9
4.9
19.3
19.3
2.8
2.4
Exide Industries
Neutral
215
-
18,237
7,439
8,307
15.0
15.0
8.1
9.3
26.5
23.1
3.7
3.3
14.3
16.7
2.1
1.8
Apollo Tyres
Accumulate
205
235
10,432
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
5,212
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
-
2,995
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
1,383
-
1,718
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
195
-
1,168
1,488
1,681
11.7
11.9
6.4
7.2
30.4
27.2
3.2
2.9
10.8
11.4
1.0
0.9
Indag Rubber
Neutral
191
-
501
286
326
19.8
16.8
11.7
13.3
16.3
14.3
2.8
2.6
17.8
17.1
1.4
1.2
Capital Goods
ACE
Neutral
53
-
520
709
814
4.1
4.6
1.4
2.1
37.5
25.0
1.6
1.5
4.4
6.0
0.9
0.8
Stock Watch
March 23, 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
1,300
-
5,414
3,451
4,055
6.3
9.2
31.4
57.9
41.4
22.5
2.5
2.3
6.3
10.9
1.7
1.4
Bharat Electronics
Neutral
154
-
34,353
8,137
9,169
16.8
17.2
58.7
62.5
2.6
2.5
0.4
0.4
44.6
46.3
3.2
2.9
Voltas
Accumulate
385
407
12,723
6,511
7,514
7.9
8.7
12.9
16.3
29.8
23.6
5.4
4.7
16.7
18.5
1.7
1.4
BGR Energy
Neutral
135
-
972
16,567
33,848
6.0
5.6
7.8
5.9
17.3
22.8
1.0
1.0
4.7
4.2
0.2
0.1
BHEL
Neutral
166
-
40,630
28,797
34,742
-
2.8
2.3
6.9
72.2
24.1
1.2
1.2
1.3
4.8
1.1
0.8
Blue Star
Neutral
608
-
5,811
4,283
5,077
5.9
7.3
14.9
22.1
40.9
27.5
7.9
6.7
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
-
4,011
1,755
1,881
16.8
16.9
7.8
8.5
21.1
19.3
4.2
3.9
20.6
20.9
2.0
1.8
Inox Wind
Neutral
175
-
3,879
5,605
6,267
15.7
16.4
24.8
30.0
7.1
5.8
2.0
1.4
25.9
24.4
0.7
0.6
KEC International
Neutral
178
-
4,579
9,294
10,186
7.9
8.1
9.9
11.9
18.0
15.0
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
910
-
10,844
5,421
5,940
7.3
7.3
25.7
30.2
35.4
30.1
4.3
3.9
12.2
13.1
1.9
1.7
VATech Wabag
Buy
590
681
3,221
3,136
3,845
8.9
9.1
26.0
35.9
22.7
16.4
2.8
2.4
13.4
15.9
0.9
0.7
Cement
ACC
Neutral
1,387
-
26,048
11,225
13,172
13.2
16.9
44.5
75.5
31.2
18.4
3.0
2.7
11.2
14.2
2.3
2.0
Ambuja Cements
Neutral
233
-
46,305
9,350
10,979
18.2
22.5
5.8
9.5
40.2
24.6
3.4
3.0
10.2
12.5
5.0
4.2
India Cements
Neutral
157
-
4,820
4,364
4,997
18.5
19.2
7.9
11.3
19.9
13.9
1.4
1.4
8.0
8.5
1.9
1.6
JK Cement
Neutral
890
-
6,222
4,398
5,173
15.5
17.5
31.2
55.5
28.5
16.0
3.4
3.0
12.0
15.5
2.0
1.6
J K Lakshmi Cement
Neutral
446
-
5,248
2,913
3,412
14.5
19.5
7.5
22.5
59.5
19.8
3.7
3.1
12.5
18.0
2.4
2.0
Orient Cement
Neutral
128
-
2,628
2,114
2,558
18.5
20.5
8.1
11.3
15.8
11.4
2.3
2.0
9.0
14.0
1.9
1.4
UltraTech Cement
Neutral
3,975
-
109,114
25,768
30,385
21.0
23.5
111.0
160.0
35.8
24.8
4.6
4.0
13.5
15.8
4.3
3.6
Construction
ITNL
Neutral
105
-
3,459
8,946
10,017
31.0
31.6
8.1
9.1
13.0
11.6
0.5
0.5
4.2
5.0
3.7
3.5
KNR Constructions
Neutral
181
-
2,544
1,385
1,673
14.7
14.0
41.2
48.5
4.4
3.7
0.8
0.7
14.9
15.2
1.9
1.6
Larsen & Toubro
Accumulate
1,530
1,700
142,739
111,017
124,908
11.0
11.0
61.1
66.7
25.0
22.9
3.0
2.8
13.1
12.9
2.3
2.1
Gujarat Pipavav Port
Neutral
165
-
7,977
705
788
52.2
51.7
5.0
5.6
33.0
29.5
3.3
2.9
11.2
11.2
11.0
9.3
Nagarjuna Const.
Neutral
81
-
4,525
8,842
9,775
9.1
8.8
5.3
6.4
15.4
12.7
1.2
1.1
8.2
9.1
0.7
0.6
PNC Infratech
Buy
112
143
2,868
2,350
2,904
13.1
13.2
9.0
8.8
12.4
12.7
0.5
0.4
15.9
13.9
1.3
1.1
Simplex Infra
Neutral
301
-
1,489
6,829
7,954
10.5
10.5
31.4
37.4
9.6
8.1
1.0
0.9
9.9
13.4
0.6
0.5
Power Mech Projects
Neutral
512
-
753
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
317
-
5,437
3,598
4,140
10.3
10.6
9.0
11.9
35.2
26.6
3.7
3.2
9.9
11.9
1.8
1.5
Stock Watch
March 23, 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
174
-
15,701
7,428
9,549
7.9
8.6
8.2
11.0
21.3
15.9
1.1
0.8
28.2
28.7
1.8
1.4
MEP Infra
Neutral
51
-
833
1,877
1,943
30.6
29.8
3.0
4.2
17.1
12.2
8.3
5.6
0.6
0.6
1.8
1.7
SIPL
Neutral
97
-
3,420
1,036
1,252
65.5
66.2
(8.4)
(5.6)
3.6
4.2
(22.8)
(15.9)
11.5
9.6
Engineers India
Neutral
149
-
10,027
1,725
1,935
16.0
19.1
11.4
13.9
13.1
10.7
1.8
1.7
13.4
15.3
4.7
4.2
Financials
Axis Bank
Buy
485
580
115,955
46,932
53,575
3.5
3.4
32.4
44.6
15.0
10.9
1.9
1.7
13.6
16.5
-
-
Bank of Baroda
Neutral
161
-
37,155
19,980
23,178
1.8
1.8
11.5
17.3
14.0
9.3
1.6
1.3
8.3
10.1
-
-
Canara Bank
Neutral
282
-
15,329
15,225
16,836
1.8
1.8
14.5
28.0
19.5
10.1
1.3
1.1
5.8
8.5
-
-
Can Fin Homes
Neutral
2,083
-
5,545
420
526
3.5
3.5
86.5
107.8
24.1
19.3
5.2
4.2
23.6
24.1
-
-
Cholamandalam Inv. &
Buy
971
1,230
15,170
2,012
2,317
6.3
6.3
42.7
53.6
22.7
18.1
3.6
3.1
16.9
18.3
-
-
Fin. Co.
Dewan Housing Finance Neutral
355
-
11,131
2,225
2,688
2.9
2.9
29.7
34.6
12.0
10.3
1.9
1.7
16.1
16.8
-
-
Equitas Holdings
Buy
157
235
5,306
939
1,281
11.7
11.5
5.8
8.2
27.1
19.2
2.3
2.1
10.9
11.5
-
-
Federal Bank
Neutral
87
-
14,998
8,259
8,995
3.0
3.0
4.3
5.6
20.3
15.6
1.7
1.6
8.5
10.1
-
-
HDFC
Neutral
1,442
-
228,927
11,475
13,450
3.4
3.4
45.3
52.5
31.8
27.5
6.1
5.4
20.2
20.5
-
-
HDFC Bank
Neutral
1,432
-
366,603
46,097
55,433
4.5
4.5
58.4
68.0
24.5
21.1
4.3
3.6
18.8
18.6
-
-
ICICI Bank
Buy
266
315
154,661
42,800
44,686
3.1
3.3
18.0
21.9
14.8
12.1
2.0
1.9
11.1
12.3
-
-
Lakshmi Vilas Bank
Accumulate
164
174
3,141
3,339
3,799
2.7
2.8
11.0
14.0
14.9
11.7
1.6
1.4
11.2
12.7
-
-
LIC Housing Finance
Accumulate
585
630
29,523
3,712
4,293
2.6
2.5
39.0
46.0
15.0
12.7
2.8
2.4
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
137
-
29,132
23,532
23,595
2.3
2.4
6.8
12.6
20.1
10.9
3.1
2.2
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
659
825
4,125
388
457
4.5
4.2
30.0
38.0
22.0
17.4
3.7
3.1
18.0
19.2
-
-
South Ind.Bank
Neutral
20
-
2,718
6,435
7,578
2.5
2.5
2.7
3.1
7.4
6.5
1.0
0.8
10.1
11.2
-
-
St Bk of India
Neutral
268
-
213,411
88,650
98,335
2.6
2.6
13.5
18.8
19.8
14.2
1.9
1.7
7.0
8.5
-
-
Union Bank
Neutral
147
-
10,136
13,450
14,925
2.3
2.3
25.5
34.5
5.8
4.3
0.8
0.7
7.5
10.2
-
-
Yes Bank
Neutral
1,470
-
62,284
8,978
11,281
3.3
3.4
74.0
90.0
19.9
16.3
3.8
3.2
17.0
17.2
-
-
FMCG
Akzo Nobel India
Neutral
1,647
-
7,897
2,955
3,309
13.3
13.7
57.2
69.3
28.8
23.8
9.4
7.9
32.7
33.3
2.5
2.2
Asian Paints
Neutral
1,060
-
101,675
17,128
18,978
16.8
16.4
19.1
20.7
55.5
51.2
19.3
18.2
34.8
35.5
5.9
5.3
Britannia
Accumulate
3,327
3,626
39,928
9,594
11,011
14.6
14.9
80.3
94.0
41.4
35.4
17.0
13.2
41.2
-
4.0
3.5
Colgate
Neutral
979
-
26,623
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
284
304
49,974
8,315
9,405
19.8
20.7
8.1
9.2
35.0
30.8
9.8
8.1
31.6
31.0
5.7
5.0
Stock Watch
March 23, 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
5,435
-
22,857
4,350
4,823
21.2
21.4
179.2
196.5
30.3
27.7
8.1
6.8
27.1
26.8
4.6
4.1
Godrej Consumer
Neutral
1,672
-
56,948
10,235
11,428
18.4
18.6
41.1
44.2
40.7
37.8
9.0
7.6
24.9
24.8
5.6
5.0
HUL
Neutral
905
-
195,761
35,252
38,495
17.8
17.8
20.7
22.4
43.8
40.4
41.9
35.9
95.6
88.9
5.4
4.9
ITC
Neutral
280
-
339,617
40,059
44,439
38.3
39.2
9.0
10.1
31.2
27.6
8.7
7.6
27.8
27.5
8.0
7.2
Marico
Neutral
286
-
36,905
6,430
7,349
18.8
19.5
6.4
7.7
44.7
37.1
13.5
11.4
33.2
32.5
5.6
4.8
Nestle*
Neutral
6,331
-
61,037
10,073
11,807
20.7
21.5
124.8
154.2
50.7
41.1
20.8
18.7
34.8
36.7
5.9
5.0
Tata Global
Neutral
143
-
9,031
8,675
9,088
9.8
9.8
7.4
8.2
19.3
17.5
1.5
1.5
7.9
8.1
1.0
0.9
Procter & Gamble
Accumulate
6,830
7,369
22,171
2,939
3,342
23.2
23.0
146.2
163.7
46.7
41.7
11.8
9.8
25.3
23.5
7.1
6.2
Hygiene
IT
HCL Tech^
Accumulate
872
1,000
123,108
49,242
57,168
20.5
20.5
55.7
64.1
15.7
13.6
3.2
2.4
20.3
17.9
2.4
1.9
Infosys
Buy
1,028
1,249
236,080
68,350
77,326
27.0
27.0
62.5
69.4
16.4
14.8
3.5
3.2
21.3
21.6
2.9
2.5
TCS
Accumulate
2,470
2,700
486,696
119,025
133,308
27.6
27.6
131.2
145.5
18.8
17.0
6.1
5.6
32.4
33.1
3.9
3.4
Tech Mahindra
Buy
475
600
46,277
29,673
32,937
15.5
17.0
32.8
39.9
14.5
11.9
2.8
2.5
19.6
20.7
1.3
1.1
Wipro
Buy
502
583
121,921
55,440
60,430
18.1
18.1
36.1
38.9
13.9
12.9
2.5
2.3
19.0
17.6
1.9
1.7
Media
D B Corp
Neutral
378
-
6,958
2,297
2,590
27.4
28.2
21.0
23.4
18.0
16.2
4.2
3.6
23.7
23.1
2.8
2.4
HT Media
Neutral
81
-
1,885
2,693
2,991
12.6
12.9
7.9
9.0
10.3
9.0
0.9
0.8
7.8
8.3
0.3
0.2
Jagran Prakashan
Buy
169
225
5,525
2,355
2,635
28.0
28.0
10.8
12.5
15.6
13.5
3.4
2.9
21.7
21.7
2.4
2.1
Sun TV Network
Neutral
743
-
29,280
2,850
3,265
70.1
71.0
26.2
30.4
28.4
24.4
7.3
6.4
24.3
25.6
9.9
8.5
Hindustan Media
Neutral
289
-
2,122
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
254
344
1,517
567
645
26.7
27.0
15.4
18.1
16.5
14.1
2.5
2.1
14.9
15.2
2.2
1.9
Metals & Mining
Coal India
Neutral
292
-
181,412
84,638
94,297
21.4
22.3
24.5
27.1
11.9
10.8
5.0
4.7
42.6
46.0
1.7
1.5
Hind. Zinc
Neutral
312
-
131,724
14,252
18,465
55.9
48.3
15.8
21.5
19.7
14.5
3.2
2.8
17.0
20.7
9.2
7.1
Hindalco
Neutral
193
-
39,954
107,899
112,095
7.4
8.2
9.2
13.0
21.0
14.9
1.0
1.0
4.8
6.6
0.9
0.8
JSW Steel
Neutral
187
-
45,105
53,201
58,779
16.1
16.2
130.6
153.7
1.4
1.2
0.2
0.2
14.0
14.4
1.6
1.4
NMDC
Neutral
134
-
42,254
6,643
7,284
44.4
47.7
7.1
7.7
18.8
17.3
1.6
1.6
8.8
9.2
4.1
3.7
SAIL
Neutral
62
-
25,462
47,528
53,738
(0.7)
2.1
(1.9)
2.6
23.7
0.7
0.6
(1.6)
3.9
1.4
1.3
Vedanta
Neutral
261
-
77,408
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
1.1
Tata Steel
Neutral
489
-
47,468
121,374
121,856
7.2
8.4
18.6
34.3
26.3
14.3
1.6
1.5
6.1
10.1
1.0
1.0
Oil & Gas
Cairn India
Neutral
291
-
54,504
9,127
10,632
4.3
20.6
8.8
11.7
33.0
24.8
1.1
1.0
3.3
4.2
7.4
6.2
GAIL
Neutral
368
-
62,164
56,220
65,198
9.3
10.1
27.1
33.3
13.6
11.0
1.2
1.2
9.3
10.7
1.3
1.1
Stock Watch
March 23, 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
192
-
246,591
137,222
152,563
15.0
21.8
19.5
24.1
9.9
8.0
0.8
0.8
8.5
10.1
2.1
1.9
Indian Oil Corp
Neutral
373
-
181,004
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
1,260
-
408,579
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
590
689
11,128
3,483
4,244
20.2
21.4
24.3
33.6
24.3
17.6
5.5
4.4
25.5
25.3
3.1
2.5
Alkem Laboratories Ltd
Neutral
2,170
-
25,950
6,065
7,009
18.7
20.0
80.2
92.0
27.1
23.6
6.1
5.1
22.5
21.6
4.2
3.7
Aurobindo Pharma
Buy
679
877
39,763
15,720
18,078
23.7
23.7
41.4
47.3
16.4
14.4
4.3
3.3
29.6
26.1
2.8
2.4
Aventis*
Neutral
4,631
-
10,665
2,277
2,597
16.6
17.4
128.9
157.0
35.9
29.5
6.1
4.7
21.6
26.4
4.5
3.7
Cadila Healthcare
Neutral
438
-
44,881
10,429
12,318
17.7
21.6
13.1
19.2
33.5
22.8
7.0
5.6
22.8
27.1
4.3
3.6
Cipla
Sell
595
465
47,826
15,378
18,089
15.7
16.8
19.3
24.5
30.8
24.3
3.6
3.2
12.3
13.9
3.3
2.7
Dr Reddy's
Neutral
2,627
-
43,514
16,043
18,119
18.0
23.0
78.6
130.9
33.4
20.1
3.3
2.9
10.1
15.2
2.5
2.4
Dishman Pharma
Sell
236
143
3,801
1,718
1,890
22.7
22.8
9.5
11.3
24.8
20.8
2.4
2.2
10.1
10.9
2.7
2.3
GSK Pharma*
Neutral
2,756
-
23,341
2,800
3,290
10.2
20.6
32.2
60.3
85.6
45.7
15.8
15.7
17.2
34.5
8.1
6.9
Indoco Remedies
Reduce
257
240
2,366
1,112
1,289
16.2
18.2
11.6
16.0
22.1
16.0
3.5
3.0
17.0
20.1
2.3
1.9
Ipca labs
Accumulate
552
613
6,968
3,258
3,747
12.8
15.3
12.1
19.2
45.6
28.8
2.9
2.6
6.4
9.5
2.3
2.0
Lupin
Buy
1,467
1,809
66,230
15,912
18,644
26.4
26.7
58.1
69.3
25.3
21.2
4.9
4.0
21.4
20.9
4.2
3.5
Sun Pharma
Buy
702
847
168,306
31,129
35,258
32.0
32.9
30.2
35.3
23.2
19.9
3.8
3.1
20.0
20.1
5.0
4.2
Power
Tata Power
Neutral
87
-
23,518
36,916
39,557
17.4
27.1
5.1
6.3
17.1
13.8
1.5
1.4
9.0
10.3
1.7
1.5
NTPC
Neutral
161
-
132,505
86,605
95,545
17.5
20.8
11.8
13.4
13.6
12.0
1.4
1.3
10.5
11.1
2.9
2.9
Power Grid
Buy
192
223
100,630
25,315
29,193
88.2
88.7
14.2
17.2
13.6
11.2
2.1
1.8
15.2
16.1
8.6
7.8
Real Estate
Prestige Estate
Neutral
204
-
7,656
4,707
5,105
25.2
26.0
10.3
13.0
19.8
15.7
1.6
1.5
10.3
10.2
2.8
2.5
MLIFE
Buy
383
522
1,573
1,152
1,300
22.7
24.6
29.9
35.8
12.8
10.7
1.0
0.9
7.6
8.6
2.1
1.7
Telecom
Bharti Airtel
Neutral
339
-
135,312
105,086
114,808
34.5
34.7
12.2
16.4
27.8
20.6
1.9
1.8
6.8
8.4
2.2
1.9
Idea Cellular
Neutral
91
-
32,954
40,133
43,731
37.2
37.1
6.4
6.5
14.3
14.1
1.2
1.1
8.2
7.6
1.8
1.6
zOthers
Abbott India
Neutral
4,524
-
9,613
3,153
3,583
14.1
14.4
152.2
182.7
29.7
24.8
145.9
124.6
25.6
26.1
2.8
2.4
Asian Granito
Accumulate
330
351
994
1,060
1,169
12.2
12.5
12.7
15.9
26.1
20.8
2.5
2.2
9.5
10.7
1.2
1.1
Bajaj Electricals
Accumulate
310
330
3,136
4,801
5,351
5.7
6.2
10.4
13.7
29.7
22.6
3.7
3.3
12.4
14.5
0.7
0.6
Banco Products (India)
Neutral
204
-
1,462
1,353
1,471
12.3
12.4
14.5
16.3
14.1
12.5
19.5
17.5
14.5
14.6
1.0
109.5
Coffee Day Enterprises
Neutral
233
-
4,802
2,964
3,260
20.5
21.2
4.7
8.0
-
29.1
2.7
2.5
5.5
8.5
2.0
1.8
Ltd
Competent Automobiles Neutral
171
-
105
1,137
1,256
3.1
2.7
28.0
23.6
6.1
7.2
32.9
29.7
14.3
11.5
0.1
0.1
Stock Watch
March 23, 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
51
-
573
1,482
1,660
13.7
14.5
3.9
5.8
13.1
8.8
3.1
2.8
7.8
10.9
0.7
0.6
Finolex Cables
Neutral
462
-
7,058
2,883
3,115
12.0
12.1
14.2
18.6
32.5
24.8
17.3
15.1
15.8
14.6
2.1
1.9
Garware Wall Ropes
Neutral
688
-
1,505
863
928
15.1
15.2
36.4
39.4
18.9
17.5
3.4
2.9
17.5
15.9
1.7
1.5
Goodyear India*
Neutral
766
-
1,766
1,598
1,704
10.4
10.2
49.4
52.6
15.5
14.6
71.6
62.8
18.2
17.0
0.8
110.9
Hitachi
Neutral
1,535
-
4,175
2,081
2,433
8.8
8.9
33.4
39.9
46.0
38.5
37.1
30.9
22.1
21.4
2.0
1.7
HSIL
Neutral
325
-
2,350
2,384
2,515
15.8
16.3
15.3
19.4
21.2
16.8
21.1
18.2
7.8
9.3
1.2
1.1
Interglobe Aviation
Neutral
935
-
33,788
21,122
26,005
14.5
27.6
110.7
132.1
8.4
7.1
50.5
36.1
168.5
201.1
1.6
1.2
Jyothy Laboratories
Neutral
356
-
6,465
1,440
2,052
11.5
13.0
8.5
10.0
41.9
35.6
10.1
9.4
18.6
19.3
4.8
3.3
Kirloskar Engines India
Neutral
389
-
5,631
2,554
2,800
9.9
10.0
10.5
12.1
37.1
32.2
15.5
14.6
10.7
11.7
1.8
1.6
Ltd
Linc Pen & Plastics
Neutral
259
-
383
382
420
9.3
9.5
13.5
15.7
19.2
16.5
3.3
2.9
17.1
17.3
1.1
1.0
M M Forgings
Neutral
538
-
650
546
608
20.4
20.7
41.3
48.7
13.1
11.1
73.8
65.3
16.6
17.0
1.0
0.9
Manpasand Bever.
Neutral
710
-
4,060
836
1,087
19.6
19.4
16.9
23.8
42.0
29.8
5.0
4.4
12.0
14.8
4.6
3.5
Mirza International
Buy
86
107
1,039
963
1,069
17.2
18.0
6.1
7.5
14.1
11.5
2.2
1.8
15.0
15.7
1.3
1.2
MT Educare
Neutral
84
-
334
366
417
17.7
18.2
9.4
10.8
8.9
7.8
2.0
1.7
22.2
22.3
0.8
0.7
Narayana Hrudaya
Neutral
316
-
6,454
1,873
2,166
11.5
11.7
2.6
4.0
119.4
79.7
7.3
6.6
6.1
8.3
3.5
3.1
Navkar Corporation
Buy
170
265
2,431
369
561
42.9
42.3
6.9
11.5
24.7
14.8
1.7
1.6
7.4
10.5
7.6
5.0
Navneet Education
Neutral
140
-
3,271
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
1,910
-
2,849
1,995
2,165
10.7
10.4
69.8
80.6
27.4
23.7
109.1
94.8
16.6
16.5
1.4
1.3
Page Industries
Neutral
14,515
-
16,190
2,450
3,124
20.1
17.6
299.0
310.0
48.6
46.8
323.3
246.8
47.1
87.5
6.7
5.2
Parag Milk Foods
Neutral
220
-
1,850
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
1.0
Quick Heal
Neutral
238
-
1,672
408
495
27.3
27.0
7.7
8.8
30.8
27.1
2.9
2.9
9.3
10.6
3.2
2.7
Radico Khaitan
Buy
124
147
1,643
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
468
-
5,622
2,085
2,469
9.2
8.2
7.6
8.0
61.9
58.9
24.0
20.5
17.9
18.8
2.8
2.4
S H Kelkar & Co.
Neutral
303
-
4,375
1,036
1,160
15.1
15.0
6.1
7.2
49.5
42.1
5.3
4.9
10.7
11.5
4.1
3.6
Siyaram Silk Mills
Accumulate
1,734
1,872
1,625
1,652
1,857
11.6
11.7
92.4
110.1
18.8
15.7
2.8
2.4
14.7
15.2
1.2
1.1
Styrolution ABS India*
Neutral
610
-
1,073
1,440
1,537
9.2
9.0
40.6
42.6
15.0
14.3
38.4
34.9
12.3
11.6
0.7
0.6
Surya Roshni
Neutral
187
-
820
3,342
3,625
7.8
7.5
17.3
19.8
10.8
9.5
20.6
16.5
10.5
10.8
0.5
0.5
Team Lease Serv.
Neutral
964
-
1,649
3,229
4,001
1.5
1.8
22.8
32.8
42.4
29.4
4.5
3.9
10.7
13.4
0.4
0.3
The Byke Hospitality
Neutral
181
-
724
287
384
20.5
20.5
7.6
10.7
23.8
16.9
5.0
4.0
20.7
23.5
2.5
1.9
Stock Watch
March 23, 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
216
-
1,651
2,671
2,911
8.5
8.8
13.9
15.7
15.6
13.8
2.1
1.9
13.7
13.8
0.7
0.7
India
TVS Srichakra
Neutral
3,337
-
2,555
2,304
2,614
13.7
13.8
231.1
266.6
14.4
12.5
375.0
295.3
33.9
29.3
1.1
1.0
UFO Moviez
Neutral
428
-
1,181
619
685
33.2
33.4
30.0
34.9
14.3
12.3
2.0
1.7
13.8
13.9
1.6
1.3
Visaka Industries
Neutral
249
-
395
1,051
1,138
10.3
10.4
21.0
23.1
11.9
10.8
31.9
29.9
9.0
9.2
0.6
0.6
VRL Logistics
Neutral
296
-
2,697
1,902
2,119
16.7
16.6
14.6
16.8
20.3
17.6
4.4
3.9
21.9
22.2
1.5
1.3
VIP Industries
Accumulate
165
180
2,325
1,270
1,450
10.4
10.4
5.6
6.5
29.4
25.3
6.1
5.3
20.7
21.1
1.8
1.6
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on March 22, 2017
Market Outlook
March 23, 2017
Research Team Tel: 022 - 39357800
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