Market Outlook
July 23, 2019
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open flat tracking global indices and SGX Nifty.
BSE Sensex
(0.8)
(306)
38,031
Nifty
(0.7)
(82)
11,337
The US stocks moved mostly higher during the trading session on Monday,
Mid Cap
(0.6)
(85)
13,994
rebounding following the pullback that was seen last week. Buying interest was
somewhat subdued, however, limiting the upside for the major averages. The Dow
Small Cap
(1.2)
(154)
13,156
edged up 0.1 percent to 27,171 and the Nasdaq climbed 0.7 percent to 8,204.
Bankex
(1.4)
(477)
32,987
U.K. stocks rose on Monday as gains in oil prices helped lift energy stocks. As hopes
fade for aggressive Fed rate cuts in July, investors now await the outcome of
Global Indices
Chg (%)
(Pts)
(Close)
tomorrow's U.K. leadership election for further direction. The FTSE 100 was up by
Dow Jones
0.1
18
27,171
0.4 percent at 7,541.
Nasdaq
0.7
58
8,204
On domestic front, Indian shares fell notably on Monday, with weak global cues and
FTSE
0.4
32
7,541
concerns over rising foreign fund outflows weighing on markets. The benchmark BSE
Nikkei
(0.2)
(50)
21,416
Sensex fell by 0.8 percent to 38,031.
Hang Seng
(1.4)
(394)
28,371
Shanghai Com
(1.3)
(38)
2,886
News Analysis
IOC plans to invest Rs 1 trillion more in Odisha to set up petchem units
Advances / Declines
BSE
NSE
Detailed analysis on Pg2
Advances
818
557
Declines
1,707
1,192
Investor’s Ready Reckoner
Unchanged
155
335
Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocks
Volumes (` Cr)
Refer Pg5 onwards
BSE
2,026
Top Picks
NSE
32,173
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
Blue Star
Capital Goods
Buy
747
867
16.0
Net Inflows (` Cr)
Net
Mtd
Ytd
ICICI Bank
Financials
Buy
412
490
19.0
FII
(1,402)
(7,143)
74,418
Parag Milk Foods
Others
Buy
256
330
29.0
*MFs
202
2,787
10,882
Bata India
Others
Buy
1,280
1,643
28.3
KEI Industries
Capital Goods
Buy
466
612
31.5
More Top Picks on Pg4
Top Gainers
Price (`)
Chg (%)
92
9.5
335
7.0
34
6.9
159
5.5
466
5.5
Top Losers
Price (`)
Chg (%)
1,480
-7.8
726
-7.3
103
-6.9
1,900
-6.4
268
-6.3
As on July 22, 2019
Market Outlook
July 23, 2019
News Analysis
IOC plans to invest Rs 1 trillion more in Odisha to set up
petchem units
Indian Oil Corporation (IOC) has set a target to invest another Rs 1 trillion in
Odisha, as it intends to set up petrochemical units, notably a naphtha cracker unit.
“IOC has already invested Rs 35,000 crore on their crude oil refinery in Paradip.
Recently, they have submitted a plan to invest an additional Rs 1 trillion. For
expansion, they have asked for a land parcel of 4,000 acres close to their refinery
site,” said an official source. The latest investment intent promises to catapult IOC
the status of the biggest committed investor in Odisha. If the investment plan goes
through, IOC will supersede Jindal Steel & Power (JSPL) as the biggest investor.
JSPL plans to scale up its Odisha investment to Rs 1 trillion by 2030 to ramp up
capacity of its integrated steel plant in Angul from six million tonnes per annum
(mtpa) to 20 mtpa. The Naveen Jindal-controlled JSPL has already pumped in Rs
45,000 crore in the state. The other key investment in the pipeline is a 12 mtpa
greenfield steel plant in Paradip, proposed by Sajjan Jindal-controlled JSW Steel,
which has unveiled an investment package of Rs 55,000 crore on the steel plant,
alongside attendant infrastructure.
For IOC, the expansion in Odisha is likely to trip on land acquisition issues. Land
identified to accommodate IOC is mostly in the clutch of private landowners.
“Only 800 acres have been acquired in the vicinity of IOC refinery at Paradip. The
balance land needs to be acquired from private owners.”
Economic and Political News
Govt to propose annual licence for hiring contract workers across projects
RCEP pact likely to see dumping of Chinese goods: Industry to govt
Viral Acharya ends his RBI stint with a sense of unfinished business
Govt may seek up to $14.5-bn credit from foreign lenders for MSMEs: Report
Corporate News
Boeing's credit rating at risk because of 737 Max crisis, says Fitch
Tata Projects to mop up Rs 1,000 crore to fund infrastructure projects
IOC plans to invest Rs 1 trillion more in Odisha to set up petchem units
Rural distribution expansion likely to keep Dabur in a sweet spot
NTPC to seek shareholder nod to raise Rs 15K crore, hike borrowing limit
Market Outlook
July 23, 2019
Quarterly Bloomberg Brokers Consensus Estimate
M&M Financial Service Ltd - July 23, 2019
Particulars (` cr)
1QFY20E
1QFY19
y-o-y (%)
4QFY19
q-o-q (%)
PAT
373
269
38.6
588
(36.5)
Hindustan Unilever Ltd - July 23, 2019
Particulars (` cr)
1QFY20E
1QFY19
y-o-y (%)
4QFY19
q-o-q (%)
Sales
10,222
9,487
7.7
9,945
2.7
EBIDTA
2,505
2,251
11.3
2,321
7.9
%
24
24
23
PAT
1,737
1,529
13.6
1,538
12.9
Larsen & Toubro Ltd - July 23, 2019
Particulars (` cr)
1QFY20E
1QFY19
y-o-y (%)
4QFY19
q-o-q (%)
Sales
31,292
28,283
10.6
44,934
(30.4)
EBIDTA
3,432
4,568
(24.8)
7,566
(54.6)
%
10
16
17
PAT
1,560
1,215
28.4
3,418
(54.4)
HDFC Life Insurance Ltd - July 23, 2019
Particulars (` cr)
1QFY20E
1QFY19
y-o-y (%)
4QFY19
q-o-q (%)
PAT
437
380
15.1
364
20.1
Bharti Infratel - July 24, 2019
Particulars (` cr)
1QFY20E
1QFY19
y-o-y (%)
4QFY19
q-o-q (%)
Sales
3,573
1,697
110.5
1,675
113.3
EBIDTA
1,424
766
85.9
755
88.6
%
39
45
45
PAT
583
638
(8.6)
608
(4.1)
Asian Paint Ltd - July 24, 2019
Particulars (` cr)
1QFY20E
1QFY19
y-o-y (%)
4QFY19
q-o-q (%)
Sales
4,891
4,390
11.4
5,018
(2.5)
EBIDTA
907
874
3.7
823
10.2
%
18
20
16
PAT
551
558
(1.2)
473
16.4
Market Outlook
July 23, 2019
Shriram Transport Finance Ltd - July 24, 2019
Particulars (` cr)
1QFY20E
1QFY19
y-o-y (%)
4QFY19
q-o-q (%)
PAT
635
573
10.8
746
(14.8)
Bajaj Finance Ltd - July 25, 2019
Particulars (` cr)
1QFY20E
1QFY19
y-o-y (%)
4QFY19
q-o-q (%)
PAT
1,162
834
39.3
1,114
4.3
Bajaj Finserv Ltd - July 25, 2019
Particulars (` cr)
1QFY20E
1QFY19
y-o-y (%)
4QFY19
q-o-q (%)
PAT
744
826
(9.9)
839
(11.3)
Market Outlook
July 23, 2019
Top Picks
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
Favorable outlook for the AC industry to augur well
for Cooling products business which is out pacing
Blue Star
7,199
747
867
16.0
the market growth. EMPPAC division's profitability
to improve once operating environment turns
around.
Well capitalized with CAR of 18.1% which gives
sufficient room to grow asset base. Faster
ICICI Bank
2,65,673
412
490
19.0
resolution of NPA would reduce provision cost,
which would help to report better ROE.
High order book execution in EPC segment, rising
KEI Industries
3,674
466
612
31.5
B2C sales and higher exports to boost the revenues
and profitability
GST regime and the Gujarat plant are expected to
Maruti Suzuki
1,78,590
5,912
8,552
44.7
improve the company’s sales volume and margins,
respectively.
Third largest brand play in luggage segment
Increased product offerings and improving
Safari Industries
1,240
555
1,000
80.1
distribution network is leading to strong growth in
business. Likely to post robust growth for next 3-4
years
We expect financialisation of savings and
Aditya Birla Capital
19,350
88
130
47.9
increasing penetration in Insurance & Mutual fund
would ensure steady growth.
One of the leading Indian dairy products
companies in India created strong brands in dairy
products. Rising revenue share of high-margin
Parag Milk Foods
2,151
256
330
29.0
Value Added Products and reduction in interest cost
is likely to boost margins and earnings in next few
years.
HDFC Bank maintained its steady growth in the
4QFY18. The bank’s net profit grew by 20.3%.
Steady growth in interest income and other income
HDFC Bank
6,27,741
2,297
2,660
15.8
aided PAT growth. The Strong liability franchise
and healthy capitalisation provides strong earning
visibility. At the current market price, the bank is
trading at 3.2x FY20E ABV.
We expect strong PAT growth on back of healthy
growth in automobile segment (on back of new
launches and facelifts in some of the model ) and
M&M
70,216
565
1,050
85.9
strong growth in Tractors segment coupled by its
strong brand recall and improvement in rural
sentiment
Market leader in the room air conditioner (RAC)
outsourced manufacturing space in India with a
market share of 55.4%. It is a one-stop solutions
Amber Enterprises
2,542
808
910
12.6
provider for the major brands in the RAC industry
and currently serves eight out of the 10 top RAC
brands in India
BIL is the largest footwear retailer in India, offering
footwear, accessories and bags across brands. We
expect BIL to report net PAT CAGR of ~16% to
Bata India
16,453
1,280
1,643
28.3
~`3115cr over FY2018-20E mainly due to new
product launches, higher number of stores addition
and focus on women’s high growth segment and
margin improvement
Market Outlook
July 23, 2019
Continued...
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
SHTF is in the sweet spot with benefits from
stronger CV volumes, NIMs unaffected by rising
Shriram Transport Finance
23,568
1,039
1,470
41.5
bond yields on the back of stronger pricing
power and an enhancing ROE by 750bps over
FY18-20E, supported by decline in credit cost.
We expect JSPL’s top line to grow at 27% CAGR
over FY19-FY20 on the back of strong steel
demand and capacity addition. On the bottom
Jindal Steel & Power Limited
14,578
143
250
74.6
line front, we expect JSPL to turn in to profit by
FY19 on back of strong operating margin
improvement.
GMM Pfaudler Limited (GMM) is the Indian
market leader in glass-lined (GL) steel
equipment. GMM is expected to cross CAGR
GMM Pfaudler Ltd
1,869
1,279
1,570
22.8
15%+ in revenue over the next few years
mainly led by uptick in demand from user
industries and it is also expecting to increase its
share of non-GL business to 50% by 2020.
Aurobindo Pharmaceuticals, amongst the
Indian Pharmaceutical companies, is well
placed to face the challenging generic markets,
given its focus on achieving growth through
Aurobindo Pharmaceuticals
33,415
570
890
56.1
productivity. Aurobindo will report net revenue
& net profit CAGR of ~13% & ~8% resp.
during FY2018-20E. Valuations are cheap V/s
its peers and own fair multiples of 17-18x.
We believe advance to grow at a healthy CAGR
of 35% over FY18-20E. Below peers level ROA
RBL Bank
20,447
478
650
36.0
(1.2% FY18) to expand led by margin
expansion and lower credit cost.
TTK Prestige has emerged as one of the leading
brands in kitchen appliances in India after its
successful transformation from a single product
TTK Prestige
8,267
5,964
7,708
29.2
company to offering an entire gamut of home
and kitchen appliances. We are expecting a
CAGR of 18% in revenue and 25% in PAT over
FY2018-20.
Maintain Hold.
Source: Company, Angel Research
Market Outlook
July 23, 2019
Fundamental Call
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
CCL is likely to maintain the strong growth
CCL Products
3,268
246
360
46.5
trajectory over FY18-20 backed by capacity
expansion and new geographical foray
We forecast Nilkamal to report top-line CAGR of
~9% to `2,635cr over FY17-20E on the back of
Nilkamal
1,592
1,067
2,178
104.1
healthy demand growth in plastic division. On the
bottom-line front, we estimate
~10% CAGR to
`162cr owing to improvement in volumes.
Elantas Beck India is the Indian market leader in
liquid insulation segment used in electrical
equipments like motors, transformers etc. It derives
Elantas Beck India Ltd
1,665
2,100
2,500
19.0
demand from several industries which are expected
to register 10%+ CAGR in demand in the coming
years. We can book out from the stock with 16%
profit at Rs. 2500 TP.
Greenply Industries Ltd (GIL) manufactures plywood
& allied products and medium density fibreboards
(MDF). GIL to report net revenue CAGR of ~14% to
Greenply Industries
1,617
132
256
94.1
~`2,478cr over FY2017-20E mainly due to healthy
growth in plywood & lamination business on the
back of strong brand and distribution network
L&T Fin’s new management is on track to achieve
L&T Finance Holding
21,615
108
210
94.3
ROE of 18% by 2020 and recent capital infusion of
`3000cr would support advance growth.
We expect loan book to grow at 24.3% over next
GIC Housing
1,301
242
424
75.5
two year; change in borrowing mix will help in NIM
improvement
Strong brands and distribution network would boost
Siyaram Silk Mills
1,298
277
549
98.2
growth going ahead. Stock currently trades at an
inexpensive valuation.
Expected to benefit from the lower capex
Music Broadcast Limited
1,309
47
95
100.6
requirement and 15 year long radio broadcast
licensing.
We expect Inox Wind to report exponential growth
in top-line and bottom-line over FY19-20E. The
growth would be led by changing renewable energy
industry dynamics in favor of wind energy segment
Inox Winds
1,365
62
120
95.1
viz. changes in auction regime from Feed-In-Tariff
(FIT) to reverse auction regime and Government’s
guidance for 10GW auction in FY19 and FY20
each.
Considering the strong CV demand due to change
in BS-VI emission norms (will trigger pre-buying
activities), pick up in construction activities and no
Ashok Leyland
23,308
79
156
96.5
significant impact on industry due to recent axle
load norms, we recommend BUY on Ashok Leyland
at current valuations.
Well planned strategy to grow small business loans
and cross-selling would propel fees income. We
Yes Bank
21,138
91
NA
NA
expect YES to grow its advance much higher than
industry and improvement in asset quality to
support profitability.
Market Outlook
July 23, 2019
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported
Estimated
May 16, 2019
JN
Housing Starts YoY
% Change
Sep
0.02
(0.01)
May 17, 2019
JN
Annualized Housing Starts
% Change
Sep
0.957m
0.950m
May 17, 2019
JN
Construction Orders YoY
% Change
Sep
0.01
--
May 20, 2019
12:00 AM
ES
Industrial Production YoY
% Change
Sep
0.06
--
May 21, 2019
12:00 AM
RO
ILO Unemployment Rate
% Change
Sep
0.04
--
May 24, 2019
3:15 AM
DE
Unemployment Rate SA
% Change
Sep
0.03
--
May 25, 2019
4:30 AM
DE
Unemployment Rate Gross Rate
% Change
Sep
0.04
0.04
May 26, 2019
4:30 AM
FI
Trade Balance
% Change
Aug F
-400m
--
May 28, 2019
4:30 AM
TU
Economic Confidence
% Change
Oct
71.00
--
May 30, 2019
5:20 AM
TU
Trade Balance
% Ratio
Sep
-2.42b
-1.90b
May 30, 2019
5:20 AM
TU
Central Bank Inflation Report
%
June 02, 2019
5:30 AM
TH
Exports YoY
% Change
Sep
0.06
--
June 03, 2019
5:30 AM
TH
Exports
% Change
Sep
$22380m
--
June 04, 2019
5:31 AM
TH
Imports YoY
%
Sep
0.24
--
June 08, 2019
5:31 AM
TH
Imports
%
Sep
$21776m
--
June 09, 2019
5:31 AM
TH
Trade Balance
Thousands
Sep
$604m
--
June 10, 2019
6:00 AM
TH
BoP Current Account Balance
% Change
Sep
$753m
$1200m
June 11, 2019
0-Jan-00
AU
CPI YoY
% Change
3Q
0.02
0.02
Source: Company, Angel Research
Market Outlook
July 23, 2019
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
10.0
8.5
8.4
9.1
9.0
8.0
7.3
7.5
9.0
7.0
7.0
8.1
8.0
7.6
7.7
7.0
6.5
8.0
6.8
7.0
7.0
6.0
7.0
6.3
6.6
4.8
6.1
4.6
4.5
4.6
5.0
5.6
3.8
6.0
4.0
2.6
5.0
3.0
1.7
4.0
2.0
1.0
0.3
3.0
-
Source: CSO, Angel Research
Source: MOSPI, Angel Research
Exhibit 3: Monthly CPI inflation trends
Exhibit 4: Manufacturing and services PMI
56.0
Mfg. PMI
Services PMI
(%)
6.0
5.2
5.07
54.0
4.9
4.9
5.0
4.4
4.6
4.3
4.2
52.0
3.7
3.7
4.0
3.4
50.0
3.0
2.6
2.3
2.1
2.0
48.0
2.0
1.0
46.0
-
44.0
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
35.0
7.00
30.0
6.50
25.0
6.00
20.0
5.50
15.0
5.00
10.0
4.50
5.0
4.00
0.0
3.50
(5.0)
3.00
Source: Bloomberg, Angel Research As of 15 April, 2019
Source: RBI, Angel Research
Market Outlook
July 23, 2019
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
8.0
(%)
6.9
7.0
5.8
6.0
5.3
5.0
5.0
1.1
3.7
4.0
2.5
3.0
2.2
1.8
2.0
1.5
1.4
0.8
1.0
0.3
-
Source: Bloomberg, Angel Research
Exhibit 2: 2017 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
6.7
6.8
7.0
6.0
5.4
5.2
5.0
3.7
4.0
3.0
1.8
2.2
2.0
1.7
1.6
1.5
2.0
0.7
0.7
1.0
-
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 As of 25 Sep, 2018
Market Outlook
July 23, 2019
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
1,00,995
4.1
5.8
38.8
Russia
Micex
2,559
0.0
1.5
10.9
India
Nifty
11,789
-1.1
1.4
10.0
China
Shanghai Composite
2,979
2.8
-3.6
4.6
South Africa
Top 40
51,925
3.8
9.7
3.7
Mexico
Mexbol
44,686
-11.2
-15.1
-11.3
Indonesia
LQ45
1,006
-3.2
4.1
-8.5
Malaysia
KLCI
1,708
1.4
1.7
-8.0
Thailand
SET 50
1,099
0.2
0.6
-8.9
USA
Dow Jones
26,600
7.2
2.6
9.6
UK
FTSE
7,426
3.7
2.0
-2.8
Japan
Nikkei
21,276
3.3
0.3
-4.6
Germany
DAX
12,399
5.7
7.6
0.8
France
CAC
5,539
6.4
3.5
4.0
Source: Bloomberg, Angel Research As of 06 July, 2019
Market Outlook
July 23, 2019
Exhibit 7: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
17-08-2018
Top Picks
Ashok Leyland
128
156
Open
10-08-2018
Top Picks
Inox Wind
107
127
Open
30-11-2018
Top Picks
TTK Prstige
7,206
8,200
Open
09-08-2018
Top Picks
TTK Prstige
6,206
7,500
06-07-2018
Top Picks
Aurobindo Pharma
603
780
Open
30-08-2018
Top Picks
RBL Bank
626
690
Open
06-07-2018
Top Picks
RBL Bank
565
670
06-07-2018
Top Picks
Yes Bank
348
418
Open
30-06-2018
Top Picks
Jindal Steel & Power
222
350
Open
20-06-2018
Top Picks
Shriram Transport Finance Com
1,466
1,764
Open
30-07-2018
Top Picks
Bata India
918
1,007
Open
23-07-2018
Top Picks
Bata India
842
955
01-07-2018
Top Picks
Bata India
862
948
18-06-2018
Top Picks
Bata India
779
896
14-06-2018
Top Picks
Amber Enterprises
1,026
1,230
Open
07-06-2018
Top Picks
M&M
918
1050
Open
04-05-2018
Top Picks
M&M
860
990
03-05-2018
Fundamental
L&T Finance Holding
171
210
Open
02-05-2018
Top Picks
HDFC Bank
1944
2315
Open
04-05-2018
Top Picks
Matrimony.com Ltd
573
1016
Closed(17/08/2018)
20-04-2018
Top Picks
Matrimony.com Ltd
781
984
15-05-2018
Top Picks
Parag Milk Foods Limited
310
410
Open
16-04-2018
Top Picks
Parag Milk Foods Limited
249
333
27-08-2018
Top Picks
GMM Pfaudler Limited
1,170
1,287
Open
18-08-2018
Top Picks
GMM Pfaudler Limited
1,024
1,200
07-08-2018
Top Picks
GMM Pfaudler Limited
984
1,100
29-06-2018
Fundamental
GMM Pfaudler Limited
932
1,020
14-05-2018
Fundamental
GMM Pfaudler Limited
818
900
06-04-2018
Fundamental
GMM Pfaudler Limited
712
861
07-03-2018
Fundamental
Ashok Leyland Ltd
139
163
Closed (26/04/2018)
03-03-2018
Fundamental
Greenply Industries
340
395
Open
27-08-2018
Top Picks
Safari Industries
974
1,071
Open
14-08-2018
Top Picks
Safari Industries
868
1,000
07-08-2018
Top Picks
Safari Industries
788
870
16-07-2018
Top Picks
Safari Industries
693
800
16-04-2018
Top Picks
Safari Industries
651
750
21-02-2018
Top Picks
Safari Industries
532
650
31-05-2018
Top Picks
HSIL Ltd
348
Closed (31/05/2018)
16-02-2018
Top Picks
HSIL Ltd
433
510
07-02-2018
Fundamental
Elantas Beck India Ltd.
2155
2500
Open
01-02-2018
Top Picks
ICICI Bank
352
416
Open
01-02-2018
Top Picks
Aditya Birla Capital
167
218
Open
04-01-2018
Fundamental
CCL Products
278
360
Open
03-01-2018
Fundamental
Nilkamal Ltd
1880
2178
Open
01-01-2018
Fundamental
Capital First Ltd
693
850
Closed (15/01/2018)
30-12-2017
Fundamental
Shreyans Industries Ltd
205
247
Closed
Source: Company, Angel Research
Market Outlook
July 23, 2019
Exhibit 8: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
Fundamental
Prism Cement Ltd
160
Closed (09/05/2018)
21-12-2017
Fundamental
Prism Cement Ltd
118
131
18-12-2017
Fundamental Menon Bearings Limited
92
114
Closed (17/01/2018)
14-12-2017
Top Picks
Ruchira Papers Ltd.
188
244
Closed (09/02/2018)
17-05-2018
Top Picks
Century Plyboards India
280
Closed(17/05/2018)
28-11-2017
Top Picks
Century Plyboards India
317
400
19-12-2017
Top Picks
LT Foods
85
Closed(18/06/2018)
06-11-2017
Top Picks
LT Foods
74
96
16-10-2017
FundamentalEndurance Technologies Ltd
1111
1277
Closed (01/12/2017)
11-09-2017
Top Picks
GIC Housing
533
655
Open
10-10-2017
Top Picks
Music Broadcast Limited
404
475
Open
20-07-2017
Top Picks
Music Broadcast Limited
368
434
07-07-2017
Fundamental L&T Finance Holdings Ltd
149
179
Closed (28/8/2017)
06-07-2017
Fundamental
Syngene International
478
564
Closed (1/3/2018)
05-07-2017
Top Picks
Maruti
7371
10619
Open
05-06-2017
Top Picks
Karur Vysya Bank
127
100
Closed (12/03/2018)
23-05-2018
Top Picks
KEI Industries
481
589
Open
04-01-2017
Top Picks
KEI Industries
125
485
31-05-2018
Top Picks
Alkem Lab
1978
Closed (31/05/2018)
01-12-2016
Top Picks
Alkem Lab
1700
2441
17-10-2016
Top Picks
Asian Granito
267
534
Closed (18/02/2018)
17-05-2018
Top Picks
TV Today Network
460
Closed (17/05/2018)
04-08-2016
Top Picks
TV Today Network
297
603
05-04-2016
Top Picks
DHFL
189
720
Open
25-06-2018
Top Picks
Navkar Corporation
207
Closed(25/06/2018)
05-01-2016
Top Picks
Navkar Corporation
207
265
Open
08-12-2015
Top Picks
Blue Star
357
867
Open
30-10-2015
Top Picks
Siyaram Silk Mills
186
851
Open
Source: Company
Market Outlook
July 23, 2019
Research Team Tel: 022 - 39357800
DISCLAIMER:
Angel Broking Limited (hereinafter referred to as “Angel”) is a registered Member of National Stock Exchange of India Limited, Bombay
Stock Exchange Limited, Metropolitan Stock Exchange Limited, Multi Commodity Exchange of India Ltd and National Commodity &
Derivatives Exchange Ltd It is also registered as a Depository Participant with CDSL and Portfolio Manager and Investment Adviser with
SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel Broking Limited is a registered entity with SEBI for Research
Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number INH000000164. Angel or its associates has not
been debarred/ suspended by SEBI or any other regulatory authority for accessing /dealing in securities Market. Angel or its
associates/analyst has not received any compensation / managed or co-managed public offering of securities of the company covered
by Analyst during the past twelve months.
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies
referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and
risks of such an investment.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals. Investors are advised to refer the Fundamental and Technical Research Reports available on our website to evaluate the
contrary view, if any
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
document is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any way
responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.
Angel Broking Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify,
nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While
Angel Broking Limited endeavors to update on a reasonable basis the information discussed in this material, there may be regulatory,
compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in
connection with the use of this information.
