Market Outlook
October 23, 2018
Domestic Indices
Chg (%)
(Pts)
(Cl ose)
Market Cues
BSE Sensex
(0.5)
(186)
34,134
Indian markets are likely to open negative tracking global indices and SGX Nifty.
Nifty
(0.6)
(58)
10,245
U.S. stocks fluctuated over the course of the trading session on Monday after failing
Mid Cap
(0.7)
(99)
13,959
to sustain an initial move to the upside. The major averages showed a lack of
Small Cap
(2)
(278)
13,805
direction before closing on opposite sides of the unchanged line for the second
Bankex
(0.2)
(64)
27,978
consecutive session. While the Dow Jones slid by 0.5 percent to 25,317, the Nasdaq
rose by 0.3 percent to 7,468.
Global Indices
Chg (%)
(Pts)
(Cl ose)
U.K. shares rose yesterday as the pound held weak amid ongoing political
Dow Jones
(0.5)
(127)
25,317
uncertainty surrounding Brexit and hopes for more stimulus in China helped lift
Nasdaq
0.3
20
7,468
mining stocks. The benchmark FTSE 100 rose by 0.5 percent at 7,082.
FTSE
0.5
33
7,082
On domestic front, Indian shares gave up early gains to end lower on Monday as
Nikkei
0.4
83
22,614
liquidity concerns lingered and the rupee once again slipped against the dollar,
Hang Seng
2.3
592
26,153
raising concerns over potential capital outflows. Oil prices also traded firm, with
Shanghai Com
4.1
104
2,655
Brent crude prices climbing back above $80 a barrel as investor focus returned to
impending U.S sanctions against Iran. The BSE Sensex fell by 0.5% to 34,134.
A dvances / Declines
BSE
NSE
News Analysis
Advances
827
508
Govt may ask RBI to ease PCA norms, move to free up Rs 650 bn for PSBs
Declines
1,774
1,261
Detailed analysis on Pg2
Unchanged
166
297
Investor’s Ready Reckoner
Volumes (` Cr)
Key Domestic & Global Indicators
BSE
1,820
Stock Watch: Latest investment recommendations on 150+ stocks
NSE
853
Refer Pg5 onwards
Top Picks
Net Inflows (` Cr)
Ne t
Mtd
Ytd
C MP
Target
U psi de
C ompany
Sector
R ating
FII
(1,077)
(1,418)
(6,857)
(`)
(`)
(%)
Blue Star
Capital Goods
Buy
526
867
64.8
*MFs
1,125
3,967
80,584
Dewan Housi ng Finance
Financials
Buy
189
473
150
Parag Milk F oods
Others
Buy
256
410
60.2
Top Gainers
Price (`)
Chg (%)
Bata India
Others
Buy
877
1,243
41.7
SUNCLAYLTD
3,985
10.7
KEI Industrie s
Capital Goods
Buy
255
486
90.6
More Top Picks on Pg4
IBULHSGFIN
714
9.2
MUTHOOTFIN
403
5.9
Key Upcoming Events
AEGISLOG
235
4.4
Previous
C onsensus
D ate
Region
Event Description
ReadingExpectations
INDHOTEL
128
4.2
Oct 25, 2018 Euro Zone ECB announces interest rates
-
Oct 30, 2018 Euro Zone Euro-Zone GDP s.a. (QoQ)
0.40
Top Losers
Price (`)
Chg (%)
Nov 01,2018 UK
BOE Announce s rate s
0.75
Nov 14,2018 Germany
GDP nsa (YoY)
2.30
INFIBEAM
39
-26.5
More Events on Pg7
PERSISTENT
565
-14.6
DHFL
190
-10.3
INDUSINDBK
1,442
-8.5
CENTURYPLY
173
-8.4
As on Oct 22, 2018
Market Outlook
October 23, 2018
News Analysis
Govt may ask RBI to ease PCA norms, move to free up Rs 650 bn
for PSBs
The Union government may take up the issue of relaxing minimum capital
requirement norms for lenders to free up additional money and provide liquidity to
the banking system in the board meeting of the Reserve Bank of India (RBI) slated
for Tuesday. Economic Affairs Secretary Subhash Chandra Garg and Financial
Services Secretary Rajiv Kumar are the government's representatives on the board
of the RBI.
During an annual review meeting held last month, Finance Minister Arun
Jaitley had said that the demands of the public sector banks (PSBs) to ease prompt
corrective action (PCA) framework for the banking system in the country will be
taken up with RBI.
The government is mainly going to pitch for alignment of PCA provisions, in terms
of various risk weights, provisioning and capital norms, with the globally accepted
Basel norms. Basel-III, an international regulatory framework for banks, is being
implemented in India in phases since April 2013, and will be fully implemented by
March 2019.
The minimum capital requirement of banks was one main area of the PCA
guidelines which may be sought to be relaxed. According to the RBI, the common
equity tier 1 (CET-1) of banks must be at least 5.5 per cent of its risk-weighted
assets. However, the government feels that the RBI should prescribe banks to keep
CET-1 at 4.5 per cent of their assets, which was stipulated by the Basel Committee
on Banking Supervision while releasing its report on Basel-III norms in December
2010.
Economic and Political News
Oil import bill for FY19 seen rising 42%; falling rupee cause for concern
NCLT approves 45 resolution plans, orders 19 liquidations in 2 years of IBC
Reliance, BP to jointly set up 2,000 petrol pumps in India
SAT rejects Price Waterhouse's plea to extend audit work till March 2020
Corporate News
Crisis-hit IL&FS to start getting money from PSUs in a few months
Tata Sons writes off entire Rs 286-bn investment in Tata Teleservices
Jet, SpiceJet seek lease rent moratorium amid weak rupee, high oil prices
ZEE Entertainment acquires US patent for a new digital technology
OnePlus partners with Reliance Digital to target Tier II markets
Market Outlook
October 23, 2018
Quarterly Bloomberg Brokers Consensus Estimate
HDFC Standard Life Insurance - October 23, 2018
Particulars (` cr)
2QFY19E
2QFY18
y-o-y (%)
1QFY19
q-o-q (%)
PAT
228
238
(4.1)
380
(39.9)
Bajaj Finance Ltd - October 23, 2018
Particulars (` cr)
2QFY19E
2QFY18
y-o-y (%)
1QFY19
q-o-q (%)
PAT
870
557
56.2
834
4.4
HCL Technologies - October 23, 2018
Particulars (` cr)
2QFY19E
2QFY18
y-o-y (%)
1QFY19
q-o-q (%)
Sales
14,748
12,433
18.6
13,878
6.3
EBIDTA
3,425
2,741
25.0
3,237
5.8
%
23.2
22.0
23.3
PAT
2,433
2,207
10.2
2,431
0.1
TVS Motor company - October 23, 2018
Particulars (` cr)
2QFY19E
2QFY18
y-o-y (%)
1QFY19
q-o-q (%)
Sales
4,866
4,052
20.1
4,154
17.1
EBIDTA
386
350
10.3
306
26.2
%
7.9
8.6
7.4
PAT
205
213
-3.8
147
39.3
Bajaj Finserv Ltd - October 23, 2018
Particulars (` cr)
2QFY19E
2QFY18
y-o-y (%)
1QFY19
q-o-q (%)
PAT
994
1007
(1.3)
1,329
(25.2)
Market Outlook
October 23, 2018
Top Picks
Market Cap
C MP
Target
Upside
C ompany
R ationale
(` Cr)
(`)
(`)
(%)
Favorable outlook for the AC industry to augur well
for Cooling products busine ss which i s out pacing
Blue Star
5,064
526
867
64.8
the market growth. EMPPAC division' s profitability
to improve once operating environme nt turns
around.
With a focus on the l ow and me dium income (LMI)
consumer segment, the company has incre ase d its
Dewan Housi ng Finance
5,943
189
473
150
presence in tier-II & III cities where the growth
opportunity i s immense.
Well capitalized with CAR of 18.1% which gives
sufficient room to grow asset base. Faster
ICICI Bank
2,11,086
328
416
26.8
resolution of NPA would reduce provision cost,
which would help to report better ROE.
High order book execution in EPC segment, rising
KEI Industrie s
2,015
255
486
90.6
B2C sales and higher exports to boost the revenues
and profitability
Expected to benefit from the lower capex
Music Broadcast Limited
1,818
319
475
48.9
requirement and
15 year l ong radio broadcast
licensing.
Strong brands and distribution network would
Siyaram Silk Mills
1,680
359
752
109.5
boost growth going ahead. Stock currently trades
at an inexpensive valuation.
GST regime and the Gujarat plant are expected to
Maruti Suzuki
2,06,260
6,828
10,820
58.5
improve the company’s sales volume and margins,
respectively.
We expect loan book to grow at 24.3% over next
GIC Housing
1,199
223
424
90
two year; change in borrowing mix will help in NIM
improve ment
Third large st brand pl ay in luggage segment
Increase d product offerings and improving
Safari Industries
1,594
715
1,071
49.8
distribution network is leading to strong growth in
busine ss. Likely to post robust growth for next 3-4
years
We expect financialisation of savings and
Aditya Birla Capital
22,058
100
198
98.0
increasing penetration in Insurance & Mutual fund
would ensure steady growth.
One of the le ading Indi an dairy products
companie s in India created strong brands in dairy
products. Rising revenue share of high-margin
Parag Milk F oods
2,156
256
410
60.2
Value Adde d Products and reduction in interest cost
is likely to boost margins and earnings in next few
years.
HDFC Bank maintaine d its ste ady growth in the
4QFY18. The bank’s net profit grew by
20.3%.
Steady growth in interest income and other income
HDFC Bank
5,41,533
1,993
2,350
17.9
aided PAT growth. The Strong liability franchise
and healthy capitalisati on provide s strong earning
visibility. At the current market price, the bank is
trading at 3.2x FY20E ABV.
Market Outlook
October 23, 2018
Continued...
Market Cap
C MP
Target
Upside
C ompany
R ationale
(` Cr)
(`)
(`)
(%)
We expect strong PAT growth on back of
healthy growth in automobile segment (on back
of new launches and facelifts in some of the
M&M
91,126
733
1,050
43.2
model ) and strong growth in Tractors segme nt
coupled by its strong brand recall and
improve ment in rural sentime nt
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
Amber Enterprise s
2,721
865
1,230
42.2
solutions provi der for the major brands i n 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
~` 3115cr over FY2018-20E
Bata India
11,272
877
1,243
41.7
mainly due to new product launche s, higher
number of stores addition and focus on
women’s high growth se gment and margi n
improve ment
SHTF is in the sweet spot with benefits from
stronger CV volumes, NIMs unaffected by rising
Shriram Transport Finance
23,043
1,016
1,764
73.6
bond yields on the back of stronger pricing
power and an enhancing ROE by 750bps over
FY18-20E, supported by decline in cre dit 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. O n the bottom
Jindal Steel & Power Limited
16,320
169
327
93.5
line front, we expect JSPL to turn in to profit by
FY19 on back of strong operating margi n
improve ment.
GMM Pfaudler Limited (GMM) is the Indian
market leader in glass-lined (GL) steel
equipme nt. GMM is expected to cross CAGR
GMM Pfaudler Ltd
1,390
951
1,287
35.3
15%+ in revenue over the next few years
mainly led by uptick in de mand 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, i s well
placed to face the challenging ge neric markets,
given its focus on achieving growth through
Aurobindo Pharmaceutical s
44,341
757
870
14.9
productivity. Aurobindo will report net revenue
& net profit CAGR of
~13% & ~8% resp.
during F Y2018-20E. Valuations are cheap V/ s
its peers and own fair multiples of 17-18x.
Well planned strategy to grow small busine ss
loans and cross-selling w ould propel fee s
Yes Bank
48,726
211
365
73.0
income. We expect YES to grow its advance
much higher than i ndustry and i mprovement i n
asset quality to support profitability.
We believe advance to grow at a healthy CAGR
of 35% over FY18-20E. Below peers level ROA
RBL Bank
19,934
470
690
46.8
(1.2% F Y18) to expand led by margi n
expansion and lower credit cost.
TTK Prestige has emerged as one of the leading
brands in kitchen appliances in Indi a after its
successful transformati on from a single product
TTK Prestige
6,991
6,000
8,200
36.7
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.
Source: Company, Angel Research
Market Outlook
October 23, 2018
Continued...
Market Cap
C MP
Target
Upside
C ompany
R ationale
(` Cr)
(`)
(`)
(%)
We expect Inox Wind to report expone ntial
growth in top-line and bottom-line over FY19-
20E. The growth would be led by changing
renewable energy industry dynamics in favor of
Inox Winds
1,886
85
127
49.4
wind energy segment viz. changes in auction
regime from Feed-In-Tariff (FIT) to reverse
auction regi me 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
Ashok Leyland
33,025
113
156
38.1
activities and no signi ficant impact on industry
due to recent axle load norms, we recommend
BUY on Ashok Leyland at current valuations.
Source: Company, Angel Research
Fundamental Call
Market Cap
C MP
Target
Upside
C ompany
R ationale
(` Cr)
(`)
(`)
(%)
CCL is likely to maintain the strong growth
CCL Products
3,169
238
360
51.3
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
2,281
1,529
2,178
42.4
healthy de mand growth in plastic division. On the
bottom-line front, we estimate
~10% CAGR to
`162cr owing to improve ment in volumes.
Elantas Beck India is the Indian market leader in
liquid insulation segment used in electrical
equipme nts like motors, transformers etc. It derives
Elantas Beck India Ltd
1,459
1,840
2,500
35.9
demand from several industries which are expected
to register 10%+ CAGR in demand in the coming
years.
Greenply Industries Ltd (GIL) manufactures plywood
& allied products and me dium density fibreboards
(MDF). GIL to report net revenue CAGR of ~14% to
Greenply Industries
1,406
115
256
122.6
~`2,478cr over FY2017-20E mainly due to healthy
growth in plywood & lamination business on the
back of strong brand and di stribution network
L&T Fin’s new management i s on track to achieve
L&T Finance Hol ding
24,274
122
210
72.1
ROE of 18% by 2020 and recent capital infusion of
`3000cr would support advance growth.
Market Outlook
October 23, 2018
Key Upcoming Events
Global economic events release calendar
Bl oomberg Data
D ate
Time Country
Event Description
Unit
Period
L ast Reporte d
E stimate d
Oct 25, 2018
0-Jan-00Euro Zone ECB announces interest rates
%
Oct 25
-Oct 25, 2018
Oct 30, 2018
0-Jan-00Euro Zone Euro-Zone GDP s.a. (QoQ)
% Change
3Q A
0.40Oct 30, 2018
Nov 01, 2018
0-Jan-00 UK
BOE Announce s rate s
% Ratio
Nov 1
0.75Nov 01, 2018
Nov 14, 2018
0-Jan-00Germany GDP nsa (YoY)
% Change
3Q P
2.30Nov 14, 2018
Source: Bloomberg, Angel Research
Market Outlook
October 23, 2018
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
10.0
9.0
8.5
9.1
8.0
7.3
7.5
9.0
8.2
6.9
6.9
8.0
8.1
6.6
7.6
7.7
7.0
8.0
7.2
6.8
7.0
6.0
5.3
7.0
6.3
4.5
6.1
5.0
4.1
5.6
3.9
6.0
4.0
5.0
3.0
1.8
4.0
2.0
1.0
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
54.0
5.2
5.1
4.9
4.9
4.9
4.6
52.0
5.0
4.4
4.3
4.2
50.0
3.6
3.7
4.0
3.3
48.0
3.0
46.0
2.0
44.0
1.0
42.0
40.0
-
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Source: MOSPI, Angel Research
Exhibit 5: Exports and imports growth trends
Exhibit 6: Key policy rates
(%)
Exports yoy growth
Imports yoy growth
(%)
Repo rate
Reverse Repo rate
CRR
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 25 Sep, 2018
Source: RBI, Angel Research
Market Outlook
October 23, 2018
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
October 23, 2018
Exhibit 4: Relative performance of indices across globe
Returns (%)
C ountry
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
75,429
(4.0)
5.6
2.7
Russia
Micex
4,327
1.4
7.1
11.4
India
Nifty
11,515
0.7
6.1
14.1
China
Shanghai Composite
2,682
(1.5)
(11.3)
(20.8)
South Africa
Top 40
50,441
1.7
(1.7)
1.9
Mexico
Mexbol
49,612
2.2
6.3
(1.0)
Indonesia
LQ45
937
(2.7)
(2.6)
(4.7)
Malaysia
KLCI
1,804
(0.1)
1.6
1.7
Thailand
SET 50
1,136
2.5
0.7
9.9
USA
Dow Jones
26,155
3.4
3.9
17.5
UK
FTSE
7,304
(4.0)
(4.3)
0.7
Japan
Nikkei
23,095
4.0
1.1
19.8
Germany
DAX
12,124
(0.3)
(5.5)
(3.2)
France
CAC
5,353
0.9
(1.8)
2.1
Source: Bloomberg, Angel Research As of 25 Sep, 2018
Market Outlook
October 23, 2018
Exhibit 7: Historical Angel Top Picks/Fundamental Calls
D ate Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Curre nt Status
17-08-2018
Top Picks
Ashok Leyland
128
156
Open
10-08-2018
Top Picks
Inox Wind
107
127
Open
31-08-2018
Top Picks
TTK Prstige
7,235
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 Enterprise s
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 Hol ding
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 F oods Limited
310
410
Open
16-04-2018
Top Picks
Parag Milk F oods 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
October 23, 2018
Exhibit 8: Historical Angel Top Picks/Fundamental Calls
D ate Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Curre nt 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 Technologie s 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 Hol dings 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 Industrie s
481
589
Open
04-01-2017
Top Picks
KEI Industrie s
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
October 23, 2018
Research Team Tel: 022 - 39357800
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