Market Outlook
April 25, 2017
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open positive tracking the SGX Nifty and Asian markets.
BSE Sensex
1.0
291
29,656
The U.S. stock market opened the first trading day of the new week with a rally on
Nifty
1.1
99
9,218
Monday, after a centrist candidate finished the first round of France’s presidential
Mid Cap
1.0
138
14,626
election on top.
Small Cap
0.8
125
15,291
The European markets surged higher Monday after centrist Emmanuel Macron won
Bankex
1.3
310
24,748
the first round of voting in France on Sunday. Macron now moves ahead to the final
round of presidential election on May 7, helping ease concerns over political
instability in Europe.
Global Indices
Chg (%)
(Pts)
(Close)
Dow Jones
1.1
216
20,764
Indian markets posted their biggest single-day gain in nearly six weeks as investor
appetite got a boost after centrist Emmanuel Macron leaped ahead of far-right
Nasdaq
1.2
73
5,984
leader Marine Le Pen in the first round of the French presidential election.
FTSE
2.1
150
7,265
Nikkei
(01.4
255
18,876
News Analysis
Hang Seng
0.4
297
24,139
Preview: Wipro
Shanghai Com
(1.4)
(44)
3,130
Detailed analysis on Pg2
Investor’s Ready Reckoner
Advances / Declines
BSE
NSE
Key Domestic & Global Indicators
Advances
1,625
1,988
Stock Watch: Latest investment recommendations on 150+ stocks
Declines
1,314
697
Refer Pg6 onwards
Unchanged
154
94
Top Picks
CMP
Target
Upside
Volumes (` Cr)
Company
Sector
Rating
(`)
(`)
(%)
BSE
4,361
Blue Star
Capital Goods
Accumulate
684
760
11.0
NSE
25,927
Dewan Housing Fin. Financials
Accumulate
418
460
10.2
Mahindra Lifespace
Real Estate
Buy
404
522
29.2
Navkar Corporation Others
Buy
209
265
26.6
#Net Inflows (` Cr)
Net
Mtd
Ytd
KEI Industries
Capital Goods
Accumulate
215
239
10.7
FII
1,251
(1,107)
43,113
More Top Picks on Pg4
MFs
804
4,895
14,333
Key Upcoming Events
Previous
Consensus
Date
Region
Event Description
Top Gainers
Price (`)
Chg (%)
Reading
Expectations
Apr 25, 2017 US
Consumer Confidence
125.60
123.00
Indianb
285
9.3
Apr 25, 2017 US
New home sales
592.00
584.00
Acc
1,607
7.4
Apr 27, 2017 Euro Zone Euro-Zone Consumer Confidence
-3.60
-3.60
Indiacem
201
7.1
Apr 27, 2017 US
Initial Jobless claims
244.00
243.00
Hathway
47
6.9
Apr 27, 2017 Euro Zone ECB announces interest rates
0.00
0.00
Ibrealest
152
6.5
Apr 28, 2017 China
PMI Manufacturing
51.80
51.70
More Events on Pg5
Top Losers
Price (`)
Chg (%)
Dishtv
294
(5.6)
Sci
80
(4.9)
Ajantpharm
1,643
(4.4)
Lupin
1,362
(3.3)
Geship
454
(3.0)
#As on April 24, 2017
Market Outlook
April 25, 2017
Preview
Wipro (CMP: `493 / TP: `583 / Upside: 18.3%)
The company, for its 4QFY2017, is expected to post IT services revenues of
US$1,937mn V/s US$1,903mn in 3QFY2017, a 1.8% qoq growth. In rupee
terms, revenues are expected to de-grow by 0.9% qoq to `13,561cr V/s `13,688cr
in 3QFY2017, lead by rupee appreciation. On the operating front, EBIT is
expected to come in at 16.0% V/s 16.4% in 3QFY2017, a 42ps qoq dip. PAT is
expected to come in at
`2003cr V/s
`2,109cr expected, down
5.0% qoq
sequentially. We maintain our buy rating with target price of `583.
Y/E
Sales OPM
PAT EPS ROE P/E P/BV EV/EBITDA EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2017E
55,440
18.1
8,917
36.1
19.0
12.7
2.4
7.7
1.6
FY2018E
60,430
18.1
9,614
38.9
17.6
11.8
2.2
6.2
1.3
Economic and Political News
Bad loans issue not 'insurmountable' for India, says Arun Jaitley
Govt aims to cut petroleum imports to zero, boost alternative fuel
Gold prices dip below `30,000 on weak global cues
Corporate News
TCS, Infosys accounted for only 8.8% of total H-1B visas: Nasscom
HCL to acquire US-based firm UFS for `199cr
JSW Holdings Q4 net up 17.7% to `7.16cr
Reliance Industries' Q4 consol net profit up 12.3%
Quarterly Bloomberg Brokers Consensus Estimate
Wipro Ltd Consol - Apr 25, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17
q-o-q (%)
Net sales
13,865
13,632
1.7
13,688
1.3
EBITDA
2,827
2,805
0.8
2,788
1.4
EBITDA margin (%)
20.4
20.6
20.4
Net profit
2,109
2,235
(5.6)
2,110
(0.0)
Axis Bank Ltd - Apr 25, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17
q-o-q (%)
Net profit
803
2,154
(62.7)
580
38.6
Mahindra & Mahindra Financial Services Ltd - Apr 25, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17
q-o-q (%)
Net profit
338
370
(8.8)
(16)
0.0
LIC Housing Finance Ltd - Apr 25, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17
q-o-q (%)
Net profit
530
448
18.2
499
6.1
Market Outlook
April 25, 2017
Kotak Mahindra Bank Ltd - Apr 27, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17
q-o-q (%)
Net profit
920
696
32.2
880
4.6
Maruti Suzuki India Ltd - Apr 27, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17
q-o-q (%)
Net sales
18,276
14,930
22.4
16,624
9.9
EBITDA
2,655
2,350
13.0
2,489
6.7
EBITDA margin (%)
14.5
15.7
15.0
Net profit
1,760
1,134
55.3
1,745
0.9
Federal Bank Ltd - Apr 28, 2017
Particulars ( ` cr)
4QFY17E
4QFY16
y-o-y (%)
3QFY17
q-o-q (%)
Net profit
227
10
2,113.9
206
10.5
Ambuja Cements Ltd - Apr 28, 2017
Particulars ( ` cr)
1QCY17E
1QCY16
y-o-y (%)
4QCY16 q-o-q (%)
Net sales
2,513
2,418
3.9
2,197
14.4
EBITDA
418
450
(7.0)
329
27.1
EBITDA margin (%)
16.6
18.6
15.0
Net profit
263
304
(13.5)
176
49.5
Market Outlook
April 25, 2017
Top Picks ★★★★★
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
Strong growth in domestic business due to its leadership in
Alkem Laboratories
24,172
2,022
2,257
11.6
acute therapeutic segment. Alkem expects to launch more
products in USA, which bodes for its international business.
We expect the company would report strong profitability
Asian Granito
1,173
390
405
3.9
owing to better product mix, higher B2C sales and
amalgamation synergy..
Among the top 4 players in the consumer durables segment.
Bajaj Electricals
3,532
349
395
13.3
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
6,541
684
760
11.0
growth. EMPPAC division's profitability to improve once
operating environment turns around..
With a focus on the low and medium income (LMI) consumer
Dewan Housing Finance
13,076
418
460
10.2
segment, the company has increased its presence in tier-II &
III cities where the growth opportunity is immense.
Strong loan growth backed by diversified loan portfolio and
Equitas Holdings
5,704
169
235
39.2
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
6,280
192
225
17.1
radio business (Radio City) would also boost the company's
revenue growth.
High order book execution in EPC segment, rising B2C sales
KEI Industries
1,676
215
239
10.7
and higher exports to boost the revenues and profitability
Speedier execution and speedier sales, strong revenue visibilty
Mahindra Lifespace
1,658
404
522
29.2
in short-to-long run, attractive valuations
Higher growth in domestic branded sales and healthy export
Mirza International
1,187
99
107
8.4
to boost the profitability.
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,985
209
265
26.6
as well CFS augurs well for the company
Strong brands and distribution network would boost growth
Siyaram Silk Mills
1,597
1,703
1,872
9.9
going ahead. Stock currently trades at an inexpensive
valuation.
Market leadership in Hindi news genre and no. 2 viewership
ranking in English news genre, exit from the radio business,
TV Today Network
1,634
274
344
25.6
and anticipated growth in ad spends by corporates to benefit
the stock.
Source: Company, Angel Research
Market Outlook
April 25, 2017
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
8.6
9.0
8.4
7.0
8.3
5.7
7.7
7.8
6.0
8.0
7.4
7.2
5.0
6.9
7.0
6.8
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)
3.0
(1.3)
(3.0)
(1.9)
(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
44.0
1.0
42.0
-
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
30.0
7.00
20.0
6.50
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
April 25, 2017
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.8
6.0
5.3
4.9
0.7
4.5
4.0
3.0
2.0
1.9
2.0
1.2
1.6
1.1
-
(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
1.7
1.6
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)
20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
-
Source: IMF, Angel Research
Market Outlook
April 25, 2017
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
64,389
2.2
0.1
20.1
Russia
Micex
1,980
(3.5)
(8.4)
1.7
India
Nifty
9,218
1.1
9.8
16.5
China
Shanghai Composite
3,130
(3.5)
0.9
2.2
South Africa
Top 40
46,188
1.5
0.2
(2.3)
Mexico
Mexbol
49,413
1.7
6.6
8.8
Indonesia
LQ45
938
1.7
6.7
11.8
Malaysia
KLCI
1,756
0.5
5.4
2.2
Thailand
SET 50
993
0.3
2.0
14.0
USA
Dow Jones
20,764
0.5
4.7
15.5
UK
FTSE
7,265
(1.5)
0.9
15.6
Japan
Nikkei
18,876
(1.1)
(0.1)
11.6
Germany
DAX
12,455
4.1
7.1
24.1
France
CAC
5,269
5.3
8.6
20.5
Source: Bloomberg, Angel Research
Stock Watch
April 25, 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
Agri / Agri Chemical
Rallis
Neutral
251
-
4,874
1,937
2,164
13.3
14.3
9.0
11.0
27.9
22.8
4.9
4.2
18.4
19.8
2.6
2.3
United Phosphorus
Neutral
793
-
40,197
15,176
17,604
18.5
18.5
37.4
44.6
21.2
17.8
4.2
3.4
21.4
21.2
2.8
2.3
Auto & Auto Ancillary
Amara Raja Batteries
Buy
875
1,009
14,941
5,305
6,100
16.0
16.3
28.4
34.0
30.8
25.7
5.9
5.0
19.3
19.3
2.8
2.4
Apollo Tyres
Neutral
241
-
12,283
12,877
14,504
14.3
13.9
21.4
23.0
11.3
10.5
1.8
1.5
16.4
15.2
1.1
1.0
Ashok Leyland
Buy
87
111
24,816
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
2,859
-
82,739
25,093
27,891
19.5
19.2
143.9
162.5
19.9
17.6
5.6
4.8
30.3
29.4
3.0
2.6
Bharat Forge
Neutral
1,131
-
26,324
7,726
8,713
20.5
21.2
35.3
42.7
32.0
26.5
5.9
5.3
18.9
20.1
3.5
3.0
Ceat
Neutral
1,453
-
5,877
7,524
8,624
13.0
12.7
131.1
144.3
11.1
10.1
2.0
1.7
19.8
18.6
0.9
0.8
Eicher Motors
Neutral
26,093
-
71,000
16,583
20,447
17.5
18.0
598.0
745.2
43.6
35.0
14.9
11.4
41.2
38.3
4.1
3.3
Exide Industries
Neutral
236
-
20,039
7,439
8,307
15.0
15.0
8.1
9.3
29.1
25.4
4.1
3.6
14.3
16.7
2.3
2.1
Gabriel India
Neutral
126
-
1,808
1,544
1,715
9.0
9.3
5.4
6.3
23.3
20.0
4.4
3.9
18.9
19.5
1.1
1.0
Hero Motocorp
Accumulate
3,205
3,446
63,994
28,083
30,096
15.3
15.7
171.8
187.0
18.7
17.1
6.5
5.5
30.1
27.9
2.1
1.9
Indag Rubber
Neutral
202
-
531
286
326
19.8
16.8
11.7
13.3
17.3
15.2
2.9
2.7
17.8
17.1
1.5
1.3
Jamna Auto Industries
Neutral
240
-
1,913
1,486
1,620
9.8
9.9
15.0
17.2
16.0
14.0
3.5
3.0
21.8
21.3
1.4
1.2
JK Tyres
Neutral
161
-
3,647
7,455
8,056
15.0
15.0
21.8
24.5
7.4
6.6
1.5
1.3
22.8
21.3
0.6
0.5
L G Balakrishnan & Bros Neutral
642
-
1,007
1,302
1,432
11.6
11.9
43.7
53.0
14.7
12.1
2.1
1.9
13.8
14.2
0.9
0.8
Mahindra and Mahindra Neutral
1,264
-
78,534
46,534
53,077
11.6
11.7
67.3
78.1
18.8
16.2
3.1
2.7
15.4
15.8
1.7
1.4
Maruti
Neutral
6,317
-
190,810
67,822
83,288
16.0
16.4
253.8
312.4
24.9
20.2
5.7
4.6
23.0
22.9
2.5
1.9
Minda Industries
Neutral
474
-
3,756
2,728
3,042
9.0
9.1
68.2
86.2
6.9
5.5
1.6
1.3
23.8
24.3
1.4
1.3
Motherson Sumi
Neutral
383
-
53,799
45,896
53,687
7.8
8.3
13.0
16.1
29.4
23.8
9.5
7.6
34.7
35.4
1.2
1.0
Rane Brake Lining
Neutral
1,010
-
799
511
562
11.3
11.5
28.1
30.9
35.9
32.7
5.5
5.0
15.3
15.0
1.7
1.6
Setco Automotive
Neutral
44
-
588
741
837
13.0
13.0
15.2
17.0
2.9
2.6
0.5
0.4
15.8
16.3
1.2
1.1
Subros
Neutral
237
-
1,419
1,488
1,681
11.7
11.9
6.4
7.2
37.0
33.0
3.9
3.5
10.8
11.4
1.2
1.0
Swaraj Engines
Neutral
1,617
-
2,008
660
810
15.2
16.4
54.5
72.8
29.7
22.2
9.3
8.4
31.5
39.2
2.9
2.3
Tata Motors
Neutral
445
-
128,516
300,209
338,549
8.9
8.4
42.7
54.3
10.4
8.2
1.7
1.4
15.6
17.2
0.5
0.5
TVS Motor
Neutral
485
-
23,063
13,390
15,948
6.9
7.1
12.8
16.5
38.0
29.3
9.5
7.5
26.3
27.2
1.8
1.5
Capital Goods
ACE
Neutral
66
-
657
709
814
4.1
4.6
1.4
2.1
47.4
31.6
2.0
1.8
4.4
6.0
1.1
1.0
BEML
Neutral
1,383
-
5,760
3,451
4,055
6.3
9.2
31.4
57.9
44.1
23.9
2.6
2.4
6.3
10.9
1.8
1.5
BGR Energy
Neutral
168
-
1,210
16,567
33,848
6.0
5.6
7.8
5.9
21.5
28.4
1.2
1.2
4.7
4.2
0.2
0.1
Stock Watch
April 25, 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
Bharat Electronics
Neutral
182
-
40,596
8,137
9,169
16.8
17.2
58.7
62.5
3.1
2.9
0.5
0.4
44.6
46.3
4.0
3.6
BHEL
Neutral
176
-
43,127
28,797
34,742
-
2.8
2.3
6.9
76.6
25.5
1.3
1.3
1.3
4.8
1.2
0.8
Blue Star
Accumulate
684
760
6,541
4,283
5,077
5.9
7.3
14.9
22.1
46.0
30.9
8.9
7.5
20.4
26.4
1.6
1.3
CG Power and Industrial
Neutral
80
-
5,001
5,777
6,120
5.9
7.0
3.3
4.5
24.2
17.7
1.1
1.0
4.4
5.9
0.8
0.7
Solutions
Greaves Cotton
Neutral
168
-
4,097
1,755
1,881
16.8
16.9
7.8
8.5
21.5
19.7
4.3
4.0
20.6
20.9
2.0
1.9
Inox Wind
Neutral
198
-
4,403
5,605
6,267
15.7
16.4
24.8
30.0
8.0
6.6
2.2
1.6
25.9
24.4
0.8
0.7
KEC International
Neutral
222
-
5,695
9,294
10,186
7.9
8.1
9.9
11.9
22.4
18.6
3.3
2.9
15.6
16.3
0.8
0.8
KEI Industries
Accumulate
215
239
1,676
2,682
3,058
10.4
10.0
11.7
12.8
18.4
16.8
3.7
3.1
20.1
18.2
0.8
0.7
Thermax
Neutral
1,051
-
12,523
5,421
5,940
7.3
7.3
25.7
30.2
40.9
34.8
4.9
4.5
12.2
13.1
2.2
2.0
VATech Wabag
Neutral
691
-
3,771
3,136
3,845
8.9
9.1
26.0
35.9
26.6
19.3
3.3
2.8
13.4
15.9
1.1
0.9
Voltas
Neutral
415
-
13,718
6,511
7,514
7.9
8.7
12.9
16.3
32.1
25.4
5.8
5.1
16.7
18.5
1.9
1.6
Cement
ACC
Neutral
1,607
-
30,176
11,225
13,172
13.2
16.9
44.5
75.5
36.1
21.3
3.4
3.2
11.2
14.2
2.7
2.3
Ambuja Cements
Neutral
247
-
49,045
9,350
10,979
18.2
22.5
5.8
9.5
42.6
26.0
3.6
3.2
10.2
12.5
5.3
4.5
India Cements
Neutral
201
-
6,184
4,364
4,997
18.5
19.2
7.9
11.3
25.5
17.8
1.8
1.8
8.0
8.5
2.2
1.9
J K Lakshmi Cement
Neutral
487
-
5,736
2,913
3,412
14.5
19.5
7.5
22.5
65.0
21.7
4.0
3.4
12.5
18.0
2.6
2.1
JK Cement
Neutral
961
-
6,718
4,398
5,173
15.5
17.5
31.2
55.5
30.8
17.3
3.7
3.2
12.0
15.5
2.1
1.7
Orient Cement
Neutral
168
-
3,433
2,114
2,558
18.5
20.5
8.1
11.3
20.7
14.8
3.1
2.6
9.0
14.0
2.2
1.8
UltraTech Cement
Neutral
4,144
-
113,766
25,768
30,385
21.0
23.5
111.0
160.0
37.3
25.9
4.8
4.2
13.5
15.8
4.5
3.8
Construction
Engineers India
Neutral
172
-
11,621
1,725
1,935
16.0
19.1
11.4
13.9
15.1
12.4
2.1
2.0
13.4
15.3
5.7
5.1
Gujarat Pipavav Port
Neutral
161
-
7,798
705
788
52.2
51.7
5.0
5.6
32.3
28.8
3.2
2.9
11.2
11.2
10.7
9.1
ITNL
Neutral
118
-
3,885
8,946
10,017
31.0
31.6
8.1
9.1
14.6
13.0
0.5
0.5
4.2
5.0
3.8
3.5
KNR Constructions
Neutral
194
-
2,731
1,385
1,673
14.7
14.0
41.2
48.5
4.7
4.0
0.9
0.8
14.9
15.2
2.1
1.7
Larsen & Toubro
Neutral
1,731
-
161,512
111,017
124,908
11.0
11.0
61.1
66.7
28.3
25.9
3.4
3.2
13.1
12.9
2.5
2.3
MEP Infra
Neutral
64
-
1,042
1,877
1,943
30.6
29.8
3.0
4.2
21.4
15.3
10.3
7.0
0.6
0.6
1.9
1.8
Nagarjuna Const.
Neutral
99
-
5,509
8,842
9,775
9.1
8.8
5.3
6.4
18.7
15.5
1.5
1.4
8.2
9.1
0.8
0.7
NBCC
Neutral
195
-
17,541
7,428
9,549
7.9
8.6
8.2
11.0
23.8
17.7
1.2
0.9
28.2
28.7
2.1
1.6
PNC Infratech
Neutral
159
-
4,075
2,350
2,904
13.1
13.2
9.0
8.8
17.7
18.1
0.6
0.6
15.9
13.9
1.9
1.5
Power Mech Projects
Neutral
545
-
801
1,801
2,219
12.7
14.6
72.1
113.9
7.6
4.8
1.4
1.2
16.8
11.9
0.4
0.3
Sadbhav Engineering
Neutral
329
-
5,645
3,598
4,140
10.3
10.6
9.0
11.9
36.6
27.7
3.8
3.4
9.9
11.9
1.9
1.6
Stock Watch
April 25, 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
Simplex Infra
Neutral
392
-
1,942
6,829
7,954
10.5
10.5
31.4
37.4
12.5
10.5
1.3
1.2
9.9
13.4
0.7
0.6
SIPL
Neutral
102
-
3,579
1,036
1,252
65.5
66.2
(8.4)
(5.6)
3.8
4.3
(22.8)
(15.9)
11.7
9.7
Financials
Axis Bank
Buy
498
580
119,345
46,932
53,575
3.5
3.4
32.4
44.6
15.4
11.2
2.0
1.7
13.6
16.5
-
-
Bank of Baroda
Neutral
179
-
41,221
19,980
23,178
1.8
1.8
11.5
17.3
15.6
10.3
1.8
1.5
8.3
10.1
-
-
Can Fin Homes
Neutral
2,583
-
6,877
420
526
3.5
3.5
86.5
107.8
29.9
24.0
6.4
5.3
23.6
24.1
-
-
Canara Bank
Neutral
328
-
19,597
15,225
16,836
1.8
1.8
14.5
28.0
22.6
11.7
1.6
1.3
5.8
8.5
-
-
Cholamandalam Inv. &
Accumulate
1,096
1,230
17,133
2,012
2,317
6.3
6.3
42.7
53.6
25.7
20.5
4.1
3.5
16.9
18.3
-
-
Fin. Co.
Dewan Housing Finance Accumulate
418
460
13,076
2,225
2,688
2.9
2.9
29.7
34.6
14.1
12.1
2.3
1.5
16.1
14.8
-
-
Equitas Holdings
Buy
169
235
5,704
939
1,281
11.7
11.5
5.8
8.2
29.1
20.6
2.5
2.2
10.9
11.5
-
-
Federal Bank
Buy
93
115
16,015
8,259
8,995
3.0
3.0
4.3
5.6
21.6
16.6
1.8
1.7
8.5
10.1
-
-
HDFC
Neutral
1,531
-
243,217
11,475
13,450
3.4
3.4
45.3
52.5
33.8
29.2
6.5
5.8
20.2
20.5
-
-
HDFC Bank
Accumulate
1,533
1,650
392,774
46,097
55,433
4.5
4.5
58.4
68.0
26.3
22.5
4.6
3.9
18.8
18.6
-
-
ICICI Bank
Buy
269
315
156,527
42,800
44,686
3.1
3.3
18.0
21.9
14.9
12.3
2.0
1.9
11.1
12.3
-
-
Karur Vysya Bank
Buy
117
140
7,077
5,640
6,030
3.3
3.2
8.9
10.0
13.2
11.7
1.4
1.3
11.2
11.4
-
-
Lakshmi Vilas Bank
Neutral
191
-
3,660
3,339
3,799
2.7
2.8
11.0
14.0
17.4
13.7
1.8
1.7
11.2
12.7
-
-
LIC Housing Finance
Neutral
658
-
33,197
3,712
4,293
2.6
2.5
39.0
46.0
16.9
14.3
3.2
2.7
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
156
-
33,090
23,532
23,595
2.3
2.4
6.8
12.6
22.9
12.3
3.5
2.5
3.3
6.5
-
-
RBL Bank
Neutral
564
-
20,863
1,783
2,309
2.6
2.6
12.7
16.4
44.4
34.4
4.8
4.3
12.8
13.3
-
-
Repco Home Finance
Accumulate
764
825
4,779
388
457
4.5
4.2
30.0
38.0
25.5
20.1
4.2
3.6
18.0
19.2
-
-
South Ind.Bank
Neutral
25
-
4,489
6,435
7,578
2.5
2.5
2.7
3.1
9.2
8.0
1.2
1.0
10.1
11.2
-
-
St Bk of India
Neutral
286
-
231,577
88,650
98,335
2.6
2.6
13.5
18.8
21.2
15.2
2.0
1.8
7.0
8.5
-
-
Union Bank
Neutral
160
-
10,982
13,450
14,925
2.3
2.3
25.5
34.5
6.3
4.6
0.9
0.8
7.5
10.2
-
-
Yes Bank
Neutral
1,556
-
71,018
8,978
11,281
3.3
3.4
74.0
90.0
21.0
17.3
4.0
3.4
17.0
17.2
-
-
FMCG
Akzo Nobel India
Neutral
2,025
-
9,711
2,955
3,309
13.3
13.7
57.2
69.3
35.4
29.2
11.6
9.7
32.7
33.3
3.1
2.7
Asian Paints
Neutral
1,068
-
102,481
17,128
18,978
16.8
16.4
19.1
20.7
55.9
51.6
19.5
18.4
34.8
35.5
5.9
5.3
Britannia
Accumulate
3,382
3,626
40,588
9,594
11,011
14.6
14.9
80.3
94.0
42.1
36.0
17.3
13.4
41.2
-
4.1
3.5
Colgate
Neutral
1,036
-
28,180
4,605
5,149
23.4
23.4
23.8
26.9
43.5
38.5
24.1
18.8
64.8
66.8
6.0
5.4
Dabur India
Neutral
293
-
51,569
8,315
9,405
19.8
20.7
8.1
9.2
36.1
31.8
10.1
8.3
31.6
31.0
5.9
5.1
GlaxoSmith Con*
Neutral
5,216
-
21,937
4,350
4,823
21.2
21.4
179.2
196.5
29.1
26.6
7.7
6.6
27.1
26.8
4.4
3.9
Stock Watch
April 25, 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
Godrej Consumer
Neutral
1,662
-
56,621
10,235
11,428
18.4
18.6
41.1
44.2
40.5
37.6
9.0
7.6
24.9
24.8
5.6
5.0
HUL
Neutral
905
-
195,830
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
276
-
335,571
40,059
44,439
38.3
39.2
9.0
10.1
30.8
27.3
8.6
7.5
27.8
27.5
7.9
7.1
Marico
Neutral
302
-
38,921
6,430
7,349
18.8
19.5
6.4
7.7
47.1
39.2
14.2
12.0
33.2
32.5
5.9
5.1
Nestle*
Neutral
6,288
-
60,626
10,073
11,807
20.7
21.5
124.8
154.2
50.4
40.8
20.7
18.6
34.8
36.7
5.8
5.0
Procter & Gamble
Neutral
7,338
-
23,820
2,939
3,342
23.2
23.0
146.2
163.7
50.2
44.8
12.7
10.6
25.3
23.5
7.6
6.7
Hygiene
Tata Global
Neutral
152
-
9,587
8,675
9,088
9.8
9.8
7.4
8.2
20.5
18.5
1.6
1.5
7.9
8.1
1.0
1.0
IT
HCL Tech^
Buy
818
1,000
116,689
49,242
57,168
20.5
20.5
55.7
64.1
14.7
12.8
3.0
2.3
20.3
17.9
2.2
1.8
Infosys
Buy
926
1,179
212,709
68,484
73,963
26.0
26.0
63.0
64.0
14.7
14.5
3.1
2.8
20.8
19.7
2.8
2.4
TCS
Accumulate
2,329
2,651
458,932
117,966
127,403
27.5
27.6
134.3
144.5
17.3
16.1
5.2
4.8
29.8
29.7
3.5
3.3
Tech Mahindra
Buy
430
600
41,847
29,673
32,937
15.5
17.0
32.8
39.9
13.1
10.8
2.6
2.2
19.6
20.7
1.2
1.0
Wipro
Buy
492
583
119,599
55,440
60,430
18.1
18.1
36.1
38.9
13.6
12.6
2.5
2.3
19.0
17.6
1.9
1.7
Media
D B Corp
Neutral
381
-
6,999
2,297
2,590
27.4
28.2
21.0
23.4
18.1
16.3
4.2
3.7
23.7
23.1
2.8
2.5
Hindustan Media
Neutral
291
-
2,136
1,016
1,138
24.3
25.2
27.3
30.1
10.7
9.7
2.0
1.8
16.2
15.8
1.4
1.2
Ventures
HT Media
Neutral
83
-
1,927
2,693
2,991
12.6
12.9
7.9
9.0
10.5
9.2
0.9
0.8
7.8
8.3
0.3
0.2
Jagran Prakashan
Buy
192
225
6,280
2,355
2,635
28.0
28.0
10.8
12.5
17.8
15.4
3.9
3.3
21.7
21.7
2.7
2.4
Sun TV Network
Neutral
929
-
36,614
2,850
3,265
70.1
71.0
26.2
30.4
35.5
30.6
9.1
8.0
24.3
25.6
12.4
10.7
TV Today Network
Buy
274
344
1,634
567
645
26.7
27.0
15.4
18.1
17.8
15.1
2.7
2.3
14.9
15.2
2.4
2.1
Metals & Mining
Coal India
Neutral
278
-
172,287
84,638
94,297
21.4
22.3
24.5
27.1
11.3
10.2
4.7
4.5
42.6
46.0
1.5
1.4
Hind. Zinc
Neutral
275
-
116,281
14,252
18,465
55.9
48.3
15.8
21.5
17.4
12.8
2.8
2.5
17.0
20.7
8.2
6.3
Hindalco
Neutral
191
-
42,780
107,899
112,095
7.4
8.2
9.2
13.0
20.7
14.7
1.0
0.9
4.8
6.6
0.9
0.9
JSW Steel
Neutral
193
-
46,544
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
131
-
41,305
6,643
7,284
44.4
47.7
7.1
7.7
18.4
17.0
1.6
1.6
8.8
9.2
4.0
3.6
SAIL
Neutral
60
-
24,904
47,528
53,738
(0.7)
2.1
(1.9)
2.6
23.2
0.7
0.6
(1.6)
3.9
1.4
1.2
Tata Steel
Neutral
451
-
43,797
121,374
121,856
7.2
8.4
18.6
34.3
24.2
13.2
1.5
1.4
6.1
10.1
1.0
1.0
Vedanta
Neutral
232
-
68,707
71,744
81,944
19.2
21.7
13.4
20.1
17.3
11.5
1.5
1.3
8.4
11.3
1.3
1.0
Oil & Gas
Cairn India
Neutral
283
-
53,060
9,127
10,632
4.3
20.6
8.8
11.7
32.1
24.2
1.0
1.0
3.3
4.2
7.3
6.1
GAIL
Neutral
413
-
69,885
56,220
65,198
9.3
10.1
27.1
33.3
15.3
12.4
1.4
1.3
9.3
10.7
1.4
1.2
Indian Oil Corp
Neutral
422
-
204,871
373,359
428,656
5.9
5.5
54.0
59.3
7.8
7.1
1.2
1.1
16.0
15.6
0.7
0.6
Stock Watch
April 25, 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
182
-
232,923
137,222
152,563
15.0
21.8
19.5
24.1
9.3
7.5
0.8
0.8
8.5
10.1
2.0
1.8
Reliance Industries
Neutral
1,416
-
460,519
301,963
358,039
12.1
12.6
87.7
101.7
16.2
13.9
1.7
1.5
10.7
11.3
2.0
1.7
Pharmaceuticals
Alembic Pharma
Accumulate
605
689
11,408
3,483
4,244
20.2
21.4
24.3
33.6
24.9
18.0
5.7
4.5
25.5
25.3
3.2
2.6
Alkem Laboratories Ltd
Accumulate
2,022
2,257
24,172
6,065
7,009
18.7
20.0
80.2
92.0
25.2
22.0
5.7
4.7
22.5
21.6
3.9
3.4
Aurobindo Pharma
Buy
628
877
36,793
15,720
18,078
23.7
23.7
41.4
47.3
15.2
13.3
3.9
3.1
29.6
26.1
2.6
2.2
Aventis*
Neutral
4,391
-
10,114
2,277
2,597
16.6
17.4
128.9
157.0
34.1
28.0
5.8
4.5
21.6
26.4
4.2
3.5
Cadila Healthcare
Neutral
451
-
46,191
10,429
12,318
17.7
21.6
13.1
19.2
34.4
23.5
7.2
5.7
22.8
27.1
4.5
3.7
Cipla
Sell
556
465
44,739
15,378
18,089
15.7
16.8
19.3
24.5
28.8
22.7
3.4
3.0
12.3
13.9
3.1
2.6
Dishman Pharma
Sell
332
143
5,353
1,718
1,890
22.7
22.8
9.5
11.3
34.9
29.4
3.4
3.1
10.1
10.9
3.6
3.2
Dr Reddy's
Neutral
2,608
-
43,214
16,043
18,119
18.0
23.0
78.6
130.9
33.2
19.9
3.2
2.9
10.1
15.2
2.5
2.4
GSK Pharma*
Neutral
2,577
-
21,825
2,800
3,290
10.2
20.6
32.2
60.3
80.0
42.7
14.8
14.6
17.2
34.5
7.6
6.5
Indoco Remedies
Neutral
229
-
2,111
1,112
1,289
16.2
18.2
11.6
16.0
19.8
14.3
3.2
2.7
17.0
20.1
2.0
1.7
Ipca labs
Neutral
594
-
7,495
3,258
3,747
12.8
15.3
12.1
19.2
49.1
30.9
3.1
2.8
6.4
9.5
2.4
2.1
Lupin
Buy
1,362
1,809
61,512
15,912
18,644
26.4
26.7
58.1
69.3
23.4
19.7
4.6
3.7
21.4
20.9
3.9
3.2
Natco Pharma
Accumulate
925
974
16,130
2,090
2,335
32.1
26.6
26.8
23.2
34.5
39.9
9.8
8.4
28.4
21.1
7.8
95.6
Sun Pharma
Buy
643
847
154,187
31,129
35,258
32.0
32.9
30.2
35.3
21.3
18.2
3.5
2.9
20.0
20.1
4.5
3.8
Power
NTPC
Neutral
166
-
137,040
86,605
95,545
17.5
20.8
11.8
13.4
14.1
12.4
1.4
1.3
10.5
11.1
2.9
2.9
Power Grid
Accumulate
205
223
107,248
25,315
29,193
88.2
88.7
14.2
17.2
14.5
11.9
2.2
1.9
15.2
16.1
8.9
8.0
Tata Power
Neutral
86
-
23,261
36,916
39,557
17.4
27.1
5.1
6.3
16.9
13.7
1.5
1.4
9.0
10.3
1.6
1.5
Real Estate
MLIFE
Buy
404
522
1,658
1,152
1,300
22.7
24.6
29.9
35.8
13.5
11.3
1.0
0.9
7.6
8.6
2.2
1.8
Prestige Estate
Neutral
260
-
9,731
4,707
5,105
25.2
26.0
10.3
13.0
25.2
20.0
2.0
1.9
10.3
10.2
3.2
2.9
Telecom
Bharti Airtel
Neutral
343
-
137,211
105,086
114,808
34.5
34.7
12.2
16.4
28.1
20.9
1.9
1.8
6.8
8.4
2.2
1.9
Idea Cellular
Neutral
85
-
30,627
40,133
43,731
37.2
37.1
6.4
6.5
13.3
13.1
1.1
1.0
8.2
7.6
1.8
1.5
zOthers
Abbott India
Neutral
4,470
-
9,499
3,153
3,583
14.1
14.4
152.2
182.7
29.4
24.5
144.2
123.2
25.6
26.1
2.7
2.3
Asian Granito
Neutral
390
-
1,173
1,060
1,169
12.2
12.5
12.7
15.9
30.8
24.5
2.9
2.6
9.5
10.7
1.4
1.2
Bajaj Electricals
Accumulate
349
395
3,532
4,801
5,351
5.7
6.2
10.4
13.7
33.5
25.5
4.1
3.7
12.4
14.5
0.7
0.7
Banco Products (India)
Neutral
236
-
1,687
1,353
1,471
12.3
12.4
14.5
16.3
16.3
14.5
22.5
20.2
14.5
14.6
1.2
127.8
Coffee Day Enterprises
Neutral
254
-
5,226
2,964
3,260
20.5
21.2
4.7
8.0
-
31.7
2.9
2.7
5.5
8.5
2.2
1.9
Ltd
Competent Automobiles Neutral
239
-
153
1,137
1,256
3.1
2.7
28.0
23.6
8.5
10.1
45.9
41.5
14.3
11.5
0.1
0.1
Stock Watch
April 25, 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
64
-
714
1,482
1,660
13.7
14.5
3.9
5.8
16.3
11.0
3.8
3.5
7.8
10.9
0.8
0.7
Finolex Cables
Neutral
531
-
8,116
2,883
3,115
12.0
12.1
14.2
18.6
37.4
28.5
19.9
17.4
15.8
14.6
2.5
2.3
Garware Wall Ropes
Neutral
738
-
1,615
863
928
15.1
15.2
36.4
39.4
20.3
18.7
3.7
3.1
17.5
15.9
1.8
1.6
Goodyear India*
Neutral
899
-
2,075
1,598
1,704
10.4
10.2
49.4
52.6
18.2
17.1
84.1
73.7
18.2
17.0
1.0
140.5
Hitachi
Neutral
1,790
-
4,867
2,081
2,433
8.8
8.9
33.4
39.9
53.6
44.9
43.2
36.0
22.1
21.4
2.3
2.0
HSIL
Neutral
347
-
2,508
2,384
2,515
15.8
16.3
15.3
19.4
22.7
17.9
22.5
19.4
7.8
9.3
1.2
1.1
Interglobe Aviation
Neutral
1,121
-
40,519
21,122
26,005
14.5
27.6
110.7
132.1
10.1
8.5
60.6
43.3
168.5
201.1
1.9
1.5
Jyothy Laboratories
Neutral
392
-
7,118
1,440
2,052
11.5
13.0
8.5
10.0
46.1
39.2
11.2
10.3
18.6
19.3
5.2
3.6
Kirloskar Engines India
Neutral
395
-
5,712
2,554
2,800
9.9
10.0
10.5
12.1
37.6
32.6
15.7
14.9
10.7
11.7
1.9
1.7
Ltd
Linc Pen & Plastics
Neutral
297
-
439
382
420
9.3
9.5
13.5
15.7
22.1
18.9
3.8
3.3
17.1
17.3
1.2
1.1
M M Forgings
Neutral
610
-
736
546
608
20.4
20.7
41.3
48.7
14.8
12.5
83.6
74.0
16.6
17.0
1.2
1.1
Manpasand Bever.
Neutral
712
-
4,074
836
1,087
19.6
19.4
16.9
23.8
42.1
29.9
5.1
4.4
12.0
14.8
4.6
3.5
Mirza International
Accumulate
99
107
1,187
963
1,069
17.2
18.0
6.1
7.5
16.1
13.1
2.5
2.1
15.0
15.7
1.4
1.3
MT Educare
Neutral
78
-
310
366
417
17.7
18.2
9.4
10.8
8.3
7.2
1.8
1.6
22.2
22.3
0.7
0.6
Narayana Hrudaya
Neutral
318
-
6,506
1,873
2,166
11.5
11.7
2.6
4.0
120.4
80.3
7.4
6.7
6.1
8.3
3.6
3.1
Navkar Corporation
Buy
209
265
2,985
369
561
42.9
42.3
6.9
11.5
30.3
18.2
2.1
1.9
7.4
10.5
9.1
6.0
Navneet Education
Neutral
167
-
3,898
1,062
1,147
24.0
24.0
6.1
6.6
27.4
25.2
5.6
5.0
20.6
19.8
3.8
3.5
Nilkamal
Neutral
2,065
-
3,082
1,995
2,165
10.7
10.4
69.8
80.6
29.6
25.6
118.0
102.5
16.6
16.5
1.5
1.4
Page Industries
Neutral
13,884
-
15,486
2,450
3,124
20.1
17.6
299.0
310.0
46.4
44.8
309.2
236.0
47.1
87.5
6.4
5.0
Parag Milk Foods
Neutral
250
-
2,103
1,919
2,231
9.3
9.6
9.5
12.9
26.5
19.3
4.1
3.4
15.5
17.5
1.2
1.1
Quick Heal
Neutral
244
-
1,712
408
495
27.3
27.0
7.7
8.8
31.5
27.8
2.9
2.9
9.3
10.6
3.3
2.8
Radico Khaitan
Buy
127
147
1,692
1,667
1,824
13.0
13.2
6.7
8.2
19.1
15.5
1.7
1.6
9.0
10.2
1.4
1.3
Relaxo Footwears
Neutral
495
-
5,950
2,085
2,469
9.2
8.2
7.6
8.0
65.5
62.3
25.4
21.7
17.9
18.8
2.9
2.5
S H Kelkar & Co.
Neutral
319
-
4,613
1,036
1,160
15.1
15.0
6.1
7.2
52.2
44.4
5.6
5.1
10.7
11.5
4.3
3.8
Siyaram Silk Mills
Accumulate
1,703
1,872
1,597
1,652
1,857
11.6
11.7
92.4
110.1
18.4
15.5
2.7
2.4
14.7
15.2
1.2
1.0
Styrolution ABS India*
Neutral
737
-
1,296
1,440
1,537
9.2
9.0
40.6
42.6
18.2
17.3
46.4
42.1
12.3
11.6
0.9
0.8
Surya Roshni
Neutral
212
-
928
3,342
3,625
7.8
7.5
17.3
19.8
12.3
10.7
23.3
18.7
10.5
10.8
0.5
0.5
Team Lease Serv.
Neutral
1,097
-
1,875
3,229
4,001
1.5
1.8
22.8
32.8
48.2
33.4
5.2
4.5
10.7
13.4
0.5
0.4
The Byke Hospitality
Neutral
209
-
838
287
384
20.5
20.5
7.6
10.7
27.5
19.5
5.7
4.6
20.7
23.5
2.9
2.2
Stock Watch
April 25, 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
235
-
1,801
2,671
2,911
8.5
8.8
13.9
15.7
17.0
15.0
2.3
2.1
13.7
13.8
0.8
0.7
India
TVS Srichakra
Neutral
3,903
-
2,989
2,304
2,614
13.7
13.8
231.1
266.6
16.9
14.6
438.6
345.3
33.9
29.3
1.3
1.1
UFO Moviez
Neutral
447
-
1,233
619
685
33.2
33.4
30.0
34.9
14.9
12.8
2.1
1.8
13.8
13.9
1.7
1.4
Visaka Industries
Neutral
314
-
498
1,051
1,138
10.3
10.4
21.0
23.1
14.9
13.6
40.2
37.6
9.0
9.2
0.7
0.7
VRL Logistics
Neutral
351
-
3,203
1,902
2,119
16.7
16.6
14.6
16.8
24.1
20.9
5.3
4.6
21.9
22.2
1.8
1.6
Wonderla Holidays
Neutral
387
-
2,189
287
355
38.0
40.0
11.3
14.2
34.3
27.3
4.9
4.3
21.4
23.9
7.3
5.9
VIP Industries
Accumulate
199
218
2,808
1,270
1,450
10.4
10.4
5.6
6.5
35.5
30.6
7.4
6.4
20.7
21.1
2.2
1.9
Navin Fluorine
Accumulate
3,197
3,650
3,130
789
945
21.1
22.4
120.1
143.4
26.6
22.3
4.3
3.7
17.8
18.5
3.9
3.2
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on April 24, 2017
Market Outlook
April 25, 2017
Research Team Tel: 022 - 39357800
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