Market Outlook

July 25, 2017

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are likely to open flat tracking global indices and SGX Nifty.

BSE Sensex

0.7

217

32,246

US markets had a mixed session with tech stocks gaining ground while the broader

Nifty

0.5

9,966

market slipped lower. The National Association of Realtors (NAR) released a report

Mid Cap

0.3

15,226

showing a bigger than expected drop in existing home sales in the month of June

Small Cap

0.3

143

16,036

2017. Existing home sales dropped by 1.8 percent against an expectation of a drop

Bankex

0.5

139

27,635

of 1.0 percent. The NYSE Arca Gold Bugs Index dropped by 2.4 percent as gold

prices weakened by $0.6 to $1,254.30 an ounce.

Global Indices

Chg (%)

(Pts)

(Close)

The UK markets fell lower as the IMF announced a cut to its GDP growth forecast.

The IHS Markit's household finance index dropped to 41.8 in July from 43.7 in June,

Dow Jones

(0.3)

(67)

21,513

signaling a fast deterioration in financial wellbeing for UK households. Airliner

Nasdaq

0.4

6,411

Ryanair fell by 1.4 percent after the budget airline said it expects airline pricing to

FTSE

(1.0)

(75)

7,378

remain under pressure for the second half of the year.

Nikkei

(0.6)

(124)

19,976

Indian markets moved closer to the 10,000 mark as index heavy weights help push

Hang Seng

0.5

141

26,847

the market to an all time high. Reliance Industries continued its rally from yesterday

Shanghai Com

0.4

3,251

and closed up 1.9 percent. HDFC Bank closed up 1.8 percent on good earnings.

ITC also closed up 1.6 percent on news that the company had hiked prices last

Advances / Declines

BSE

NSE

week. Wipro Ltd closed up 1.7 percent on announcement of a share buyback by the

company.

Advances

1,325

1,819

Declines

1,429

875

Result update

Unchanged

167

 HDFC Bank Q1FY18 Result Review

Detailed analysis is on Pg2

Volumes (` Cr)

BSE

3,737

Investor’s Ready Reckoner

NSE

26,875

Key Domestic & Global Indicators

Stock Watch: Latest investment recommendations on 150+ stocks

#Net Inflows (` Cr)

Net

Mtd

Ytd

Refer Pg7 onwards

FII

(5(102)

(21,420

57,328

Top Picks

MFs

804

4,990

44,136

CMP

Target

Upside

Company

Sector

Rating

(`)

(%)

Blue Star

Capital Goods

Accumulate

671

760

13.3

Top Gainers

Price (`)

Chg (%)

Dewan Housing FinanceFinancials

Accumulate

456

520

14.1

Welcorp

133

8.9

Mahindra Lifespace

Real Estate

Buy

435

522

20.0

J&Kbank

7.2

Navkar Corporation

Others

Buy

205

265

29.2

Hcc

5.5

KEI Industries

Capital Goods

Accumulate

233

258

10.7

More Top Picks on Pg5

Albk

4.7

Symphony

1,412

4.7

Key Upcoming Events

Consensus

Date

Region

Event Description

Reading

Expectations

Top Losers

Price (`)

Chg (%)

Jul 25, 2017

Existing home sales

5.62

5.57

Fretail

410

(6.0)

Jul 26, 2017

GDP (YoY)

2.00

1.70

Jul 26, 2017

Initial Jobless claims

233.00

240.00

Mrpl

120

(5.5)

Jul 26, 2017

New home sales

610.00

615.00

Divislab

687

(4.7)

Jul 27, 2017

FOMC rate decision

1.25

Atul

2,211

(3.8)

More Events on Pg7

Lakshvilas

197

(3.2)

#as on 24^t July, 2017

www.angelbroking.com

Market Outlook

July 25, 2017

Result Review

HDFC Bank Q1FY18 Result Review

HDFC Bank came out with yet another quarter of good results. Loan growth of

23% and Deposit growth of 17% were marginally ahead of our expectations.

Further easing of cost of funds has enabled in improvement in NIM which stood at

4.4% vs 4.3% QoQ. However, with increasing competition even the bank believes

the margins could soften a bit. Asset quality of the bank saw some stress during

the quarter as GNPAs went up by 19 bps to 1.25%. However, the management

has clarified that 60% of the incremental slippages were from the agriculture

segment.

A series of loan waivers across large sates, impacted the credit discipline among

agri borrowers and hence the rise in NPAs. The bank has maintained that there

could be some stress on the agri loan portfolio going ahead also. However, given

that the core loan portfolio has remained largely stable and growth rates have

picked up again, the earnings visibility remains fairly stable for the bank. At the

CMP the stock trades at 3.7x its FY19 Adj BV. We believe HDFC Bank will continue

to attract premium valuations and we have an ACCUMULATE rating on the stock.

Economic and Political News

 Direct investments by Indian firms abroad plunged by 46 per cent to $1.12

bln in June 2017 from $2.07 bln in June 2016



19% of country's population financially excluded: Assocham-EY report



29 mineral blocks worth `1.56 lakh crore auctioned as on date: Mines

minister

 FDI grows by 23 per cent to $10.02 bln during April-May 2017

Corporate News

 M&M to try and regain market share with launch of 3 new utility vehicles, to

phase out Xylo eventually

 Mahindra Finance Q1FY18 profit drops 46% YoY to `58cr

 Indiabulls Real Estate Q1FY18 net profit up 29% YoY at `153cr

 IRB Infra reports 31 percent rise in consolidated net profit to `237.8cr in

Q1FY18

www.angelbroking.com

Market Outlook

July 25, 2017

Quarterly Bloomberg Brokers Consensus Estimate

Axis Bank Ltd - July 25, 2017

Particulars ( ` cr)

1QFY18E

1QFY17

y-o-y (%)

4QFY17

q-o-q (%)

Net profit

1,274

1,556

(18.1)

1,225

4.0

Vedanta - July 25, 2017

Particulars ( ` cr)

1QFY18E

1QFY17

y-o-y (%)

4QFY17

q-o-q (%)

Net sales

18,172

14,364

26.5

22,511

(19.3)

EBITDA

5,264

3,506

50.1

7,350

(28.4)

EBITDA margin (%)

29.0

24.4

32.7

Net profit

1,575

615

156.0

1,491

5.6

Bharti Airtel Ltd. - July 25, 2017

Particulars ( ` cr)

1QFY18E

1QFY17

y-o-y (%)

4QFY17

q-o-q (%)

Net sales

21,855

25,547

(14.5)

21,935

(0.4)

EBITDA

7,531

9,575

(21.3)

7,906

(4.7)

EBITDA margin (%)

34.5

37.5

36.0

Net profit

240

1,462

(83.6)

767

(68.7)

Asian Paints Ltd. - July 25, 2017

Particulars ( ` cr)

1QFY18E

1QFY17

y-o-y (%)

4QFY17

q-o-q (%)

Net sales

3,990

3,590

11.1

3,952

1.0

EBITDA

832

820

1.4

712

16.8

EBITDA margin (%)

20.8

22.8

18.0

Net profit

537

535

0.3

480

11.9

Hero Motor Corp Ltd. - July 25, 2017

Particulars ( ` cr)

1QFY18E

1QFY17

y-o-y (%)

4QFY17

q-o-q (%)

Net sales

8,053

7,290

10.5

6,915

16.4

EBITDA

1,280

1,230

4.1

958

33.7

EBITDA margin (%)

15.9

16.9

13.8

Net profit

912

883

3.3

718

27.1

Pidilite Industries - July 25, 2017

Particulars ( ` cr)

1QFY18E

1QFY17

y-o-y (%)

4QFY17

q-o-q (%)

Net sales

1625

1683

(3.5)

1295

25.5

EBITDA

329

393

(16.3)

257

28.0

EBITDA margin (%)

20.3

23.3

19.8

Net profit

262

272

(3.7)

157

66.9

www.angelbroking.com

Market Outlook

July 25, 2017

Top Picks

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

Strong growth in domestic business due to its leadership

in acute therapeutic segment. Alkem expects to launch

Alkem Laboratories

21,487

1,797

2,161

20.2

more products in USA, which bodes for its international

business.

We expect the company would report strong profitability

Asian Granito

1,283

426

480

12.6

owing to better product mix, higher B2C sales and

amalgamation synergy.

Favourable outlook for the AC industry to augur well for

Cooling products business which is out pacing the

Blue Star

6,422

671

760

13.3

market growth. EMPPAC division's profitability to improve

once operating environment turns around.

With a focus on the low and medium income (LMI)

consumer segment, the company has increased its

Dewan Housing Finance

14,295

456

520

14.1

presence in tier-II & III cities where the growth

opportunity is immense.

Loan growth is likely to pick up after a sluggish FY17.

Karur Vysya Bank

8,509

141

160

13.6

Lower credit cost will help in strong bottomline growth.

Increasing share of CASA will help in NIM improvement.

High order book execution in EPC segment, rising B2C

KEI Industries

1,813

233

258

10.7

sales and higher exports to boost the revenues and

profitability

Speedier execution and speedier sales, strong revenue

Mahindra Lifespace

2,233

435

522

20.0

visibilty in short-to-long run, attractive valuations

Massive capacity expansion along with rail advantage at

Navkar Corporation

2,924

205

265

29.2

ICD as well CFS augurs well for the company

Strong brands and distribution network would boost

Siyaram Silk Mills

2,178

2,324

2,500

3.0

growth going ahead. Stock currently trades at an

inexpensive valuation.

Market leadership in Hindi news genre and no.

viewership ranking in English news genre, exit from the

TV Today Network

1,486

249

344

38.1

radio business, and anticipated growth in ad spends by

corporates to benefit the stock.

After GST, the company is expected to see higher

volumes along with improving product mix. The Gujarat

Maruti

2,28,128

7,552

8,495

12.5

plant will also enable higher operating leverage which

will be margin accretive.

Source: Company, Angel Research,

www.angelbroking.com

Market Outlook

July 25, 2017

Key Upcoming Events

Global economic events release calendar

Bloomberg Data

Date

Time

Country

Event Description

Unit

Period

Last Reported

Estimated

Jul 25, 2017

7:30 PMUS

Existing home sales

Million

Jun

5.62

5.57

Jul 26, 2017

2:00 PMUK

GDP (YoY)

% Change

2Q A

2.00

1.70

6:00 PMUS

Initial Jobless claims

Thousands

Jul 22

233.00

240.00

7:30 PMUS

New home sales

Thousands

Jun

610.00

615.00

Jul 27, 2017

11:30 PMUS

FOMC rate decision

Jul 26

1.25

Jul 28, 2017

2:30 PMEuro Zone

Euro-Zone Consumer Confidence

Value

Jul F

(1.70)

6:00 PMUS

GDP Qoq (Annualised)

% Change

2Q A

1.40

2.50

Jul 31, 2017

6:30 AMChina

PMI Manufacturing

Value

Jul

51.70

51.40

Aug 01, 2017

1:25 PMGermany

Unemployment change (000's)

Thousands

Jul

7.00

2:00 PMUK

PMI Manufacturing

Value

Jul

54.30

2:30 PMEuro Zone

Euro-Zone GDP s.a. (QoQ)

% Change

2Q A

0.60

Aug 02, 2017

2:30 PMIndia

RBI Reverse Repo rate

Aug 2

6.00

2:30 PMIndia

RBI Repo rate

Aug 2

6.25

2:30 PMIndia

RBI Cash Reserve ratio

Aug 2

4.00

Aug 03, 2017

6:00 PMUS

Change in Nonfarm payrolls

Thousands

Jul

222.00

175.00

Aug 04, 2017

4:30 PMUK

BOE Announces rates

% Ratio

Aug 3

0.25

6:00 PMUS

Unnemployment rate

Jul

4.40

4.30

Aug 08, 2017

China

Exports YoY%

% Change

Jul

11.30

Aug 09, 2017

7:00 AMChina

Consumer Price Index (YoY)

% Change

Jul

1.50

Aug 10, 2017

India

Imports YoY%

% Change

Jul

19.00

India

Exports YoY%

% Change

Jul

4.40

Source: Bloomberg, Angel Research

www.angelbroking.com

Market Outlook

July 25, 2017

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

5.7

10.0

6.0

9.1

5.2

8.8

4.9

9.0

7.9

8.0

7.9

5.0

7.6

7.5

8.0

7.3

7.2

3.8

7.0

4.0

7.0

3.0

6.1

2.8

2.6

3.0

6.0

1.9

1.7

5.0

2.0

4.0

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

(%)

7.0

54.0

6.1

6.0

5.1

52.0

5.0

4.3

4.2

3.9

50.0

3.6

3.7

4.0

3.4

3.2

3.0

48.0

3.0

2.2

1.5

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

60.0

7.00

50.0

6.50

40.0

6.00

30.0

5.50

20.0

5.00

10.0

4.50

0.0

4.00

(10.0)

(20.0)

3.50

(30.0)

3.00

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

www.angelbroking.com

Market Outlook

July 25, 2017

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

65,100

6.2

2.1

15.1

Russia

Micex

1,932

3.9

0.8

(0.3)

India

Nifty

9,966

3.5

9.3

16.9

China

Shanghai Composite

3,251

3.1

2.6

6.4

South Africa

Top 40

48,058

6.9

5.1

4.0

Mexico

Mexbol

51,666

5.4

4.6

9.6

Indonesia

LQ45

973

0.3

3.9

11.6

Malaysia

KLCI

1,762

(1.1)

1.2

5.6

Thailand

SET 50

1,001

0.8

0.7

6.1

USA

Dow Jones

21,513

0.5

4.7

16.3

FTSE

7,378

(0.8)

3.7

9.7

Japan

Nikkei

19,976

(0.8)

8.4

21.9

Germany

DAX

12,209

(4.6)

1.3

18.8

France

CAC

5,128

(2.9)

(2.7)

16.3

Source: Bloomberg, Angel Research, #Data as on 24^th July

www.angelbroking.com

Stock Watch

July 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

Reduce

237

209

4,611

1,937

2,164

13.3

14.3

9.0

11.0

26.3

21.6

4.6

4.0

18.4

19.8

2.4

2.1

United Phosphorus

Neutral

866

44,006

15,176

17,604

18.5

37.4

44.6

23.2

19.4

4.5

3.8

21.4

21.2

3.0

2.6

Auto & Auto Ancillary

Ashok Leyland

Accumulate

104

116

30,451

20,019

22,789

11.1

11.7

4.3

5.5

24.2

19.0

4.7

4.2

19.4

22.0

1.5

1.3

Bajaj Auto

Neutral

2,827

81,800

25,093

27,891

19.5

19.2

143.9

162.5

19.6

17.4

5.5

4.7

30.3

29.4

3.0

2.6

Bharat Forge

Neutral

1,129

26,293

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

Eicher Motors

Neutral

28,844

78,519

16,583

20,447

17.5

18.0

598.0

745.2

48.2

38.7

16.5

12.6

41.2

38.3

4.6

3.6

Gabriel India

Neutral

148

2,126

1,544

1,715

9.0

9.3

5.4

6.3

27.4

23.5

5.2

4.6

18.9

19.5

1.3

1.2

Hero Motocorp

Neutral

3,691

73,711

28,120

30,753

15.2

15.6

169.1

189.2

21.8

19.5

7.5

6.3

30.8

28.2

2.4

2.2

Jamna Auto Industries Neutral

257

2,048

1,486

1,620

9.8

9.9

15.0

17.2

17.1

14.9

3.8

3.2

21.8

21.3

1.4

1.3

L G Balakrishnan & Bros Neutral

770

1,209

1,302

1,432

11.6

11.9

43.7

53.0

17.6

14.5

2.5

2.3

13.8

14.2

1.0

0.9

Mahindra and Mahindra Neutral

1,389

86,239

46,534

53,077

11.6

11.7

67.3

78.1

20.6

17.8

3.4

2.9

15.4

15.8

1.8

1.6

Maruti

Accumulate

7,552

8,495

228,128

67,822

83,717

15.2

15.0

243.0

291.5

31.1

25.9

7.1

5.8

22.9

22.4

3.0

2.4

Minda Industries

Neutral

760

6,565

2,728

3,042

9.0

9.1

68.2

86.2

11.1

8.8

2.5

2.0

23.8

24.3

2.5

2.2

Motherson Sumi

Neutral

325

68,376

45,896

53,687

7.8

8.3

13.0

16.1

24.9

20.2

8.0

6.4

34.7

35.4

1.6

1.3

Rane Brake Lining

Neutral

1,343

1,063

511

562

11.3

11.5

28.1

30.9

47.8

43.4

7.3

6.6

15.3

15.0

2.2

2.0

Setco Automotive

Neutral

564

741

837

13.0

15.2

17.0

2.8

2.5

0.5

0.4

15.8

16.3

1.1

1.0

Tata Motors

Neutral

464

133,857

300,209

338,549

8.9

8.4

42.7

54.3

10.9

8.6

1.7

1.5

15.6

17.2

0.6

0.5

TVS Motor

Neutral

577

27,410

13,390

15,948

6.9

7.1

12.8

16.5

45.2

34.9

11.3

8.9

26.3

27.2

2.1

1.7

Amara Raja Batteries

Accumulate

843

962

14,404

5,339

6,220

15.9

15.3

28.0

32.3

30.1

26.1

5.7

4.8

19.1

18.5

2.7

2.3

Exide Industries

Neutral

215

18,279

7,439

8,307

15.0

8.1

9.3

26.6

23.1

3.7

3.3

14.3

16.7

2.1

1.9

Apollo Tyres

Neutral

254

12,919

12,877

14,504

14.3

13.9

21.4

23.0

11.8

11.0

1.8

1.6

16.4

15.2

1.2

1.1

Ceat

Neutral

1,841

7,448

7,524

8,624

13.0

12.7

131.1

144.3

14.1

12.8

2.6

2.2

19.8

18.6

1.1

0.9

JK Tyres

Neutral

160

3,635

7,455

8,056

15.0

21.8

24.5

7.4

6.5

1.5

1.3

22.8

21.3

0.6

0.5

Swaraj Engines

Neutral

2,183

2,711

660

810

15.2

16.4

54.5

72.8

40.1

30.0

12.5

11.3

31.5

39.2

3.9

3.2

Subros

Neutral

240

1,437

1,488

1,681

11.7

11.9

6.4

7.2

37.4

33.4

4.0

3.6

10.8

11.4

1.2

1.0

Indag Rubber

Neutral

203

532

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

Capital Goods

ACE

Neutral

708

709

814

4.1

4.6

1.4

2.1

51.1

34.1

2.1

2.0

4.4

6.0

1.2

1.0

BEML

Neutral

1,650

6,870

3,451

4,055

6.3

9.2

31.4

57.9

52.5

28.5

3.2

2.9

6.3

10.9

2.1

1.8

Bharat Electronics

Neutral

173

38,564

8,137

9,169

16.8

17.2

58.7

62.5

2.9

2.8

0.5

0.4

44.6

46.3

3.7

3.3

www.angelbroking.com

Stock Watch

July 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

Voltas

Neutral

500

16,554

6,511

7,514

7.9

8.7

12.9

16.3

38.8

30.7

7.0

6.1

16.7

18.5

2.3

2.0

BGR Energy

Neutral

149

1,078

16,567

33,848

6.0

5.6

7.8

5.9

19.2

25.3

1.1

4.7

4.2

0.2

0.1

BHEL

Neutral

146

35,759

28,797

34,742

2.8

2.3

6.9

63.5

21.2

1.1

1.0

1.3

4.8

0.9

0.6

Blue Star

Accumulate

671

760

6,422

4,283

5,077

5.9

7.3

14.9

22.1

45.1

30.3

8.7

7.4

20.4

26.4

1.5

1.3

CG Power and Industrial

Neutral

5,337

5,777

6,120

5.9

7.0

3.3

4.5

25.8

18.9

1.1

4.4

5.9

0.9

0.8

Solutions

Greaves Cotton

Neutral

167

4,076

1,755

1,881

16.8

16.9

7.8

8.5

21.4

19.6

4.3

4.0

20.6

20.9

2.0

1.8

Inox Wind

Neutral

133

2,958

5,605

6,267

15.7

16.4

24.8

30.0

5.4

4.4

1.5

1.1

25.9

24.4

0.6

0.5

KEC International

Neutral

288

7,407

9,294

10,186

7.9

8.1

9.9

11.9

29.1

24.2

4.3

3.7

15.6

16.3

1.0

0.9

KEI Industries

Accumulate

233

258

1,813

2,633

3,001

10.4

10.0

12.7

13.0

18.3

17.9

3.9

3.3

21.4

18.2

0.9

0.8

Thermax

Neutral

915

10,906

5,421

5,940

7.3

25.7

30.2

35.6

30.3

4.3

3.9

12.2

13.1

1.9

1.7

VATech Wabag

Buy

590

681

3,219

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

1,727

32,435

11,225

13,172

13.2

16.9

44.5

75.5

38.8

22.9

3.7

3.4

11.2

14.2

2.9

2.5

Ambuja Cements

Neutral

268

53,176

9,350

10,979

18.2

22.5

5.8

9.5

46.2

28.2

3.9

3.5

10.2

12.5

5.7

4.8

India Cements

Neutral

209

6,437

4,364

4,997

18.5

19.2

7.9

11.3

26.4

18.5

1.9

8.0

8.5

2.2

2.0

JK Cement

Neutral

985

6,883

4,398

5,173

15.5

17.5

31.2

55.5

31.6

17.7

3.8

3.3

12.0

15.5

2.1

1.8

J K Lakshmi Cement

Neutral

468

5,510

2,913

3,412

14.5

19.5

7.5

22.5

62.4

20.8

3.8

3.2

12.5

18.0

2.5

2.1

Orient Cement

Neutral

159

3,264

2,114

2,558

18.5

20.5

8.1

11.3

19.7

14.1

2.9

2.5

9.0

14.0

2.2

1.7

UltraTech Cement

Neutral

4,185

114,883

25,768

30,385

21.0

23.5

111.0

160.0

37.7

26.2

4.8

4.2

13.5

15.8

4.6

3.8

Construction

ITNL

Neutral

3,102

8,946

10,017

31.0

31.6

8.1

9.1

11.6

10.4

0.4

4.2

5.0

3.7

3.4

KNR Constructions

Neutral

211

2,967

1,385

1,673

14.7

14.0

41.2

48.5

5.1

4.4

1.0

0.8

14.9

15.2

2.2

1.8

Larsen & Toubro

Buy

1,179

1,700

165,032

111,017

124,908

11.0

61.1

66.7

19.3

17.7

2.3

2.2

13.1

12.9

2.5

2.3

Gujarat Pipavav Port

Neutral

146

7,061

705

788

52.2

51.7

5.0

5.6

29.2

26.1

2.9

2.6

11.2

9.7

8.2

Nagarjuna Const.

Neutral

5,087

8,842

9,775

9.1

8.8

5.3

6.4

17.3

14.3

1.4

1.3

8.2

9.1

0.7

0.6

PNC Infratech

Neutral

142

3,642

2,350

2,904

13.1

13.2

9.0

8.8

15.8

16.1

0.6

0.5

15.9

13.9

1.7

1.4

Simplex Infra

Neutral

498

2,463

6,829

7,954

10.5

31.4

37.4

15.9

13.3

1.6

1.5

9.9

13.4

0.8

0.7

Power Mech Projects

Neutral

585

861

1,801

2,219

12.7

14.6

72.1

113.9

8.1

5.1

1.5

1.3

16.8

11.9

0.5

0.4

Sadbhav Engineering

Accumulate

281

298

4,818

3,598

4,140

10.3

10.6

9.0

11.9

31.2

23.6

3.3

2.9

9.9

11.9

1.6

1.4

NBCC

Neutral

215

19,350

7,428

9,549

7.9

8.6

8.2

11.0

26.2

19.6

1.3

1.0

28.2

28.7

2.3

1.7

MEP Infra

Neutral

129

2,100

1,877

1,943

30.6

29.8

3.0

4.2

43.1

30.8

20.8

14.0

0.6

2.5

2.3

www.angelbroking.com

Stock Watch

July 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

SIPL

Neutral

107

3,753

1,036

1,252

65.5

66.2

(8.4)

(5.6)

4.0

4.6

(22.8)

(15.9)

11.8

9.8

Engineers India

Neutral

165

11,112

1,725

1,935

16.0

19.1

11.4

13.9

14.5

11.9

2.0

1.9

13.4

15.3

5.4

4.8

Financials

Axis Bank

Accumulate

534

580

128,081

46,932

53,575

3.5

3.4

32.4

44.6

16.5

12.0

2.1

1.9

13.6

16.5

Bank of Baroda

Neutral

164

37,800

19,980

23,178

1.8

11.5

17.3

14.3

9.5

1.6

1.3

8.3

10.1

Canara Bank

Neutral

353

21,093

15,225

16,836

1.8

14.5

28.0

24.4

12.6

1.7

1.4

5.8

8.5

Can Fin Homes

Neutral

3,061

8,150

420

526

3.5

86.5

107.8

35.4

28.4

7.6

6.2

23.6

24.1

Cholamandalam Inv. &

Accumulate

1,130

1,230

17,653

2,012

2,317

6.3

42.7

53.6

26.5

21.1

4.2

3.6

16.9

18.3

Fin. Co.

Dewan Housing Finance Accumulate

456

520

14,295

2,225

2,688

2.9

29.7

34.6

15.4

13.2

2.5

1.6

16.1

14.8

Equitas Holdings

Buy

168

235

5,671

939

1,281

11.7

11.5

5.8

8.2

28.9

20.4

2.5

2.2

10.9

11.5

Federal Bank

Accumulate

117

125

22,743

8,259

8,995

3.0

4.3

5.6

27.2

20.9

2.3

2.1

8.5

10.1

HDFC

Neutral

1,635

260,438

11,475

13,450

3.4

45.3

52.5

36.1

31.1

7.0

6.2

20.2

20.5

HDFC Bank

Accumulate

1,735

1,850

446,453

46,097

55,433

4.5

58.4

68.0

29.7

25.5

5.2

4.4

18.8

18.6

ICICI Bank

Neutral

303

194,281

42,800

44,686

3.1

3.3

18.0

21.9

16.8

13.8

2.3

2.1

11.1

12.3

Karur Vysya Bank

Accumulate

141

160

8,509

5,640

6,030

3.3

3.2

8.9

10.0

15.8

14.1

1.7

1.6

11.2

11.4

Lakshmi Vilas Bank

Neutral

199

3,812

3,339

3,799

2.7

2.8

11.0

14.0

18.1

14.2

1.9

1.7

11.2

12.7

LIC Housing Finance

Neutral

742

37,469

3,712

4,293

2.6

2.5

39.0

46.0

19.0

16.1

3.6

3.1

19.9

20.1

Punjab Natl.Bank

Neutral

161

34,324

23,532

23,595

2.3

2.4

6.8

12.6

23.7

12.8

3.7

2.6

3.3

6.5

RBL Bank

Neutral

524

19,744

1,783

2,309

2.6

12.7

16.4

41.3

32.0

4.5

4.0

12.8

13.3

Repco Home Finance

Accumulate

781

825

4,884

388

457

4.5

4.2

30.0

38.0

26.0

20.5

4.3

3.6

18.0

19.2

South Ind.Bank

Neutral

5,284

6,435

7,578

2.5

2.7

3.1

10.9

9.5

1.4

1.2

10.1

11.2

St Bk of India

Neutral

294

254,171

88,650

98,335

2.6

13.5

18.8

21.8

15.7

2.1

1.8

7.0

8.5

Union Bank

Neutral

157

10,813

13,450

14,925

2.3

25.5

34.5

6.2

4.6

0.9

0.8

7.5

10.2

Yes Bank

Neutral

1,593

72,856

8,978

11,281

3.3

3.4

74.0

90.0

21.5

17.7

4.1

3.5

17.0

17.2

FMCG

Akzo Nobel India

Neutral

1,770

8,489

2,955

3,309

13.3

13.7

57.2

69.3

31.0

25.5

10.1

8.5

32.7

33.3

2.7

2.4

Asian Paints

Neutral

1,156

110,888

17,128

18,978

16.8

16.4

19.1

20.7

60.5

55.9

21.1

19.9

34.8

35.5

6.4

5.8

Britannia

Neutral

3,825

45,917

9,594

11,011

14.6

14.9

80.3

94.0

47.6

40.7

19.6

15.1

41.2

4.6

4.0

Colgate

Neutral

1,070

29,094

4,605

5,149

23.4

23.8

26.9

45.0

39.8

24.9

19.5

64.8

66.8

6.2

5.6

Dabur India

Neutral

306

53,867

8,315

9,405

19.8

20.7

8.1

9.2

37.8

33.2

10.5

8.7

31.6

31.0

6.1

5.4

GlaxoSmith Con*

Neutral

5,516

23,198

4,350

4,823

21.2

21.4

179.2

196.5

30.8

28.1

8.2

6.9

27.1

26.8

4.7

4.2

www.angelbroking.com

Stock Watch

July 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

991

67,490

10,235

11,428

18.4

18.6

41.1

44.2

24.1

22.4

5.4

4.5

24.9

24.8

6.7

5.9

HUL

Neutral

1,158

250,602

35,252

38,495

17.8

20.7

22.4

56.1

51.7

53.6

46.0

95.6

88.9

7.0

6.4

ITC

Neutral

293

356,585

40,059

44,439

38.3

39.2

9.0

10.1

32.7

28.9

9.1

8.0

27.8

27.5

8.4

7.6

Marico

Neutral

331

42,650

6,430

7,349

18.8

19.5

6.4

7.7

51.6

42.9

15.6

13.1

33.2

32.5

6.4

5.6

Nestle*

Neutral

6,830

65,852

10,073

11,807

20.7

21.5

124.8

154.2

54.7

44.3

22.5

20.2

34.8

36.7

6.4

5.4

Tata Global

Neutral

170

10,729

8,675

9,088

9.8

7.4

8.2

23.0

20.7

1.8

1.7

7.9

8.1

1.2

1.1

Procter & Gamble

Neutral

8,229

26,712

2,939

3,342

23.2

23.0

146.2

163.7

56.3

50.3

14.3

11.8

25.3

23.5

8.6

7.5

Hygiene

HCL Tech^

Accumulate

903

1,014

128,864

46,723

52,342

22.1

20.9

60.0

62.8

15.1

14.4

3.8

3.2

25.3

22.4

2.5

2.1

Infosys

Buy

991

1,179

227,673

68,484

73,963

26.0

63.0

64.0

15.7

15.5

3.3

3.0

20.8

19.7

3.0

2.6

TCS

Neutral

2,533

499,040

117,966

127,403

27.5

27.6

134.3

144.5

18.9

17.5

5.6

5.2

29.8

29.7

3.9

3.6

Tech Mahindra

Buy

399

533

38,907

29,141

31,051

14.4

15.0

32.3

35.6

12.4

11.2

2.1

1.9

17.1

17.0

1.2

1.0

Wipro

Neutral

292

142,002

55,421

58,536

20.3

35.1

36.5

8.3

8.0

1.4

1.2

19.2

14.6

2.0

1.7

Media

D B Corp

Neutral

372

6,838

2,297

2,590

27.4

28.2

21.0

23.4

17.7

15.9

4.1

3.6

23.7

23.1

2.8

2.4

HT Media

Neutral

2,055

2,693

2,991

12.6

12.9

7.9

9.0

11.2

9.8

1.0

0.9

7.8

8.3

0.3

0.2

Jagran Prakashan

Buy

174

225

5,685

2,283

2,555

28.0

10.6

12.3

16.4

14.2

3.5

3.0

21.4

2.5

2.2

Sun TV Network

Neutral

810

31,911

2,850

3,265

70.1

71.0

26.2

30.4

30.9

26.6

7.9

7.0

24.3

25.6

10.8

9.3

Hindustan Media

Neutral

276

2,026

1,016

1,138

24.3

25.2

27.3

30.1

10.1

9.2

1.9

1.7

16.2

15.8

1.3

1.1

Ventures

TV Today Network

Buy

249

344

1,486

608

667

21.5

22.3

15.7

19.2

15.9

13.0

2.4

2.1

16.1

16.0

2.0

1.8

Music Broadcast Limited Buy

365

434

2,084

271

317

91.0

109.0

6.0

10.0

60.9

36.5

3.8

3.5

6.5

9.3

7.3

6.0

Metals & Mining

Coal India

Neutral

261

162,231

84,638

94,297

21.4

22.3

24.5

27.1

10.7

9.6

4.4

4.2

42.6

46.0

1.4

1.3

Hind. Zinc

Neutral

278

117,570

14,252

18,465

55.9

48.3

15.8

21.5

17.6

12.9

2.9

2.5

17.0

20.7

8.3

6.4

Hindalco

Neutral

214

47,977

107,899

112,095

7.4

8.2

9.2

13.0

23.2

16.5

1.1

4.8

6.6

1.0

0.9

JSW Steel

Neutral

214

51,729

53,201

58,779

16.1

16.2

130.6

153.7

1.6

1.4

0.2

14.0

14.4

1.7

1.5

NMDC

Neutral

122

38,694

6,643

7,284

44.4

47.7

7.1

7.7

17.2

15.9

1.5

8.8

9.2

3.6

3.2

SAIL

Neutral

26,123

47,528

53,738

(0.7)

2.1

(1.9)

2.6

24.3

0.7

(1.6)

3.9

1.4

1.3

Vedanta

Neutral

265

98,357

71,744

81,944

19.2

21.7

13.4

20.1

19.8

13.2

1.7

1.5

8.4

11.3

1.8

1.4

Tata Steel

Neutral

547

53,169

121,374

121,856

7.2

8.4

18.6

34.3

29.4

16.0

1.8

1.7

6.1

10.1

1.1

Oil & Gas

GAIL

Neutral

376

63,559

56,220

65,198

9.3

10.1

27.1

33.3

13.9

11.3

1.3

1.2

9.3

10.7

1.3

1.1

ONGC

Neutral

163

209,438

137,222

152,563

15.0

21.8

19.5

24.1

8.4

6.8

0.7

8.5

10.1

1.8

1.6

www.angelbroking.com

Stock Watch

July 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

Indian Oil Corp

Neutral

378

183,626

373,359

428,656

5.9

5.5

54.0

59.3

7.0

6.4

1.1

1.0

16.0

15.6

0.6

Reliance Industries

Neutral

1,616

525,513

301,963

358,039

12.1

12.6

87.7

101.7

18.4

15.9

1.9

1.7

10.7

11.3

2.2

1.8

Pharmaceuticals

Alembic Pharma

Buy

546

648

10,289

3,101

3,966

19.7

20.5

21.4

25.5

21.4

5.4

4.4

23.0

22.8

3.3

2.4

Alkem Laboratories Ltd

Buy

1,797

2,161

21,487

5,853

6,901

17.1

18.4

74.6

85.0

24.1

21.1

5.1

4.3

21.1

20.2

3.6

3.1

Aurobindo Pharma

Accumulate

745

823

43,651

14,845

17,086

21.5

22.1

39.4

44.7

18.9

16.7

4.7

3.7

27.6

24.7

3.1

2.7

Aventis*

Neutral

4,287

9,872

2,206

2,508

16.6

16.8

128.9

139.9

33.3

30.6

5.7

4.5

21.6

23.5

4.2

3.6

Cadila Healthcare

Sell

532

450

54,427

9,220

11,584

18.4

20.3

14.5

18.7

36.7

28.4

7.8

6.3

23.5

24.6

6.2

4.8

Cipla

Sell

570

461

45,830

14,281

16,619

15.4

16.2

12.5

19.7

45.6

28.9

3.7

3.3

8.4

12.0

3.4

2.9

Dr Reddy's

Neutral

2,692

44,628

14,081

15,937

16.1

18.6

72.6

105.9

37.1

25.4

3.6

3.3

9.6

13.6

3.4

3.0

Dishman Pharma

Sell

143

1,718

1,890

22.7

22.8

9.5

11.3

10.1

10.9

3.3

2.9

GSK Pharma*

Neutral

2,556

21,650

2,927

3,290

11.8

16.2

34.4

49.6

74.3

51.5

10.8

11.2

13.9

21.3

7.2

6.5

Indoco Remedies

Sell

203

153

1,874

1,067

1,154

12.1

14.9

8.4

11.3

24.2

18.0

2.9

2.6

12.6

15.0

1.9

1.8

Ipca labs

Buy

479

620

6,048

3,211

3,593

13.9

14.5

15.4

19.4

31.1

24.7

2.5

2.3

8.2

9.5

2.0

1.8

Lupin

Buy

1,143

1,526

51,616

17,120

18,657

24.1

56.9

61.1

20.1

18.7

3.8

3.2

20.7

18.6

3.3

2.7

Natco Pharma

Accumulate

991

1,060

17,273

2,065

1,988

33.1

33.7

27.9

25.7

35.5

38.6

10.4

8.8

29.2

22.9

8.5

Sun Pharma

Buy

571

712

137,069

30,264

32,899

29.0

26.9

32.7

31.6

17.5

18.1

3.8

3.2

22.2

18.7

4.3

3.8

Power

Tata Power

Neutral

22,517

36,916

39,557

17.4

27.1

5.1

6.3

16.3

13.2

1.4

1.3

9.0

10.3

1.6

1.5

NTPC

Neutral

164

135,267

86,605

95,545

17.5

20.8

11.8

13.4

13.9

12.2

1.4

1.3

10.5

11.1

2.9

Power Grid

Neutral

217

113,447

25,315

29,193

88.2

88.7

14.2

17.2

15.3

12.6

2.3

2.0

15.2

16.1

9.1

8.2

Real Estate

Prestige Estate

Neutral

251

9,413

4,707

5,105

25.2

26.0

10.3

13.0

24.4

19.3

2.0

1.8

10.3

10.2

3.2

2.8

MLIFE

Buy

435

522

2,233

1,152

1,300

22.7

24.6

29.9

35.8

14.6

12.2

1.1

1.0

7.6

8.6

2.7

2.2

Telecom

Bharti Airtel

Neutral

420

167,971

105,086

114,808

34.5

34.7

12.2

16.4

34.4

25.6

2.3

2.2

6.8

8.4

2.5

2.2

Idea Cellular

Neutral

33,122

40,133

43,731

37.2

37.1

6.4

6.5

14.4

14.1

1.2

1.1

8.2

7.6

1.8

1.6

zOthers

Abbott India

Neutral

4,509

9,580

3,153

3,583

14.1

14.4

152.2

182.7

29.6

24.7

145.4

124.2

25.6

26.1

2.8

2.4

Asian Granito

Accumulate

426

480

1,283

1,066

1,169

11.6

12.5

13.0

16.0

32.8

26.7

3.2

2.9

9.5

10.7

1.5

1.3

Bajaj Electricals

Buy

338

395

3,427

4,801

5,351

5.7

6.2

10.4

13.7

32.4

24.7

4.0

3.6

12.4

14.5

0.7

0.6

Banco Products (India)

Neutral

236

1,689

1,353

1,471

12.3

12.4

14.5

16.3

14.5

22.5

20.3

14.5

14.6

1.2

127.9

Coffee Day Enterprises

Neutral

250

5,141

2,964

3,260

20.5

21.2

4.7

8.0

31.2

2.9

2.6

5.5

8.5

2.1

1.9

Ltd

Competent Automobiles Neutral

229

147

1,137

1,256

3.1

2.7

28.0

23.6

8.2

9.7

44.0

39.8

14.3

11.5

0.1

www.angelbroking.com

Stock Watch

July 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

679

1,482

1,660

13.7

14.5

3.9

5.8

15.5

10.4

3.7

3.4

7.8

10.9

0.8

0.7

Finolex Cables

Neutral

487

7,449

2,883

3,115

12.0

12.1

14.2

18.6

34.3

26.2

18.2

16.0

15.8

14.6

2.3

2.1

Garware Wall Ropes

Neutral

890

1,947

863

928

15.1

15.2

36.4

39.4

24.5

22.6

4.4

3.8

17.5

15.9

2.2

2.0

Goodyear India*

Neutral

894

2,062

1,598

1,704

10.4

10.2

49.4

52.6

18.1

17.0

83.6

73.3

18.2

17.0

1.0

139.3

Hitachi

Neutral

2,000

5,438

2,081

2,433

8.8

8.9

33.4

39.9

59.9

50.1

48.3

40.3

22.1

21.4

2.6

2.2

HSIL

Neutral

394

2,847

2,384

2,515

15.8

16.3

15.3

19.4

25.7

20.3

25.6

22.0

7.8

9.3

1.4

1.3

Interglobe Aviation

Neutral

1,233

44,598

21,122

26,005

14.5

27.6

110.7

132.1

11.1

9.3

66.7

47.6

168.5

201.1

2.1

1.7

Jyothy Laboratories

Neutral

378

6,873

1,440

2,052

11.5

13.0

8.5

10.0

44.5

37.8

10.8

10.0

18.6

19.3

5.1

3.5

Kirloskar Engines India

Neutral

400

5,785

2,554

2,800

9.9

10.0

10.5

12.1

38.1

33.1

15.9

15.0

10.7

11.7

1.9

1.7

Ltd

Linc Pen & Plastics

Neutral

274

404

382

420

9.3

9.5

13.5

15.7

20.3

17.4

3.5

3.0

17.1

17.3

1.1

1.0

M M Forgings

Neutral

624

753

546

608

20.4

20.7

41.3

48.7

15.1

12.8

85.5

75.7

16.6

17.0

1.2

1.1

Manpasand Bever.

Neutral

781

4,467

836

1,087

19.6

19.4

16.9

23.8

46.2

32.8

5.5

4.8

12.0

14.8

5.1

3.8

Mirza International

Neutral

165

1,986

963

1,069

17.2

18.0

6.1

7.5

26.9

22.0

4.1

3.5

15.0

15.7

2.3

2.0

MT Educare

Neutral

298

366

417

17.7

18.2

9.4

10.8

8.0

6.9

1.8

1.5

22.2

22.3

0.7

0.6

Narayana Hrudaya

Neutral

300

6,123

1,873

2,166

11.5

11.7

2.6

4.0

113.3

75.6

7.0

6.3

6.1

8.3

3.4

2.9

Navkar Corporation

Buy

205

265

2,924

347

371

43.2

37.3

6.7

6.0

30.7

34.2

2.1

1.9

6.2

10.6

9.5

8.9

Navneet Education

Neutral

169

3,946

1,062

1,147

24.0

6.1

6.6

27.7

25.5

5.7

5.1

20.6

19.8

3.8

3.5

Nilkamal

Neutral

1,901

2,837

1,995

2,165

10.7

10.4

69.8

80.6

27.2

23.6

108.6

94.4

16.6

16.5

1.4

1.3

Page Industries

Neutral

16,735

18,667

2,450

3,124

20.1

17.6

299.0

310.0

56.0

54.0

372.7

284.5

47.1

87.5

7.7

6.0

Parag Milk Foods

Neutral

253

2,131

1,919

2,231

9.3

9.6

9.5

12.9

26.8

19.6

4.2

3.4

15.5

17.5

1.3

1.1

Quick Heal

Neutral

220

1,545

408

495

27.3

27.0

7.7

8.8

28.4

25.0

2.6

9.3

10.6

2.9

2.4

Radico Khaitan

Buy

127

147

1,690

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

481

5,775

2,085

2,469

9.2

8.2

7.6

8.0

63.6

60.5

24.7

21.1

17.9

18.8

2.9

2.4

S H Kelkar & Co.

Neutral

276

3,990

1,036

1,160

15.1

15.0

6.1

7.2

45.2

38.4

4.8

4.4

10.7

11.5

3.7

3.3

Siyaram Silk Mills

Accumulate

2,324

2,500

2,178

1,574

1,769

12.5

12.7

97.1

113.1

23.9

20.5

3.7

3.2

15.4

15.5

1.6

1.4

Styrolution ABS India*

Neutral

1,072

1,885

1,440

1,537

9.2

9.0

40.6

42.6

26.4

25.2

67.4

61.3

12.3

11.6

1.3

1.1

Surya Roshni

Neutral

290

1,273

3,342

3,625

7.8

7.5

17.3

19.8

16.8

14.7

31.9

25.6

10.5

10.8

0.6

Team Lease Serv.

Neutral

1,360

2,324

3,229

4,001

1.5

1.8

22.8

32.8

59.7

41.4

6.4

5.5

10.7

13.4

0.6

0.5

The Byke Hospitality

Neutral

189

758

287

384

20.5

7.6

10.7

24.9

17.7

5.2

4.2

20.7

23.5

2.7

2.0

www.angelbroking.com

Stock Watch

July 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

318

2,432

2,671

2,911

8.5

8.8

13.9

15.7

22.9

20.3

3.1

2.8

13.7

13.8

1.0

0.9

India

TVS Srichakra

Neutral

3,675

2,814

2,304

2,614

13.7

13.8

231.1

266.6

15.9

13.8

412.9

325.1

33.9

29.3

1.2

1.1

UFO Moviez

Neutral

395

1,090

619

685

33.2

33.4

30.0

34.9

13.2

11.3

1.8

1.6

13.8

13.9

1.5

1.1

Visaka Industries

Neutral

478

759

1,051

1,138

10.3

10.4

21.0

23.1

22.7

20.6

61.3

57.4

9.0

9.2

1.0

0.9

VRL Logistics

Neutral

323

2,947

1,902

2,119

16.7

16.6

14.6

16.8

22.2

19.2

4.9

4.3

21.9

22.2

1.7

1.5

VIP Industries

Buy

178

218

2,515

1,270

1,450

10.4

5.6

6.5

31.8

27.4

6.6

5.7

20.7

21.1

2.0

1.7

Navin Fluorine

Accumulate

648

730

3,194

789

945

21.1

22.4

24.0

28.7

27.0

22.6

4.3

3.7

17.8

18.5

4.0

3.2

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 24, 2017

www.angelbroking.com

Market Outlook

July 25, 2017

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

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CDSL and Portfolio Manager with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel Broking Private Limited is a

registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number

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decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make

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