Market Outlook
September 26, 2018
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Cl ose)
Indian markets are likely to open positive tracking global indices and SGX Nifty.
BSE Sensex
0.9
347
36,652
U.S. stocksshowed a lack of direction over the course of the trading day on Tuesday,
Nifty
0.9
100
11,067
as traders looked ahead to the Federal Reserve's monetary policy decision. The
Mid Cap
0.3
55
15,276
major averages spent the day bouncing back and forth across the unchanged line
Small Cap
(0.7)
(112)
15,220
before closing mixed. While the Dow fell 0.3 percent to 26,492, the Nasdaq was up
Bankex
1.3
390
28,412
by 0.2 percent to 8,007.
UK stocks were modestly higher yesterday, with higher oil prices and strong first-half
Global Indices
Chg (%)
(Pts)
(Cl ose)
results from clothing retailer Next Plc underpinning investor sentiment on a light day
on the economic front. The FTSE 100 was up by 0.2 percent at 7,475.
Dow Jones
(0.3)
(70)
26,492
Nasdaq
0.2
14
8,007
On domestic front, Indian stocks seesawed on Tuesday before ending sharply higher
FTSE
0.2
17
7,475
to snap a five-day losing streak. The markets recovered after LIC Chairman VK
Nikkei
0.3
70
23,940
Sharma told reports the insurance behemoth will not allow IL&FS to collapse and
would explore all options, including increasing the equity holding in IL&FS, to avoid
Hang Seng
(1.6)
454
27,499
contagion spreading to the market. LIC holds over 25 percent stake in IL&FS. The
Shanghai Com
(0.6)
(16)
2,781
BSE Sensex rose by 0.9% to 36,652.
A dvances / Declines
BSE
NSE
Advances
538
945
News Analysis
Declines
2,111
540
Fiscal deficit in April-August reached 94.7% of govt’s annual target
Unchanged
168
82
Detailed analysis on Pg2
Volumes (` Cr)
Investor’s Ready Reckoner
BSE
1,820
Key Domestic & Global Indicators
NSE
853
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg5 onwards
Net Inflows (` Cr)
Ne t
Mtd
Ytd
Top Picks
FII
(1,077)
(1,418)
(6,857)
C MP
Target
U psi de
C ompany
Sector
R ating
*MFs
1,125
3,967
80,584
(`)
(`)
(%)
Blue Star
Capital Goods
Buy
615
867
40.8
Dewan Housi ng Finance
Financials
Buy
300
555
85.1
Top Gainers
Price (`)
Chg (%)
Parag Milk F oods
Others
Buy
255
410
60.7
82
6.8
Bata India
Others
Buy
964
1,243
29.6
166
6.4
KEI Industrie s
Capital Goods
Buy
336
589
75.2
More Top Picks on Pg4
415
6.1
473
5.8
Key Upcoming Events
23
5.7
Previous
C onsensus
D ate
Region
Event Description
ReadingExpectations
Sep 26, 2018 US
Consumer Confidence
133.40
130.50
Top Losers
Price (`)
Chg (%)
Sep 26, 2018 US
New home sales
627.00
637.50
300
-23.5
Sep 26, 2018 US
GDP Qoq (Annualise d)
4.20
4.30
12
-11.3
Sep 27, 2018 US
FOMC rate decision
2.00
2.25
Sep 28, 2018 Germany
Unempl oyment change (000's)
(8.00)
192
-9.8
More Events on Pg7
29
-8.8
7
-8.1
As on Sept 25, 2018
Market Outlook
September 26, 2018
News Analysis
Fiscal deficit in April-August reached 94.7% of govt’s annual target
India’s fiscal deficit touched 94.7% of the budgeted target during the April-August
period despite a substantial increase in transfer of surplus by the Reserve Bank of
India (RBI) to the government while revenue deficit crossed the budget estimate at
113.8% in the same period, showed data issued on Tuesday by the Controller
General of Accounts (CGA).
In the same period last year, government had exhausted 96.1% of fiscal deficit
and 113.8% of revenue deficit. From a ₹30,659 crore surplus last year, RBI
transfers jumped 63% to ₹50,000 crore this year.
inance minister Arun Jaitley has sent a strong signal of fiscal prudence by
committing to the fiscal deficit as well as capital expenditure targets. “Government
is confident of meeting the 3.3% fiscal deficit target. Government spent 44% of
budgeted capital expenditure till 31 August and there will be no cuts in capex by
the end of this year,” Jaitley said.
Economic and Political News
Govt eases oil import rules as it seeks to cut costs
India modifies defence procurement norms to avoid delays
Govt eyes rupee payment mechanism with Russia to curb widening CAD
India to cut Iran oil import in November
Corporate News
Crisis-hit IL&FS may get a lifeline with LIC, SBI likely to increase stakes
Yes Bank appeals to RBI to let Rana Kapoor stay till September 2019
Amid crisis, IL&FS takes over Collage Group's property to recover Rs 1 bn
BoI to withdraw plea against HDIL in NCLT
NCLT announces `10cr as EMD for entities who wish to bid for Bharati
Defence
NSEL scam: SFIO asks for delisting of 63 Moons Technologies from bourses
Madras High Court cracks down on demonstrators at India Yamaha Motor Ltd
SC to decide on eligibility of ArcelorMittal and Russia's NuMetal: CoC
Market Outlook
September 26, 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 business which is out
Blue Star
5,971
615
867
40.8
pacing the market growth. EMPPAC division's
profitability
to
improve once oper ating
environment turns around.
With a focus on the low and medium income (LMI)
consumer se gme nt, the company has increased its
Dewan Housi ng Finance
12,332
300
555
85.1
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
1,98,657
310
416
35.8
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
2,632
336
589
75.2
B2C sales and higher exports to boost the
revenues and profitability
Expected to benefit from the lower capex
Music Broadcast Limited
1,796
311
475
52.7
requirement and 15 year long radio broadcast
licensing.
Strong brands and distribution network would
Siyaram Silk Mills
2,387
505
851
68.5
boost growth going ahe ad. Stock currently trades
at an inexpensive valuation.
GST regime and the Gujarat plant are expected to
Maruti Suzuki
2,35,859
8,003
10,820
35.1
improve the company’s sales volume and
margins, respectively.
We expect loan book to grow at 24.3% over next
GIC Housing
1,477
263
486
85.1
two year; change in borrowing mix will help in
NIM improvement
Third largest brand play in luggage segme nt
Increase d product offerings and improving
Safari Industries
1,874
798
1,071
34.2
distribution network i s leadi ng to strong growth i n
busine ss. Likely to post robust growth for next 3-4
years
We expect financialisation of savings and
Aditya Birla Capital
25,830
119
218
83.1
increasing penetration in Insurance & Mutual fund
would ensure steady growth.
One of the leading Indian dairy products
companie s in Indi a created strong brands in dairy
products. Rising revenue share of high -margin
Parag Milk F oods
2,177
254
410
61.4
Value Added Products and reduction in interest
cost is likely to boost margins and earnings in next
few years.
HDFC Bank maintaine d 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
5,22,965
1,951
2,350
20.4
aided PAT growth. The Strong liability franchise
and healthy capitalisation provi des strong earning
visibility. At the current market price, the bank is
trading at 3.2x FY20E ABV.
Source: Company, Angel Research
Market Outlook
September 26, 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
M&M
1,11,700
893
1,050
17.9
the model
) and strong growth in Tractors
segment coupled by its strong brand recall
and improveme nt 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
Amber Enterprise s
2,911
932
1,230
31.8
solutions 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 footwe ar 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
12,367
964
1,243
28.9
mainly due to new product launches, hi gher
number of store s addition and focus on
women’s high growth se gme nt and margin
improve ment
SHTF is in the sweet spot with benefits from
stronger CV volumes, NIMs unaffected by
Shriram Transport Finance
rising bond yields on the back of stronger
25,753
1,169
1,764
50.8
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
Jindal Steel & Power Limited
21,440
225
327
45.3
bottom line front, we expect JSPL to turn in to
profit by FY19 on back of strong operating
margin 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 Pfaulder
1,486
1,010
1,287
23.5
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 Pharmace uticals, amongst the
Indian Pharmaceutical companie s, is well
placed to face the challenging generic markets,
given its focus on achieving growth through
Aurobindo Pharmaceutical s
42,853
760
870
14.4
productivity. Aurobindo will report net revenue
& net profit CAGR of
~13% & ~8% re sp.
during FY2018-20E. Valuations are cheap V/ s
its peers and own fair multiples of 17-18x.
Well planne d strategy to grow small business
loans and cross-selling would propel fee s
Yes Bank
52,025
219
405
85.6
income. We expect YES to grow its advance
much higher than industry and improve ment in
asset quality to support profitability.
We believe advance to grow at a he althy
CAGR of 35% over FY18-20E. Below peers
RBL Bank
22,403
520
670
28.8
level ROA
(1.2% FY18) to expand led by
margin expansion and lower cre dit cost.
TTK Prestige has emerged as one of the
leading brands in kitchen appliances in India
after its succe ssful transformati on from a single
TTK Prestige
7,561
6,300
8,200
30.2
product 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
September 26, 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
2,091
94
127
35.3
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
35,226
121
156
30.0
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
3,358
253
360
42.8
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
2,551
1,691
2,178
28.7
healthy de mand growth in pl astic divi sion. O n the
bottom-line front, we e stimate
~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 li ke motors, transformers etc. It derives
Elantas Beck India Ltd
1,581
2,018
2,500
23.4
demand from several industries w hich are expected
to register 10%+ CAGR in de mand in the coming
years.
Greenply Industries Ltd (GIL) manufactures plywood
& allied products and medium density fibreboards
(MDF). GIL to report net revenue CAGR of ~14% to
Greenply Industries
2,182
176
333
87.0
~`2,478cr over FY2017-20E mainly due to healthy
growth in plywood & lamination busine ss on the
back of strong brand and di stribution network
L&T Fin’s new manage ment is on track to achieve
L&T Finance Hol ding
25,971
131
210
61.0
ROE of 18% by 2020 and recent capital infusion of
`3000cr would support advance growth.
Market Outlook
September 26, 2018
Key Upcoming Events
Global economic events release calendar
Bloomberg Data
Date
Time Country
Event Description
Unit
Period
Last Reported
Estimated
Sep 26, 2018
7:30 PMUS
Consumer Confidence
S.A./ 1985=100
Sep
133.40
130.50
Sep 26, 2018
7:30 PMUS
New home sales
Thousands
Aug
627.00
637.50
6:00 PMUS
GDP Qoq (Annualised)
% Change
2Q T
4.20
4.30
Sep 27, 2018
11:30 PMUS
FOMC rate decision
%
Sep 26
2.00
2.25
Sep 28, 2018
1:25 PMGermany
Unemployment change (000's)
Thousands
Sep
(8.00)
2:00 PMUK
GDP (YoY)
% Change
2Q F
1.30
Sep 30, 2018
6:30 AMChina
PMI Manufacturing
Value
Sep
51.30
Oct 01, 2018
2:00 PMUK
PMI Manufacturing
Value
Sep
52.80
Oct 05, 2018
6:00 PMUS
Change in Nonfarm payrolls
Thousands
Sep
201.00
6:00 PMUS
Unnemployment rate
%
Sep
3.90
2:30 PMIndia
RBI Reverse Repo rate
%
Oct 5
6.25
2:30 PMIndia
RBI Repo rate
%
Oct 5
6.50
US
Producer Price Index (mom)
% Change
Sep
-
Oct 10, 2018
2:00 PMUK
Industrial Production (YoY)
% Change
Aug
0.90
6:00 PMUS
Consumer price index (mom)
% Change
Sep
0.20
Oct 11, 2018
2:30 PMIndia
RBI Cash Reserve ratio
%
Oct 5
4.00
Oct 12, 2018
5:30 PMIndia
Industrial Production YoY
% Change
Aug
6.60
China
Exports YoY%
% Change
Sep
9.80
Oct 16, 2018
0-Jan-00UK
Jobless claims change
Thousands
Sep
8.70
0-Jan-00China
Consumer Price Index (YoY)
% Change
Sep
2.30
Oct 19, 2018
0-Jan-00China
Real GDP (YoY)
% Change
3Q
6.70
Oct 25, 2018
0-Jan-00Euro Zone
ECB announces interest rates
%
Oct 25
-
Source: Bloomberg, Angel Research
Market Outlook
September 26, 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
Source: RBI, Angel Research
Market Outlook
September 26, 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
Market Outlook
September 26, 2018
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
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
September 26, 2018
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
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 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
September 26, 2018
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
September 26, 2018
Research Team Tel: 022 - 39357800
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