Market Outlook
October 26, 2018
Domestic Indices
Chg (%)
(Pts)
(Cl ose)
Market Cues
BSE Sensex
(1)
(344)
33,690
Indian markets are likely to open negative tracking global indices and SGX Nifty.
Nifty
(1)
(100)
10,124
U.S. stocks showed a substantial move back to the upside over the course of the last
Mid Cap
(0.6)
(81)
13,884
trading day. The major averages climbed firmly into positive territory, partly
Small Cap
(1)
(135)
13,603
offsetting yesterday's steep losses. The Dow Jones rose by 1.6 percent to 24,985 and
Bankex
(1.1)
(297)
27,707
the Nasdaq soared by 3 percent to 7,318.
U.K. shares recovered some ground to trade on a flat note Thursday after hitting a
Global Indices
Chg (%)
(Pts)
(Cl ose)
seven-month earlier in the session amid a global rout. Recovery across other
Dow Jones
1.6
401
24,985
European markets ahead of the ECB monetary policy announcement supported the
Nasdaq
3
209
7,318
index to end in the positive territory. The benchmark FTSE 100 inched up by 0.1
FTSE
0.1
8
6,971
percent at 6,971.
Nikkei
0.4
80
22,091
On domestic front, Indian shares tumbled yesterday, with benchmark indexes
Hang Seng
0.4
97
25,250
Sensex and the Nifty losing around 1 percent to end at over six-month lows,
Shanghai Com
0.3
8
2,603
mirroring weak global markets amid concerns over earnings, Italian government
finances and escalating trade tensions. The BSE Sensex fell by 1% to 33,690.
A dvances / Declines
BSE
NSE
News Analysis
Advances
827
508
Fiscal deficit widens in first half of 2018-19 to 95.3% of FY19 estimate
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
518
867
67.4
*MFs
1,125
3,967
80,584
Dewan Housi ng Finance
Financials
Buy
182
473
159.9
Parag Milk F oods
Others
Buy
254
410
61.4
Top Gainers
Price (`)
Chg (%)
Bata India
Others
Buy
923
1,243
34.7
SJVN
29
13.8
KEI Industrie s
Capital Goods
Buy
263
486
84.8
INTELLECT
213
8.4
More Top Picks on Pg4
KAJARIACER
361
7.6
Key Upcoming Events
INDIGO
878
7.5
Previous
C onsensus
D ate
Region
Event Description
ORIENTBANK
66
6.5
ReadingExpectations
Oct 30, 2018 Euro Zone Euro-Zone GDP s.a. (QoQ)
0.40
Nov 01,2018 UK
BOE Announce s rate s
0.75
Top Losers
Price (`)
Chg (%)
Nov 14,2018 Germany GDP nsa (YoY)
2.30
INFIBEAM
31
-18.0
More Events on Pg7
DISHTV
37
-17.2
MCX
701
-14.2
LINDEINDIA
404
-9.7
JUBLFOOD
1077
-9.7
As on Oct 25, 2018
Market Outlook
October 26, 2018
News Analysis
Fiscal deficit widens in first half of 2018-19 to 95.3% of FY19
estimate
The central government’s fiscal deficit touched 95.3 per cent of its full-year target
of Rs 6.24 trillion in the first half the current financial year (April to September),
data from the Controller General of Accounts (CGA) showed. The fiscal health
over these months is slightly worse than the year-ago period when the deficit stood
at 91.3 per cent.
Meeting the fiscal deficit target of 3.3 per cent of gross domestic product (GDP)
will be challenging as indirect tax collections came in below expectations,
disinvestment proceeds were lacklustre and the Centre has released 90 per cent of
its full year fuel subsidy in H1FY19.
There are other areas such as the adequacy of outlays for revised MSPs, the NHPS,
fuel and other subsidies, and bank recapitalisation that will determine the impact
of the fiscal deficit, Nayar added. The Centre will have to contain its excess
expenditure over its receipts at Rs 295 billion in the remaining six months to meet
the budgeted figures. These days, the Centre front-loads its expenditure.
On the revenue side, direct tax collections, including both corporate and personal
income tax, grew by a robust 16.9 per cent to Rs 4.3 trillion in H1FY19, up from
Rs 3.75 trillion in H1FY18. In comparison, the budget had estimated direct taxes to
grow by 14.4 per cent in 2018-19.
Revenues from corporation tax grew by 17.2 per cent in H1FY19, while personal
income tax collections rose by 16.5 per cent over the same period.
Economic and Political News
Fiscal deficit hits 95.3% of full-year target of Rs 6.24 trillion in H1
UP sugar mills to start crushing from Oct 27 amid Rs 78-bn cane arrears
RBI plan to move from wholesale cash cycle to a retail-based model
India, Bangladesh ink key pacts for cargo, cruise movement: Shipping secy
Odisha okays Rs 3.4-bn investment in downstream metals, logistics, tourism
Corporate News
Essar Steel shareholders offer to pay Rs 54,389 crore to clear dues
IL&FS inducts C S Rajan, deputy chairman of Chief Ministers Advisory Council,
into board of IECCL as additional director
NBCC bags Rs 9.02-billion contract to build AIIMS in Deogarh, Jharkhand
Aditya Birla group plans $5-bn capex for Aleris deal, expanding other biz
Tata Steel may not increase earlier bid of Rs 170 bn for Bhushan Power
Market Outlook
October 26, 2018
Quarterly Bloomberg Brokers Consensus Estimate
ICICI Bank - October 26, 2018
Particulars (` cr)
2QFY19E
2QFY18
y-o-y (%)
1QFY19
q-o-q (%)
PAT
951
2058
(53.8)
(120)
Nestle India Ltd - October 26, 2018
Particulars (` cr)
2QFY19E
2QFY18
y-o-y (%)
1QFY19
q-o-q (%)
Sales
2,812
2,514
11.8
2,698
4.2
EBIDTA
689
584
18.0
645
6.8
%
24.5
23.2
23.9
PAT
425
343
23.8
395
7.5
ITC Ltd - October 26, 2018
Particulars (` cr)
2QFY19E
2QFY18
y-o-y (%)
1QFY19
q-o-q (%)
Sales
10,653
10,314
3.3
10,707
90.5)
EBIDTA
4,125
3,762
9.6
4,202
(1.8)
%
38.7
36.5
39.2
PAT
2871
2,640
8.7
2,819
1.8
UPL Ltd - October 26, 2018
Particulars (` cr)
2QFY19E
2QFY18
y-o-y (%)
1QFY19
q-o-q (%)
Sales
4140
3,770
9.8
4,134
0.2
EBIDTA
821
647
26.8
793
3.5
%
19.8
17.2
19.2
PAT
386
300
28.8
514
(24.8)
Dr. Reddy’s Laboratories Ltd - October 26, 2018
Particulars (` cr)
2QFY19E
2QFY18
y-o-y (%)
1QFY19
q-o-q (%)
Sales
3,784
3,560
6.3
3,736
1.3
EBIDTA
732
669
9.4
769
(4.8)
%
19.3
18.8
20.6
PAT
345
296
16.7
468
(26.2)
Market Outlook
October 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 busine ss which i s out pacing
Blue Star
4,985
518
867
67.4
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
5,706
182
473
159.9
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
2,06,327
321
416
29.6
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
2,072
263
486
84.8
B2C sales and higher exports to boost the revenues
and profitability
Expected to benefit from the lower capex
Music Broadcast Limited
1,882
330
475
43.9
requirement and
15 year l ong radio broadcast
licensing.
Strong brands and distribution network would
Siyaram Silk Mills
1,625
347
752
116.7
boost growth going ahead. Stock currently trades
at an inexpensive valuation.
GST regime and the Gujarat plant are expected to
Maruti Suzuki
2,03,140
6,725
10,820
60.9
improve the company’s sales volume and margins,
respectively.
We expect loan book to grow at 24.3% over next
GIC Housing
1,255
233
424
82.0
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
1,669
748
1,071
43.2
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
21,298
97
198
104.1
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
2,137
254
410
61.4
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
5,35,161
1,970
2,350
19.3
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 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 the
M&M
91,225
734
1,050
43.1
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
2,673
850
1,230
44.7
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
11,868
923
1,243
34.7
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
24,535
1,081
1,764
63.2
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
15,724
162
327
101.9
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
1,388
949
1,287
35.6
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
42,478
725
870
20.0
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
45,842
198
365
84.3
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
20,953
494
690
39.7
(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
7,253
6,225
8,200
31.7
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 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
1,783
80
127
58.8
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
2,998
225
360
60.0
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
2,390
1,602
2,178
36.0
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
1,505
1,898
2,500
31.7
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
1,509
123
256
108.1
~`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
23,356
117
210
79.5
ROE of 18% by 2020 and recent capital infusion of
`3000cr would support advance growth.
Market Outlook
October 26, 2018
Key Upcoming Events
Global economic events release calendar
Bloomberg Data
Date
Time Country
Event Description
Unit
Period
Last Reported
Estimated
Oct 26, 2018
0-Jan-00Euro Zone ECB announces interest rates
%
Oct 25
-Oct 25, 2018
Oct 26, 2018
US
GDP Annualized QoQ
Oct 26, 2018
US
Personal Consumption
Oct 26, 2018
US
GDP Price Index
Source: Bloomberg, Angel Research
Market Outlook
October 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 As of 25 Sep, 2018
Source: RBI, Angel Research
Market Outlook
October 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 As of 25 Sep, 2018
Market Outlook
October 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
October 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
October 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
October 26, 2018
Research Team Tel: 022 - 39357800
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