Market Outlook
October 29, 2018
Domestic Indices
Chg (%)
(Pts)
(Close)
Market Cues
BSE Sensex
(1)
(341)
33,349
Indian markets are likely to open positive tracking global indices and SGX Nifty.
Nifty
(0.9)
(95)
10,030
U.S. stocks extended their recent see-saw performance with a sharp pullback during
Mid Cap
(0.1)
(15)
13,870
trading on Friday. The major averages regained some ground after an early sell-off
Small Cap
0
(5)
13,598
but still ended the day significantly lower. The Dow Jones slumped 1.2 percent to
Bankex
(2)
(547)
27,159
24,688 and the Nasdaq plummeted 2.1 percent to 7,167.
U.K. shares fell sharply on Friday, tracking steep declines across Europe and a
Global Indices
Chg (%)
(Pts)
(Close)
plunge in U.S. stock futures as Amazon and Alphabet both disappointed with their
Dow Jones
(1.2)
(297)
24,688
third-quarter earnings after the U.S. closing bell. Earnings of domestic firms also
Nasdaq
(2.1)
(151)
7,167
proved to be a mixed bag. The benchmark FTSE 100 was down by 1.8 percent at
FTSE
(1.8)
(123)
6,879
6,879.
Nikkei
(0.4)
(84)
21,184
On domestic front, Indian shares fell sharply once again to hit over seven-month
Hang Seng
(1.10
(277)
24,717
lows on Friday, as weak global cues coupled with disappointing earnings releases
Shanghai Com
(0.2)
(5)
2,599
from the likes of Yes Bank and Maruti Suzuki dented investors' appetite for risk. The
BSE Sensex fell by 1% to 33,349.
Advances / Declines
BSE
NSE
News Analysis
Advances
827
508
RBI to inject Rs 400bn liquidity into system via open market operations
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)
Net
Mtd
Ytd
CMP
Target
Upside
Company
Sector
Rating
FII
(1,077)
(1,418)
(6,857)
(`)
(`)
(%)
Blue Star
Capital Goods
Buy
526
867
64.8
*MFs
1,125
3,967
80,584
Dewan Housing Finance
Financials
Buy
183
473
158.5
Parag Milk Foods
Others
Buy
250
410
64.0
Top Gainers
Price (`)
Chg (%)
Bata India
Others
Buy
909
1,243
36.7
DISHTV
41
10.5
KEI Industries
Capital Goods
Buy
277
486
75.5
RAYMOND
684
10.3
More Top Picks on Pg4
CEATLTD
1,106
8.6
Key Upcoming Events
KIRLOSENG
218
8.1
Previous
Consensus
Date
Region
Event Description
ADANIPOWER
36
7.6
ReadingExpectations
Oct 30, 2018 Euro Zone Euro-Zone GDP s.a. (QoQ)
0.40
Nov 01,2018 UK
BOE Announces rates
0.75
Top Losers
Price (`)
Chg (%)
Nov 14,2018 Germany GDP nsa (YoY)
2.30
EQUITAS
99
-23.3
More Events on Pg7
UJJIVAN
181
-17.6
YESBANK
181
-9.0
GMDCLTD
82
-8.0
JETAIRWAYS
217
-5.3
As on Oct 26, 2018
Market Outlook
October 29, 2018
News Analysis
RBI to inject Rs 400bn liquidity into system via open market operations
The Reserve Bank on Friday said it will inject Rs 400 billion into the system in
November through a purchase of government securities as it looks to meet festive
season demand for funds. For the month of October, the central bank has already
injected Rs 360 billion into the system through Open Market Operations (OMO).
"Based on an assessment of the durable liquidity needs going forward, RBI has
decided to conduct the purchase of Government securities under OMOs for an
aggregate amount of Rs 400 billion in the month of November 2018," the central
bank said in a release. It further said the auction dates and the government
securities to be purchased in the respective auctions would be communicated in
due course. "The OMO amount stated ... is indicative and RBI retains the flexibility
to change it, depending on the evolving liquidity and market conditions". The
Reserve Bank of India (RBI) had earlier stated that the system liquidity will move
into deficit in the second half of 2018-19 and the evolving liquidity conditions
would determine its choice of instruments for both transient and durable liquidity
management.
Economic and Political News
Corporate News
NBCC bags Rs 9.02-billion contract to build AIIMS in Deogarh, Jharkhand
Market Outlook
October 29, 2018
Quarterly Bloomberg Brokers Consensus Estimate
LIC Housing Finace Company Ltd - October 29, 2018
Particulars (` cr)
2QFY19E
2QFY18
y-o-y (%)
1QFY19
q-o-q (%)
PAT
578
489
18.2
568
1.8
Bharat Petroleum Corporation Ltd - October 29, 2018
Particulars (` cr)
2QFY19E
2QFY18
y-o-y (%)
1QFY19
q-o-q (%)
Sales
66,843
53,325
25.4
71,697
(6.8)
EBIDTA
2,249
3,528
(36.2)
3,875
(42.0)
%
3.4
6.6
5.4
PAT
1501
2357
(36.3)
2293
(34.6)
Tata Power Co Ltd - October 29, 2018
Particulars (` cr)
2QFY19E
2QFY18
y-o-y (%)
1QFY19
q-o-q (%)
Sales
7,535
7,601
(0.9)
7,313
3.0
EBIDTA
1,636
1,441
13.5
1,562
4.7
%
22%
19%
21%
PAT
374
(157)
1735
(78.5)
Colgate-Palmolive (India) Ltd - October 29, 2018
Particulars (` cr)
2QFY19E
2QFY18
y-o-y (%)
1QFY19
q-o-q (%)
Sales
1,160
1,085
6.9
1,041
11.5
EBIDTA
333
301
10.5
282
17.9
%
29%
28%
27%
PAT
201
178
12.7
190
5.6
Market Outlook
October 29, 2018
Top Picks
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
Favorable outlook for the AC industry to augur well
for Cooling products business which is out pacing
Blue Star
5,066
526
867
64.8
the 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
5,738
183
473
158.5
presence in tier-II & III cities where the growth
opportunity is immense.
Well capitalized with CAR of 18.1% which gives
sufficient room to grow asset base. Faster
ICICI Bank
2,02,759
315
416
32.1
resolution of NPA would reduce provision cost,
which would help to report better ROE.
High order book execution in EPC segment, rising
KEI Industries
2,183
277
486
75.5
B2C sales and higher exports to boost the revenues
and profitability
Expected to benefit from the lower capex
Music Broadcast Limited
1,897
332
475
43.1
requirement and 15 year long radio broadcast
licensing.
Strong brands and distribution network would
Siyaram Silk Mills
1,570
335
752
124.5
boost growth going ahead. Stock currently trades
at an inexpensive valuation.
GST regime and the Gujarat plant are expected to
Maruti Suzuki
2,02,552
6,705
10,820
61.4
improve the company’s sales volume and margins,
respectively.
We expect loan book to grow at 24.3% over next
GIC Housing
1,240
230
424
84.3
two year; change in borrowing mix will help in NIM
improvement
Third largest brand play in luggage segment
Increased product offerings and improving
Safari Industries
1,606
720
1,071
48.8
distribution network is leading to strong growth in
business. Likely to post robust growth for next 3-4
years
We expect financialisation of savings and
Aditya Birla Capital
20,704
94
198
110.6
increasing penetration in Insurance & Mutual fund
would ensure steady growth.
One of the leading Indian dairy products
companies in India created strong brands in dairy
products. Rising revenue share of high-margin
Parag Milk Foods
2,102
250
410
64.0
Value Added Products and reduction in interest cost
is likely to boost margins and earnings in next few
years.
HDFC Bank maintained 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
5,33,023
1,961
2,350
19.8
aided PAT growth. The Strong liability franchise
and healthy capitalisation provides strong earning
visibility. At the current market price, the bank is
trading at 3.2x FY20E ABV.
Market Outlook
October 29, 2018
Continued...
Market Cap
CMP
Target
Upside
Company
Rationale
(` 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
90,610
729
1,050
44.0
model ) and strong growth in Tractors segment
coupled by its strong brand recall and
improvement 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 Enterprises
2,627
835
1,230
47.3
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 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
11,677
909
1,243
36.7
mainly due to new product launches, higher
number of stores addition and focus on
women’s high growth segment and margin
improvement
SHTF is in the sweet spot with benefits from
stronger CV volumes, NIMs unaffected by rising
Shriram Transport Finance
24,328
1,072
1,764
64.6
bond yields on the back of stronger 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 bottom
Jindal Steel & Power Limited
15,584
161
327
103.1
line front, we expect JSPL to turn in to profit by
FY19 on back of strong operating margin
improvement.
GMM Pfaudler Limited (GMM) is the Indian
market leader in glass-lined (GL) steel
equipment. GMM is expected to cross CAGR
GMM Pfaudler Ltd
1,412
966
1,287
33.2
15%+ in revenue over the next few years
mainly led by uptick in demand 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, is well
placed to face the challenging generic markets,
given its focus on achieving growth through
Aurobindo Pharmaceuticals
42,218
721
870
20.7
productivity. Aurobindo will report net revenue
& net profit CAGR of ~13% & ~8% resp.
during FY2018-20E. Valuations are cheap V/s
its peers and own fair multiples of 17-18x.
Well planned strategy to grow small business
loans and cross-selling would propel fees
Yes Bank
41,728
181
365
101.7
income. We expect YES to grow its advance
much higher than industry and improvement in
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
21,140
498
690
38.6
(1.2% FY18) to expand led by margin
expansion and lower credit cost.
TTK Prestige has emerged as one of the leading
brands in kitchen appliances in India after its
successful transformation from a single product
TTK Prestige
7,474
6,415
8,200
27.8
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 29, 2018
Continued...
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
We expect Inox Wind to report exponential
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
1,745
79
127
60.8
wind energy segment viz. changes in auction
regime from Feed-In-Tariff (FIT) to reverse
auction regime 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
33,171
113
156
38.1
activities and no significant 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
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
CCL is likely to maintain the strong growth
CCL Products
3,111
234
360
53.8
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
2,399
1,608
2,178
35.4
healthy demand growth in plastic division. On the
bottom-line front, we estimate
~10% CAGR to
`162cr owing to improvement in volumes.
Elantas Beck India is the Indian market leader in
liquid insulation segment used in electrical
equipments like motors, transformers etc. It derives
Elantas Beck India Ltd
1,479
1,865
2,500
34.0
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 medium density fibreboards
(MDF). GIL to report net revenue CAGR of ~14% to
Greenply Industries
1,572
128
256
100.0
~`2,478cr over FY2017-20E mainly due to healthy
growth in plywood & lamination business on the
back of strong brand and distribution network
L&T Fin’s new management is on track to achieve
L&T Finance Holding
23,495
118
210
78.0
ROE of 18% by 2020 and recent capital infusion of
`3000cr would support advance growth.
Market Outlook
October 29, 2018
Global economic events release calendar
Bloomberg Data
Date
Time
Country
Event Description
Unit
Period
Last Reported
Estimated
October 29, 2018
05:20
JN
Retail Trade YoY
Value
Sep
2.70%
2.10%
October 29, 2018
05:20
JN
Retail Sales MoM
Value
Sep
0.90%
-0.20%
October 29, 2018
05:20
JN Dept. Store, Supermarket Sales
% Change
Sep
-0.10%
0.10%
October 29, 2018
05:31
IR Bank of Ireland Economic Pulse
Thousands
Oct
92.7
--
October 29, 2018
07:30
VN
Exports YTD YoY
%
Oct
15.40%
14.90%
October 29, 2018
07:30
VN
Imports YTD YoY
% Change
Oct
11.80%
12.00%
October 29, 2018
07:30
VN
Trade Balance
% Change
Oct
$700m
$600m
October 29, 2018
07:30
VN
CPI YoY
% Change
Oct
3.98%
3.95%
October 29, 2018
07:30
VN
Industrial Production YoY
% Change
Oct
9.10%
--
October 29, 2018
07:30
VN
Retail Sales YTD YoY
% Change
Oct
11.30%
--
Norges Bank Releases Financial
October 29, 2018
14:30
NO
Value
Stability Report
October 29, 2018
18:00
US
PCE Deflator YoY
Thousands
Sep
2.20%
2.00%
October 29, 2018
18:00
US
PCE Core MoM
% Change
Sep
0.00%
0.10%
October 29, 2018
18:00
US
PCE Core YoY
Value
Sep
2.00%
2.00%
October 29, 2018
19:00
BZ
Primary Budget Balance
Value
Sep
-16.9b
--
October 29, 2018
19:30
CA Bloomberg Nanos Confidence
Value
26-Oct
57.4
--
October 29, 2018
19:30
BE
GDP SA QoQ
Value
3Q P
0.40%
--
October 29, 2018
19:30
BE
GDP SA YoY
% Change
3Q P
1.40%
--
October 29, 2018
20:00
US
Dallas Fed Manf. Activity
Thousands
Oct
28.1
29
October 29, 2018
23:30
BZ
Trade Balance Weekly
%
28-Oct
$1408m
--
October 29, 2018
SR
M1 Money Supply YoY
% Change
Sep
3.20%
--
October 29, 2018
SR
M2 Money Supply YoY
% Change
Sep
-1.40%
--
October 30, 2018
06:00
AU
Building Approvals MoM
Sep
-9.40%
3.80%
October 30, 2018
06:00
AU
Building Approvals YoY
Sep
-13.60%
-9.00%
Bloomberg Oct. China Economic
October 30, 2018
07:30
CH
Survey
October 30, 2018
12:30
NO Retail Sales W/Auto Fuel MoM
Sep
0.60%
0.10%
October 30, 2018
12:30
FI
House Price Index MoM
Sep
-1.10%
--
October 30, 2018
12:30
FI
House Price Index YoY
Sep
-0.10%
--
October 30, 2018
13:15
FR
Consumer Spending MoM
Sep
0.80%
-0.40%
October 30, 2018
13:15
FR
Consumer Spending YoY
Sep
1.30%
0.20%
October 30, 2018
13:30
SZ
KOF Leading Indicator
Oct
102.2
100.9
October 30, 2018
13:30
GE
CPI Saxony MoM
Oct
0.40%
--
October 30, 2018
13:30
GE
CPI Saxony YoY
Oct
2.30%
--
October 30, 2018
13:30
HU
Unemployment Rate
Sep
3.70%
3.60%
October 30, 2018
13:30
SP
Retail Sales YoY
Sep
0.30%
--
Source: Company, Angel Research
Market Outlook
October 29, 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 29, 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 29, 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 29, 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 29, 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 29, 2018
Research Team Tel: 022 - 39357800
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