Market Outlook

January 30, 2017

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are likely to open flat with a negative bias tracking SGX Nifty.

BSE Sensex

0.6

174

27,882

US markets ended on flattish note on Friday. After a lackluster performance in the

Nifty

0.4

8,641

previous trading session, the markets lacked direction during the day and traded in

Mid Cap

0.6

12,965

a narrow range for most part of the day, finally closing flat.

Small Cap

0.5

13,112

The European markets closed on a mixed note, as there was no clear direction

Bankex

1.5

334

22,566

overnight from the US markets and the Asian markets. Banking stocks in Europe

remained under pressure as UBS declared a lower than expected profit for the full

year and indicated that there could be more troubles going ahead, due to Brexit.

Global Indices

Chg (%)

(Pts)

(Close)

Dow Jones

0.0

(07)

20,094

Indian markets continued their upward move ahead of the budget. With pro growth

measures expected by the FM the market participants believe there could increase

Nasdaq

0.1

5,661

spending on the productive sector of the economy. The markets will look forward for

FTSE

0.3

7,185

earnings by ICICI Bank and HDFC Ltd during the week.

Nikkei

0.3

19,467

Hang Seng

(0.1)

(13)

23,361

Result Review/ Preview

Shanghai Com

0.3

3,159

 Review: Indoco Remedies

 Preview: Tech Mahindra

Detailed analysis on Pg2

Advances / Declines

BSE

NSE

Advances

1,382

815

Investor’s Ready Reckoner

Declines

1,423

827

Key Domestic & Global Indicators

Unchanged

208

Stock Watch: Latest investment recommendations on 150+ stocks

Refer Pg6 onwards

Volumes (` Cr)

Top Picks

BSE

3,480

CMP

Target

Upside

Company

Sector

Rating

(`)

(%)

NSE

24,587

Amara Raja Batteries Auto & Auto Ancillary

Buy

904

1,009

11.7

Alkem Laboratories

Pharmaceuticals

Buy

1,655

1,989

20.2

Net Inflows (` Cr)

Net

Mtd

Ytd

HCL Tech

Buy

844

1,000

18.4

FII

212

(1,248)

Power Grid Corp.

Power

Accumulate

205

223

9.0

MFs

482

5,241

Navkar Corp.

Others

Buy

170

265

55.6

More Top Picks on Pg4

Top Gainers

Price (`)

Chg (%)

Key Upcoming Events

Adanient

15.9

Consensus

Date

Region

Event Description

Reading

Expectations

Ifci

7.9

Jan 30 Euro Zone Euro-Zone Consumer Confidence

(4.9)

Ashokley

6.8

Jan 31 Euro Zone Euro-Zone GDP s.a. (QoQ)

0.4

Iifl

302

6.8

Jan 31 Germany Unemployment change (000's)

(17.0)

(4.0)

Adanitrans

5.6

Jan 31 US

Consumer Confidence

113.7

112. 8

Feb 01 Germany PMI Manufacturing

56.5

Top Losers

Price (`)

Chg (%)

More Events on Pg5

Kscl

469

(4.4)

Trent

244

(3.9)

Ibrealest*

(3.6)

Prestige

160

(3.6)

Jindalstel

(3.4)

As on January 27, 2017

www.angelbroking.com

Market Outlook

January 30, 2017

Result Review

Indoco Remedies (CMP: `275 / TP: `240 / Upside: -12.7%)

Indoco Remedies posted numbers, lower than expectations. In sales, the company

posted revenues of `272cr V/s `276cr expected V/s `255cr in 3QFY2016, growth

of 6.9% yoy. The low growth was on back of the formulation business (`252.2cr)

growth of 4.5% yoy, API (`18.2cr) growth of 32.8% yoy. The domestic formulation

(`144.2cr), a yoy growth of 5.2%. On EBITDA front, the company posted an

EBITDA of 12.4% V/s 14.5% expected and V/s 15.4% in 3QFY2016. The dip came

in on back of the high R&D expenses, which came in at 5.1% of sales V/s 3.5% of

sales in 3QFY2016. Consequently, PAT, came in at

`17cr (lower than

expectations) V/s `20.4cr in 3QFY2016, de-growth of 13.9% yoy. We maintain

our reduce rating on the stock.

Result Preview

Tech Mahindra (CMP: `467 / TP: `600 / Upside: 29%)

Tech Mahindra, posted sales of US$1,091mn V/s US$1,072mn, a qoq growth of

1.8%. In Constant Currency (CC) terms, company is expected to post a 3.1% qoq

growth. In Rupee terms, the company posted sales of `7,361cr V/s `7,167cr in

2QFY2017, a qoq growth of 2.7%. On EBIT front, the company is expected to post

EBIT of 12.1% V/s 11.5% in 2QFY2016. Consequently, PAT is expected to come in

at `733cr V/s `645cr in 2QFY2016, growth of 13.7% qoq. We maintain our buy

rating on the stock.

Y/E

Sales OPM

PAT

EPS ROE P/E P/BV

EV/Sales

March

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2017E

29,673

15.5

3,173

32.8

19.6

14.2

2.8

1.3

FY2018E

32,937

17.0

3,866

39.9

20.7

11.7

2.4

1.1

Economic and Political News

 RBI rejects EC’s plea for raising cash withdrawal limit for candidates

 Hurdles in digital transactions temporary

Corporate News

 L&T’s Q3FY17 PAT up 39%, cuts FY17 guidance to 10%

 Maruti Suzuki discontinues sale of lower variants of S-Cross

 Maruti hikes prices by upto `8014

 ONGC to invest $ 5.1 Bn for developing Oil Finds off AP coast

 IDEA set to launch number of apps to take on Reliance Jio

www.angelbroking.com

Market Outlook

January 30, 2017

Quarterly Bloomberg Brokers Consensus Estimate

Bajaj Finance Ltd - Jan 30, 2017

Particulars ( ` cr)

3QFY17E

3QFY16

y-o-y (%)

2QFY17

q-o-q (%)

Net profit

480

408

17.6

408

17.6

Tech Mahindra Ltd Consol - Jan 30, 2017

Particulars ( ` cr)

3QFY17E

3QFY16

y-o-y (%)

2QFY17

q-o-q (%)

Net sales

7,084

6,701

5.7

7,167

(1.2)

EBITDA

1,055

1,136

(7.1)

1,070

(1.4)

EBITDA margin (%)

14.9

16.9

14.9

Net profit

701

759

(7.6)

645

8.8

Housing Development Finance Corp. - Jan 30, 2017

Particulars ( ` cr)

3QFY17E

3QFY16

y-o-y (%)

2QFY17

q-o-q (%)

Net profit

1,818

1,521

19.5

1,827

(0.5)

Grasim Industries Ltd Consol - Jan 30, 2017

Particulars ( ` cr)

3QFY17E

3QFY16

y-o-y (%)

2QFY17

q-o-q (%)

Net sales

9,243

8,924

8,293

EBITDA

1,891

1,718

1,786

EBITDA margin (%)

Net profit

790

650

846

(7)

Godrej Consumer Products Ltd Consol - Jan 30, 2017

Particulars ( ` cr)

3QFY17E

3QFY16

y-o-y (%)

2QFY17

q-o-q (%)

Net sales

2,468

2,354

4.9

2,358

4.7

EBITDA

469

458

2.5

466

0.7

EBITDA margin (%)

19.0

19.5

19.8

Net profit

330

324

2.0

318

3.8

www.angelbroking.com

Market Outlook

January 30, 2017

Top Picks ★★★★★

Large Cap

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

To outpace battery industry growth due to better

Amara Raja Batteries

15,435

904

1,009

11.7

technological products leading to market share gains in both

the automotive OEM and replacement segments.

Strong growth in domestic business due to its leadership in

Alkem Laboratories

19,788

1,655

1,989

20.2

acute therapeutic segment. Alkem expects to launch more

products in USA, which bodes for its international business.

The stock is trading at attractive valuations and is factoring

HCL Tech

1,19,140

844

1,000

18.4

all the bad news.

Back on the growth trend, expect a long term growth of 14%

Infosys

2,16,407

942

1,249

32.5

to be a US$20bn in FY2020.

Strong order backlog and improvement in execution would

Larsen & Toubro

1,34,273

1,440

1,634

13.5

trigger the growth for the L&T

One of the largest pharma companies with strong

Lupin

67,328

1,492

1,809

21.3

international presence. It has a rich pipeline of ANDAs which

is also one of the largest among the generic companies.

Going forward, we expect the company to report strong top-

Power Grid Corporation

1,07,038

205

223

9.0

line CAGR of ~16% and bottom-line CAGR of ~19% over

FY16-18 on back of strong capitalization guidance

Source: Company, Angel Research

Mid Cap

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

We expect the company would report strong profitability

Asian Granito

810

269

351

30.4

owing to better product mix, higher B2C sales and

amalgamation synergy.

Among the top 4 players in the consumer durables segment.

Bajaj Electricals

2,446

242

274

13.3

Improved profitability backed by turn around in E&P segment.

Strong order book lends earnings visibility.

Favourable outlook for the AC industry to augur well for

Cooling products business which is out pacing the market

Blue Star

5,114

535

634

18.4

growth. EMPPAC division's profitability to improve once

operating environment turns around.

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

Dewan Housing Finance

8,890

284

350

23.3

segment, the company has increased its presence in tier-II &

III cities where the growth opportunity is immense.

Strong loan growth backed by diversified loan portfolio and

Equitas Holdings

5,616

167

235

40.3

adequate CAR. ROE & ROA likely to remain decent as risk of

dilution remains low. Attractive valuations considering growth.

Economic recovery to have favourable impact on advertising

& circulation revenue growth. Further, the acquisition of a

Jagran Prakashan

5,888

180

225

24.9

radio business (Radio City) would also boost the company's

revenue growth.

High order book execution in EPC segment, rising B2C sales

KEI Industries

1,093

141

153

8.9

and higher exports to boost the revenues and profitability

Speedier execution and speedier sales, strong revenue visibilty

Mahindra Lifespace

1,519

370

522

41.0

in short-to-long run, attractive valuations

Higher growth in domestic branded sales and healthy export

Mirza International

1,097

107

17.4

to boost the profitability.

Massive capacity expansion along with rail advantage at ICD

Navkar Corporation

2,429

170

265

55.6

as well CFS augurs well for the company

Strong brands and distribution network would boost growth

Siyaram Silk Mills

1,348

1,438

1,605

11.6

going ahead. Stock currently trades at an inexpensive

valuation.

Market leadership in Hindi news genre and no. 2 viewership

ranking in English news genre, exit from the radio business,

TV Today Network

1,639

275

385

40.2

and anticipated growth in ad spends by corporates to benefit

the stock.

Source: Company, Angel Research

www.angelbroking.com

Market Outlook

January 30, 2017

Key Upcoming Events

Result Calendar

Date

Company

Jan 30, 2017

Electrosteel Castings, Siyaram Silk Mills

Feb 1, 2017

M&M, Areva, HDFC, Tech Mahindra

Bajaj Auto, Subros, KEC International, ICICI Bank, IDFC, Shriram Trans., Syndicate Bank, UCO Bank, Bank of

Feb 2, 2017

Maharashtra, Dabur India, Mphasis, JSW Steel , ONGC, IOC, Cadila Healthcare, Interglobe Aviation, Narayana

Hrudaya

Feb 3, 2017

Apollo Tyres, Cummins India

Feb 4, 2017

Vijaya Bank, Marico, Glenmark Pharma., Transport Corporation of India, UFO Moviez, Team Lease Serv.

Feb 5, 2017

ACC, Mangalam Cement, J K Lakshmi Cements, PVR, MRF

Feb 6, 2017

J & K Bank, Relaxo, Dr Reddy's, Divi's Lab.

Source: Bloomberg, Angel Research

Global economic events release calendar

Date

Time

Country

Event Description

Unit

Period

Bloomberg Data

Last Reported Estimated

Jan 30, 2017

3:30PM

Euro Zone

Euro-Zone Consumer Confidence

Value

Jan F

(4.90)

Jan 31, 2017

8:30PM

Consumer Confidence

S.A./ 1985=100

Jan

113.70

112.80

2:25PM

Germany

Unemployment change (000's)

Thousands

Jan

(17.00)

(4.00)

3:30PM

Euro Zone

Euro-Zone GDP s.a. (QoQ)

% Change

4Q A

0.40

Feb 1, 2017

6:30AM

China

PMI Manufacturing

Value

Jan

51.40

51.20

2:25PM

Germany

PMI Manufacturing

Value

Jan F

56.50

3:00PM

PMI Manufacturing

Value

Jan

56.10

55.90

Feb 2, 2017

7:00PM

Initial Jobless claims

Thousands

Jan 28

259.00

5:30PM

BOE Announces rates

% Ratio

Feb 2

0.25

12:30AM

FOMC rate decision

Feb 1

0.75

Feb 3, 2017

2:25PM

Germany

PMI Services

Value

Jan F

53.20

7:00PM

Change in Nonfarm payrolls

Thousands

Jan

156.00

168.00

7:00PM

Unnemployment rate

Jan

4.70

Feb 8, 2017

2:30PM

India

RBI Reverse Repo rate

Feb 8

5.75

2:30PM

India

RBI Repo rate

Feb 8

6.25

2:30PM

India

RBI Cash Reserve ratio

Feb 8

4.00

Feb 10, 2017

India

Exports YoY%

% Change

Jan

5.70

India

Imports YoY%

% Change

Jan

0.50

China

Exports YoY%

% Change

Jan

(6.20)

3:00PM

Industrial Production (YoY)

% Change

Dec

2.00

5:30PM

India

Industrial Production YoY

% Change

Dec

5.70

Feb 14, 2017

3:00PM

CPI (YoY)

% Change

Jan

1.60

12:00PM

India

Monthly Wholesale Prices YoY%

% Change

Jan

3.39

Producer Price Index (mom)

% Change

Jan

0.80

7:00AM

China

Consumer Price Index (YoY)

% Change

Jan

2.10

12:30PM

Germany

GDP nsa (YoY)

% Change

4Q P

1.50

Feb 15, 2017

3:00PM

Jobless claims change

% Change

Jan

(10.10)

7:45PM

Industrial Production

Jan

0.83

7:00PM

Housing Starts

Thousands

Jan

1,226.00

Source: Bloomberg, Angel Research

Market Outlook

January 30, 2017

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

9.0

8.3

7.0

5.7

7.9

6.0

8.0

7.5

7.6

7.3

5.0

7.2

7.1

6.6

6.7

4.0

7.0

6.4

3.0

2.2

5.8

1.9

6.0

2.0

1.3

0.7

1.0

0.3

5.0

4.0

(1.0)

(0.7)

(2.0)

(1.3)

3.0

(1.6)

(1.8)

(3.0)

(2.5)

Source: CSO, Angel Research

Source: MOSPI, Angel Research

Exhibit 3: Monthly CPI inflation trends

Exhibit 4: Manufacturing and services PMI

56.0

Mfg. PMI

Services PMI

(%)

7.0

54.0

6.1

5.7

5.8

6.0

5.3

5.5

5.1

52.0

4.8

5.0

4.4

4.2

50.0

4.0

3.6

3.4

48.0

3.0

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

15.0

7.00

10.0

6.50

5.0

6.00

0.0

5.50

(5.0)

5.00

(10.0)

4.50

(15.0)

4.00

(20.0)

(25.0)

3.50

(30.0)

3.00

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

www.angelbroking.com

Stock Watch

January 30, 2017

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Agri / Agri Chemical

Rallis

Neutral

234

4,543

1,937

2,164

13.3

14.3

9.0

11.0

26.0

21.2

4.5

4.0

18.4

19.8

2.4

2.1

United Phosphorus

Neutral

728

36,926

15,176

17,604

18.5

37.4

44.6

19.5

16.3

3.8

3.2

21.4

21.2

2.5

2.1

Auto & Auto Ancillary

Ashok Leyland

Buy

111

26,324

22,407

26,022

10.6

5.2

6.4

17.7

14.4

4.0

3.4

23.6

24.7

1.3

1.1

Bajaj Auto

Neutral

2,854

82,571

25,093

27,891

19.5

19.2

143.9

162.5

19.8

17.6

5.6

4.8

30.3

29.4

3.0

2.6

Bharat Forge

Neutral

944

21,972

7,726

8,713

20.5

21.2

35.3

42.7

26.7

22.1

4.9

4.5

18.9

20.1

2.9

2.5

Eicher Motors

Neutral

23,483

63,881

16,583

20,447

17.5

18.0

598.0

745.2

39.3

31.5

13.4

10.2

41.2

38.3

3.7

2.9

Gabriel India

Buy

112

130

1,602

1,544

1,715

9.0

9.3

5.4

6.3

20.7

17.7

3.9

3.5

18.9

19.5

1.0

0.9

Hero Motocorp

Accumulate

3,216

3,541

64,227

30,958

34,139

15.7

193.6

208.3

16.6

15.4

6.5

5.4

34.2

30.5

1.9

1.7

Jamna Auto Industries Neutral

189

1,501

1,486

1,620

9.8

9.9

15.0

17.2

12.6

11.0

2.8

2.3

21.8

21.3

1.1

1.0

L G Balakrishnan & Bros Neutral

600

941

1,302

1,432

11.6

11.9

43.7

53.0

13.7

11.3

1.9

1.8

13.8

14.2

0.8

0.7

Mahindra and Mahindra Neutral

1,252

77,733

46,534

53,077

11.6

11.7

67.3

78.1

18.6

16.0

3.0

2.6

15.4

15.8

1.6

1.4

Maruti

Accumulate

5,922

6,560

178,877

67,822

83,288

16.0

16.4

253.8

312.4

23.3

19.0

5.4

4.3

23.0

22.9

2.3

1.8

Minda Industries

Neutral

350

2,780

2,728

3,042

9.0

9.1

68.2

86.2

5.1

4.1

1.2

0.9

23.8

24.3

1.1

0.9

Motherson Sumi

Neutral

344

48,284

45,896

53,687

7.8

8.3

13.0

16.1

26.4

21.4

8.5

6.8

34.7

35.4

1.1

0.9

Rane Brake Lining

Neutral

983

778

511

562

11.3

11.5

28.1

30.9

35.0

31.8

5.3

4.9

15.3

15.0

1.7

1.5

Setco Automotive

Neutral

495

741

837

13.0

15.2

17.0

2.4

2.2

0.4

15.8

16.3

1.1

1.0

Tata Motors

Neutral

544

157,165

300,209

338,549

8.9

8.4

42.7

54.3

12.8

10.0

2.0

1.7

15.6

17.2

0.6

TVS Motor

Neutral

392

18,607

13,390

15,948

6.9

7.1

12.8

16.5

30.7

23.7

7.6

6.0

26.3

27.2

1.4

1.2

Amara Raja Batteries

Accumulate

904

1,009

15,435

5,305

6,100

16.0

16.3

28.4

34.0

31.8

26.6

6.1

5.1

19.3

2.9

2.5

Exide Industries

Neutral

197

16,779

7,439

8,307

15.0

8.1

9.3

24.4

21.2

3.4

3.1

14.3

16.7

1.9

1.7

Apollo Tyres

Buy

187

235

9,519

12,877

14,504

14.3

13.9

21.4

23.0

8.7

8.1

1.4

1.2

16.4

15.2

0.9

0.8

Ceat

Buy

1,205

1,450

4,876

7,524

8,624

13.0

12.7

131.1

144.3

9.2

8.4

1.7

1.4

19.8

18.6

0.7

0.6

JK Tyres

Neutral

127

2,870

7,455

8,056

15.0

21.8

24.5

5.8

5.2

1.2

1.0

22.8

21.3

0.5

0.4

Swaraj Engines

Neutral

1,430

1,776

660

810

15.2

16.4

54.5

72.8

26.2

19.6

8.2

7.4

31.5

39.2

2.5

2.0

Subros

Neutral

185

1,110

1,488

1,681

11.7

11.9

6.4

7.2

28.9

25.8

3.1

2.8

10.8

11.4

1.0

0.8

Indag Rubber

Neutral

180

472

286

326

19.8

16.8

11.7

13.3

15.4

13.5

2.6

2.4

17.8

17.1

1.3

1.2

Capital Goods

ACE

Neutral

462

709

814

4.1

4.6

1.4

2.1

33.4

22.2

1.4

1.3

4.4

6.0

0.8

0.7

BEML

Neutral

1,218

5,073

3,451

4,055

6.3

9.2

31.4

57.9

38.8

21.0

2.3

2.1

6.3

10.9

1.6

1.3

Bharat Electronics

Neutral

1,541

34,417

8,137

9,169

16.8

17.2

58.7

62.5

26.3

24.7

4.1

3.6

44.6

46.3

3.2

2.9

www.angelbroking.com

Stock Watch

January 30, 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

Buy

337

407

11,151

6,511

7,514

7.9

8.7

12.9

16.3

26.1

20.7

4.7

4.1

16.7

18.5

1.5

1.2

BGR Energy

Neutral

136

980

16,567

33,848

6.0

5.6

7.8

5.9

17.4

23.0

1.0

4.7

4.2

0.2

0.1

BHEL

Neutral

139

34,046

28,797

34,742

2.8

2.3

6.9

60.5

20.2

1.0

1.3

4.8

0.8

0.6

Blue Star

Buy

535

634

5,114

4,283

5,077

5.9

7.3

14.9

22.1

36.0

24.2

7.0

5.9

20.4

26.4

1.2

1.0

Crompton Greaves

Neutral

4,209

5,777

6,120

5.9

7.0

3.3

4.5

20.4

14.9

0.9

4.4

5.9

0.7

0.6

Greaves Cotton

Neutral

139

3,391

1,755

1,881

16.8

16.9

7.8

8.5

17.8

16.3

3.6

3.3

20.6

20.9

1.6

1.5

Inox Wind

Neutral

189

4,186

5,605

6,267

15.7

16.4

24.8

30.0

7.6

6.3

2.1

1.6

25.9

24.4

0.8

0.7

KEC International

Neutral

150

3,860

9,294

10,186

7.9

8.1

9.9

11.9

15.2

12.6

2.2

1.9

15.6

16.3

0.7

0.6

KEI Industries

Accumulate

141

153

1,093

2,574

2,921

10.4

10.0

10.1

11.8

13.9

11.9

2.5

2.1

17.7

17.4

0.6

Thermax

Neutral

800

9,531

5,421

5,940

7.3

25.7

30.2

31.1

26.5

3.8

3.4

12.2

13.1

1.6

1.5

VATech Wabag

Buy

500

681

2,726

3,136

3,845

8.9

9.1

26.0

35.9

19.2

13.9

2.4

2.1

13.4

15.9

0.8

0.6

Cement

ACC

Neutral

1,428

26,808

11,225

13,172

13.2

16.9

44.5

75.5

32.1

18.9

3.0

2.8

11.2

14.2

2.4

2.0

Ambuja Cements

Neutral

233

46,226

9,350

10,979

18.2

22.5

5.8

9.5

40.1

24.5

3.4

3.0

10.2

12.5

4.9

4.2

India Cements

Neutral

145

4,449

4,364

4,997

18.5

19.2

7.9

11.3

18.3

12.8

1.3

8.0

8.5

1.8

1.6

JK Cement

Neutral

735

5,139

4,398

5,173

15.5

17.5

31.2

55.5

23.6

13.3

2.8

2.5

12.0

15.5

1.7

1.4

J K Lakshmi Cement

Buy

369

565

4,337

2,913

3,412

14.5

19.5

7.5

22.5

49.1

16.4

3.0

2.5

12.5

18.0

2.1

1.7

Orient Cement

Buy

138

215

2,836

2,114

2,558

18.5

20.5

8.1

11.3

17.1

12.3

2.5

2.1

9.0

14.0

2.0

1.5

UltraTech Cement

Neutral

3,685

101,146

25,768

30,385

21.0

23.5

111.0

160.0

33.2

23.0

4.2

3.7

13.5

15.8

4.0

3.3

Construction

ITNL

Neutral

109

3,582

8,946

10,017

31.0

31.6

8.1

9.1

13.4

12.0

0.5

4.2

5.0

3.7

3.5

KNR Constructions

Neutral

183

2,578

1,385

1,673

14.7

14.0

41.2

48.5

4.5

3.8

0.8

0.7

14.9

15.2

1.9

1.6

Larsen & Toubro

Accumulate

1,440

1,634

134,273

111,017

124,908

11.0

61.1

66.7

23.6

21.6

2.8

2.6

13.1

12.9

2.2

2.1

Gujarat Pipavav Port

Neutral

142

6,855

705

788

52.2

51.7

5.0

5.6

28.4

25.3

2.8

2.5

11.2

9.4

7.9

Nagarjuna Const.

Neutral

4,670

8,842

9,775

9.1

8.8

5.3

6.4

15.9

13.1

1.3

1.2

8.2

9.1

0.7

0.6

PNC Infratech

Buy

106

143

2,714

2,350

2,904

13.1

13.2

9.0

8.8

11.8

12.0

0.4

15.9

13.9

1.3

1.0

Simplex Infra

Neutral

318

1,571

6,829

7,954

10.5

31.4

37.4

10.1

8.5

1.1

1.0

9.9

13.4

0.7

0.6

Power Mech Projects

Neutral

447

658

1,801

2,219

12.7

14.6

72.1

113.9

6.2

3.9

1.1

1.0

16.8

11.9

0.4

0.3

Sadbhav Engineering

Accumulate

276

298

4,735

3,598

4,140

10.3

10.6

9.0

11.9

30.7

23.2

3.2

2.8

9.9

11.9

1.6

1.4

NBCC

Neutral

269

16,146

7,428

9,549

7.9

8.6

8.2

11.0

32.8

24.5

1.6

1.3

28.2

28.7

1.9

1.4

MEP Infra

Neutral

684

1,877

1,943

30.6

29.8

3.0

4.2

14.0

10.0

6.8

4.6

0.6

1.7

1.6

www.angelbroking.com

Stock Watch

January 30, 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

101

3,568

1,036

1,252

65.5

66.2

(8.4)

(5.6)

3.8

4.3

(22.8)

(15.9)

11.7

9.7

Engineers India

Neutral

155

10,455

1,725

1,935

16.0

19.1

11.4

13.9

13.6

11.2

1.9

1.8

13.4

15.3

5.0

4.5

Financials

Axis Bank

Buy

473

580

113,058

46,932

53,575

3.5

3.4

32.4

44.6

14.6

10.6

1.9

1.6

13.6

16.5

Bank of Baroda

Neutral

168

38,618

19,980

23,178

1.8

11.5

17.3

14.6

9.7

1.7

1.4

8.3

10.1

Canara Bank

Neutral

285

15,473

15,225

16,836

1.8

14.5

28.0

19.7

10.2

1.4

1.1

5.8

8.5

Can Fin Homes

Buy

1,763

2,128

4,694

420

526

3.5

86.5

107.8

20.4

16.4

4.4

3.6

23.6

24.1

Cholamandalam Inv. &

Buy

1,048

1,230

16,378

2,012

2,317

6.3

42.7

53.6

24.6

19.6

3.9

3.3

16.9

18.3

Fin. Co.

Dewan Housing Finance Buy

284

350

8,890

2,225

2,688

2.9

29.7

34.6

9.6

8.2

1.5

1.3

16.1

16.8

Equitas Holdings

Buy

167

235

5,616

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

13,507

8,259

8,995

3.0

4.3

5.6

18.3

14.0

1.5

1.4

8.5

10.1

HDFC

Neutral

1,371

217,242

11,475

13,450

3.4

45.3

52.5

30.3

26.1

5.8

5.2

20.2

20.5

HDFC Bank

Neutral

1,293

330,103

46,097

55,433

4.5

58.4

68.0

22.1

19.0

3.9

3.2

18.8

18.6

ICICI Bank

Buy

272

315

158,353

42,800

44,686

3.1

3.3

18.0

21.9

15.1

12.4

2.1

1.9

11.1

12.3

Lakshmi Vilas Bank

Buy

140

174

2,671

3,339

3,799

2.7

2.8

11.0

14.0

12.7

10.0

1.3

1.2

11.2

12.7

LIC Housing Finance

Accumulate

557

630

28,120

3,712

4,293

2.6

2.5

39.0

46.0

14.3

12.1

2.7

2.3

19.9

20.1

Punjab Natl.Bank

Neutral

138

29,323

23,532

23,595

2.3

2.4

6.8

12.6

20.3

10.9

3.1

2.2

3.3

6.5

RBL Bank

Neutral

398

14,722

1,783

2,309

2.6

12.7

16.4

31.4

24.3

3.4

3.1

12.8

13.3

South Ind.Bank

Neutral

2,899

6,435

7,578

2.5

2.7

3.1

7.9

6.9

1.0

0.9

10.1

11.2

St Bk of India

Neutral

267

206,878

88,650

98,335

2.6

13.5

18.8

19.7

14.2

1.9

1.7

7.0

8.5

Union Bank

Neutral

142

9,789

13,450

14,925

2.3

25.5

34.5

5.6

4.1

0.8

0.7

7.5

10.2

Yes Bank

Neutral

1,399

59,189

8,978

11,281

3.3

3.4

74.0

90.0

18.9

15.6

3.6

3.0

17.0

17.2

FMCG

Asian Paints

Neutral

969

92,956

17,128

18,978

16.8

16.4

19.1

20.7

50.7

46.8

17.7

16.7

34.8

35.5

5.3

4.8

Britannia

Buy

3,103

3,626

37,232

9,594

11,011

14.6

14.9

80.3

94.0

38.6

33.0

15.9

12.3

41.2

3.7

3.2

Colgate

Accumulate

881

995

23,948

4,605

5,149

23.4

23.8

26.9

37.0

32.7

20.5

16.0

64.8

66.8

5.1

4.6

Dabur India

Accumulate

278

304

48,917

8,315

9,405

19.8

20.7

8.1

9.2

34.3

30.2

9.5

7.9

31.6

31.0

5.5

4.9

GlaxoSmith Con*

Neutral

5,179

21,780

4,350

4,823

21.2

21.4

179.2

196.5

28.9

26.4

7.7

6.5

27.1

26.8

4.4

3.9

Godrej Consumer

Neutral

1,551

52,812

10,235

11,428

18.4

18.6

41.1

44.2

37.7

35.1

8.4

7.1

24.9

24.8

5.2

4.6

HUL

Neutral

856

185,219

35,252

38,495

17.8

20.7

22.4

41.5

38.2

39.6

34.0

95.6

88.9

5.1

4.7

ITC

Accumulate

258

284

312,125

40,059

44,439

38.3

39.2

9.0

10.1

28.7

25.4

8.0

7.0

27.8

27.5

7.3

6.6

www.angelbroking.com

Stock Watch

January 30, 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

Marico

Buy

258

300

33,246

6,430

7,349

18.8

19.5

6.4

7.7

40.3

33.5

12.2

10.2

33.2

32.5

5.0

4.3

Nestle*

Neutral

5,921

57,092

10,073

11,807

20.7

21.5

124.8

154.2

47.5

38.4

19.5

17.5

34.8

36.7

5.5

4.7

Tata Global

Neutral

129

8,154

8,675

9,088

9.8

7.4

8.2

17.5

15.8

2.0

1.9

7.9

8.1

0.9

0.8

Procter & Gamble

Accumulate

6,932

7,369

22,500

2,939

3,342

23.2

23.0

146.2

163.7

47.4

42.3

106.2

101.8

25.3

23.5

7.2

6.3

Hygiene

HCL Tech^

Buy

844

1,000

119,140

49,242

57,168

20.5

55.7

64.1

15.2

13.2

3.1

2.4

20.3

17.9

2.3

1.9

Infosys

Buy

942

1,249

216,407

68,350

77,326

27.0

62.5

69.4

15.1

13.6

3.2

2.9

21.3

21.6

2.6

2.3

TCS

Accumulate

2,358

2,620

464,637

119,025

133,308

27.6

131.2

145.5

18.0

16.2

5.8

5.4

32.4

33.1

3.7

3.2

Tech Mahindra

Buy

467

600

45,421

29,673

32,937

15.5

17.0

32.8

39.9

14.2

11.7

2.8

2.4

19.6

20.7

1.3

1.1

Wipro

Buy

466

590

113,303

55,440

60,430

18.1

35.9

39.9

13.0

11.7

2.3

2.1

19.0

19.3

1.8

1.6

Media

D B Corp

Neutral

361

6,630

2,297

2,590

27.4

28.2

21.0

23.4

17.2

15.4

4.0

3.5

23.7

23.1

2.7

2.3

HT Media

Neutral

1,846

2,693

2,991

12.6

12.9

7.9

9.0

10.0

8.8

0.9

0.8

7.8

8.3

0.3

0.1

Jagran Prakashan

Buy

180

225

5,888

2,355

2,635

28.0

10.8

12.5

16.7

14.4

3.6

3.1

21.7

2.5

2.2

Sun TV Network

Neutral

537

21,154

2,850

3,265

70.1

71.0

26.2

30.4

20.5

17.7

5.2

4.6

24.3

25.6

7.0

6.0

Hindustan Media

Neutral

266

1,952

1,016

1,138

24.3

25.2

27.3

30.1

9.7

8.8

1.9

1.7

16.2

15.8

1.2

1.1

Ventures

TV Today Network

Buy

275

385

1,639

637

743

27.5

18.4

21.4

15.0

12.9

2.6

2.2

17.4

17.2

2.2

1.8

Metals & Mining

Coal India

Neutral

317

196,651

84,638

94,297

21.4

22.3

24.5

27.1

12.9

11.7

5.4

5.1

42.6

46.0

1.8

1.6

Hind. Zinc

Neutral

301

127,182

14,252

18,465

55.9

48.3

15.8

21.5

19.1

14.0

3.1

2.7

17.0

20.7

8.9

6.9

Hindalco

Neutral

191

39,401

107,899

112,095

7.4

8.2

9.2

13.0

20.7

14.7

1.0

0.9

4.8

6.6

0.9

0.8

JSW Steel

Neutral

195

47,220

53,201

58,779

16.1

16.2

130.6

153.7

1.5

1.3

0.2

14.0

14.4

1.6

1.4

NMDC

Neutral

146

46,335

6,643

7,284

44.4

47.7

7.1

7.7

20.6

19.0

1.8

1.7

8.8

9.2

4.7

4.3

SAIL

Neutral

26,247

47,528

53,738

(0.7)

2.1

(1.9)

2.6

24.4

0.7

(1.6)

3.9

1.4

1.3

Vedanta

Neutral

258

76,356

71,744

81,944

19.2

21.7

13.4

20.1

19.2

12.8

1.6

1.5

8.4

11.3

1.5

1.1

Tata Steel

Neutral

469

45,574

121,374

121,856

7.2

8.4

18.6

34.3

25.2

13.7

1.6

1.4

6.1

10.1

1.0

Oil & Gas

Cairn India

Neutral

280

52,505

9,127

10,632

4.3

20.6

8.8

11.7

31.8

23.9

1.0

3.3

4.2

7.2

6.0

GAIL

Neutral

482

61,172

56,220

65,198

9.3

10.1

27.1

33.3

17.8

14.5

1.6

1.5

9.3

10.7

1.3

1.1

ONGC

Neutral

205

262,504

137,222

152,563

15.0

21.8

19.5

24.1

10.5

8.5

0.9

8.5

10.1

2.2

2.0

Indian Oil Corp

Neutral

384

186,491

373,359

428,656

5.9

5.5

54.0

59.3

7.1

6.5

1.1

1.0

16.0

15.6

0.7

0.6

Reliance Industries

Neutral

1,025

332,517

301,963

358,039

12.1

12.6

87.7

101.7

11.7

10.1

1.2

1.1

10.7

11.3

1.6

1.3

Pharmaceuticals

Alembic Pharma

Neutral

575

10,838

3,483

4,083

20.2

21.4

24.3

30.4

23.7

18.9

5.4

4.3

25.5

25.3

3.1

2.5

www.angelbroking.com

Stock Watch

January 30, 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

Pharmaceuticals

Alkem Laboratories Ltd

Buy

1,655

1,989

19,788

6,043

6,893

18.7

19.3

80.5

88.8

20.6

18.6

4.6

3.8

22.3

20.3

3.2

2.8

Aurobindo Pharma

Buy

713

877

41,749

15,720

18,078

23.7

41.4

47.3

17.2

15.1

4.5

3.5

29.6

26.1

2.9

2.5

Sanofi India*

Neutral

4,181

9,629

2,277

2,597

17.3

18.3

149.4

172.0

28.0

24.3

4.6

3.7

25.1

28.8

3.9

3.2

Cadila Healthcare

Accumulate

363

400

37,126

10,429

12,318

22.6

22.0

16.9

19.2

21.5

18.9

5.5

4.4

28.5

25.7

3.6

2.9

Cipla

Sell

580

490

46,676

15,378

18,089

17.4

18.4

21.6

27.2

26.9

21.3

3.5

3.0

13.7

15.2

3.2

2.7

Dr Reddy's

Neutral

2,999

49,678

16,043

18,119

20.8

22.4

112.4

142.9

26.7

21.0

3.6

3.1

14.1

15.9

3.1

2.7

Dishman Pharma

Neutral

234

3,781

1,718

1,890

22.7

22.8

9.5

11.3

24.7

20.7

2.4

2.2

10.1

10.9

2.7

2.3

GSK Pharma*

Neutral

2,732

23,144

3,000

3,312

15.4

20.6

46.5

60.8

58.8

44.9

14.1

26.3

30.6

7.5

6.8

Indoco Remedies

Reduce

275

240

2,533

1,112

1,289

16.2

18.2

11.6

16.0

23.7

17.2

3.8

3.2

17.0

20.1

2.4

2.0

Ipca labs

Accumulate

537

613

6,775

3,303

3,799

15.3

17.3

19.7

31.0

27.3

2.7

2.5

9.1

9.4

2.2

1.9

Lupin

Buy

1,492

1,809

67,328

15,912

18,644

26.4

26.7

58.1

69.3

25.7

21.5

5.0

4.1

21.4

20.9

4.3

3.5

Sun Pharma

Buy

640

847

153,477

31,129

35,258

32.0

32.9

30.2

35.3

21.2

18.1

3.5

2.8

20.0

20.1

4.5

3.8

Power

Tata Power

Neutral

21,909

36,916

39,557

17.4

27.1

5.1

6.3

15.9

12.9

1.4

1.3

9.0

10.3

1.6

1.4

NTPC

Neutral

177

145,821

86,605

95,545

17.5

20.8

11.8

13.4

15.0

13.2

1.5

1.4

10.5

11.1

3.0

Power Grid

Accumulate

205

223

107,038

25,315

29,193

88.2

88.7

14.2

17.2

14.5

11.9

2.2

1.9

15.2

16.1

8.9

8.0

Real Estate

MLIFE

Buy

370

522

1,519

1,152

1,300

22.7

24.6

29.9

35.8

12.4

10.3

0.9

7.6

8.6

2.0

1.7

Telecom

Bharti Airtel

Neutral

323

129,296

105,086

114,808

34.5

34.7

12.2

16.4

26.5

19.7

1.8

1.7

6.8

8.4

2.1

1.9

Idea Cellular

Neutral

28,018

40,133

43,731

37.2

37.1

6.4

6.5

12.2

12.0

1.0

0.9

8.2

7.6

1.7

1.5

zOthers

Abbott India

Neutral

4,421

9,395

3,153

3,583

14.1

14.4

152.2

182.7

29.1

24.2

142.6

121.8

25.6

26.1

2.7

2.3

Bajaj Electricals

Accumulate

242

274

2,446

4,801

5,351

5.7

6.2

10.4

13.7

23.2

17.7

2.9

2.6

12.4

14.5

0.5

Finolex Cables

Neutral

439

6,716

2,883

3,115

12.0

12.1

14.2

18.6

30.9

23.6

16.5

14.4

15.8

14.6

2.0

1.8

Goodyear India*

Neutral

709

1,635

1,598

1,704

10.4

10.2

49.4

52.6

14.4

13.5

66.2

58.1

18.2

17.0

0.7

98.2

Hitachi

Neutral

1,381

3,754

2,081

2,433

8.8

8.9

33.4

39.9

41.3

34.6

33.4

27.8

22.1

21.4

1.8

1.5

Jyothy Laboratories

Neutral

355

6,448

1,440

2,052

11.5

13.0

8.5

10.0

41.8

35.5

10.1

9.4

18.6

19.3

4.8

3.3

Page Industries

Neutral

14,470

16,139

2,450

3,124

20.1

17.6

299.0

310.0

48.4

46.7

322.3

246.0

47.1

87.5

6.6

5.2

Relaxo Footwears

Neutral

435

5,221

2,085

2,469

9.2

8.2

7.6

8.0

57.5

54.7

22.3

19.0

17.9

18.8

2.6

2.2

Siyaram Silk Mills

Accumulate

1,438

1,605

1,348

1,733

1,948

11.6

11.7

96.6

114.7

14.9

12.5

2.3

2.0

15.3

15.7

1.0

0.9

Styrolution ABS India*

Neutral

610

1,074

1,440

1,537

9.2

9.0

40.6

42.6

15.0

14.3

38.4

34.9

12.3

11.6

0.7

0.6

TVS Srichakra

Neutral

3,202

2,452

2,304

2,614

13.7

13.8

231.1

266.6

13.9

12.0

359.8

283.3

33.9

29.3

1.1

0.9

www.angelbroking.com

Stock Watch

January 30, 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

HSIL

Neutral

293

2,121

2,384

2,515

15.8

16.3

15.3

19.4

19.2

15.1

19.1

16.4

7.8

9.3

1.1

1.0

Kirloskar Engines India

Neutral

330

4,771

2,554

2,800

9.9

10.0

10.5

12.1

31.4

27.3

13.1

12.4

10.7

11.7

1.5

1.3

Ltd

M M Forgings

Neutral

472

570

546

608

20.4

20.7

41.3

48.7

11.5

9.7

64.7

57.3

16.6

17.0

0.9

0.8

Banco Products (India) Neutral

208

1,486

1,353

1,471

12.3

12.4

14.5

16.3

14.3

12.8

19.8

17.8

14.5

14.6

1.0

111.4

Competent Automobiles Neutral

171

105

1,137

1,256

3.1

2.7

28.0

23.6

6.1

7.3

32.9

29.7

14.3

11.5

0.1

Nilkamal

Neutral

1,598

2,384

1,995

2,165

10.7

10.4

69.8

80.6

22.9

19.8

91.3

79.3

16.6

16.5

1.2

1.1

Visaka Industries

Neutral

213

338

1,051

1,138

10.3

10.4

21.0

23.1

10.1

9.2

27.3

25.6

9.0

9.2

0.6

Transport Corporation of

Neutral

161

1,233

2,671

2,911

8.5

8.8

13.9

15.7

11.6

10.3

1.6

1.4

13.7

13.8

0.6

0.5

India

Elecon Engineering

Neutral

653

1,482

1,660

13.7

14.5

3.9

5.8

14.9

10.0

3.5

3.2

7.8

10.9

0.8

0.7

Surya Roshni

Neutral

191

838

3,342

3,625

7.8

7.5

17.3

19.8

11.1

9.7

21.0

16.9

10.5

10.8

0.5

MT Educare

Neutral

132

527

366

417

17.7

18.2

9.4

10.8

14.1

12.2

3.1

2.7

22.2

22.3

1.3

1.2

Radico Khaitan

Buy

117

147

1,557

1,667

1,824

13.0

13.2

6.7

8.2

17.6

14.3

1.6

1.5

9.0

10.2

1.3

1.2

Garware Wall Ropes

Neutral

621

1,359

873

938

14.3

35.2

37.5

17.7

16.6

3.1

2.6

17.5

15.9

1.5

1.4

Wonderla Holidays

Neutral

372

2,099

287

355

38.0

40.0

11.3

14.2

32.9

26.2

4.7

4.1

21.4

23.9

7.0

5.7

Linc Pen & Plastics

Neutral

278

411

382

420

9.3

9.5

13.5

15.7

20.6

17.7

3.5

3.1

17.1

17.3

1.1

1.0

The Byke Hospitality

Neutral

163

654

287

384

20.5

7.6

10.7

21.5

15.3

4.5

3.6

20.7

23.5

2.3

1.7

Interglobe Aviation

Neutral

928

33,544

21,122

26,005

14.5

27.6

110.7

132.1

8.4

7.0

50.2

35.8

168.5

201.1

1.6

1.2

Coffee Day Enterprises

Neutral

200

4,126

2,964

3,260

20.5

21.2

4.7

8.0

25.0

2.3

2.1

5.5

8.5

1.8

1.6

Ltd

Navneet Education

Neutral

125

2,985

1,062

1,147

24.0

6.1

6.6

20.6

18.9

4.2

3.7

20.6

19.8

2.9

2.7

Navkar Corporation

Buy

170

265

2,429

369

561

42.9

42.3

7.2

11.5

23.6

14.8

1.7

1.6

7.4

10.5

7.6

5.0

UFO Moviez

Neutral

455

1,257

619

685

33.2

33.4

30.0

34.9

15.2

13.1

2.1

1.8

13.8

13.9

1.7

1.4

VRL Logistics

Neutral

298

2,717

1,902

2,119

16.7

16.6

14.6

16.8

20.4

17.7

4.5

3.9

21.9

22.2

1.5

1.4

Team Lease Serv.

Neutral

911

1,557

3,229

4,001

1.5

1.8

22.8

32.8

40.0

27.7

4.3

3.7

10.7

13.4

0.4

0.3

S H Kelkar & Co.

Neutral

316

4,571

1,036

1,160

15.1

15.0

6.1

7.2

51.8

44.0

5.5

5.1

10.7

11.5

4.3

3.8

Quick Heal

Neutral

269

1,886

408

495

27.3

27.0

7.7

8.8

34.8

30.6

3.2

9.3

10.6

3.8

3.1

Narayana Hrudaya

Neutral

337

6,887

1,873

2,166

11.5

11.7

2.6

4.0

127.4

85.0

7.8

7.1

6.1

8.3

3.8

3.3

Manpasand Bever.

Neutral

636

3,641

836

1,087

19.6

19.4

16.9

23.8

37.7

26.7

4.5

4.0

12.0

14.8

4.1

3.1

Parag Milk Foods

Neutral

264

2,220

1,919

2,231

9.3

9.6

9.5

12.9

27.9

20.4

4.3

3.6

15.5

17.5

1.3

1.1

Mirza International

Buy

107

1,097

987

1,106

18.0

6.5

7.6

14.0

12.0

2.3

1.9

15.9

15.7

1.3

1.2

www.angelbroking.com

Market Outlook

January 30, 2017

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

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