Market Outlook
March 30, 2017
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open with positive bias tracking the SGX Nifty.
BSE Sensex
0.4
122
29,531
Following the strength seen in the previous session, US market turned in a lackluster
Nifty
0.5
43
9,144
performance during trading on Wednesday. The major averages eventually finished
Mid Cap
0.1
19
13,931
the day on opposite sides of the unchanged line. The choppy trading on Wall Street
Small Cap
0.3
43
14,197
came as traders seemed reluctant to make any significant moves amid continued
Bankex
0.8
189
24,402
uncertainty about President Donald Trump's policy agenda following the failure of
the Republican health care bill.
Global Indices
Chg (%)
(Pts)
(Close)
The European markets ended Wednesday's session with modest gains. The markets
got off to a positive start, but pared their gains ahead of today's announcement from
Dow Jones
(0.2)
(42)
20,659
the U.K. Traders reacted to the news that Article 50 had been triggered with relative
Nasdaq
0.4
22
5,898
calm in the afternoon.
FTSE
0.4
30
7,374
Nikkei
0.1
15
19,217
Indian markets rose for a second consecutive session on Wednesday and the rupee
hit a 17-month high to breach the 65-mark against the dollar on strong capital
Hang Seng
0.2
46
24,392
inflows as the much-awaited GST Bill discussion started in the Lok Sabha.
Shanghai Com
(0.4)
(12)
3,241
News Analysis
Advances / Declines
BSE
NSE
GST a whisker away from reality, all four Bills passed in Lok Sabha
Detailed analysis on Pg2
Advances
1,195
704
Declines
1,681
971
Investor’s Ready Reckoner
Unchanged
232
70
Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocks
Volumes (` Cr)
Refer Pg5 onwards
BSE
14,855
Top Picks
NSE
26,712
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
Amara Raja Batteries Auto & Auto Ancillary
Buy
875
1,009
15.3
Net Inflows (` Cr)
Net
Mtd
Ytd
HCL Tech
IT
Accumulate
874
1,000
14.4
FII
584
21,818
32,256
Power Grid Corp.
Power
Accumulate
197
223
13.5
MFs
361
(1,079)
5,992
Navkar Corp.
Others
Buy
172
265
54.1
KEI Industries
Others
Buy
179
207
15.4
Top Gainers
Price (`)
Chg (%)
More Top Picks on Pg3
Gruh
408
10.0
Key Upcoming Events
Dishman
302
8.4
Previous
Consensus
Date
Region
Event Description
Reading
Expectations
Edelweiss
157
7.7
Mar 30, 2017 US
Initial Jobless claims
261.00
247.00
Muthootfin
377
7.5
Mar 30, 2017 Germany Unemployment change (000's)
-15.00
-10.00
Cox&Kings
222
6.0
Mar 30, 2017 Euro Zone Euro-Zone Consumer Confidence
-5.00
-5.00
Mar 31, 2017 Germany PMI Manufacturing
58.30
--
Top Losers
Price (`)
Chg (%)
Mar 31, 2017 US
GDP Qoq (Annualised)
1.90
2.00
Mar 31, 2017 China
PMI Manufacturing
51.60
51.60
Bharatfin
804
(3.7)
More Events on Pg4
Nlcindia
105
(3.6)
Unitech
5
(3.2)
Heromotoco
3,223
(3.2)
Sreinfra
83
(3.0)
As on March 29, 2017
Market Outlook
March 30, 2017
News Analysis
GST a whisker away from reality, all four Bills passed in Lok
Sabha
The Lok Sabha on Wednesday passed key legislations, putting Asia's third-largest
economy on course to launch a nationwide goods and services tax (GST) from
July.
Finance Minister Arun Jaitley aims to roll out the new sales tax from July 1 that will
subsume a slew of federal and state levies, transforming a nation of more than 1.2
billion population into a single market.
The four bills, passed by the Lok Sabha, would next be presented before the Rajya
Sabha. Proposed tax rates range from 5 to 28 percent, with 12 percent and 18
percent being the standard rates. It has not been decided yet which tax rates will
apply to which categories of goods.
Economic and Political News
Finance Bill: Govt faces embarrassment as
5 Opposition amendments
adopted
Tech is vulnerable but must use: FM on linking ITR, bank a/cs with Aadhaar
Railways goes on global shopping spree to acquire 200 kmph locomotives
Direct recruitment in govt jobs drops by 89%: Govt
Corporate News
Govt sells 60.48Cr shares in NHPC for `1,950Cr
RIL completes Gulf Africa Petroleum Corporation stake sale
Madras High Court restrains L&T Realty stake sale in township project
Reliance Jio's Prime membership base close to hitting 50 million
Market Outlook
March 30, 2017
Top Picks
Large Cap
M
arket Cap
CM
P
T
arget
Upsid
e
Company
Rationale
(` Cr)
(`)
(`)
(%)
To outpace battery industry growth due to better technological
Amara Raja Batteries
14,942
875
1,009
15.3
products leading to market share gains in both the
automotive OEM and replacement segments.
The stock is trading at attractive valuations and is factoring all
HCL Tech
1,23,348
874
1,000
14.4
the bad news.
Back on the growth trend, expect a long term growth of 14%
Infosys
2,36,895
1,031
1,249
21.1
to be a US$20bn in FY2020.
Strong order backlog and improvement in execution would
Larsen & Tourbo
1,45,174
1,556
1,700
9.3
trigger the growth for the L&T.
One of the largest pharma companies with strong
Lupin
65,605
1,453
1,809
24.5
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
1,02,801
197
223
13.5
line CAGR of ~16% and bottom-line CAGR of ~19% over
FY16-18 on back of strong capitalization guidance
Source: Company, AngelResearch
Mid Cap
M
arket Cap
CM
P
T
arget
Upsid
e
Company
Rationale
(` Cr)
(`)
(`)
(%)
We expect the company would report strong profitability
Asian Granito
1,089
362
380
5.0
owing to better product mix, higher B2C sales and
amalgamation synergy.
Among the top 4 players in the consumer durables segment.
Bajaj Electricals
3,198
316
330
4.5
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
6,231
652
710
8.9
growth. EMPPAC division's profitability to improve once
operating environment turns around.
Strong loan growth backed by diversified loan portfolio and
Equitas Holdings
5,400
160
235
46.9
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
5,996
183
225
22.7
radio business (Radio City) would also boost the company's
revenue growth.
High order book execution in EPC segment, rising B2C sales
KEI Industries
1,396
179
207
15.4
and higher exports to boost the revenues and profitability
Speedier execution and speedier sales, strong revenue visibilty
Mahindra Lifespace
1,785
435
522
20.1
in short-to-long run, attractive valuations
Higher growth in domestic branded sales and healthy export
Mirza International
1,023
85
107
25.8
to boost the profitability.
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,452
172
265
54.1
as well CFS augurs well for the company
Strong brands and distribution network would boost growth
Siyaram Silk Mills
1,608
1,716
1,872
9.1
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
1,570
263
344
30.7
and anticipated growth in ad spends by corporates to benefit
the stock.
Source: Company, Angel Research
Market Outlook
March 30, 2017
Key Upcoming Events
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
Mar 30, 2017 6:00PM
US
Initial Jobless claims
Thousands
Mar 25
261.00
247.00
2:30PM
Euro Zone
Euro-Zone Consumer Confidence
Value
Mar F
(5.00)
(5.00)
1:25PM
Germany
Unemployment change (000's)
Thousands
Mar
(15.00)
(10.00)
Mar 31, 2017 6:00PM
US
GDP Qoq (Annualised)
% Change
4Q T
1.90
2.00
6:30AM
China
PMI Manufacturing
Value
Mar
51.60
51.70
2:00PM
UK
PMI Manufacturing
Value
Mar
54.60
--
Apr 3, 2017
2:00PM
UK
GDP (YoY)
% Change
4Q F
2.00
2.00
1:25PM
Germany
PMI Manufacturing
Value
Mar F
58.30
--
Apr 5, 2017
1:25PM
Germany
PMI Services
Value
Mar F
55.60
--
Apr 6, 2017
2:30PM
India
RBI Reverse Repo rate
%
Apr 6
5.75
--
2:30PM
India
RBI Repo rate
%
Apr 6
6.25
--
2:30PM
India
RBI Cash Reserve ratio
%
Apr 6
4.00
--
Apr 7, 2017
2:00PM
UK
Industrial Production (YoY)
% Change
Feb
3.20
--
6:00PM
US
Change in Nonfarm payrolls
Thousands
Mar
235.00
175.00
6:00PM
US
Unnemployment rate
%
Mar
4.70
4.70
Apr 10, 2017
India
Imports YoY%
% Change
Mar
21.76
--
India
Exports YoY%
% Change
Mar
17.48
--
Apr 11, 2017
2:00PM
UK
Jobless claims change
% Change
Mar
(11.30)
--
Apr 12, 2017
2:00PM
UK
CPI (YoY)
% Change
Mar
2.30
--
5:30PM
India
Industrial Production YoY
% Change
Feb
2.70
--
7:00AM
China
Consumer Price Index (YoY)
% Change
Mar
0.80
--
Apr 13, 2017
US
Producer Price Index (mom)
% Change
Mar
0.10
--
China
Exports YoY%
% Change
Mar
(1.30)
--
Apr 14, 2017
6:00PM
US
Consumer price index (mom)
% Change
Mar
0.10
(0.10)
Apr 17, 2017 12:00PM
India
Monthly Wholesale Prices YoY%
% Change
Mar
6.55
--
7:30AM
China
Industrial Production (YoY)
% Change
Mar
6.00
--
7:30AM
China
Real GDP (YoY)
% Change
1Q
6.80
--
Apr 18, 2017
6:00PM
US
Building permits
Thousands
Mar
1,216.00
--
6:45PM
US
Industrial Production
%
Mar
0.01
0.50
2:30PM
Euro Zone
Euro-Zone CPI (YoY)
%
Mar F
2.00
--
Source: Bloomberg, Angel Research
Market Outlook
March 30, 2017
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
8.6
9.0
8.4
7.0
8.3
5.7
7.7
7.8
6.0
8.0
7.4
7.2
5.0
6.9
7.0
6.8
7.0
4.0
2.7
6.0
3.0
2.2
6.0
5.6
1.3
2.0
0.7
1.0
0.3
5.0
-
4.0
(1.0)
(0.1)
(0.7)
(2.0)
3.0
(1.3)
(3.0)
(1.9)
(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
5.8
5.8
6.0
5.5
5.1
52.0
4.8
5.0
4.3
4.2
50.0
3.6
3.7
4.0
3.4
3.2
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
30.0
7.00
20.0
6.50
6.00
10.0
5.50
0.0
5.00
4.50
(10.0)
4.00
(20.0)
3.50
(30.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
March 30, 2017
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.8
6.0
5.3
4.9
0.7
4.5
4.0
3.0
2.0
1.9
2.0
1.2
1.6
1.1
-
(2.0)
(0.4)
(2.5)
(4.0)
Source: Bloomberg, Angel Research
Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
10.0
7.6
8.0
6.6
6.0
4.9
4.3
4.0
3.2
1.8
1.7
1.6
2.0
1.3
(0.8)
0.5
(3.3)
0.1
-
(2.0)
(4.0)
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
March 30, 2017
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
65,528
(2.9)
13.1
28.1
Russia
Micex
2,024
(3.3)
(7.1)
8.2
India
Nifty
9,144
2.3
15.6
18.5
China
Shanghai Composite
3,241
(0.4)
2.9
7.0
South Africa
Top 40
45,405
1.8
5.9
(0.9)
Mexico
Mexbol
49,037
4.2
8.2
7.4
Indonesia
LQ45
930
3.6
9.5
9.7
Malaysia
KLCI
1,750
3.3
7.8
1.5
Thailand
SET 50
998
2.2
5.5
12.6
USA
Dow Jones
20,659
(0.9)
3.6
16.8
UK
FTSE
7,374
1.7
3.8
19.6
Japan
Nikkei
19,217
(0.3)
(1.1)
14.9
Germany
DAX
12,203
3.2
6.6
28.0
France
CAC
5,069
4.6
4.8
17.5
Source: Bloomberg, Angel Research
Stock Watch
March 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
247
-
4,794
1,937
2,164
13.3
14.3
9.0
11.0
27.4
22.4
4.8
4.2
18.4
19.8
2.5
2.2
United Phosphorus
Neutral
720
-
36,514
15,176
17,604
18.5
18.5
37.4
44.6
19.3
16.1
3.8
3.1
21.4
21.2
2.5
2.1
Auto & Auto Ancillary
Amara Raja Batteries
Buy
875
1,009
14,942
5,305
6,100
16.0
16.3
28.4
34.0
30.8
25.7
5.9
5.0
19.3
19.3
2.8
2.4
Apollo Tyres
Accumulate
209
235
10,659
12,877
14,504
14.3
13.9
21.4
23.0
9.8
9.1
1.5
1.3
16.4
15.2
1.0
0.9
Ashok Leyland
Buy
84
111
23,920
20,021
21,915
11.6
11.9
4.5
5.3
18.7
15.8
3.8
3.4
20.6
21.5
1.1
1.0
Bajaj Auto
Neutral
2,831
-
81,920
25,093
27,891
19.5
19.2
143.9
162.5
19.7
17.4
5.5
4.7
30.3
29.4
3.0
2.6
Bharat Forge
Neutral
1,034
-
24,071
7,726
8,713
20.5
21.2
35.3
42.7
29.3
24.2
5.4
4.9
18.9
20.1
3.2
2.8
Ceat
Accumulate
1,297
1,450
5,245
7,524
8,624
13.0
12.7
131.1
144.3
9.9
9.0
1.8
1.5
19.8
18.6
0.8
0.7
Eicher Motors
Neutral
25,056
-
68,178
16,583
20,447
17.5
18.0
598.0
745.2
41.9
33.6
14.3
10.9
41.2
38.3
3.9
3.1
Exide Industries
Neutral
220
-
18,675
7,439
8,307
15.0
15.0
8.1
9.3
27.1
23.6
3.8
3.4
14.3
16.7
2.1
1.9
Gabriel India
Accumulate
124
130
1,776
1,544
1,715
9.0
9.3
5.4
6.3
22.9
19.6
4.3
3.8
18.9
19.5
1.1
1.0
Hero Motocorp
Accumulate
3,223
3,446
64,367
28,083
30,096
15.3
15.7
171.8
187.0
18.8
17.2
6.6
5.5
30.1
27.9
2.1
1.9
Indag Rubber
Neutral
201
-
526
286
326
19.8
16.8
11.7
13.3
17.2
15.1
2.9
2.7
17.8
17.1
1.5
1.3
Jamna Auto Industries
Neutral
211
-
1,682
1,486
1,620
9.8
9.9
15.0
17.2
14.1
12.3
3.1
2.6
21.8
21.3
1.2
1.1
JK Tyres
Neutral
130
-
2,955
7,455
8,056
15.0
15.0
21.8
24.5
6.0
5.3
1.3
1.0
22.8
21.3
0.5
0.4
L G Balakrishnan & Bros Neutral
620
-
973
1,302
1,432
11.6
11.9
43.7
53.0
14.2
11.7
2.0
1.8
13.8
14.2
0.8
0.8
Mahindra and Mahindra Neutral
1,268
-
78,767
46,534
53,077
11.6
11.7
67.3
78.1
18.8
16.3
3.1
2.7
15.4
15.8
1.7
1.4
Maruti
Accumulate
5,941
6,560
179,466
67,822
83,288
16.0
16.4
253.8
312.4
23.4
19.0
5.4
4.4
23.0
22.9
2.3
1.8
Minda Industries
Neutral
437
-
3,465
2,728
3,042
9.0
9.1
68.2
86.2
6.4
5.1
1.5
1.2
23.8
24.3
1.3
1.2
Motherson Sumi
Neutral
383
-
53,750
45,896
53,687
7.8
8.3
13.0
16.1
29.4
23.8
9.5
7.6
34.7
35.4
1.2
1.0
Rane Brake Lining
Neutral
926
-
733
511
562
11.3
11.5
28.1
30.9
33.0
30.0
5.0
4.6
15.3
15.0
1.6
1.4
Setco Automotive
Neutral
34
-
457
741
837
13.0
13.0
15.2
17.0
2.3
2.0
0.4
0.3
15.8
16.3
1.0
0.9
Subros
Neutral
195
-
1,172
1,488
1,681
11.7
11.9
6.4
7.2
30.5
27.3
3.2
2.9
10.8
11.4
1.0
0.9
Swaraj Engines
Neutral
1,436
-
1,783
660
810
15.2
16.4
54.5
72.8
26.4
19.7
8.2
7.5
31.5
39.2
2.5
2.0
Tata Motors
Neutral
469
-
135,445
300,209
338,549
8.9
8.4
42.7
54.3
11.0
8.7
1.8
1.5
15.6
17.2
0.6
0.5
TVS Motor
Neutral
431
-
20,467
13,390
15,948
6.9
7.1
12.8
16.5
33.8
26.0
8.4
6.7
26.3
27.2
1.6
1.3
Capital Goods
ACE
Neutral
60
-
591
709
814
4.1
4.6
1.4
2.1
42.7
28.5
1.8
1.7
4.4
6.0
1.0
0.9
BEML
Neutral
1,310
-
5,454
3,451
4,055
6.3
9.2
31.4
57.9
41.7
22.6
2.5
2.3
6.3
10.9
1.7
1.4
BGR Energy
Neutral
140
-
1,011
16,567
33,848
6.0
5.6
7.8
5.9
18.0
23.7
1.0
1.0
4.7
4.2
0.2
0.1
Stock Watch
March 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
Bharat Electronics
Neutral
156
-
34,766
8,137
9,169
16.8
17.2
58.7
62.5
2.7
2.5
0.4
0.4
44.6
46.3
3.3
2.9
BHEL
Neutral
168
-
41,034
28,797
34,742
-
2.8
2.3
6.9
72.9
24.3
1.2
1.2
1.3
4.8
1.1
0.8
Blue Star
Accumulate
652
710
6,231
4,283
5,077
5.9
7.3
14.9
22.1
43.8
29.5
8.5
7.2
20.4
26.4
1.5
1.3
CG Power and Industrial
Neutral
77
-
4,835
5,777
6,120
5.9
7.0
3.3
4.5
23.4
17.1
1.0
1.0
4.4
5.9
0.8
0.7
Solutions
Greaves Cotton
Neutral
171
-
4,166
1,755
1,881
16.8
16.9
7.8
8.5
21.9
20.1
4.4
4.1
20.6
20.9
2.1
1.9
Inox Wind
Neutral
171
-
3,784
5,605
6,267
15.7
16.4
24.8
30.0
6.9
5.7
1.9
1.4
25.9
24.4
0.7
0.6
KEC International
Neutral
193
-
4,950
9,294
10,186
7.9
8.1
9.9
11.9
19.5
16.2
2.9
2.5
15.6
16.3
0.8
0.7
KEI Industries
Buy
179
207
1,396
2,682
3,058
10.4
10.0
11.7
12.8
15.3
14.0
3.1
2.6
20.1
18.2
0.7
0.6
Thermax
Neutral
914
-
10,895
5,421
5,940
7.3
7.3
25.7
30.2
35.6
30.3
4.3
3.9
12.2
13.1
1.9
1.7
VATech Wabag
Neutral
694
-
3,785
3,136
3,845
8.9
9.1
26.0
35.9
26.7
19.3
3.3
2.8
13.4
15.9
1.1
0.9
Voltas
Neutral
413
-
13,661
6,511
7,514
7.9
8.7
12.9
16.3
32.0
25.3
5.8
5.1
16.7
18.5
1.9
1.6
Cement
ACC
Neutral
1,420
-
26,663
11,225
13,172
13.2
16.9
44.5
75.5
31.9
18.8
3.0
2.8
11.2
14.2
2.4
2.0
Ambuja Cements
Neutral
231
-
45,799
9,350
10,979
18.2
22.5
5.8
9.5
39.8
24.3
3.3
3.0
10.2
12.5
4.9
4.2
India Cements
Neutral
160
-
4,915
4,364
4,997
18.5
19.2
7.9
11.3
20.3
14.2
1.5
1.4
8.0
8.5
1.9
1.6
J K Lakshmi Cement
Neutral
449
-
5,282
2,913
3,412
14.5
19.5
7.5
22.5
59.9
20.0
3.7
3.1
12.5
18.0
2.4
2.0
JK Cement
Neutral
896
-
6,263
4,398
5,173
15.5
17.5
31.2
55.5
28.7
16.1
3.5
3.0
12.0
15.5
2.0
1.6
Orient Cement
Neutral
129
-
2,636
2,114
2,558
18.5
20.5
8.1
11.3
15.9
11.4
2.3
2.0
9.0
14.0
1.9
1.5
UltraTech Cement
Neutral
3,990
-
109,537
25,768
30,385
21.0
23.5
111.0
160.0
36.0
24.9
4.6
4.0
13.5
15.8
4.3
3.6
Construction
Engineers India
Neutral
146
-
9,852
1,725
1,935
16.0
19.1
11.4
13.9
12.8
10.5
1.8
1.7
13.4
15.3
4.6
4.2
Gujarat Pipavav Port
Neutral
166
-
8,013
705
788
52.2
51.7
5.0
5.6
33.2
29.6
3.3
2.9
11.2
11.2
11.0
9.4
ITNL
Neutral
108
-
3,545
8,946
10,017
31.0
31.6
8.1
9.1
13.3
11.8
0.5
0.5
4.2
5.0
3.7
3.5
KNR Constructions
Neutral
181
-
2,550
1,385
1,673
14.7
14.0
41.2
48.5
4.4
3.7
0.8
0.7
14.9
15.2
1.9
1.6
Larsen & Toubro
Accumulate
1,556
1,700
145,174
111,017
124,908
11.0
11.0
61.1
66.7
25.5
23.3
3.1
2.8
13.1
12.9
2.3
2.2
MEP Infra
Neutral
51
-
833
1,877
1,943
30.6
29.8
3.0
4.2
17.1
12.2
8.3
5.6
0.6
0.6
1.8
1.7
Nagarjuna Const.
Neutral
82
-
4,531
8,842
9,775
9.1
8.8
5.3
6.4
15.4
12.7
1.2
1.1
8.2
9.1
0.7
0.6
NBCC
Neutral
172
-
15,440
7,428
9,549
7.9
8.6
8.2
11.0
20.9
15.6
1.0
0.8
28.2
28.7
1.8
1.3
PNC Infratech
Buy
117
143
2,990
2,350
2,904
13.1
13.2
9.0
8.8
13.0
13.2
0.5
0.4
15.9
13.9
1.4
1.1
Power Mech Projects
Neutral
510
-
751
1,801
2,219
12.7
14.6
72.1
113.9
7.1
4.5
1.3
1.1
16.8
11.9
0.4
0.3
Sadbhav Engineering
Neutral
303
-
5,205
3,598
4,140
10.3
10.6
9.0
11.9
33.7
25.5
3.5
3.1
9.9
11.9
1.7
1.5
Stock Watch
March 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
Simplex Infra
Neutral
311
-
1,537
6,829
7,954
10.5
10.5
31.4
37.4
9.9
8.3
1.0
0.9
9.9
13.4
0.7
0.6
SIPL
Neutral
100
-
3,519
1,036
1,252
65.5
66.2
(8.4)
(5.6)
3.7
4.3
(22.8)
(15.9)
11.6
9.7
Financials
Axis Bank
Buy
504
580
120,638
46,932
53,575
3.5
3.4
32.4
44.6
15.6
11.3
2.0
1.7
13.6
16.5
-
-
Bank of Baroda
Neutral
173
-
39,966
19,980
23,178
1.8
1.8
11.5
17.3
15.1
10.0
1.7
1.4
8.3
10.1
-
-
Can Fin Homes
Neutral
2,060
-
5,484
420
526
3.5
3.5
86.5
107.8
23.8
19.1
5.1
4.2
23.6
24.1
-
-
Canara Bank
Neutral
302
-
16,401
15,225
16,836
1.8
1.8
14.5
28.0
20.8
10.8
1.4
1.2
5.8
8.5
-
-
Cholamandalam Inv. &
Buy
974
1,230
15,214
2,012
2,317
6.3
6.3
42.7
53.6
22.8
18.2
3.6
3.1
16.9
18.3
-
-
Fin. Co.
Dewan Housing Finance Neutral
367
-
11,500
2,225
2,688
2.9
2.9
29.7
34.6
12.4
10.6
2.0
1.7
16.1
16.8
-
-
Equitas Holdings
Buy
160
235
5,400
939
1,281
11.7
11.5
5.8
8.2
27.6
19.5
2.4
2.1
10.9
11.5
-
-
Federal Bank
Neutral
91
-
15,687
8,259
8,995
3.0
3.0
4.3
5.6
21.2
16.3
1.8
1.7
8.5
10.1
-
-
HDFC
Neutral
1,519
-
241,238
11,475
13,450
3.4
3.4
45.3
52.5
33.5
28.9
6.5
5.7
20.2
20.5
-
-
HDFC Bank
Neutral
1,428
-
365,541
46,097
55,433
4.5
4.5
58.4
68.0
24.5
21.0
4.3
3.6
18.8
18.6
-
-
ICICI Bank
Accumulate
282
315
164,190
42,800
44,686
3.1
3.3
18.0
21.9
15.7
12.9
2.1
2.0
11.1
12.3
-
-
Lakshmi Vilas Bank
Accumulate
160
174
3,055
3,339
3,799
2.7
2.8
11.0
14.0
14.5
11.4
1.5
1.4
11.2
12.7
-
-
LIC Housing Finance
Neutral
615
-
31,037
3,712
4,293
2.6
2.5
39.0
46.0
15.8
13.4
3.0
2.5
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
149
-
31,685
23,532
23,595
2.3
2.4
6.8
12.6
21.9
11.8
3.4
2.4
3.3
6.5
-
-
RBL Bank
Neutral
486
-
17,965
1,783
2,309
2.6
2.6
12.7
16.4
38.3
29.6
4.2
3.7
12.8
13.3
-
-
Repco Home Finance
Buy
671
825
4,198
388
457
4.5
4.2
30.0
38.0
22.4
17.7
3.7
3.1
18.0
19.2
-
-
South Ind.Bank
Neutral
20
-
2,698
6,435
7,578
2.5
2.5
2.7
3.1
7.4
6.4
1.0
0.8
10.1
11.2
-
-
St Bk of India
Neutral
288
-
229,438
88,650
98,335
2.6
2.6
13.5
18.8
21.3
15.3
2.0
1.8
7.0
8.5
-
-
Union Bank
Neutral
156
-
10,728
13,450
14,925
2.3
2.3
25.5
34.5
6.1
4.5
0.9
0.8
7.5
10.2
-
-
Yes Bank
Neutral
1,545
-
65,438
8,978
11,281
3.3
3.4
74.0
90.0
20.9
17.2
4.0
3.4
17.0
17.2
-
-
FMCG
Akzo Nobel India
Neutral
1,806
-
8,661
2,955
3,309
13.3
13.7
57.2
69.3
31.6
26.1
10.3
8.7
32.7
33.3
2.7
2.4
Asian Paints
Neutral
1,068
-
102,457
17,128
18,978
16.8
16.4
19.1
20.7
55.9
51.6
19.5
18.4
34.8
35.5
5.9
5.3
Britannia
Accumulate
3,380
3,626
40,557
9,594
11,011
14.6
14.9
80.3
94.0
42.1
36.0
17.3
13.4
41.2
-
4.1
3.5
Colgate
Neutral
991
-
26,944
4,605
5,149
23.4
23.4
23.8
26.9
41.6
36.8
23.0
18.0
64.8
66.8
5.8
5.1
Dabur India
Accumulate
275
304
48,503
8,315
9,405
19.8
20.7
8.1
9.2
34.0
29.9
9.5
7.8
31.6
31.0
5.5
4.8
GlaxoSmith Con*
Neutral
5,169
-
21,738
4,350
4,823
21.2
21.4
179.2
196.5
28.8
26.3
7.7
6.5
27.1
26.8
4.4
3.9
Godrej Consumer
Neutral
1,678
-
57,143
10,235
11,428
18.4
18.6
41.1
44.2
40.8
38.0
9.1
7.6
24.9
24.8
5.7
5.0
Stock Watch
March 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
HUL
Neutral
912
-
197,428
35,252
38,495
17.8
17.8
20.7
22.4
44.2
40.8
42.2
36.2
95.6
88.9
5.4
5.0
ITC
Neutral
283
-
343,077
40,059
44,439
38.3
39.2
9.0
10.1
31.5
27.9
8.8
7.7
27.8
27.5
8.1
7.3
Marico
Neutral
298
-
38,472
6,430
7,349
18.8
19.5
6.4
7.7
46.6
38.7
14.1
11.8
33.2
32.5
5.8
5.0
Nestle*
Neutral
6,474
-
62,415
10,073
11,807
20.7
21.5
124.8
154.2
51.9
42.0
21.3
19.2
34.8
36.7
6.0
5.1
Procter & Gamble
Neutral
7,250
-
23,535
2,939
3,342
23.2
23.0
146.2
163.7
49.6
44.3
12.6
10.4
25.3
23.5
7.6
6.6
Hygiene
Tata Global
Neutral
151
-
9,505
8,675
9,088
9.8
9.8
7.4
8.2
20.4
18.4
1.6
1.5
7.9
8.1
1.0
1.0
IT
HCL Tech^
Accumulate
874
1,000
123,348
49,242
57,168
20.5
20.5
55.7
64.1
15.7
13.6
3.2
2.4
20.3
17.9
2.4
1.9
Infosys
Buy
1,031
1,249
236,895
68,350
77,326
27.0
27.0
62.5
69.4
16.5
14.9
3.5
3.2
21.3
21.6
2.9
2.5
TCS
Accumulate
2,444
2,700
481,523
119,025
133,308
27.6
27.6
131.2
145.5
18.6
16.8
6.0
5.6
32.4
33.1
3.8
3.4
Tech Mahindra
Buy
458
600
44,621
29,673
32,937
15.5
17.0
32.8
39.9
14.0
11.5
2.7
2.4
19.6
20.7
1.2
1.1
Wipro
Accumulate
510
583
123,976
55,440
60,430
18.1
18.1
36.1
38.9
14.1
13.1
2.5
2.3
19.0
17.6
2.0
1.7
Media
D B Corp
Neutral
370
-
6,796
2,297
2,590
27.4
28.2
21.0
23.4
17.6
15.8
4.1
3.6
23.7
23.1
2.8
2.4
Hindustan Media
Neutral
279
-
2,044
1,016
1,138
24.3
25.2
27.3
30.1
10.2
9.3
1.9
1.7
16.2
15.8
1.3
1.2
Ventures
HT Media
Neutral
81
-
1,892
2,693
2,991
12.6
12.9
7.9
9.0
10.3
9.0
0.9
0.8
7.8
8.3
0.3
0.2
Jagran Prakashan
Buy
183
225
5,996
2,355
2,635
28.0
28.0
10.8
12.5
17.0
14.7
3.7
3.2
21.7
21.7
2.6
2.2
Sun TV Network
Neutral
789
-
31,085
2,850
3,265
70.1
71.0
26.2
30.4
30.1
26.0
7.7
6.8
24.3
25.6
10.5
9.0
TV Today Network
Buy
263
344
1,570
567
645
26.7
27.0
15.4
18.1
17.1
14.5
2.6
2.2
14.9
15.2
2.3
2.0
Metals & Mining
Coal India
Neutral
294
-
182,529
84,638
94,297
21.4
22.3
24.5
27.1
12.0
10.9
5.0
4.8
42.6
46.0
1.7
1.5
Hind. Zinc
Neutral
290
-
122,492
14,252
18,465
55.9
48.3
15.8
21.5
18.4
13.5
3.0
2.6
17.0
20.7
8.6
6.6
Hindalco
Neutral
192
-
39,623
107,899
112,095
7.4
8.2
9.2
13.0
20.8
14.8
1.0
1.0
4.8
6.6
0.9
0.8
JSW Steel
Neutral
183
-
44,259
53,201
58,779
16.1
16.2
130.6
153.7
1.4
1.2
0.2
0.2
14.0
14.4
1.6
1.4
NMDC
Neutral
134
-
42,333
6,643
7,284
44.4
47.7
7.1
7.7
18.9
17.4
1.6
1.6
8.8
9.2
4.1
3.7
SAIL
Neutral
61
-
25,359
47,528
53,738
(0.7)
2.1
(1.9)
2.6
23.6
0.7
0.6
(1.6)
3.9
1.4
1.3
Tata Steel
Neutral
483
-
46,944
121,374
121,856
7.2
8.4
18.6
34.3
26.0
14.1
1.6
1.5
6.1
10.1
1.0
1.0
Vedanta
Neutral
269
-
79,691
71,744
81,944
19.2
21.7
13.4
20.1
20.1
13.4
1.7
1.5
8.4
11.3
1.5
1.2
Oil & Gas
Cairn India
Neutral
298
-
55,836
9,127
10,632
4.3
20.6
8.8
11.7
33.8
25.4
1.1
1.1
3.3
4.2
7.6
6.3
GAIL
Neutral
374
-
63,204
56,220
65,198
9.3
10.1
27.1
33.3
13.8
11.2
1.3
1.2
9.3
10.7
1.3
1.1
Indian Oil Corp
Neutral
370
-
179,741
373,359
428,656
5.9
5.5
54.0
59.3
6.9
6.2
1.1
1.0
16.0
15.6
0.6
0.5
ONGC
Neutral
187
-
239,917
137,222
152,563
15.0
21.8
19.5
24.1
9.6
7.8
0.8
0.8
8.5
10.1
2.0
1.8
Stock Watch
March 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
Oil & Gas
Reliance Industries
Neutral
1,255
-
407,022
301,963
358,039
12.1
12.6
87.7
101.7
14.3
12.3
1.5
1.3
10.7
11.3
1.8
1.5
Pharmaceuticals
Alembic Pharma
Buy
592
689
11,161
3,483
4,244
20.2
21.4
24.3
33.6
24.4
17.6
5.6
4.4
25.5
25.3
3.1
2.5
Alkem Laboratories Ltd
Neutral
2,151
-
25,716
6,065
7,009
18.7
20.0
80.2
92.0
26.8
23.4
6.0
5.1
22.5
21.6
4.2
3.6
Aurobindo Pharma
Buy
671
877
39,338
15,720
18,078
23.7
23.7
41.4
47.3
16.2
14.2
4.2
3.3
29.6
26.1
2.7
2.4
Aventis*
Neutral
4,721
-
10,874
2,277
2,597
16.6
17.4
128.9
157.0
36.6
30.1
6.3
4.8
21.6
26.4
4.6
3.8
Cadila Healthcare
Neutral
448
-
45,818
10,429
12,318
17.7
21.6
13.1
19.2
34.2
23.3
7.2
5.7
22.8
27.1
4.4
3.6
Cipla
Sell
592
465
47,657
15,378
18,089
15.7
16.8
19.3
24.5
30.7
24.2
3.6
3.2
12.3
13.9
3.3
2.7
Dishman Pharma
Sell
302
143
4,866
1,718
1,890
22.7
22.8
9.5
11.3
31.7
26.7
3.1
2.8
10.1
10.9
3.3
2.9
Dr Reddy's
Neutral
2,628
-
43,541
16,043
18,119
18.0
23.0
78.6
130.9
33.4
20.1
3.3
2.9
10.1
15.2
2.5
2.4
GSK Pharma*
Neutral
2,688
-
22,764
2,800
3,290
10.2
20.6
32.2
60.3
83.5
44.6
15.5
15.3
17.2
34.5
7.9
6.8
Indoco Remedies
Reduce
255
240
2,350
1,112
1,289
16.2
18.2
11.6
16.0
22.0
15.9
3.5
3.0
17.0
20.1
2.2
1.9
Ipca labs
Neutral
600
-
7,575
3,258
3,747
12.8
15.3
12.1
19.2
49.6
31.3
3.1
2.8
6.4
9.5
2.5
2.1
Lupin
Buy
1,453
1,809
65,605
15,912
18,644
26.4
26.7
58.1
69.3
25.0
21.0
4.9
4.0
21.4
20.9
4.2
3.5
Sun Pharma
Buy
689
847
165,211
31,129
35,258
32.0
32.9
30.2
35.3
22.8
19.5
3.7
3.1
20.0
20.1
4.9
4.1
Power
NTPC
Neutral
164
-
135,143
86,605
95,545
17.5
20.8
11.8
13.4
13.9
12.2
1.4
1.3
10.5
11.1
2.9
2.9
Power Grid
Accumulate
197
223
102,801
25,315
29,193
88.2
88.7
14.2
17.2
13.9
11.5
2.1
1.8
15.2
16.1
8.7
7.8
Tata Power
Neutral
90
-
24,343
36,916
39,557
17.4
27.1
5.1
6.3
17.7
14.3
1.6
1.4
9.0
10.3
1.7
1.5
Real Estate
MLIFE
Buy
435
522
1,785
1,152
1,300
22.7
24.6
29.9
35.8
14.5
12.2
1.1
1.0
7.6
8.6
2.3
1.9
Prestige Estate
Neutral
202
-
7,584
4,707
5,105
25.2
26.0
10.3
13.0
19.6
15.6
1.6
1.5
10.3
10.2
2.8
2.5
Telecom
Bharti Airtel
Neutral
345
-
137,870
105,086
114,808
34.5
34.7
12.2
16.4
28.3
21.0
1.9
1.8
6.8
8.4
2.2
1.9
Idea Cellular
Neutral
89
-
31,981
40,133
43,731
37.2
37.1
6.4
6.5
13.9
13.7
1.2
1.1
8.2
7.6
1.8
1.5
zOthers
Abbott India
Neutral
4,576
-
9,723
3,153
3,583
14.1
14.4
152.2
182.7
30.1
25.0
147.6
126.1
25.6
26.1
2.8
2.4
Asian Granito
Neutral
362
-
1,089
1,060
1,169
12.2
12.5
12.7
15.9
28.6
22.8
2.7
2.4
9.5
10.7
1.3
1.2
Bajaj Electricals
Neutral
316
-
3,198
4,801
5,351
5.7
6.2
10.4
13.7
30.3
23.1
3.7
3.3
12.4
14.5
0.7
0.6
Banco Products (India)
Neutral
212
-
1,517
1,353
1,471
12.3
12.4
14.5
16.3
14.6
13.0
20.2
18.2
14.5
14.6
1.1
113.9
Coffee Day Enterprises
Neutral
232
-
4,773
2,964
3,260
20.5
21.2
4.7
8.0
-
29.0
2.7
2.5
5.5
8.5
2.0
1.8
Ltd
Competent Automobiles Neutral
178
-
110
1,137
1,256
3.1
2.7
28.0
23.6
6.4
7.6
34.3
31.0
14.3
11.5
0.1
0.1
Elecon Engineering
Neutral
51
-
577
1,482
1,660
13.7
14.5
3.9
5.8
13.2
8.9
3.1
2.8
7.8
10.9
0.7
0.6
Finolex Cables
Neutral
508
-
7,763
2,883
3,115
12.0
12.1
14.2
18.6
35.8
27.3
19.0
16.6
15.8
14.6
2.4
2.2
Stock Watch
March 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
Garware Wall Ropes
Neutral
703
-
1,537
863
928
15.1
15.2
36.4
39.4
19.3
17.8
3.5
3.0
17.5
15.9
1.7
1.6
Goodyear India*
Neutral
827
-
1,907
1,598
1,704
10.4
10.2
49.4
52.6
16.7
15.7
77.3
67.8
18.2
17.0
0.9
124.4
Hitachi
Neutral
1,750
-
4,758
2,081
2,433
8.8
8.9
33.4
39.9
52.4
43.9
42.3
35.2
22.1
21.4
2.3
1.9
HSIL
Neutral
323
-
2,336
2,384
2,515
15.8
16.3
15.3
19.4
21.1
16.7
21.0
18.1
7.8
9.3
1.1
1.1
Interglobe Aviation
Neutral
1,024
-
37,022
21,122
26,005
14.5
27.6
110.7
132.1
9.3
7.8
55.4
39.5
168.5
201.1
1.7
1.4
Jyothy Laboratories
Neutral
347
-
6,296
1,440
2,052
11.5
13.0
8.5
10.0
40.8
34.7
9.9
9.1
18.6
19.3
4.7
3.2
Kirloskar Engines India
Neutral
387
-
5,598
2,554
2,800
9.9
10.0
10.5
12.1
36.9
32.0
15.4
14.6
10.7
11.7
1.8
1.6
Ltd
Linc Pen & Plastics
Neutral
305
-
451
382
420
9.3
9.5
13.5
15.7
22.6
19.4
3.9
3.4
17.1
17.3
1.2
1.1
M M Forgings
Neutral
523
-
631
546
608
20.4
20.7
41.3
48.7
12.7
10.7
71.6
63.3
16.6
17.0
1.0
0.9
Manpasand Bever.
Neutral
718
-
4,110
836
1,087
19.6
19.4
16.9
23.8
42.5
30.2
5.1
4.5
12.0
14.8
4.7
3.5
Mirza International
Buy
85
107
1,023
963
1,069
17.2
18.0
6.1
7.5
13.9
11.3
2.1
1.8
15.0
15.7
1.3
1.1
MT Educare
Neutral
78
-
311
366
417
17.7
18.2
9.4
10.8
8.3
7.2
1.9
1.6
22.2
22.3
0.8
0.6
Narayana Hrudaya
Neutral
306
-
6,245
1,873
2,166
11.5
11.7
2.6
4.0
115.5
77.1
7.1
6.4
6.1
8.3
3.4
3.0
Navkar Corporation
Buy
172
265
2,452
369
561
42.9
42.3
6.9
11.5
24.9
14.9
1.8
1.6
7.4
10.5
7.7
5.0
Navneet Education
Neutral
154
-
3,590
1,062
1,147
24.0
24.0
6.1
6.6
25.2
23.2
5.2
4.6
20.6
19.8
3.5
3.2
Nilkamal
Neutral
1,991
-
2,972
1,995
2,165
10.7
10.4
69.8
80.6
28.5
24.7
113.8
98.9
16.6
16.5
1.5
1.3
Page Industries
Neutral
14,808
-
16,517
2,450
3,124
20.1
17.6
299.0
310.0
49.5
47.8
329.8
251.8
47.1
87.5
6.8
5.3
Parag Milk Foods
Neutral
219
-
1,839
1,919
2,231
9.3
9.6
9.5
12.9
23.1
16.9
3.6
3.0
15.5
17.5
1.1
0.9
Quick Heal
Neutral
237
-
1,658
408
495
27.3
27.0
7.7
8.8
30.6
26.9
2.8
2.8
9.3
10.6
3.2
2.7
Radico Khaitan
Accumulate
135
147
1,793
1,667
1,824
13.0
13.2
6.7
8.2
20.3
16.5
1.8
1.7
9.0
10.2
1.5
1.3
Relaxo Footwears
Neutral
477
-
5,726
2,085
2,469
9.2
8.2
7.6
8.0
63.1
60.0
24.4
20.9
17.9
18.8
2.8
2.4
S H Kelkar & Co.
Neutral
295
-
4,268
1,036
1,160
15.1
15.0
6.1
7.2
48.3
41.1
5.2
4.7
10.7
11.5
4.0
3.5
Siyaram Silk Mills
Accumulate
1,716
1,872
1,608
1,652
1,857
11.6
11.7
92.4
110.1
18.6
15.6
2.7
2.4
14.7
15.2
1.2
1.1
Styrolution ABS India*
Neutral
692
-
1,218
1,440
1,537
9.2
9.0
40.6
42.6
17.1
16.3
43.5
39.6
12.3
11.6
0.8
0.7
Surya Roshni
Neutral
202
-
885
3,342
3,625
7.8
7.5
17.3
19.8
11.7
10.2
22.2
17.8
10.5
10.8
0.5
0.5
Team Lease Serv.
Neutral
938
-
1,604
3,229
4,001
1.5
1.8
22.8
32.8
41.2
28.6
4.4
3.8
10.7
13.4
0.4
0.3
The Byke Hospitality
Neutral
186
-
747
287
384
20.5
20.5
7.6
10.7
24.5
17.4
5.1
4.1
20.7
23.5
2.6
1.9
Transport Corporation of
Neutral
222
-
1,703
2,671
2,911
8.5
8.8
13.9
15.7
16.1
14.2
2.2
2.0
13.7
13.8
0.7
0.7
India
TVS Srichakra
Neutral
3,533
-
2,705
2,304
2,614
13.7
13.8
231.1
266.6
15.3
13.3
396.9
312.6
33.9
29.3
1.2
1.0
Stock Watch
March 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
UFO Moviez
Neutral
435
-
1,200
619
685
33.2
33.4
30.0
34.9
14.5
12.5
2.0
1.7
13.8
13.9
1.6
1.3
Visaka Industries
Neutral
263
-
417
1,051
1,138
10.3
10.4
21.0
23.1
12.5
11.4
33.7
31.5
9.0
9.2
0.7
0.6
VRL Logistics
Neutral
304
-
2,773
1,902
2,119
16.7
16.6
14.6
16.8
20.9
18.1
4.6
4.0
21.9
22.2
1.6
1.4
Wonderla Holidays
Neutral
379
-
2,139
287
355
38.0
40.0
11.3
14.2
33.5
26.7
4.8
4.2
21.4
23.9
7.1
5.8
VIP Industries
Neutral
188
-
2,650
1,270
1,450
10.4
10.4
5.6
6.5
33.5
28.9
6.9
6.1
20.7
21.1
2.1
1.8
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on March 29, 2017
Market Outlook
March 30, 2017
Research Team Tel: 022 - 39357800
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