Market Outlook

January 31, 2017

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

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

BSE Sensex

(0.1)

(33)

27,850

US markets ended down on Monday. The confusion created by the travel ban

Nifty

(0.1)

(9)

8,633

imposed by the Donald Trump administration continued to create panic among

Mid Cap

0.3

13,001

investors, as they were worried about the coming policies by the new Govt.

Small Cap

(0.3)

(42)

13,070

The European markets closed on nervous note ending down, As concern over U.S

Bankex

(0.8)

(171)

22,395

President Donald Trump’s decision to put travel restrictions, weighed on investor

sentiment. Banks and commodity related stocks were under pressure amid

uncertainty over U.S policy on trade and the economy under the new President.

Global Indices

Chg (%)

(Pts)

(Close)

Dow Jones

(0.6)

(123)

19,971

Indian markets remained range bound for most period of the day on Monday. The

markets have already seen some rally ahead of budget and it seems, investors and

Nasdaq

(0.8)

5,614

traders are in wait and watch mode and further direction should emerge post

FTSE

0.9

(66)

7,118

budget.

Nikkei

(0.5)

(99)

19,369

Hang Seng

(0.1)

(13)

23,361

Result Review/ Preview

Shanghai Com

0.3

3,159

 Review: Tech Mahindra

Detailed analysis on Pg2

Advances / Declines

BSE

NSE

Investor’s Ready Reckoner

Advances

1,172

646

Key Domestic & Global Indicators

Declines

1,588

981

Stock Watch: Latest investment recommendations on 150+ stocks

Unchanged

225

Refer Pg6 onwards

Top Picks

Volumes (` Cr)

CMP

Target

Upside

Company

Sector

Rating

BSE

2,685

(`)

(%)

Amara Raja Batteries Auto & Auto AncillaryAccumulate

914

1,009

10.3

NSE

19,953

Alkem Laboratories

Pharmaceuticals

Buy

1,657

1,989

20.1

HCL Tech

Buy

840

1,000

19.1

Net Inflows (` Cr)

Net

Mtd

Ytd

Power Grid Corp.

Power

Accumulate

205

223

8.8

FII

607

(641)

Navkar Corp.

Others

Buy

169

265

56.9

MFs

5,281

More Top Picks on Pg4

Key Upcoming Events

Top Gainers

Price (`)

Chg (%)

Consensus

Date

Region

Event Description

Idea

25.9

Reading

Expectations

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

0.4

Rcom

11.5

Jan 31 Germany Unemployment change (000's)

(17.0)

(5.0)

Rdel

8.0

Jan 31 US

Consumer Confidence

113.7

112. 9

Bhartiartl

348

7.5

Feb 01 Germany PMI Manufacturing

56.5

Bajfinance

1,054

6.0

Feb 01 UK

PMI Manufacturing

56.1

55.9

More Events on Pg5

Top Losers

Price (`)

Chg (%)

Infratel

329

(7.1)

Cub

145

(6.0)

Coromandel

321

(3.3)

Intellect

148

(3.3)

Sparc

312

(3.0)

As on January 30, 2017

www.angelbroking.com

Market Outlook

January 31, 2017

Result Review

Tech Mahindra (CMP: `466 / TP: `600 / Upside: 27.0%)

Tech Mahindra, posted results much better than expected on all fronts. In sales,

the company posted sales of US$1,116mn V/s US$1,091mn expected V/s

US$1,072mn, a qoq growth of 4.1%. In Constant Currency (CC) terms, company

posted a 5.4% qoq growth. In Rupee terms, the company posted sales of `7,558cr

V/s `7,361cr expected V/s `7,167cr in 2QFY2017, a qoq growth of 5.4%. The

strong sales growth was aided by the ROW (which contributed around 23.9% V/s

22.0% of sales in 2QFY2017), while USA (which contributed 46.7% V/s 48.3% of

sales in 2QFY2017) and Europe (which contributed 29.4% V/s 29.7% of sales in

2QFY2017). In terms, of verticals, it was BFSI (which contributed around 13.1%

V/s 11.7% in 2QFY2017), Retail, transport & Logistics (which contributed around

7.6% of sales V/s 6.8% of sales in 2QFY2017).

On EBIT front, the company posted EBIT of 12.4% V/s 12.1% expected V/s 11.5%

in 2QFY2016. The utilization levels improved to 83.0% V/s 82.0% in 2QFY2017.

Consequently, PAT came in at `856cr V/s `733cr expected V/s `645cr in

2QFY2017, growth of 32.7% qoq. The growth in the net profit was aided by the

lower taxes during the quarter, which dipped 25.1% yoy. In client additions, the

company added 15 clients but mostly in the US$5mn+.We maintain our buy

rating on the stock.

Y/E

Sales OPM

PAT

EPS ROE P/E P/BV

EV/EBITDA

March

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2017E

29,673

15.5

3,173

32.8

19.6

14.2

2.8

8.6

FY2018E

32,937

17.0

3,866

39.9

20.7

11.7

2.4

6.7

Economic and Political News

 Mercedes India says it will grow in double digit in FY17

 Cash withdrawal limits for ATMs, Current Accounts removed

 Pollution Board proposes new norms for recycling waste for cement plants

Corporate News

 Bajaj Finance Q3FY17 PAT up 36% to `555 cr

 HDFC Ltds’s Q3FY17 PAT up 13% `1,701 cr

 Maruti to roll out 50 Nexa outlets in two months

 Mahindra launches upgraded SUV KUV100

 Jaguar & Land Rover shelves India small SUV project

 Shriram City Union’s Q3FY17 PAT down 9% to `158cr

www.angelbroking.com

Market Outlook

January 31, 2017

Quarterly Bloomberg Brokers Consensus Estimate

ICICI Bank Ltd - Jan 31, 2017

Particulars ( ` cr)

3QFY17E

3QFY16

y-o-y (%)

2QFY17

q-o-q (%)

Net profit

2,320

3,018

(23.1)

3,102

(25.2)

Oil & Natural Gas Corp Ltd - Jan 31, 2017

Particulars ( ` cr)

3QFY17E

3QFY16

y-o-y (%)

2QFY17

q-o-q (%)

Net sales

18,212

18,397

(1.0)

18,287

(0.4)

EBITDA

9,298

8,043

15.6

9,100

2.2

EBITDA margin (%)

51.1

43.7

49.8

Net profit

4,303

5,280

(18.5)

4,975

(13.5)

Shriram Transport Finance Co Ltd - Jan 31, 2017

Particulars ( ` cr)

3QFY17E

3QFY16

y-o-y (%)

2QFY17

q-o-q (%)

Net profit

391

375

4.1

388

0.8

Indian Oil Corp Ltd - Jan 31, 2017

Particulars ( ` cr)

3QFY17E

3QFY16

y-o-y (%)

2QFY17

q-o-q (%)

Net sales

85,260

83,179

2.5

80,044

6.5

EBITDA

6,835

5,242

30.4

5,772

18.4

EBITDA margin (%)

8.0

6.3

7.2

Net profit

3,338

3,057

9.2

3,122

6.9

JSW Steel Ltd Consol - Jan 31, 2017

Particulars ( ` cr)

3QFY17E

3QFY16

y-o-y (%)

2QFY17

q-o-q (%)

Net sales

12,659

8,621

46.8

12,987

(2.5)

EBITDA

3,029

892

239.7

2,959

2.4

EBITDA margin (%)

23.9

10.3

22.8

Net profit

848

1,199

(29.3)

726

16.7

Bajaj Auto Ltd - Jan 31, 2017

Particulars ( ` cr)

3QFY17E

3QFY16

y-o-y (%)

2QFY17

q-o-q (%)

Net sales

6,059

5,463

10.9

5,949

1.8

EBITDA

1,254

1,171

7.1

1,296

(3.2)

EBITDA margin (%)

20.7

21.4

21.8

Net profit

1,019

901

13.1

1,123

(9.2)

Dabur India Ltd Consol - Jan 31, 2017

Particulars ( ` cr)

3QFY17E

3QFY16

y-o-y (%)

2QFY17

q-o-q (%)

Net sales

2,178

2,122

2.6

1,976

10.2

EBITDA

431

378

13.9

409

5.4

EBITDA margin (%)

19.8

17.8

20.7

Net profit

362

319

13.6

357

1.3

Cadila Healthcare Ltd - Jan 31, 2017

Particulars ( ` cr)

3QFY17E

3QFY16

y-o-y (%)

2QFY17

q-o-q (%)

Net sales

2,433

2,428

0.2

2353

3.4

EBITDA

526

578

(9.0)

516

1.9

EBITDA margin (%)

21.6

23.8

21.9

Net profit

353

390

(9.49)

338

4.4

www.angelbroking.com

Market Outlook

January 31, 2017

Top Picks ★★★★★

Large Cap

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

To outpace battery industry growth due to better

Amara Raja Batteries

15,620

914

1,009

10.3

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

19,807

1,657

1,989

20.1

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

1,18,498

840

1,000

19.1

all the bad news.

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

Infosys

2,17,831

948

1,249

31.7

to be a US$20bn in FY2020.

Strong order backlog and improvement in execution would

Larsen & Toubro

1,34,618

1,443

1,634

13.2

trigger the growth for the L&T

One of the largest pharma companies with strong

Lupin

67,558

1,497

1,809

20.9

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

1,07,248

205

223

8.8

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

828

275

351

27.6

owing to better product mix, higher B2C sales and

amalgamation synergy.

Among the top 4 players in the consumer durables segment.

Bajaj Electricals

2,431

240

274

14.0

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

5,052

529

634

19.9

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

8,882

284

350

23.4

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

5,604

167

235

40.6

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

5,937

182

225

23.9

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

revenue growth.

High order book execution in EPC segment, rising B2C sales

KEI Industries

1,088

140

153

9.4

and higher exports to boost the revenues and profitability

Speedier execution and speedier sales, strong revenue visibilty

Mahindra Lifespace

1,462

356

522

46.6

in short-to-long run, attractive valuations

Higher growth in domestic branded sales and healthy export

Mirza International

1,095

107

17.5

to boost the profitability.

Massive capacity expansion along with rail advantage at ICD

Navkar Corporation

2,409

169

265

56.9

as well CFS augurs well for the company

Strong brands and distribution network would boost growth

Siyaram Silk Mills

1,339

1,429

1,605

12.3

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

1,640

275

385

40.0

and anticipated growth in ad spends by corporates to benefit

the stock.

Source: Company, Angel Research

www.angelbroking.com

Market Outlook

January 31, 2017

Key Upcoming Events

Result Calendar

Date

Company

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

Jan 31, 2017

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

Hrudaya

Feb 1, 2017

Tata Global, Apollo Tyres, Cummins India

Feb 2, 2017

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

Feb 3, 2017

ACC, J K Lakshmi Cements, PVR, MRF, Quick Heal, Manpasand Bever.

Feb 4, 2017

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

Feb 6, 2017

Automotive Axle, LMW, GSPL, Banco

Source: Bloomberg, Angel Research

Global economic events release calendar

Date

Time

Country

Event Description

Unit

Period

Bloomberg Data

Last Reported Estimated

Jan 31, 2017

2:25PM

Germany

Unemployment change (000's)

Thousands

Jan

(17.00)

(5.00)

3:30PM

Euro Zone

Euro-Zone GDP s.a. (QoQ)

% Change

4Q A

0.40

8:30PM

Consumer Confidence

S.A./ 1985=100

Jan

113.70

112.90

Feb 1, 2017

2:25PM

Germany

PMI Manufacturing

Value

Jan F

56.50

7:00PM

Initial Jobless claims

Thousands

Jan 28

259.00

250.00

3:00PM

PMI Manufacturing

Value

Jan

56.10

55.90

Feb 2, 2017

6:30AM

China

PMI Manufacturing

Value

Jan

51.40

51.20

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

175.00

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

Imports YoY%

% Change

Jan

0.50

China

Exports YoY%

% Change

Jan

(6.20)

India

Exports YoY%

% Change

Jan

5.70

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

7:00PM

Consumer price index (mom)

% Change

Jan

0.30

7:45PM

Industrial Production

Jan

0.83

0.10

7:00PM

Housing Starts

Thousands

Jan

1,226.00

Feb 16, 2017

7:00PM

Building permits

Thousands

Jan

1,228.00

1,230.00

3:00PM

Jobless claims change

% Change

Jan

(10.10)

Source: Bloomberg, Angel Research

Market Outlook

January 31, 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 31, 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

238

4,621

1,937

2,164

13.3

14.3

9.0

11.0

26.4

21.6

4.6

4.0

18.4

19.8

2.4

2.1

United Phosphorus

Neutral

739

37,451

15,176

17,604

18.5

37.4

44.6

19.8

16.6

3.9

3.2

21.4

21.2

2.6

2.2

Auto & Auto Ancillary

Ashok Leyland

Buy

111

26,225

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

2,825

81,756

25,093

27,891

19.5

19.2

143.9

162.5

19.6

17.4

5.5

4.7

30.3

29.4

3.0

2.6

Bharat Forge

Neutral

951

22,134

7,726

8,713

20.5

21.2

35.3

42.7

26.9

22.3

5.0

4.5

18.9

20.1

2.9

2.5

Eicher Motors

Neutral

23,234

63,206

16,583

20,447

17.5

18.0

598.0

745.2

38.9

31.2

13.3

10.1

41.2

38.3

3.6

2.9

Gabriel India

Buy

111

130

1,592

1,544

1,715

9.0

9.3

5.4

6.3

20.5

17.6

3.9

3.4

18.9

19.5

1.0

0.9

Hero Motocorp

Accumulate

3,197

3,541

63,838

30,958

34,139

15.7

193.6

208.3

16.5

15.4

6.5

5.3

34.2

30.5

1.9

1.7

Jamna Auto Industries Neutral

184

1,465

1,486

1,620

9.8

9.9

15.0

17.2

12.3

10.7

2.7

2.3

21.8

21.3

1.1

1.0

L G Balakrishnan & Bros Neutral

589

924

1,302

1,432

11.6

11.9

43.7

53.0

13.5

11.1

1.9

1.7

13.8

14.2

0.8

0.7

Mahindra and Mahindra Neutral

1,246

77,404

46,534

53,077

11.6

11.7

67.3

78.1

18.5

16.0

3.0

2.6

15.4

15.8

1.6

1.4

Maruti

Accumulate

5,901

6,560

178,256

67,822

83,288

16.0

16.4

253.8

312.4

23.3

18.9

5.3

4.3

23.0

22.9

2.3

1.8

Minda Industries

Neutral

349

2,765

2,728

3,042

9.0

9.1

68.2

86.2

5.1

4.0

1.2

0.9

23.8

24.3

1.1

0.9

Motherson Sumi

Neutral

343

48,066

45,896

53,687

7.8

8.3

13.0

16.1

26.3

21.3

8.5

6.8

34.7

35.4

1.1

0.9

Rane Brake Lining

Neutral

978

774

511

562

11.3

11.5

28.1

30.9

34.8

31.7

5.3

4.8

15.3

15.0

1.7

1.5

Setco Automotive

Neutral

497

741

837

13.0

15.2

17.0

2.5

2.2

0.4

15.8

16.3

1.1

1.0

Tata Motors

Neutral

533

153,744

300,209

338,549

8.9

8.4

42.7

54.3

12.5

9.8

2.0

1.7

15.6

17.2

0.6

0.5

TVS Motor

Neutral

387

18,407

13,390

15,948

6.9

7.1

12.8

16.5

30.4

23.4

7.6

6.0

26.3

27.2

1.4

1.2

Amara Raja Batteries

Accumulate

914

1,009

15,620

5,305

6,100

16.0

16.3

28.4

34.0

32.2

26.9

6.2

5.2

19.3

3.0

2.6

Exide Industries

Neutral

202

17,179

7,439

8,307

15.0

8.1

9.3

25.0

21.7

3.5

3.1

14.3

16.7

1.9

1.7

Apollo Tyres

Buy

184

235

9,366

12,877

14,504

14.3

13.9

21.4

23.0

8.6

8.0

1.3

1.2

16.4

15.2

0.9

0.8

Ceat

Buy

1,181

1,450

4,776

7,524

8,624

13.0

12.7

131.1

144.3

9.0

8.2

1.7

1.4

19.8

18.6

0.7

0.6

JK Tyres

Neutral

125

2,841

7,455

8,056

15.0

21.8

24.5

5.8

5.1

1.2

1.0

22.8

21.3

0.5

0.4

Swaraj Engines

Neutral

1,404

1,744

660

810

15.2

16.4

54.5

72.8

25.8

19.3

8.0

7.3

31.5

39.2

2.5

2.0

Subros

Neutral

184

1,104

1,488

1,681

11.7

11.9

6.4

7.2

28.8

25.7

3.0

2.8

10.8

11.4

1.0

0.8

Indag Rubber

Neutral

178

468

286

326

19.8

16.8

11.7

13.3

15.3

13.4

2.6

2.4

17.8

17.1

1.3

1.1

Capital Goods

ACE

Neutral

465

709

814

4.1

4.6

1.4

2.1

33.6

22.4

1.4

1.3

4.4

6.0

0.8

0.7

BEML

Neutral

1,219

5,078

3,451

4,055

6.3

9.2

31.4

57.9

38.8

21.1

2.3

2.1

6.3

10.9

1.6

1.3

Bharat Electronics

Neutral

1,585

35,401

8,137

9,169

16.8

17.2

58.7

62.5

27.0

25.4

4.2

3.7

44.6

46.3

3.3

3.0

www.angelbroking.com

Stock Watch

January 31, 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

11,139

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

134

967

16,567

33,848

6.0

5.6

7.8

5.9

17.2

22.7

1.0

4.7

4.2

0.2

0.1

BHEL

Neutral

138

33,814

28,797

34,742

2.8

2.3

6.9

60.1

20.0

1.0

1.3

4.8

0.8

0.6

Blue Star

Buy

529

634

5,052

4,283

5,077

5.9

7.3

14.9

22.1

35.5

23.9

6.9

5.8

20.4

26.4

1.2

1.0

Crompton Greaves

Neutral

4,127

5,777

6,120

5.9

7.0

3.3

4.5

20.0

14.6

0.9

0.8

4.4

5.9

0.7

0.6

Greaves Cotton

Neutral

139

3,386

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

186

4,137

5,605

6,267

15.7

16.4

24.8

30.0

7.5

6.2

2.1

1.5

25.9

24.4

0.8

0.7

KEC International

Neutral

150

3,851

9,294

10,186

7.9

8.1

9.9

11.9

15.1

12.6

2.2

1.9

15.6

16.3

0.7

0.6

KEI Industries

Accumulate

140

153

1,088

2,574

2,921

10.4

10.0

10.1

11.8

13.9

11.8

2.5

2.1

17.7

17.4

0.6

Thermax

Neutral

790

9,414

5,421

5,940

7.3

25.7

30.2

30.7

26.2

3.7

3.4

12.2

13.1

1.6

1.5

VATech Wabag

Buy

497

681

2,711

3,136

3,845

8.9

9.1

26.0

35.9

19.1

13.8

2.4

2.0

13.4

15.9

0.8

0.6

Cement

ACC

Neutral

1,423

26,717

11,225

13,172

13.2

16.9

44.5

75.5

32.0

18.8

3.0

2.8

11.2

14.2

2.4

2.0

Ambuja Cements

Neutral

229

45,541

9,350

10,979

18.2

22.5

5.8

9.5

39.5

24.1

3.3

3.0

10.2

12.5

4.9

4.2

India Cements

Neutral

147

4,505

4,364

4,997

18.5

19.2

7.9

11.3

18.6

13.0

1.3

8.0

8.5

1.8

1.6

JK Cement

Neutral

738

5,160

4,398

5,173

15.5

17.5

31.2

55.5

23.7

13.3

2.8

2.5

12.0

15.5

1.7

1.4

J K Lakshmi Cement

Buy

371

565

4,369

2,913

3,412

14.5

19.5

7.5

22.5

49.5

16.5

3.0

2.6

12.5

18.0

2.1

1.7

Orient Cement

Buy

135

215

2,775

2,114

2,558

18.5

20.5

8.1

11.3

16.7

12.0

2.5

2.1

9.0

14.0

1.9

1.5

UltraTech Cement

Neutral

3,693

101,355

25,768

30,385

21.0

23.5

111.0

160.0

33.3

23.1

4.2

3.7

13.5

15.8

4.0

3.4

Construction

ITNL

Neutral

109

3,576

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

2,573

1,385

1,673

14.7

14.0

41.2

48.5

4.4

3.8

0.8

0.7

14.9

15.2

1.9

1.6

Larsen & Toubro

Accumulate

1,443

1,634

134,618

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

6,858

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

4,706

8,842

9,775

9.1

8.8

5.3

6.4

16.0

13.2

1.3

1.2

8.2

9.1

0.7

0.6

PNC Infratech

Buy

106

143

2,721

2,350

2,904

13.1

13.2

9.0

8.8

11.8

12.1

0.4

15.9

13.9

1.3

1.0

Simplex Infra

Neutral

310

1,536

6,829

7,954

10.5

31.4

37.4

9.9

8.3

1.0

0.9

9.9

13.4

0.7

0.6

Power Mech Projects

Neutral

448

659

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

275

298

4,718

3,598

4,140

10.3

10.6

9.0

11.9

30.6

23.1

3.2

2.8

9.9

11.9

1.6

1.4

NBCC

Neutral

267

16,011

7,428

9,549

7.9

8.6

8.2

11.0

32.5

24.3

1.6

1.3

28.2

28.7

1.9

1.4

MEP Infra

Neutral

668

1,877

1,943

30.6

29.8

3.0

4.2

13.7

9.8

6.6

4.5

0.6

1.7

1.6

www.angelbroking.com

Stock Watch

January 31, 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

100

3,505

1,036

1,252

65.5

66.2

(8.4)

(5.6)

3.7

4.3

(22.8)

(15.9)

11.6

9.6

Engineers India

Neutral

151

10,189

1,725

1,935

16.0

19.1

11.4

13.9

13.3

10.9

1.8

13.4

15.3

4.8

4.3

Financials

Axis Bank

Buy

472

580

112,974

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

167

38,537

19,980

23,178

1.8

11.5

17.3

14.5

9.7

1.7

1.4

8.3

10.1

Canara Bank

Neutral

287

15,589

15,225

16,836

1.8

14.5

28.0

19.8

10.3

1.4

1.1

5.8

8.5

Can Fin Homes

Buy

1,831

2,128

4,874

420

526

3.5

86.5

107.8

21.2

17.0

4.6

3.7

23.6

24.1

Cholamandalam Inv. &

Buy

1,022

1,230

15,973

2,012

2,317

6.3

42.7

53.6

23.9

19.1

3.8

3.3

16.9

18.3

Fin. Co.

Dewan Housing Finance Buy

284

350

8,882

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

5,604

939

1,281

11.7

11.5

5.8

8.2

28.8

20.4

2.5

2.2

10.9

11.5

Federal Bank

Accumulate

13,326

8,259

8,995

3.0

4.3

5.6

18.0

13.8

1.5

1.4

8.5

10.1

HDFC

Neutral

1,369

216,957

11,475

13,450

3.4

45.3

52.5

30.2

26.1

5.8

5.2

20.2

20.5

HDFC Bank

Accumulate

1,285

1,350

328,022

46,097

55,433

4.5

58.4

68.0

22.0

18.9

3.9

3.2

18.8

18.6

ICICI Bank

Buy

271

315

157,655

42,800

44,686

3.1

3.3

18.0

21.9

15.1

12.4

2.0

1.9

11.1

12.3

Lakshmi Vilas Bank

Buy

140

174

2,675

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

559

630

28,233

3,712

4,293

2.6

2.5

39.0

46.0

14.3

12.2

2.7

2.3

19.9

20.1

Punjab Natl.Bank

Neutral

138

29,302

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

391

14,454

1,783

2,309

2.6

12.7

16.4

30.8

23.8

3.4

3.0

12.8

13.3

South Ind.Bank

Neutral

2,886

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

263

204,161

88,650

98,335

2.6

13.5

18.8

19.5

14.0

1.9

1.6

7.0

8.5

Union Bank

Neutral

147

10,133

13,450

14,925

2.3

25.5

34.5

5.8

4.3

0.8

0.7

7.5

10.2

Yes Bank

Neutral

1,389

58,769

8,978

11,281

3.3

3.4

74.0

90.0

18.8

15.4

3.6

3.0

17.0

17.2

FMCG

Asian Paints

Neutral

971

93,181

17,128

18,978

16.8

16.4

19.1

20.7

50.9

46.9

17.7

16.7

34.8

35.5

5.4

4.8

Britannia

Buy

3,144

3,626

37,725

9,594

11,011

14.6

14.9

80.3

94.0

39.2

33.4

16.1

12.4

41.2

3.8

3.3

Colgate

Accumulate

884

995

24,050

4,605

5,149

23.4

23.8

26.9

37.2

32.9

20.6

16.1

64.8

66.8

5.1

4.6

Dabur India

Accumulate

280

304

49,331

8,315

9,405

19.8

20.7

8.1

9.2

34.6

30.4

9.6

8.0

31.6

31.0

5.6

4.9

GlaxoSmith Con*

Neutral

5,193

21,840

4,350

4,823

21.2

21.4

179.2

196.5

29.0

26.4

7.7

6.5

27.1

26.8

4.4

3.9

Godrej Consumer

Neutral

1,604

54,648

10,235

11,428

18.4

18.6

41.1

44.2

39.0

36.3

8.7

7.3

24.9

24.8

5.4

4.8

HUL

Neutral

854

184,721

35,252

38,495

17.8

20.7

22.4

41.3

38.1

39.5

33.9

95.6

88.9

5.1

4.6

ITC

Accumulate

256

284

310,186

40,059

44,439

38.3

39.2

9.0

10.1

28.5

25.3

8.0

6.9

27.8

27.5

7.2

6.5

www.angelbroking.com

Stock Watch

January 31, 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

259

300

33,408

6,430

7,349

18.8

19.5

6.4

7.7

40.5

33.6

12.2

10.3

33.2

32.5

5.0

4.3

Nestle*

Neutral

5,900

56,883

10,073

11,807

20.7

21.5

124.8

154.2

47.3

38.3

19.4

17.5

34.8

36.7

5.5

4.6

Tata Global

Neutral

130

8,233

8,675

9,088

9.8

7.4

8.2

17.6

15.9

2.0

1.9

7.9

8.1

0.9

0.8

Procter & Gamble

Accumulate

6,953

7,369

22,571

2,939

3,342

23.2

23.0

146.2

163.7

47.6

42.5

106.5

102.1

25.3

23.5

7.2

6.3

Hygiene

HCL Tech^

Buy

840

1,000

118,498

49,242

57,168

20.5

55.7

64.1

15.1

13.1

3.1

2.4

20.3

17.9

2.3

1.8

Infosys

Buy

948

1,249

217,831

68,350

77,326

27.0

62.5

69.4

15.2

13.7

3.2

3.0

21.3

21.6

2.6

2.3

TCS

Accumulate

2,334

2,620

459,937

119,025

133,308

27.6

131.2

145.5

17.8

16.0

5.8

5.3

32.4

33.1

3.6

3.2

Tech Mahindra

Buy

472

600

45,902

29,673

32,937

15.5

17.0

32.8

39.9

14.4

11.8

2.8

2.4

19.6

20.7

1.3

1.1

Wipro

Buy

465

590

112,951

55,440

60,430

18.1

35.9

39.9

12.9

11.7

2.3

2.1

19.0

19.3

1.8

1.6

Media

D B Corp

Neutral

367

6,742

2,297

2,590

27.4

28.2

21.0

23.4

17.5

15.7

4.1

3.5

23.7

23.1

2.7

2.4

HT Media

Neutral

1,867

2,693

2,991

12.6

12.9

7.9

9.0

10.2

8.9

0.9

0.8

7.8

8.3

0.3

0.2

Jagran Prakashan

Buy

182

225

5,937

2,355

2,635

28.0

10.8

12.5

16.8

14.5

3.6

3.2

21.7

2.5

2.2

Sun TV Network

Neutral

533

20,989

2,850

3,265

70.1

71.0

26.2

30.4

20.3

17.5

5.2

4.6

24.3

25.6

7.0

5.9

Hindustan Media

Neutral

268

1,963

1,016

1,138

24.3

25.2

27.3

30.1

9.8

8.9

1.9

1.7

16.2

15.8

1.3

1.1

Ventures

TV Today Network

Buy

275

385

1,640

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

315

195,378

84,638

94,297

21.4

22.3

24.5

27.1

12.9

11.6

5.3

5.1

42.6

46.0

1.8

1.6

Hind. Zinc

Neutral

300

126,633

14,252

18,465

55.9

48.3

15.8

21.5

19.0

13.9

3.1

2.7

17.0

20.7

8.9

6.9

Hindalco

Neutral

192

39,577

107,899

112,095

7.4

8.2

9.2

13.0

20.8

14.7

1.0

4.8

6.6

0.9

0.8

JSW Steel

Neutral

196

47,450

53,201

58,779

16.1

16.2

130.6

153.7

1.5

1.3

0.2

14.0

14.4

1.7

1.4

NMDC

Neutral

146

46,130

6,643

7,284

44.4

47.7

7.1

7.7

20.5

18.9

1.8

1.7

8.8

9.2

4.7

4.2

SAIL

Neutral

26,412

47,528

53,738

(0.7)

2.1

(1.9)

2.6

24.6

0.7

(1.6)

3.9

1.4

1.3

Vedanta

Neutral

261

77,290

71,744

81,944

19.2

21.7

13.4

20.1

19.5

13.0

1.7

1.5

8.4

11.3

1.5

1.1

Tata Steel

Neutral

462

44,865

121,374

121,856

7.2

8.4

18.6

34.3

24.8

13.5

1.6

1.4

6.1

10.1

1.0

Oil & Gas

Cairn India

Neutral

283

53,143

9,127

10,632

4.3

20.6

8.8

11.7

32.2

24.2

1.0

3.3

4.2

7.3

6.1

GAIL

Neutral

484

61,356

56,220

65,198

9.3

10.1

27.1

33.3

17.9

14.5

1.6

1.5

9.3

10.7

1.3

1.1

ONGC

Neutral

202

258,782

137,222

152,563

15.0

21.8

19.5

24.1

10.3

8.4

0.9

0.8

8.5

10.1

2.2

1.9

Indian Oil Corp

Neutral

378

183,456

373,359

428,656

5.9

5.5

54.0

59.3

7.0

6.4

1.1

1.0

16.0

15.6

0.6

Reliance Industries

Neutral

1,044

338,680

301,963

358,039

12.1

12.6

87.7

101.7

11.9

10.3

1.2

1.1

10.7

11.3

1.6

1.3

Pharmaceuticals

Alembic Pharma

Neutral

561

10,568

3,483

4,083

20.2

21.4

24.3

30.4

23.1

18.4

5.3

4.2

25.5

25.3

3.0

2.5

www.angelbroking.com

Stock Watch

January 31, 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

1,657

1,989

19,807

6,043

6,893

18.7

19.3

80.5

88.8

20.6

18.7

4.6

3.8

22.3

20.3

3.2

2.8

Aurobindo Pharma

Buy

696

877

40,745

15,720

18,078

23.7

41.4

47.3

16.8

14.7

4.4

3.4

29.6

26.1

2.8

2.4

Sanofi India*

Neutral

4,162

9,586

2,277

2,597

17.3

18.3

149.4

172.0

27.9

24.2

4.6

3.7

25.1

28.8

3.9

3.2

Cadila Healthcare

Accumulate

376

400

38,452

10,429

12,318

22.6

22.0

16.9

19.2

22.2

19.6

5.7

4.5

28.5

25.7

3.7

3.0

Cipla

Sell

581

490

46,732

15,378

18,089

17.4

18.4

21.6

27.2

26.9

21.4

3.5

3.0

13.7

15.2

3.2

2.7

Dr Reddy's

Neutral

3,017

49,974

16,043

18,119

20.8

22.4

112.4

142.9

26.8

21.1

3.6

3.1

14.1

15.9

3.1

2.7

Dishman Pharma

Neutral

231

3,733

1,718

1,890

22.7

22.8

9.5

11.3

24.4

20.5

2.4

2.1

10.1

10.9

2.6

2.3

GSK Pharma*

Neutral

2,728

23,103

3,000

3,312

15.4

20.6

46.5

60.8

58.7

44.9

14.1

14.0

26.3

30.6

7.4

6.8

Indoco Remedies

Reduce

270

240

2,489

1,112

1,289

16.2

18.2

11.6

16.0

23.3

16.9

3.7

3.1

17.0

20.1

2.4

2.0

Ipca labs

Accumulate

536

613

6,758

3,303

3,799

15.3

17.3

19.7

31.0

27.2

2.7

2.5

9.1

9.4

2.2

1.9

Lupin

Buy

1,497

1,809

67,558

15,912

18,644

26.4

26.7

58.1

69.3

25.8

21.6

5.0

4.1

21.4

20.9

4.3

3.6

Sun Pharma

Buy

645

847

154,713

31,129

35,258

32.0

32.9

30.2

35.3

21.4

18.3

3.5

2.9

20.0

20.1

4.5

3.8

Power

Tata Power

Neutral

21,787

36,916

39,557

17.4

27.1

5.1

6.3

15.8

12.8

1.4

1.3

9.0

10.3

1.6

1.4

NTPC

Neutral

175

144,419

86,605

95,545

17.5

20.8

11.8

13.4

14.8

13.1

1.5

1.4

10.5

11.1

3.0

Power Grid

Accumulate

205

223

107,248

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

356

522

1,462

1,152

1,300

22.7

24.6

29.9

35.8

11.9

10.0

0.9

0.8

7.6

8.6

2.0

1.7

Telecom

Bharti Airtel

Neutral

348

138,970

105,086

114,808

34.5

34.7

12.2

16.4

28.5

21.2

1.9

1.8

6.8

8.4

2.2

1.9

Idea Cellular

Neutral

35,275

40,133

43,731

37.2

37.1

6.4

6.5

15.3

15.1

1.3

1.2

8.2

7.6

1.9

1.6

zOthers

Abbott India

Neutral

4,395

9,338

3,153

3,583

14.1

14.4

152.2

182.7

28.9

24.1

141.8

121.1

25.6

26.1

2.7

2.3

Bajaj Electricals

Accumulate

240

274

2,431

4,801

5,351

5.7

6.2

10.4

13.7

23.0

17.6

2.9

2.5

12.4

14.5

0.5

Finolex Cables

Neutral

435

6,657

2,883

3,115

12.0

12.1

14.2

18.6

30.7

23.4

16.3

14.3

15.8

14.6

2.0

1.8

Goodyear India*

Neutral

712

1,643

1,598

1,704

10.4

10.2

49.4

52.6

14.4

13.5

66.6

58.4

18.2

17.0

0.7

99.0

Hitachi

Neutral

1,425

3,875

2,081

2,433

8.8

8.9

33.4

39.9

42.7

35.7

34.4

28.7

22.1

21.4

1.9

1.6

Jyothy Laboratories

Neutral

355

6,447

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

14,465

16,134

2,450

3,124

20.1

17.6

299.0

310.0

48.4

46.7

322.2

245.9

47.1

87.5

6.6

5.2

Relaxo Footwears

Neutral

437

5,251

2,085

2,469

9.2

8.2

7.6

8.0

57.8

55.0

22.4

19.1

17.9

18.8

2.6

2.2

Siyaram Silk Mills

Accumulate

1,429

1,605

1,339

1,733

1,948

11.6

11.7

96.6

114.7

14.8

12.5

2.3

2.0

15.3

15.7

1.0

0.9

Styrolution ABS India*

Neutral

615

1,082

1,440

1,537

9.2

9.0

40.6

42.6

15.2

14.4

38.7

35.2

12.3

11.6

0.7

0.6

TVS Srichakra

Neutral

3,200

2,450

2,304

2,614

13.7

13.8

231.1

266.6

13.8

12.0

359.6

283.1

33.9

29.3

1.1

0.9

www.angelbroking.com

Stock Watch

January 31, 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

292

2,113

2,384

2,515

15.8

16.3

15.3

19.4

19.1

15.1

19.0

16.3

7.8

9.3

1.1

1.0

Kirloskar Engines India

Neutral

328

4,736

2,554

2,800

9.9

10.0

10.5

12.1

31.2

27.1

13.1

12.3

10.7

11.7

1.5

1.3

Ltd

M M Forgings

Neutral

497

600

546

608

20.4

20.7

41.3

48.7

12.1

10.2

68.1

60.3

16.6

17.0

0.9

0.8

Banco Products (India) Neutral

207

1,477

1,353

1,471

12.3

12.4

14.5

16.3

14.2

12.7

19.7

17.7

14.5

14.6

1.0

110.7

Competent Automobiles Neutral

170

104

1,137

1,256

3.1

2.7

28.0

23.6

6.1

7.2

32.7

29.5

14.3

11.5

0.1

Nilkamal

Neutral

1,630

2,433

1,995

2,165

10.7

10.4

69.8

80.6

23.4

20.2

93.2

80.9

16.6

16.5

1.2

1.1

Visaka Industries

Neutral

208

330

1,051

1,138

10.3

10.4

21.0

23.1

9.9

9.0

26.7

25.0

9.0

9.2

0.6

0.5

Transport Corporation of

Neutral

159

1,220

2,671

2,911

8.5

8.8

13.9

15.7

11.5

10.2

1.6

1.4

13.7

13.8

0.6

0.5

India

Elecon Engineering

Neutral

643

1,482

1,660

13.7

14.5

3.9

5.8

14.7

9.9

3.5

3.2

7.8

10.9

0.8

0.7

Surya Roshni

Neutral

189

827

3,342

3,625

7.8

7.5

17.3

19.8

10.9

9.6

20.7

16.6

10.5

10.8

0.5

MT Educare

Neutral

129

515

366

417

17.7

18.2

9.4

10.8

13.8

12.0

3.1

2.7

22.2

22.3

1.3

1.1

Radico Khaitan

Buy

115

147

1,532

1,667

1,824

13.0

13.2

6.7

8.2

17.3

14.1

1.6

1.4

9.0

10.2

1.3

1.2

Garware Wall Ropes

Neutral

602

1,318

873

938

14.3

35.2

37.5

17.1

16.1

3.0

2.6

17.5

15.9

1.4

1.3

Wonderla Holidays

Neutral

370

2,091

287

355

38.0

40.0

11.3

14.2

32.7

26.1

4.7

4.1

21.4

23.9

7.0

5.7

Linc Pen & Plastics

Neutral

278

410

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

935

33,803

21,122

26,005

14.5

27.6

110.7

132.1

8.5

7.1

50.6

36.1

168.5

201.1

1.6

1.2

Coffee Day Enterprises

Neutral

201

4,131

2,964

3,260

20.5

21.2

4.7

8.0

25.1

2.3

2.1

5.5

8.5

1.8

1.6

Ltd

Navneet Education

Neutral

125

2,977

1,062

1,147

24.0

6.1

6.6

20.5

18.9

4.2

3.7

20.6

19.8

2.9

2.7

Navkar Corporation

Buy

169

265

2,409

369

561

42.9

42.3

7.2

11.5

23.4

14.7

1.7

1.5

7.4

10.5

7.5

5.0

UFO Moviez

Neutral

464

1,281

619

685

33.2

33.4

30.0

34.9

15.5

13.3

2.1

1.9

13.8

13.9

1.8

1.4

VRL Logistics

Neutral

293

2,673

1,902

2,119

16.7

16.6

14.6

16.8

20.1

17.4

4.4

3.9

21.9

22.2

1.5

1.3

Team Lease Serv.

Neutral

910

1,556

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

317

4,584

1,036

1,160

15.1

15.0

6.1

7.2

51.9

44.2

5.5

5.1

10.7

11.5

4.3

3.8

Quick Heal

Neutral

274

1,919

408

495

27.3

27.0

7.7

8.8

35.4

31.1

3.3

9.3

10.6

3.8

3.2

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

627

3,587

836

1,087

19.6

19.4

16.9

23.8

37.1

26.3

4.5

3.9

12.0

14.8

4.0

3.0

Parag Milk Foods

Neutral

265

2,232

1,919

2,231

9.3

9.6

9.5

12.9

28.1

20.5

4.4

3.6

15.5

17.5

1.3

1.1

Mirza International

Buy

107

1,095

987

1,106

18.0

6.5

7.6

13.9

12.0

2.3

1.9

15.9

15.7

1.3

1.2

www.angelbroking.com

Market Outlook

January 31, 2017

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

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registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number

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decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make

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