Market Outlook
March 31, 2017
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open with negative bias and may remain flat tracking
BSE Sensex
0.4
116
29,647
the SGX Nifty & Asian markets.
Nifty
0.3
30
9,174
US markets moved mostly higher during trading on Thursday following the lackluster
Mid Cap
0.4
55
13,986
performance seen in the previous session. With the upward move on the day, the
Small Cap
0.9
135
14,331
tech-heavy Nasdaq reached a new record closing high. The moderate strength on
Bankex
0.8
199
24,601
Wall Street came following the release of a report from the Commerce Department
showing stronger than previously estimated economic growth in the fourth quarter of
2016.
Global Indices
Chg (%)
(Pts)
(Close)
The majority of the European markets ended Thursday's session with small gains.
Dow Jones
0.3
69
20,728
After fluctuating between small gains and losses for much of the trading day, the
Nasdaq
0.3
17
5,914
positive open on Wall Street pushed the majority of the European markets into the
FTSE
(0.1)
(4)
7,370
green in late trade.
Nikkei
(0.8)
(154)
19,063
Indian markets rose on Thursday after the Modi government moved a step closer to
Hang Seng
(0.4)
(91)
24,301
implementing the GST regime from July 1.
Shanghai Com
(1.0)
(31)
3,210
News Analysis
Advances / Declines
BSE
NSE
PTC India sells its stake in IEX for `132Cr
Detailed analysis on Pg2
Advances
1,742
1,076
Declines
1,002
556
Investor’s Ready Reckoner
Unchanged
227
74
Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocks
Volumes (` Cr)
Refer Pg5 onwards
BSE
4,607
Top Picks
NSE
36,210
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
Amara Raja Batteries Auto & Auto Ancillary
Buy
871
1,009
15.8
Net Inflows (` Cr)
Net
Mtd
Ytd
HCL Tech
IT
Accumulate
871
1,000
14.8
FII
680
29,850
40,288
Power Grid Corp.
Power
Accumulate
196
223
14.0
MFs
361
(1,079)
5,992
Navkar Corp.
Others
Buy
174
265
52.3
KEI Industries
Others
Buy
179
207
15.6
Top Gainers
Price (`)
Chg (%)
More Top Picks on Pg3
Ibrealest*
87
8.9
Key Upcoming Events
Thermax
975
6.6
Previous
Consensus
Date
Region
Event Description
Reading
Expectations
Suzlon
19
6.6
Mar 31, 2017 US
GDP Qoq (Annualised)
1.90
2.00
Torntpower
236
6.2
Mar 31, 2017 China
PMI Manufacturing
51.60
51.70
Adaniports
339
5.8
Mar 31, 2017 UK
PMI Manufacturing
54.60
55.00
Apr 3, 2017
UK
GDP (YoY)
2.00
2.00
Top Losers
Price (`)
Chg (%)
Apr 3, 2017
Germany PMI Manufacturing
58.30
--
Apr 5, 2017
Germany PMI Services
55.60
--
Mphasis
582
(2.6)
More Events on Pg4
Balkrisind
1,405
(2.4)
Sreinfra
81
(2.4)
Idea
87
(2.0)
Gspl
163
(1.9)
As on March 30, 2017
Market Outlook
March 31, 2017
News Analysis
PTC India sells its stake in IEX for `132Cr
PTC India Financial Services Limited (PFS) divested its entire stake in Indian Energy
Exchange Limited (IEX) for `132.54Cr. Prior to the sale, PFS' investment in IEX
stood at `1.52Cr. IEX provides power trading platform for electricity trade in India,
said the company in a public statement.
The current divestment of equity investment will provide headroom for growth and
the Company shall leverage the same to scale up its lending activity and achieve
sustained growth.
Economic and Political News
Parliament approves Finance Bill 2017; Rajya Sabha amendments rejected
Maharashtra mulls minimum 5% rise in ready recknor rates from April 1
GST will raise private education cost by 3%, even at lowest tax slab of 5%
Govt considering MIP on some aluminium products: Piyush Goyal
Telecom Commission's worry on lower tariffs inconsistent with policy: Trai
Corporate News
Infra push to see cement demand improve to 5% in FY'18: Icra
Vedanta announces interim dividend of Rs 6,580 cr; re-appoints CEO till Aug
Petronas Lubricants targets 5% market share in India, make it exports hub
Apple to begin assembling iPhones in Bengaluru soon: Karnataka IT minister
Market Outlook
March 31, 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
14,879
871
1,009
15.8
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
1,22,981
871
1,000
14.8
the bad news.
Back on the growth trend, expect a long term growth of 14%
Infosys
2,35,322
1,025
1,249
21.9
to be a US$20bn in FY2020.
Strong order backlog and improvement in execution would
Larsen & Tourbo
1,45,323
1,558
1,700
9.1
trigger the growth for the L&T.
One of the largest pharma companies with strong
Lupin
65,382
1,448
1,809
24.9
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
1,02,356
196
223
14.0
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
1,097
365
380
4.2
owing to better product mix, higher B2C sales and
amalgamation synergy.
Among the top 4 players in the consumer durables segment.
Bajaj Electricals
3,245
321
330
2.9
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
6,389
669
710
6.2
growth. EMPPAC division's profitability to improve once
operating environment turns around.
Strong loan growth backed by diversified loan portfolio and
Equitas Holdings
5,547
164
235
43.0
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
6,074
186
225
21.1
radio business (Radio City) would also boost the company's
revenue growth.
High order book execution in EPC segment, rising B2C sales
KEI Industries
1,393
179
207
15.6
and higher exports to boost the revenues and profitability
Speedier execution and speedier sales, strong revenue visibilty
Mahindra Lifespace
1,614
393
522
32.8
in short-to-long run, attractive valuations
Higher growth in domestic branded sales and healthy export
Mirza International
1,024
85
107
25.7
to boost the profitability.
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,482
174
265
52.3
as well CFS augurs well for the company
Strong brands and distribution network would boost growth
Siyaram Silk Mills
1,594
1,700
1,872
10.1
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
1,554
260
344
32.1
and anticipated growth in ad spends by corporates to benefit
the stock.
Source: Company, Angel Research
Market Outlook
March 31, 2017
Key Upcoming Events
Global economic events release calendar
Bloomberg Data
Date
Time
Country
Event Description
Unit
Period
Last Reported
Estimated
Mar 31, 2017
6:00 PM
US
GDP Qoq (Annualised)
% Change
4Q T
1.90
2.00
6:30 AM
China
PMI Manufacturing
Value
Mar
51.60
51.70
2:00 PM
UK
PMI Manufacturing
Value
Mar
54.60
55.00
Apr 03, 2017
2:00 PM
UK
GDP (YoY)
% Change
4Q F
2.00
2.00
1:25 PM
Germany
PMI Manufacturing
Value
Mar F
58.30
Apr 05, 2017
1:25 PM
Germany
PMI Services
Value
Mar F
55.60
Apr 06, 2017
2:30 PM
India
RBI Reverse Repo rate
%
Apr 6
5.75
2:30 PM
India
RBI Repo rate
%
Apr 6
6.25
2:30 PM
India
RBI Cash Reserve ratio
%
Apr 6
4.00
Apr 07, 2017
2:00 PM
UK
Industrial Production (YoY)
% Change
Feb
3.20
3.40
6:00 PM
US
Change in Nonfarm payrolls
Thousands
Mar
235.00
172.00
6:00 PM
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
April 11, 2017
2:00 PM
UK
Jobless claims change
% Change
Mar
-11.30
Apr 12, 2017
2:00 PM
UK
CPI (YoY)
% Change
Mar
2.30
5:30 PM
India
Industrial Production YoY
% Change
Feb
2.70
7:00 AM
China
Consumer Price Index (YoY)
% Change
Mar
0.80
1.00
Apr 13, 2017
US
Producer Price Index (mom)
% Change
Mar
0.10
China
Exports YoY%
% Change
Mar
(1.30)
Apr 14, 2017
6:00 PM
US
Consumer price index (mom)
% Change
Mar
0.10
-0.10
Apr 17, 2017
12:00 PM India
Monthly Wholesale Prices YoY%
% Change
Mar
6.55
7:30 AM China
Industrial Production (YoY)
% Change
Mar
6.00
7:30 AM China
Real GDP (YoY)
% Change
1Q
6.80
Apr 18, 2017
6:00 PM US
Building permits
Thousands
Mar
1,216.00
Source: Bloomberg, Angel Research
Market Outlook
March 31, 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
D
30.0
(%)
Repo rate
Reverse Repo rate
CRR
7.00
20.0
6.50
10.0
6.00
5.50
0.0
5.00
(10.0)
4.50
4.00
(20.0)
3.50
(30.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
March 31, 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
2.0
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 31, 2017
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
65,266
(2.1)
11.3
27.4
Russia
Micex
2,022
(1.7)
(7.7)
8.9
India
Nifty
9,174
3.1
14.2
18.9
China
Shanghai Composite
3,210
(0.9)
3.5
7.3
South Africa
Top 40
45,220
1.7
3.5
(2.6)
Mexico
Mexbol
48,863
3.2
7.2
8.1
Indonesia
LQ45
930
4.2
7.3
11.0
Malaysia
KLCI
1,749
3.3
8.2
2.0
Thailand
SET 50
1,002
2.4
5.9
12.7
USA
Dow Jones
20,728
(0.4)
3.9
16.5
UK
FTSE
7,370
1.5
3.5
21.0
Japan
Nikkei
19,063
(0.2)
(1.7)
11.8
Germany
DAX
12,256
3.6
6.8
27.4
France
CAC
5,090
4.8
4.7
17.1
Source: Bloomberg, Angel Research
Stock Watch
March 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
6,577.0
6,907.0
Agri / Agri Chemical
Rallis
Neutral
250
-
4,869
1,937
2,164
13.3
14.3
9.0
11.0
27.8
22.8
4.8
4.2
18.4
19.8
2.6
2.3
United Phosphorus
Neutral
714
-
36,219
15,176
17,604
18.5
18.5
37.4
44.6
19.1
16.0
3.7
3.1
21.4
21.2
2.5
2.1
Auto & Auto Ancillary
Ashok Leyland
Buy
83
111
23,692
20,021
21,915
11.6
11.9
4.5
5.3
18.5
15.7
3.8
3.4
20.6
21.5
1.1
1.0
Bajaj Auto
Neutral
2,821
-
81,620
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
1,027
-
23,903
7,726
8,713
20.5
21.2
35.3
42.7
29.1
24.1
5.4
4.9
18.9
20.1
3.2
2.7
Eicher Motors
Neutral
25,659
-
69,818
16,583
20,447
17.5
18.0
598.0
745.2
42.9
34.4
14.7
11.2
41.2
38.3
4.0
3.2
Gabriel India
Neutral
126
-
1,805
1,544
1,715
9.0
9.3
5.4
6.3
23.3
19.9
4.4
3.9
18.9
19.5
1.1
1.0
Hero Motocorp
Accumulate
3,232
3,446
64,532
28,083
30,096
15.3
15.7
171.8
187.0
18.8
17.3
6.6
5.5
30.1
27.9
2.1
1.9
Jamna Auto Industries Neutral
212
-
1,688
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
L G Balakrishnan & Bros Neutral
626
-
982
1,302
1,432
11.6
11.9
43.7
53.0
14.3
11.8
2.0
1.8
13.8
14.2
0.8
0.8
Mahindra and Mahindra Neutral
1,280
-
79,525
46,534
53,077
11.6
11.7
67.3
78.1
19.0
16.4
3.1
2.7
15.4
15.8
1.7
1.4
Maruti
Accumulate
5,954
6,560
179,852
67,822
83,288
16.0
16.4
253.8
312.4
23.5
19.1
5.4
4.4
23.0
22.9
2.3
1.8
Minda Industries
Neutral
437
-
3,464
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
379
-
53,175
45,896
53,687
7.8
8.3
13.0
16.1
29.1
23.5
9.4
7.5
34.7
35.4
1.2
1.0
Rane Brake Lining
Neutral
1,041
-
824
511
562
11.3
11.5
28.1
30.9
37.0
33.7
5.7
5.1
15.3
15.0
1.8
1.6
Setco Automotive
Neutral
34
-
458
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
Tata Motors
Neutral
468
-
135,243
300,209
338,549
8.9
8.4
42.7
54.3
11.0
8.6
1.8
1.5
15.6
17.2
0.6
0.5
TVS Motor
Neutral
435
-
20,654
13,390
15,948
6.9
7.1
12.8
16.5
34.1
26.3
8.5
6.7
26.3
27.2
1.6
1.3
Amara Raja Batteries
Buy
871
1,009
14,879
5,305
6,100
16.0
16.3
28.4
34.0
30.7
25.6
5.9
5.0
19.3
19.3
2.8
2.4
Exide Industries
Neutral
220
-
18,709
7,439
8,307
15.0
15.0
8.1
9.3
27.2
23.7
3.8
3.4
14.3
16.7
2.1
1.9
Apollo Tyres
Accumulate
209
235
10,621
12,877
14,504
14.3
13.9
21.4
23.0
9.7
9.1
1.5
1.3
16.4
15.2
1.0
0.9
Ceat
Accumulate
1,313
1,450
5,312
7,524
8,624
13.0
12.7
131.1
144.3
10.0
9.1
1.8
1.6
19.8
18.6
0.8
0.7
JK Tyres
Neutral
131
-
2,960
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
Swaraj Engines
Neutral
1,466
-
1,820
660
810
15.2
16.4
54.5
72.8
26.9
20.1
8.4
7.6
31.5
39.2
2.6
2.1
Subros
Neutral
213
-
1,277
1,488
1,681
11.7
11.9
6.4
7.2
33.3
29.7
3.5
3.2
10.8
11.4
1.1
0.9
Indag Rubber
Neutral
201
-
528
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
Capital Goods
ACE
Neutral
61
-
600
709
814
4.1
4.6
1.4
2.1
43.3
28.9
1.8
1.7
4.4
6.0
1.0
0.9
Stock Watch
March 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
BEML
Neutral
1,310
-
5,455
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
Bharat Electronics
Neutral
153
-
34,275
8,137
9,169
16.8
17.2
58.7
62.5
2.6
2.5
0.4
0.4
44.6
46.3
3.2
2.9
Voltas
Neutral
414
-
13,684
6,511
7,514
7.9
8.7
12.9
16.3
32.1
25.4
5.8
5.1
16.7
18.5
1.9
1.6
BGR Energy
Neutral
138
-
998
16,567
33,848
6.0
5.6
7.8
5.9
17.7
23.4
1.0
1.0
4.7
4.2
0.2
0.1
BHEL
Neutral
165
-
40,336
28,797
34,742
-
2.8
2.3
6.9
71.7
23.9
1.2
1.2
1.3
4.8
1.1
0.8
Blue Star
Accumulate
669
710
6,389
4,283
5,077
5.9
7.3
14.9
22.1
44.9
30.2
8.7
7.4
20.4
26.4
1.5
1.3
CG Power and Industrial
Neutral
77
-
4,813
5,777
6,120
5.9
7.0
3.3
4.5
23.3
17.1
1.0
1.0
4.4
5.9
0.8
0.7
Solutions
Greaves Cotton
Neutral
173
-
4,213
1,755
1,881
16.8
16.9
7.8
8.5
22.1
20.3
4.4
4.1
20.6
20.9
2.1
1.9
Inox Wind
Neutral
172
-
3,813
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
198
-
5,078
9,294
10,186
7.9
8.1
9.9
11.9
20.0
16.6
2.9
2.5
15.6
16.3
0.8
0.7
KEI Industries
Buy
179
207
1,393
2,682
3,058
10.4
10.0
11.7
12.8
15.3
14.0
3.1
2.5
20.1
18.2
0.7
0.6
Thermax
Neutral
987
-
11,760
5,421
5,940
7.3
7.3
25.7
30.2
38.4
32.7
4.6
4.2
12.2
13.1
2.1
1.9
VATech Wabag
Neutral
679
-
3,706
3,136
3,845
8.9
9.1
26.0
35.9
26.1
18.9
3.3
2.8
13.4
15.9
1.1
0.9
Cement
ACC
Neutral
1,420
-
26,674
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
234
-
46,405
9,350
10,979
18.2
22.5
5.8
9.5
40.3
24.6
3.4
3.0
10.2
12.5
5.0
4.2
India Cements
Neutral
161
-
4,935
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
1.7
JK Cement
Neutral
921
-
6,441
4,398
5,173
15.5
17.5
31.2
55.5
29.5
16.6
3.5
3.1
12.0
15.5
2.0
1.7
J K Lakshmi Cement
Neutral
450
-
5,292
2,913
3,412
14.5
19.5
7.5
22.5
60.0
20.0
3.7
3.1
12.5
18.0
2.4
2.0
Orient Cement
Neutral
129
-
2,638
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
3,979
-
109,221
25,768
30,385
21.0
23.5
111.0
160.0
35.9
24.9
4.6
4.0
13.5
15.8
4.3
3.6
Construction
ITNL
Neutral
109
-
3,569
8,946
10,017
31.0
31.6
8.1
9.1
13.4
11.9
0.5
0.5
4.2
5.0
3.7
3.5
KNR Constructions
Neutral
189
-
2,651
1,385
1,673
14.7
14.0
41.2
48.5
4.6
3.9
0.9
0.7
14.9
15.2
2.0
1.6
Larsen & Toubro
Accumulate
1,558
1,700
145,323
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
Gujarat Pipavav Port
Neutral
168
-
8,144
705
788
52.2
51.7
5.0
5.6
33.7
30.1
3.3
3.0
11.2
11.2
11.2
9.5
Nagarjuna Const.
Neutral
81
-
4,495
8,842
9,775
9.1
8.8
5.3
6.4
15.3
12.6
1.2
1.1
8.2
9.1
0.7
0.6
PNC Infratech
Buy
117
143
3,002
2,350
2,904
13.1
13.2
9.0
8.8
13.0
13.3
0.5
0.4
15.9
13.9
1.4
1.1
Simplex Infra
Neutral
314
-
1,552
6,829
7,954
10.5
10.5
31.4
37.4
10.0
8.4
1.0
1.0
9.9
13.4
0.7
0.6
Power Mech Projects
Neutral
522
-
769
1,801
2,219
12.7
14.6
72.1
113.9
7.3
4.6
1.3
1.1
16.8
11.9
0.4
0.3
Sadbhav Engineering
Neutral
305
-
5,231
3,598
4,140
10.3
10.6
9.0
11.9
33.9
25.6
3.6
3.1
9.9
11.9
1.7
1.5
Stock Watch
March 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
NBCC
Neutral
173
-
15,561
7,428
9,549
7.9
8.6
8.2
11.0
21.1
15.7
1.1
0.8
28.2
28.7
1.8
1.3
MEP Infra
Neutral
52
-
844
1,877
1,943
30.6
29.8
3.0
4.2
17.3
12.4
8.4
5.6
0.6
0.6
1.8
1.7
SIPL
Neutral
98
-
3,452
1,036
1,252
65.5
66.2
(8.4)
(5.6)
3.7
4.2
(22.8)
(15.9)
11.5
9.6
Engineers India
Neutral
144
-
9,687
1,725
1,935
16.0
19.1
11.4
13.9
12.6
10.3
1.7
1.7
13.4
15.3
4.5
4.1
Financials
Axis Bank
Buy
499
580
119,465
46,932
53,575
3.5
3.4
32.4
44.6
15.4
11.2
2.0
1.7
13.6
16.5
-
-
Bank of Baroda
Neutral
173
-
39,954
19,980
23,178
1.8
1.8
11.5
17.3
15.1
10.0
1.7
1.4
8.3
10.1
-
-
Canara Bank
Neutral
303
-
16,463
15,225
16,836
1.8
1.8
14.5
28.0
20.9
10.8
1.4
1.2
5.8
8.5
-
-
Can Fin Homes
Neutral
2,092
-
5,569
420
526
3.5
3.5
86.5
107.8
24.2
19.4
5.2
4.3
23.6
24.1
-
-
Cholamandalam Inv. &
Buy
961
1,230
15,012
2,012
2,317
6.3
6.3
42.7
53.6
22.5
17.9
3.6
3.1
16.9
18.3
-
-
Fin. Co.
Dewan Housing Finance Neutral
364
-
11,405
2,225
2,688
2.9
2.9
29.7
34.6
12.3
10.5
2.0
1.7
16.1
16.8
-
-
Equitas Holdings
Buy
164
235
5,547
939
1,281
11.7
11.5
5.8
8.2
28.3
20.0
2.4
2.2
10.9
11.5
-
-
Federal Bank
Neutral
91
-
15,635
8,259
8,995
3.0
3.0
4.3
5.6
21.1
16.2
1.8
1.7
8.5
10.1
-
-
HDFC
Neutral
1,521
-
241,564
11,475
13,450
3.4
3.4
45.3
52.5
33.6
29.0
6.5
5.7
20.2
20.5
-
-
HDFC Bank
Neutral
1,464
-
374,731
46,097
55,433
4.5
4.5
58.4
68.0
25.1
21.5
4.4
3.7
18.8
18.6
-
-
ICICI Bank
Accumulate
281
315
163,870
42,800
44,686
3.1
3.3
18.0
21.9
15.6
12.9
2.1
2.0
11.1
12.3
-
-
Lakshmi Vilas Bank
Accumulate
161
174
3,074
3,339
3,799
2.7
2.8
11.0
14.0
14.6
11.5
1.5
1.4
11.2
12.7
-
-
LIC Housing Finance
Neutral
621
-
31,357
3,712
4,293
2.6
2.5
39.0
46.0
15.9
13.5
3.0
2.6
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
152
-
32,430
23,532
23,595
2.3
2.4
6.8
12.6
22.4
12.1
3.5
2.5
3.3
6.5
-
-
RBL Bank
Neutral
487
-
17,993
1,783
2,309
2.6
2.6
12.7
16.4
38.3
29.7
4.2
3.7
12.8
13.3
-
-
Repco Home Finance
Buy
694
825
4,340
388
457
4.5
4.2
30.0
38.0
23.1
18.3
3.9
3.2
18.0
19.2
-
-
South Ind.Bank
Neutral
20
-
2,745
6,435
7,578
2.5
2.5
2.7
3.1
7.5
6.6
1.0
0.8
10.1
11.2
-
-
St Bk of India
Neutral
290
-
231,232
88,650
98,335
2.6
2.6
13.5
18.8
21.5
15.4
2.0
1.8
7.0
8.5
-
-
Union Bank
Neutral
155
-
10,655
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
1,552
-
65,747
8,978
11,281
3.3
3.4
74.0
90.0
21.0
17.2
4.0
3.4
17.0
17.2
-
-
FMCG
Akzo Nobel India
Neutral
1,864
-
8,939
2,955
3,309
13.3
13.7
57.2
69.3
32.6
26.9
10.7
9.0
32.7
33.3
2.8
2.5
Asian Paints
Neutral
1,069
-
102,562
17,128
18,978
16.8
16.4
19.1
20.7
56.0
51.7
19.5
18.4
34.8
35.5
5.9
5.3
Britannia
Accumulate
3,407
3,626
40,884
9,594
11,011
14.6
14.9
80.3
94.0
42.4
36.2
17.4
13.5
41.2
-
4.1
3.5
Colgate
Neutral
1,008
-
27,423
4,605
5,149
23.4
23.4
23.8
26.9
42.4
37.5
23.5
18.3
64.8
66.8
5.9
5.2
Dabur India
Accumulate
274
304
48,274
8,315
9,405
19.8
20.7
8.1
9.2
33.8
29.8
9.4
7.8
31.6
31.0
5.5
4.8
Stock Watch
March 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
GlaxoSmith Con*
Neutral
5,147
-
21,647
4,350
4,823
21.2
21.4
179.2
196.5
28.7
26.2
7.6
6.5
27.1
26.8
4.4
3.9
Godrej Consumer
Neutral
1,663
-
56,625
10,235
11,428
18.4
18.6
41.1
44.2
40.5
37.6
9.0
7.6
24.9
24.8
5.6
5.0
HUL
Neutral
919
-
198,954
35,252
38,495
17.8
17.8
20.7
22.4
44.5
41.1
42.6
36.5
95.6
88.9
5.5
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
296
-
38,150
6,430
7,349
18.8
19.5
6.4
7.7
46.2
38.4
14.0
11.7
33.2
32.5
5.7
5.0
Nestle*
Neutral
6,606
-
63,692
10,073
11,807
20.7
21.5
124.8
154.2
52.9
42.8
21.7
19.5
34.8
36.7
6.1
5.2
Tata Global
Neutral
150
-
9,476
8,675
9,088
9.8
9.8
7.4
8.2
20.3
18.3
1.6
1.5
7.9
8.1
1.0
0.9
Procter & Gamble
Neutral
7,462
-
24,224
2,939
3,342
23.2
23.0
146.2
163.7
51.0
45.6
12.9
10.7
25.3
23.5
7.8
6.8
Hygiene
IT
HCL Tech^
Accumulate
871
1,000
122,981
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
1,025
1,249
235,322
68,350
77,326
27.0
27.0
62.5
69.4
16.4
14.8
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
460
600
44,791
29,673
32,937
15.5
17.0
32.8
39.9
14.0
11.5
2.8
2.4
19.6
20.7
1.3
1.1
Wipro
Accumulate
516
583
125,373
55,440
60,430
18.1
18.1
36.1
38.9
14.3
13.3
2.6
2.4
19.0
17.6
2.0
1.8
Media
D B Corp
Neutral
375
-
6,904
2,297
2,590
27.4
28.2
21.0
23.4
17.9
16.0
4.2
3.6
23.7
23.1
2.8
2.4
HT Media
Neutral
82
-
1,919
2,693
2,991
12.6
12.9
7.9
9.0
10.4
9.2
0.9
0.8
7.8
8.3
0.3
0.2
Jagran Prakashan
Buy
186
225
6,074
2,355
2,635
28.0
28.0
10.8
12.5
17.2
14.9
3.7
3.2
21.7
21.7
2.6
2.3
Sun TV Network
Neutral
787
-
31,016
2,850
3,265
70.1
71.0
26.2
30.4
30.0
25.9
7.7
6.8
24.3
25.6
10.5
9.0
Hindustan Media
Neutral
284
-
2,087
1,016
1,138
24.3
25.2
27.3
30.1
10.4
9.5
2.0
1.8
16.2
15.8
1.4
1.2
Ventures
TV Today Network
Buy
260
344
1,554
567
645
26.7
27.0
15.4
18.1
17.0
14.4
2.5
2.2
14.9
15.2
2.3
1.9
Metals & Mining
Coal India
Neutral
290
-
180,108
84,638
94,297
21.4
22.3
24.5
27.1
11.8
10.7
4.9
4.7
42.6
46.0
1.6
1.5
Hind. Zinc
Neutral
285
-
120,400
14,252
18,465
55.9
48.3
15.8
21.5
18.0
13.3
2.9
2.6
17.0
20.7
8.5
6.5
Hindalco
Neutral
190
-
39,292
107,899
112,095
7.4
8.2
9.2
13.0
20.7
14.6
1.0
0.9
4.8
6.6
0.9
0.8
JSW Steel
Neutral
185
-
44,791
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
132
-
41,842
6,643
7,284
44.4
47.7
7.1
7.7
18.6
17.2
1.6
1.6
8.8
9.2
4.1
3.7
SAIL
Neutral
61
-
25,256
47,528
53,738
(0.7)
2.1
(1.9)
2.6
23.5
0.7
0.6
(1.6)
3.9
1.4
1.3
Vedanta
Neutral
275
-
81,381
71,744
81,944
19.2
21.7
13.4
20.1
20.5
13.7
1.8
1.6
8.4
11.3
1.5
1.2
Tata Steel
Neutral
478
-
46,439
121,374
121,856
7.2
8.4
18.6
34.3
25.7
13.9
1.6
1.5
6.1
10.1
1.0
1.0
Oil & Gas
Cairn India
Neutral
300
-
56,183
9,127
10,632
4.3
20.6
8.8
11.7
34.0
25.6
1.1
1.1
3.3
4.2
7.6
6.4
GAIL
Neutral
378
-
64,007
56,220
65,198
9.3
10.1
27.1
33.3
14.0
11.4
1.3
1.2
9.3
10.7
1.3
1.1
Stock Watch
March 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
Oil & Gas
ONGC
Neutral
184
-
236,709
137,222
152,563
15.0
21.8
19.5
24.1
9.5
7.7
0.8
0.8
8.5
10.1
2.0
1.8
Indian Oil Corp
Neutral
377
-
182,971
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
0.6
Reliance Industries
Neutral
1,269
-
411,775
301,963
358,039
12.1
12.6
87.7
101.7
14.5
12.5
1.5
1.4
10.7
11.3
1.8
1.5
Pharmaceuticals
Alembic Pharma
Accumulate
609
689
11,482
3,483
4,244
20.2
21.4
24.3
33.6
25.1
18.1
5.7
4.6
25.5
25.3
3.2
2.6
Alkem Laboratories Ltd
Neutral
2,173
-
25,978
6,065
7,009
18.7
20.0
80.2
92.0
27.1
23.6
6.1
5.1
22.5
21.6
4.2
3.7
Aurobindo Pharma
Buy
674
877
39,508
15,720
18,078
23.7
23.7
41.4
47.3
16.3
14.3
4.2
3.3
29.6
26.1
2.7
2.4
Aventis*
Neutral
4,754
-
10,948
2,277
2,597
16.6
17.4
128.9
157.0
36.9
30.3
6.3
4.8
21.6
26.4
4.6
3.8
Cadila Healthcare
Neutral
451
-
46,135
10,429
12,318
17.7
21.6
13.1
19.2
34.4
23.5
7.2
5.7
22.8
27.1
4.5
3.7
Cipla
Sell
598
465
48,079
15,378
18,089
15.7
16.8
19.3
24.5
31.0
24.4
3.6
3.2
12.3
13.9
3.3
2.8
Dr Reddy's
Neutral
2,622
-
43,442
16,043
18,119
18.0
23.0
78.6
130.9
33.4
20.0
3.3
2.9
10.1
15.2
2.5
2.4
Dishman Pharma
Sell
299
143
4,831
1,718
1,890
22.7
22.8
9.5
11.3
31.5
26.5
3.0
2.8
10.1
10.9
3.3
2.9
GSK Pharma*
Neutral
2,723
-
23,062
2,800
3,290
10.2
20.6
32.2
60.3
84.6
45.2
15.7
15.5
17.2
34.5
8.0
6.9
Indoco Remedies
Reduce
253
240
2,331
1,112
1,289
16.2
18.2
11.6
16.0
21.8
15.8
3.5
2.9
17.0
20.1
2.2
1.9
Ipca labs
Neutral
608
-
7,669
3,258
3,747
12.8
15.3
12.1
19.2
50.2
31.7
3.1
2.9
6.4
9.5
2.5
2.2
Lupin
Buy
1,448
1,809
65,382
15,912
18,644
26.4
26.7
58.1
69.3
24.9
20.9
4.9
4.0
21.4
20.9
4.2
3.4
Sun Pharma
Buy
687
847
164,863
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
Tata Power
Neutral
90
-
24,316
36,916
39,557
17.4
27.1
5.1
6.3
17.6
14.3
1.6
1.4
9.0
10.3
1.7
1.5
NTPC
Neutral
163
-
134,690
86,605
95,545
17.5
20.8
11.8
13.4
13.8
12.2
1.4
1.3
10.5
11.1
2.9
2.9
Power Grid
Accumulate
196
223
102,356
25,315
29,193
88.2
88.7
14.2
17.2
13.8
11.4
2.1
1.8
15.2
16.1
8.7
7.8
Real Estate
Prestige Estate
Neutral
214
-
8,012
4,707
5,105
25.2
26.0
10.3
13.0
20.7
16.4
1.7
1.5
10.3
10.2
2.9
2.6
MLIFE
Buy
393
522
1,614
1,152
1,300
22.7
24.6
29.9
35.8
13.2
11.0
1.0
0.9
7.6
8.6
2.1
1.8
Telecom
Bharti Airtel
Neutral
351
-
140,169
105,086
114,808
34.5
34.7
12.2
16.4
28.7
21.4
1.9
1.8
6.8
8.4
2.2
2.0
Idea Cellular
Neutral
87
-
31,332
40,133
43,731
37.2
37.1
6.4
6.5
13.6
13.4
1.1
1.1
8.2
7.6
1.8
1.5
zOthers
Abbott India
Neutral
4,560
-
9,689
3,153
3,583
14.1
14.4
152.2
182.7
30.0
25.0
147.1
125.6
25.6
26.1
2.8
2.4
Asian Granito
Neutral
365
-
1,097
1,060
1,169
12.2
12.5
12.7
15.9
28.8
23.0
2.7
2.4
9.5
10.7
1.3
1.2
Bajaj Electricals
Neutral
321
-
3,245
4,801
5,351
5.7
6.2
10.4
13.7
30.8
23.4
3.8
3.4
12.4
14.5
0.7
0.6
Banco Products (India)
Neutral
215
-
1,540
1,353
1,471
12.3
12.4
14.5
16.3
14.9
13.2
20.5
18.5
14.5
14.6
1.1
115.8
Coffee Day Enterprises
Neutral
233
-
4,792
2,964
3,260
20.5
21.2
4.7
8.0
-
29.1
2.7
2.5
5.5
8.5
2.0
1.8
Ltd
Competent Automobiles Neutral
177
-
109
1,137
1,256
3.1
2.7
28.0
23.6
6.3
7.5
34.1
30.8
14.3
11.5
0.1
0.1
Stock Watch
March 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
Elecon Engineering
Neutral
53
-
595
1,482
1,660
13.7
14.5
3.9
5.8
13.6
9.2
3.2
2.9
7.8
10.9
0.7
0.6
Finolex Cables
Neutral
515
-
7,879
2,883
3,115
12.0
12.1
14.2
18.6
36.3
27.7
19.3
16.9
15.8
14.6
2.4
2.2
Garware Wall Ropes
Neutral
705
-
1,543
863
928
15.1
15.2
36.4
39.4
19.4
17.9
3.5
3.0
17.5
15.9
1.7
1.6
Goodyear India*
Neutral
810
-
1,869
1,598
1,704
10.4
10.2
49.4
52.6
16.4
15.4
75.7
66.4
18.2
17.0
0.9
120.8
Hitachi
Neutral
1,792
-
4,873
2,081
2,433
8.8
8.9
33.4
39.9
53.7
44.9
43.3
36.1
22.1
21.4
2.3
2.0
HSIL
Neutral
331
-
2,396
2,384
2,515
15.8
16.3
15.3
19.4
21.7
17.1
21.5
18.5
7.8
9.3
1.2
1.1
Interglobe Aviation
Neutral
1,044
-
37,743
21,122
26,005
14.5
27.6
110.7
132.1
9.4
7.9
56.4
40.3
168.5
201.1
1.8
1.4
Jyothy Laboratories
Neutral
348
-
6,327
1,440
2,052
11.5
13.0
8.5
10.0
41.0
34.8
9.9
9.2
18.6
19.3
4.7
3.3
Kirloskar Engines India
Neutral
392
-
5,669
2,554
2,800
9.9
10.0
10.5
12.1
37.3
32.4
15.6
14.7
10.7
11.7
1.9
1.7
Ltd
Linc Pen & Plastics
Neutral
306
-
453
382
420
9.3
9.5
13.5
15.7
22.7
19.5
3.9
3.4
17.1
17.3
1.3
1.1
M M Forgings
Neutral
538
-
649
546
608
20.4
20.7
41.3
48.7
13.0
11.0
73.7
65.2
16.6
17.0
1.0
0.9
Manpasand Bever.
Neutral
723
-
4,137
836
1,087
19.6
19.4
16.9
23.8
42.8
30.4
5.1
4.5
12.0
14.8
4.7
3.5
Mirza International
Buy
85
107
1,024
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
83
-
331
366
417
17.7
18.2
9.4
10.8
8.9
7.7
2.0
1.7
22.2
22.3
0.8
0.7
Narayana Hrudaya
Neutral
316
-
6,454
1,873
2,166
11.5
11.7
2.6
4.0
119.4
79.7
7.3
6.6
6.1
8.3
3.5
3.1
Navkar Corporation
Buy
174
265
2,482
369
561
42.9
42.3
6.9
11.5
25.2
15.1
1.8
1.6
7.4
10.5
7.7
5.1
Navneet Education
Neutral
169
-
3,941
1,062
1,147
24.0
24.0
6.1
6.6
27.7
25.5
5.7
5.0
20.6
19.8
3.8
3.5
Nilkamal
Neutral
1,996
-
2,978
1,995
2,165
10.7
10.4
69.8
80.6
28.6
24.8
114.0
99.1
16.6
16.5
1.5
1.3
Page Industries
Neutral
14,693
-
16,389
2,450
3,124
20.1
17.6
299.0
310.0
49.1
47.4
327.2
249.8
47.1
87.5
6.7
5.3
Parag Milk Foods
Neutral
224
-
1,888
1,919
2,231
9.3
9.6
9.5
12.9
23.8
17.4
3.7
3.0
15.5
17.5
1.1
1.0
Quick Heal
Neutral
237
-
1,663
408
495
27.3
27.0
7.7
8.8
30.6
27.0
2.8
2.9
9.3
10.6
3.2
2.7
Radico Khaitan
Accumulate
136
147
1,806
1,667
1,824
13.0
13.2
6.7
8.2
20.4
16.6
1.8
1.7
9.0
10.2
1.5
1.3
Relaxo Footwears
Neutral
489
-
5,874
2,085
2,469
9.2
8.2
7.6
8.0
64.7
61.5
25.1
21.4
17.9
18.8
2.9
2.5
S H Kelkar & Co.
Neutral
299
-
4,322
1,036
1,160
15.1
15.0
6.1
7.2
48.9
41.6
5.2
4.8
10.7
11.5
4.0
3.6
Siyaram Silk Mills
Accumulate
1,700
1,872
1,594
1,652
1,857
11.6
11.7
92.4
110.1
18.4
15.4
2.7
2.4
14.7
15.2
1.2
1.0
Styrolution ABS India*
Neutral
694
-
1,221
1,440
1,537
9.2
9.0
40.6
42.6
17.1
16.3
43.7
39.7
12.3
11.6
0.8
0.7
Surya Roshni
Neutral
203
-
891
3,342
3,625
7.8
7.5
17.3
19.8
11.8
10.3
22.3
17.9
10.5
10.8
0.5
0.5
Team Lease Serv.
Neutral
958
-
1,637
3,229
4,001
1.5
1.8
22.8
32.8
42.1
29.2
4.5
3.9
10.7
13.4
0.4
0.3
The Byke Hospitality
Neutral
184
-
738
287
384
20.5
20.5
7.6
10.7
24.2
17.2
5.1
4.1
20.7
23.5
2.6
1.9
Stock Watch
March 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
Transport Corporation of
Neutral
224
-
1,712
2,671
2,911
8.5
8.8
13.9
15.7
16.1
14.3
2.2
2.0
13.7
13.8
0.7
0.7
India
TVS Srichakra
Neutral
3,568
-
2,732
2,304
2,614
13.7
13.8
231.1
266.6
15.4
13.4
400.9
315.7
33.9
29.3
1.2
1.0
UFO Moviez
Neutral
433
-
1,195
619
685
33.2
33.4
30.0
34.9
14.5
12.4
2.0
1.7
13.8
13.9
1.6
1.3
Visaka Industries
Neutral
258
-
409
1,051
1,138
10.3
10.4
21.0
23.1
12.3
11.1
33.0
30.9
9.0
9.2
0.7
0.6
VRL Logistics
Neutral
311
-
2,840
1,902
2,119
16.7
16.6
14.6
16.8
21.4
18.5
4.7
4.1
21.9
22.2
1.6
1.4
VIP Industries
Neutral
194
-
2,743
1,270
1,450
10.4
10.4
5.6
6.5
34.7
29.9
7.2
6.3
20.7
21.1
2.2
1.9
Navin Fluorine
Buy
2,999
3,650
2,936
789
945
21.1
22.4
120.1
143.4
25.0
20.9
4.0
3.5
17.8
18.5
3.7
3.0
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on March 30, 2017
Market Outlook
March 31, 2017
Research Team Tel: 022 - 39357800
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