1
1
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Market Outlook
February 12, 2020
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Market Cues
Indian markets are likely to open positive tracking global indices and SGX Nifty.
The US stocks showed a notable move to the upside in early trading on Tuesday but
gave back some ground over the course of the session. The major averages pulled
back well off the record intraday highs set early in the session, although the Nasdaq
and the S&P 500 still ended the day at new record closing high. The Dow remained
as it was at 29,277 while the Nasdaq inched up by 0.1 percent to 9,639.
UK stocks were notably higher yesterday, with basic resource stocks leading the
surge as investors seemed reassured by Chinese President Xi Jinping's pledge to win
the fight against the corona virus outbreak. The benchmark FTSE100 rose by 0.6 per
cent to 7,493.
On domestic front, Indian followed their global peers higher on Tuesday as the new
corona virus cases slowed in China, helping ease global growth worries. The
benchmark BSE Sensex rallied up by 0.6 percent to 41,216.
News Analysis
India's electricity demand rises by 3.5% in Jan, after 5 months of decline
Detailed analysis on Pg2
Investor’s Ready Reckoner
Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg5 onwards
Top Picks
Company
Rating
CMP
(`)
Target
(`)
Upside
(%)
Hawkins Cooker
Buy
4,740
5,110
7.8
Larsen & Toubro
Buy
1,287
1,689
31.2
KEI Industries
Buy
532
658
23.7
Ultratech Cement
Buy
4,469
5,373
20.2
More Top Picks on Pg4
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
0.6
237
41,216
Nifty
0.6
76
12,108
Mid Cap
0.4
55
15,836
Small Cap
-0.2
-26
14,750
Bankex
0.8
285
35,822
Global Indices
Chg (%)
(Pts)
(Close)
Dow Jones
0.0
00
29,277
Nasdaq
0.1
11
9,639
FTSE
0.6
47
7,493
Nikkei
-0.6
-142
23,686
Hang Seng
1.3
343
27,584
Shanghai Com
0.4
11
2,902
Advances / Declines
BSE
NSE
Advances
1,097
800
Declines
1,408
1,015
Unchanged
193
124
Volumes (` Cr)
BSE
2,468
NSE
35,117
Net Inflows (` Cr)
Net
Mtd
Ytd
FII
(4,376)
(4,376)
7,344
*MFs
1,851
1,627
(1,236)
Top Gainers
Price ()
Chg (%)
HONAUT
37890
11.0
RAJESHEXPO
752
5.9
GAIL
129
6.0
WOCKPHARMA
393
8.3
SUZLON
3
9.7
Top Losers
Price (
`
)
Chg (%)
PARAGMILK
100
-16.7
GICRE
236
-10.8
HIMATSEIDE
105
-8.6
BASF
911
-8.2
PCJEWELLER
18
-8.0
As on Feb 11, 2020
2
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Market Outlook
February 12, 2020
www.angelbroking.com
News Analysis
India's electricity demand rises by 3.5% in Jan, after 5 months of
decline
India's electricity demand rose 3.52 per cent in January, data from the
Central Electricity Authority showed, marking the first increase after five
straight months of decline.
January demand for electricity rose to 105.29 billion units from 101.71
billion units a year earlier. India's annual electricity demand in 2019
grew at its slowest pace in six years, amid a broader economic
slowdown that led to a drop in sales of everything from cars to food
products and also has led to factories cutting jobs.
Economic and Political News
Govt released Rs.81,043 cr GST compensation to states for Apr-Sep
Exporters' 634 fraudulent GST refund claims worth Rs 1,912 cr detected
Medical devices to be treated as drugs from the next financial year
Corporate News
Govt seeks 270 days more to complete resolution for 105 IL&FS group firms
Realty firm under insolvency can continue to complete other projects: NCLAT
Coal India net profit slips 14% in December quarter to Rs 3,922 crore
IDBI Bank Q3 net loss widens to Rs 5,763 cr, NPAs at 29%
3
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Market Outlook
February 12, 2020
www.angelbroking.com
Top Picks
Company
Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%)
Rationale
Safari Industries
1,490
667
1,000
50.0
Third largest brand play in luggage segment
Increased product offerings and improving
distribution network is leading to strong growth in
business. Likely to post robust growth for next 3-4
years
KEI Industries
4,760
532
658
23.7
High order book execution in EPC segment, rising
B2C sales and higher exports to boost the revenues
and profitability
Hawkins Cooker
2,507
4,740
5,110
7.8
We forecast HCL to report healthy top-line CAGR
of ~14% to `976cr over FY19-22E on the back of
government initiatives, new product launches,
strong brand name and wide distribution network.
On the bottom-line front, we estimate ~23% CAGR
to `100cr due to strong revenue and operating
margin improvement
RBL Bank
17,295
340
410
20.5
We believe advance to grow at a healthy CAGR of
35% over FY18-20E. Below peers level ROA (1.2%
FY18) to expand led by margin expansion and
lower credit cost.
Larsen & Toubro
1,80,655
1,287
1,689
31.2
The company has a strong order backlog of ~`
3lakh cr. and a very strong pipeline of `9 lakh cr.
for FY2020. We are positive on the prospects of the
Company given the Government’s thrust on
Infrastructure with over 100lakh cr. of investments
lined up over the next 5 years. Reduction in tax rate
for domestic companies to 22% from 30% will
improve profitability for the company.
Ultratech Cement
1,28,997
4,469
5,373
20.2
Post merger of Century textile’s cement division of
13.4mn TPA from H2FY20 company will have
~110mn TPA of capacity with a dominant position
in West and central India. We are positive on the
long term prospects of the Company given ramp
up from acquired capacities and pricing discipline
in the industry. Reduction in tax rate for domestic
companies to 22% from 30% will improve
profitability for the company.
Amber Enterprise
5,049
1,606
1,830
14.0
Market leader in the room air conditioner (RAC)
outsourced manufacturing space in. It is a one-stop
solutions provider for the major brands in the RAC
industry and currently serves eight out of the 10 top
RAC brands in India
Shriram Transport
Finance
27,662
1,219
1,410
15.6
SHTF is in the sweet spot with benefits from
stronger CV volumes, NIMs unaffected by rising
bond yields on the back of stronger pricing power
and an enhancing ROE by 750bps over FY18-20E,
supported by decline in credit cost.
GMM Pfaudler
4,645
3,178
3,437
8.2
Post the GMM Pfaudler (CMP INR 2542.5) Q3FY20
numbers we are introducing our FY22 EPS estimate
of INR 114.5. We raise our target price to INR
2864 (25xFY22E EPS estimate)
4
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Market Outlook
February 12, 2020
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Fundamental Call
Company
Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%)
Rationale
CCL Products
3,299
248
360
45.2
CCL is likely to maintain the strong growth
trajectory over FY18-20 backed by capacity
expansion and new geographical foray
LT Finance Holding
26,233
131
150
14.6
L&T Fin’s new management is on track to achieve
ROE of 18% by 2020 and recent capital infusion
of `3000cr would support advance growth.
Aditya Birla Capital
21,837
94
118
25.0
We expect financialisation of savings and
increasing penetration in Insurance & Mutual fund
would ensure steady growth.
Inox Wind
831
37
NA
NA
We expect Inox Wind to report exponential growth
in top-line and bottom-line over FY19-20E. The
growth would be led by changing renewable
energy industry dynamics in favor of wind energy
segment viz. changes in auction regime from
Feed-In-Tariff (FIT) to reverse auction regime and
Government’s guidance for 10GW auction in
FY19 and FY20 each.
Jindal Steel & Power Limited
20,028
196
NA
NA
We expect JSPL’s top line to grow at 27% CAGR
over FY19-FY20 on the back of strong steel
demand and capacity addition. On the bottom
line front, we expect JSPL to turn in to profit by
FY19 on back of strong operating margin
improvement.
ICICI Bank
3,49,319
540
590
9.3
Well capitalized with CAR of 18.1% which gives
sufficient room to grow asset base. Faster
resolution of NPA would reduce provision cost,
which would help to report better ROE.
4
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Market Outlook
February 12, 2020
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Macro watch
Exhibit 1: Quarterly GDP trends
Source: CSO, Angel Research
Exhibit 2: IIP trends
Source: MOSPI, Angel Research
Exhibit 3: Monthly CPI inflation trends
Source: MOSPI, Angel Research
Exhibit 4: Manufacturing and services PMI
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends
Source: Bloomberg, Angel Research As of 11 February, 2020
Exhibit 6: Key policy rates
Source: RBI, Angel Research
6.0
6.8
7.7
8.1
8.0
7.0
6.6
5.8
5.0
4.5
3.0
4.0
5.0
6.0
7.0
8.0
9.0
1QFY18
2QFY18
3QFY18
4QFY18
1QFY19
2QFY19
3QFY19
4QFY19
1QFY20
2QFY20
(%)
0.2
2.5
1.6
0.2
2.7
3.2
4.6
1.2
4.3
(1.4)
(4.3)
(4.0)
1.8
(5.0)
(4.0)
(3.0)
(2.0)
(1.0)
-
1.0
2.0
3.0
4.0
5.0
6.0
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
(%)
2.3
2.1
1.97
2.57
2.9
3.0
3.1
3.2
3.2
3.2
3.9
4.6
0.6
2.6
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
(%)
44.0
46.0
48.0
50.0
52.0
54.0
56.0
58.0
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Mfg. PMI
Services PMI
(20.0)
(15.0)
(10.0)
(5.0)
0.0
5.0
10.0
15.0
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Exports yoy growth
Imports yoy growth
(%)
3
3.5
4
4.5
5
5.5
6
6.5
7
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Repo rate
Reverse Repo rate
CRR
(%)
5
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Market Outlook
February 12, 2020
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Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
Source: Bloomberg, Angel Research
Exhibit 2: 2017 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
Source: IMF, Angel Research As of 11 February, 2020
1.2
1.7
5.3
6.0
0.1
5.0
4.4
2.4
1.1
2.3
1.0
0.8
1.7
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
Brazil
Russia
India
China
South
Africa
Indones
ia
Malaysi
a
Thailan
d
UK
USA
Germa
ny
France
Japan
(%)
0.7
1.8
6.7
6.8
0.7
5.2
5.4
3.7
1.7
2.2
2.0
1.6
1.5
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
Brazil
Russia
India
China
South Africa
Indonesia
Malaysia
Thailand
UK
USA
Germany
France
Japan
(%)
18.1
5.0
23.5
13.8
14.6
17.3
16.3
17.8
17.9
18.0
20.7
18.9
15.6
-
5.0
10.0
15.0
20.0
25.0
Brazil
Russia
India
China
South
Africa
Indonesi
a
Malaysi
a
Thailan
d
UK
USA
German
y
France
Japan
(x)
6
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Market Outlook
February 12, 2020
www.a ngelbr oki n g.c o m
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
113770
-1.5
5.0
20.5
Russia
Micex
3088
0.4
4.3
21.0
India
Nifty
12098
-1.3
1.6
11.1
China
Shanghai Composite
2876
-7.0
-1.2
8.4
South Africa
Top 40
51396
0.8
1.7
9.3
Mexico
Mexbol
44399
-0.8
1.8
3.3
Indonesia
LQ45
977
-4.0
-0.1
-4.3
Malaysia
KLCI
1545
-3.0
-2.2
-8.6
Thailand
SET 50
1031
-2.6
-6.3
-5.6
USA
Dow Jones
29380
1.9
6.1
17.3
UK
FTSE
7505
-1.1
2.4
5.3
Japan
Nikkei
23828
-0.1
2.1
14.2
Germany
DAX
13575
0.7
2.9
23.2
France
CAC
6038
0.0
2.4
20.4
Source: Bloomberg, Angel Research As of 11 February, 2020
7
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Market Outlook
February 12, 2020
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Exhibit 7: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Curre nt Status
30-10-2019
Top Picks
Ultratech Cement
4,481
5,373
Open
29-10-2019
Top Picks
Larsen Toubro
1,365
1,689
Open
28-01-2020
Top Picks
Hawkins Cooker
4,332
4,732
Open
13-01-2020
Top Picks
Hawkins Cooker
3,591
4,353
Open
06-06-2019
Fundamental
Inox Wind
55
Hold
10-08-2018
Top Picks
Inox Wind
107
127
Open
08-11-2019
Top Picks
TTK Prestige
6075
Closed(08/11/ 2019)
30-11-2018
Top Picks
TTK Prestige
7,206
8,200
Open
09-08-2018
Top Picks
TTK Prestige
6,206
7,500
Open
07-10-2019
Fundamental
Aurobindo Pharma
460
Closed(07/10/ 2019)
26-09-2019
Fundamental
Aurobindo Pharma
610
Hold
07-09-2019
Top Picks
Aurobindo Pharma
759
870
Open
06-07-2018
Top Picks
Aurobindo Pharma
603
780
Open
31-10-2019
Top Picks
RBL Bank
312
410
Open
22-07-2019
Top Picks
RBL Bank
500
650
Open
04-04-2019
Top Picks
RBL Bank
649
775
Open
30-08-2018
Top Picks
RBL Bank
626
690
Open
06-07-2018
Top Picks
RBL Bank
565
670
Open
02-12-2019
Fundamental
Yes Bank
64
Closed(02/12/ 2019)
18-07-2019
Fundamental
Yes Bank
98
Hold
30-04-2019
Fundamental
Yes Bank
168
Hold
25-01-2019
Top Picks
Yes Bank
214
280
Open
27-07-2019
Top Picks
Yes Bank
370
435
Open
06-07-2018
Top Picks
Yes Bank
348
418
Open
05-10-2019
Fundamental
Jindal Steel & Power
94
Hold
24-05-2019
Top Picks
Jindal Steel & Power
152
250
Open
07-02-2019
Top Picks
Jindal Steel & Power
135
249
Open
15-11-2018
Top Picks
Jindal Steel & Power
175
320
Open
30-06-2018
Top Picks
Jindal Steel & Power
222
350
Open
05-02-2020
Top Picks
Shriram Transport Finance Com
1,047
1410
Open
22-01-2020
Fundamental
Shriram Transport Finance Com
1,090
1410
Hold
30-10-2019
Top Picks
Shriram Transport Finance Com
1,156
1410
Open
07-08-2019
Top Picks
Shriram Transport Finance Com
1,000
1385
Open
25-05-2019
Top Picks
Shriram Transport Finance Com
1,106
1470
Open
20-06-2018
Top Picks
Shriram Transport Finance Com
1,466
1,764
Open
Source: Company, Angel Research
8
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Market Outlook
February 12, 2020
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Exhibit 8: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Curre nt Status
06-06-2020
Fundamental
Bata India
1,856
Closed(06/02/ 2020)
03-09-2019
Fundamental
Bata India
1,538
1,865
Hold
03-08-2019
Top Picks
Bata India
1,310
1,525
Open
13-02-2019
Top Picks
Bata India
1,189
1,479
Open
03-11-2018
Top Picks
Bata India
1,008
1,243
Open
30-07-2018
Top Picks
Bata India
918
1,007
Open
23-07-2018
Top Picks
Bata India
842
955
Open
01-07-2018
Top Picks
Bata India
862
948
Open
18-06-2018
Top Picks
Bata India
779
896
Open
31-01-2020
Top Picks
Amber Enterprises
1,540
1,830
Open
09-01-2020
Fundamental
Amber Enterprises
1,209
Hold
25-09-2019
Top Picks
Amber Enterprises
901
1100
Open
16-02-2019
Top Picks
Amber Enterprises
637
910
Open
08-08-2018
Top Picks
Amber Enterprises
939
1135
Open
14-06-2018
Top Picks
Amber Enterprises
1,026
1,230
Open
07-11-2019
Top Picks
M&M
580
Closed(07/11/ 2019)
09-08-2019
Top Picks
M&M
550
724
Open
15-02-2019
Top Picks
M&M
626
850
Open
07-06-2018
Top Picks
M&M
918
1050
Open
04-05-2018
Top Picks
M&M
860
990
Open
22-01-2020
Fundamental
HDFC Bank
1244
Closed(22/01/ 2020)
20-01-2020
Fundamental
HDFC Bank
1278
1390
Hold
23-10-2019
Top Picks
HDFC Bank
1241
1390
Open
23-07-2019
Top Picks
HDFC Bank
2264
2620
Open
22-01-2019
Top Picks
HDFC Bank
2145
2500
Open
24-07-2018
Top Picks
HDFC Bank
2158
2350
Open
02-05-2018
Top Picks
HDFC Bank
1944
2315
Open
04-05-2018
Top Picks
Matrimony.com Ltd
573
1016
Closed(17/08/ 2018)
20-04-2018
Top Picks
Matrimony.com Ltd
781
984
Open
31-01-2020
Top Picks
Parag Milk Foods Limited
138
Closed(31/01/ 2020)
25-10-2019
Top Picks
Parag Milk Foods Limited
149
200
Open
07-08-2019
Top Picks
Parag Milk Foods Limited
190
306
Open
12-02-2019
Top Picks
Parag Milk Foods Limited
211
359
Open
06-11-2018
Top Picks
Parag Milk Foods Limited
256
330
Open
15-05-2018
Top Picks
Parag Milk Foods Limited
310
410
Open
Source: Company, Angel Research
9
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Market Outlook
February 12, 2020
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Exhibit 9: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Curre nt Status
16-04-2018
Top Picks
Parag Milk Foods Limited
249
333
Open
07-02-2020
Top Picks
GMM Pfaudler Limited
2,925
3,437
Open
04-02-2020
Fundamental
GMM Pfaudler Limited
2,979
Hold
29-01-2020
Top Picks
GMM Pfaudler Limited
2,528
2,864
Open
15-01-2020
Fundamental
GMM Pfaudler Limited
1,986
Hold
19-11-2019
Top Picks
GMM Pfaudler Limited
1688
2059
Open
23-09-2019
Top Picks
GMM Pfaudler Limited
1520
1740
Open
11-06-2019
Top Picks
GMM Pfaudler Limited
1470
1570
Open
13-03-2019
Top Picks
GMM Pfaudler Limited
1265
1400
Open
27-08-2018
Top Picks
GMM Pfaudler Limited
1,170
1,287
Open
18-08-2018
Top Picks
GMM Pfaudler Limited
1,024
1,200
Open
07-08-2018
Top Picks
GMM Pfaudler Limited
984
1,100
Open
29-06-2018
Fundamental
GMM Pfaudler Limited
932
1,020
Open
14-05-2018
Fundamental
GMM Pfaudler Limited
818
900
Open
06-04-2018
Fundamental
GMM Pfaudler Limited
712
861
Open
06-12-2019
Fundamental
Ashok Leyland
75
Closed(06/12/ 2019)
06-06-2019
Fundamental
Ashok Leyland
70
Hold
17-08-2018
Top Picks
Ashok Leyland
128
156
Open
07-03-2018
Fundamental
Ashok Leyland Ltd
139
163
Closed (26/ 04/ 2018)
16-12-2019
Fundamental
Greenply Industries
160
Closed(16/12/ 2019)
31-05-2018
Fundamental
Greenply Industries
256
364
Open
03-03-2018
Fundamental
Greenply Industries
340
395
Open
43816
Top Picks
Safari Industries
623
807
Open
27-08-2018
Top Picks
Safari Industries
974
1,071
Open
14-08-2018
Top Picks
Safari Industries
868
1,000
Open
07-08-2018
Top Picks
Safari Industries
788
870
Open
16-07-2018
Top Picks
Safari Industries
693
800
Open
16-04-2018
Top Picks
Safari Industries
651
750
Open
21-02-2018
Top Picks
Safari Industries
532
650
Open
31-05-2018
Top Picks
HSIL Ltd
348
Closed (31/ 05/ 2018)
16-02-2018
Top Picks
HSIL Ltd
433
510
Open
04-11-2019
Fundamental
Elantas Beck India Ltd.
2500
Closed(04/11/ 2019)
07-02-2018
Fundamental
Elantas Beck India Ltd.
2155
2500
Open
Source: Company, Angel Research
10
www.angelbroking.com
Market Outlook
February 12, 2020
www.a ngelbr oki n g.c o m
Exhibit 10: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Curre nt Status
27-01-2020
Top Picks
ICICI Bank
536
590
Hold
09-12-2019
Top Picks
ICICI Bank
526
590
Open
29-10-2019
Top Picks
ICICI Bank
437
532
Open
25-05-2019
Top Picks
ICICI Bank
431
490
Open
15-02-2019
Top Picks
ICICI Bank
343
460
Open
30-07-2018
Top Picks
ICICI Bank
307
411
Open
01-02-2018
Top Picks
ICICI Bank
352
416
Open
06-09-2019
Fundamental
Aditya Birla Capital
93
118
Open
09-08-2019
Top Picks
Aditya Birla Capital
89
118
Open
04-06-2019
Top Picks
Aditya Birla Capital
102
130
Open
01-02-2018
Top Picks
Aditya Birla Capital
167
218
Open
04-01-2018
Fundamental
CCL Products
278
360
Open
03-01-2018
Fundamental
Nilkamal Ltd
1,449
Closed (29/ 01/ 2020)
03-01-2018
Fundamental
Nilkamal Ltd
1880
2178
Open
01-01-2018
Fundamental
Capital First Ltd
693
850
Closed (15/ 01/ 2018)
30-12-2017
Fundamental
Shreyans Industries Ltd
205
247
Closed
09-05-2018
Fundamental
Prism Cement Ltd
160
Closed (09/ 05/ 2018)
21-12-2017
Fundamental
Prism Cement Ltd
118
131
18-12-2017
Fundamental
Menon Bearings Limited
92
114
Closed (17/ 01/ 2018)
14-12-2017
Top Picks
Ruchira Papers Ltd.
188
244
Closed (09/ 02/ 2018)
17-05-2018
Top Picks
Century Plyboards India
280
Closed(17/05/ 2018)
28-11-2017
Top Picks
Century Plyboards India
317
400
Open
19-12-2017
Top Picks
LT Foods
85
Closed(18/06/ 2018)
06-11-2017
Top Picks
LT Foods
74
96
16-10-2017
Fundamental
Endurance Technologie s Ltd
1111
1277
Closed (01/ 12/ 2017)
30/01/2020
Fundamental
GIC Housing
154
Closed (30/ 01/ 2020)
06-06-2019
Fundamental
GIC Housing
252
Hold
11-09-2017
Top Picks
GIC Housing
533
655
Open
28-01-2020
Fundamental
Music Broadcast Limited
29
Closed (28/ 01/ 2020)
06-06-2019
Fundamental
Music Broadcast Limited
58
Hold
10-10-2017
Top Picks
Music Broadcast Limited
404
475
Open
20-07-2017
Top Picks
Music Broadcast Limited
368
434
Open
Fundamental
L&T Finance Holding
Hold
03-05-2018
Fundamental
L&T Finance Holding
171
210
Open
07-07-2017
Fundamental
L&T Finance Holdings Ltd
149
179
Closed (28/ 8/2017)
Source: Company, Angel Research
11
www.angelbroking.com
Market Outlook
February 12, 2020
www.a ngelbr oki n g.c o m
Exhibit 11: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Curre nt Status
06-07-2017
Fundamental
Syngene International
478
564
Closed (1/3/2018)
28-01-2020
Top Picks
Maruti
7,065
Closed(28/01/ 2020)
30-07-2019
Top Picks
Maruti
5558
7,783
Open
29-10-2018
Top Picks
Maruti
6705
8,552
Open
27-07-2017
Top Picks
Maruti
9315
10820
Open
05-06-2017
Top Picks
Karur Vysya Bank
127
100
Closed (12/ 03/ 2018)
21-01-2020
Top Picks
KEI Industries
517
658
Open
13-11-2019
Fundamental
KEI Industries
542
Hold
07-08-2019
Top Picks
KEI Industries
464
556
Open
12-02-2019
Top Picks
KEI Industries
349
486
Open
23-05-2018
Top Picks
KEI Industries
481
589
Open
21-05-2018
Top Picks
KEI Industries
433
508
Open
25-01-2018
Top Picks
KEI Industries
400
486
Open
04-01-2017
Top Picks
KEI Industries
167
207
Open
31-05-2018
Top Picks
Alkem Lab
1978
Closed (31/ 05/ 2018)
01-12-2016
Top Picks
Alkem Lab
1700
2441
Open
17-10-2016
Top Picks
Asian Granito
267
534
Closed (18/ 02/ 2018)
17-05-2018
Top Picks
TV Today Network
460
Closed (17/ 05/ 2018)
04-08-2016
Top Picks
TV Today Network
297
603
Open
30-01-2019
Fundamental
DHFL
162
Closed(30/01/ 2019)
05-04-2016
Top Picks
DHFL
189
720
Open
25-06-2018
Top Picks
Navkar Corpor ation
207
Closed(25/06/ 2018)
05-01-2016
Top Picks
Navkar Corpor ation
207
265
Open
09-12-2019
Top Picks
Blue Star
813
Closed(09/12/ 2019)
08-12-2015
Top Picks
Blue Star
357
867
Open
29-01-2020
Fundamental
Siyaram Silk Mills
229
Closed(28/01/ 2020)
06-06-2019
Fundamental
Siyaram Silk Mills
337
Hold
30-10-2015
Top Picks
Siyaram Silk Mills
186
851
Open
Source: Company, Angel Research
12
www.angelbroking.com
Market Outlook
February 12, 2020
www.a ngelbr oki n g.c o m
Research Team Tel: 022 - 39357800 E-mail: researc[email protected]ngelbroking.com Website: www.angelbroking.com
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