Market Outlook
April 1, 2016
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are expected to open weak tracking the SGX Nifty and negative
BSE Sensex
0.0
3
25,342
global cues.
Nifty
0.0
3
7,738
US indices traded choppy ending the day on a flat note as traders seemed reluctant
Mid Cap
0.7
72
10,619
to make significant moves ahead of the release of the Labor Department's closely
Small Cap
0.5
48
10,542
watched monthly jobs report on Friday.
Bankex
0.0
3
18,392
European markets started on a weak note and remained in negative territory
throughout the day led by cautiousness ahead of the key labor data in the US and
Global Indices
Chg (%)
(Pts)
(Close)
Chinese PMI data.
Dow Jones
(0.2)
(32)
17,685
Indian markets ended completely flat after trading in the green for most part of the
Nasdaq
0.0
1
4,870
day. Gas distributors saw some buying after the government cut natural gas price to
FTSE
(0.5)
(28)
6,175
$3.2 per mmBtu from $3.82 per mmBtu. Market benchmarks jumped more than
Nikkei
(0.7)
(120)
16,759
10% in March, marking their highest monthly gain in over four years.
Hang Seng
(0.1)
(27)
20,777
News & Result Analysis
Shanghai Com
0.1
3
3,004
UltraTech buys Jaypee cement units for `15,900cr
Detailed analysis on Pg2
Advances / Declines
BSE
NSE
Investor’s Ready Reckoner
Advances
1,302
784
Key Domestic & Global Indicators
Declines
1,267
769
Unchanged
184
85
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg5 onwards
Volumes (` Cr)
Top Picks
BSE
2,765
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
NSE
27,415
Amara Raja
Auto & Auto Ancillary
Buy
880
1,040
18.2
HCL Tech
IT
Buy
814
1,038
27.5
Net Inflows (` Cr)
Net
Mtd
Ytd
LIC Housing
Financials
Buy
490
592
20.7
FII
1,522
22,849
(16,333)
Bharat Electronics
Capital Goods
Buy
1,224
1,414
15.5
MFs
(92)
(8,054)
66,893
Navkar Corporation Others
Buy
182
265
45.6
More Top Picks on Pg3
Top Gainers
Price (`)
Chg (%)
Key Upcoming Events
Pageind
12,161
7.6
Previous
Consensus
Date
Region
Event Description
Reading
Expectations
Adanipower
35
6.5
Apr 1 China
PMI Manufacturing
49
49.4
Hathway
39
6.2
Apr 1 US
Unnemployment rate %
4.9
4.9
Mfsl
345
6.0
Apr 1 US
Change in Nonfarm payrolls (‘000)
242
205
Nestleind
5,769
5.3
Apr 5 India
RBI Repo Rate%
6.75
6.50
More Events on Pg4
Top Losers
Price (`)
Chg (%)
Indhotel
99
(2.9)
Religare
285
(2.9)
Fincables
280
(2.6)
Mphasis
490
(2.6)
Unitech
5
(2.6)
As on March 31, 2016
Market Outlook
April 1, 2016
UltraTech buys Jaypee cement units for `15,900cr
UltraTech Cement, has finally signed the definitive agreement to buy Jaiprakash
Associates' 21.2 million tonnes per annum (mtpa) cement capacity for `15,900
crore. In the revised deal announced the management of Ultratech has decided to
exclude one plant of 1.2 mtpa based out of Karnataka and the deal value has
accordingly been reduced to `15,900 crore compared to `16,500 crores earlier.
We believe dropping the Karnataka plant is a move in the proper direction as the
utilisation levels in the southern market continue to be much lower than the
national average.
Via this deal UltraTech gets access to ~11 mtpa capacity in the Satna cluster in
central India, where it had no presence at all. It also gets access to markets like
coastal Andhra and Himachal where it had no presence and hence we believe the
deal bring in more geographical diversification for UltraTech.
From Industry perspective, we believe this will bring more pricing discipline and we
may see lower price volatility going ahead. UltraTech will become one of the
largest cement producer globally post deal and this is in line with the company’s
target of creating 100 mtpa capacities by the end of the decade. With the new
acquired plants coming in from various states we don’t see any objection coming
in from the Competition Commission of India. The acquisition is expected to take
around 12-14 months to close and is subject to regulatory approvals.
While the deal will take UltraTech's cement capacity to over 91 mtpa from the
present 68 mtpa, it will help Jaypee group reduce its debt. Post the deal, Jaypee
will continue to have 10.6 mtpa of cement capacity. UltraTech has plans to take
over Jaypee's `11,500 crore debt as part of the deal, which will be re-financed by
it at lower rates due to its good credit rating. For the rest `4,400 crore, UltraTech
will fund it by taking additional debt which it would raise on its own balance sheet.
An additional `470 crore will be paid by UltraTech once the grinding unit is
completed.
At the CMP of `3,227 the stock is trading at 14.5x its FY17 EV/EBITDA and ~
$185 on EV/Ton basis. UltraTech has always traded at premium valuations and
we expect the trend to continue. We had an accumulate rating on the stock at
`2755 post Q3FY2016 results with a target price of `3,107, which has been
achieved. We are in the process of upgrading the numbers post the deal and
continue to have a positive view on the company. However, looking at the sharp
run up in the last two months we believe any decline should be used to accumulate
the stock. As of now we have a NEUTRAL rating on the stock.
Economic and Political News
India's April-Feb fiscal deficit at $86.5 billion: Govt
Highest ever urea output of 24.5 mt in FY16
Normal rain might mean 6% agri growth, NITI Ayog
India seeks $500 million loan from AIIB for solar power projects
Corporate News
Tata Motors divests stake in Sheba Properties for `405 crores
Mahindra buys 35% stake in Finnish harvester maker
Kolkata flyover tragedy: Three FIRs filed against IVRCL infra company
Suzlon Group bags order to develop 197.40 MW wind power projects
Market Outlook
April 1, 2016
Top Picks
Large Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
To outpace battery industry growth due to better technological
Amara Raja Batteries
15,024
880
1,040
18.2
products leading to market share gains in both the automotive
OEM and replacement segments.
Uptick in defense capex by government when coupled with
Bharat Electronics
29,383
1,224
1,414
15.5
BELs strong market positioning, indicate that good times are
ahead for BEL.
The stock is trading at attractive valuations and is factoring all
HCL Tech
1,14,826
814
1,038
27.5
the bad news.
Strong visibility for a robust 20% earnings trajectory, coupled
HDFC Bank
2,70,819
1,071
1,262
17.8
with high quality of earnings on account of high quality retail
business and strategic focus on highly rated corporates.
Back on the growth trend, expect a long term growth of 14%
Infosys
2,80,670
1,218
1,347
10.6
to be a US$20bn in FY2020.
LICHF continues to grow its retail loan book at a healthy pace
with improvement in asset quality. We expect the company to
LIC Housing Finance
24,749
490
592
20.7
post a healthy loan book which is likely to reflect in a strong
earnings growth.
Huge bid pipeline of re-development works at Delhi and other
NBCC
11,315
943
1,089
15.5
State Governments and opportunity from Smart City, positions
NBCC to report strong growth, going forward.
Source: Company, Angel Research
Mid Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
Favorable outlook for the AC industry to augur well for
Cooling products business which is out pacing the market
Blue Star
3,451
384
439
14.4
growth. EMPPAC division's profitability to improve once
operating environment turns around.
Commencement of new projects, downtrend in the interest rate
IL&FS Transport
2,365
72
93
29.3
cycle, to lead to stock re-rating
Economic recovery to have favourable impact on advertising &
circulation revenue growth. Further, the acquisition of a radio
Jagran Prakashan
5,237
160
189
18.0
business (Radio City) would also boost the company's revenue
growth.
Speedier execution and speedier sales, strong revenue visibilty
Mahindra Lifespace
1,725
420
554
31.8
in short-to-long run, attractive valuations
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,595
182
265
45.6
as well CFS augurs well for the company
Earnings boost on back of stable material prices and
Radico Khaitan
1,269
95
156
63.6
favourable pricing environment. Valuation discount to peers
provides additional comfort
Strong brands and distribution network would boost growth
Siyaram Silk Mills
923
985
1,354
37.5
going ahead. Stock currently trades at an inexpensive
valuation.
Source: Company, Angel Research
Market Outlook
April 01, 2016
Key Upcoming Events
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
Apr 1, 2016
1:25PM
Germany
PMI Manufacturing
Value
Mar F
50.40
50.40
2:00PM
UK
PMI Manufacturing
Value
Mar
50.80
51.20
6:30AM
China
PMI Manufacturing
Value
Mar
49.00
49.40
6:00PM
US
Change in Nonfarm payrolls
Thousands
Mar
242.00
205.00
6:00PM
US
Unnemployment rate
%
Mar
4.90
4.90
Apr 5, 2016
1:25PM
Germany
PMI Services
Value
Mar F
55.50
--
11:00AM
India
RBI Reverse Repo rate
%
Apr 5
5.75
5.50
11:00AM
India
RBI Repo rate
%
Apr 5
6.75
6.50
11:00AM
India
RBI Cash Reserve ratio
%
Apr 5
4.00
4.00
Apr 8, 2016
India
Imports YoY%
% Change
Mar
(5.00)
--
India
Exports YoY%
% Change
Mar
(5.66)
--
2:00PM
UK
Industrial Production (YoY)
% Change
Feb
0.20
--
Apr 11, 2016
7:00AM
China
Consumer Price Index (YoY)
% Change
Mar
2.30
2.50
Apr 12, 2016
2:00PM
UK
CPI (YoY)
% Change
Mar
0.30
--
5:30PM
India
Industrial Production YoY
% Change
Feb
(1.50)
--
Apr 13, 2016
US
Producer Price Index (mom)
% Change
Mar
(0.60)
--
China
Exports YoY%
% Change
Mar
(25.40)
(0.30)
Apr 14, 2016
12:00PM
India
Monthly Wholesale Prices YoY%
% Change
Mar
(0.91)
--
6:00PM
US
Consumer price index (mom)
% Change
Mar
(0.20)
--
2:30PM
Euro Zone
Euro-Zone CPI (YoY)
%
Mar F
(0.10)
--
4:30PM
UK
BOE Announces rates
% Ratio
Apr 14
0.50
0.50
Apr 15, 2016
6:45PM
US
Industrial Production
%
Mar
(0.49)
--
7:30AM
China
Industrial Production (YoY)
% Change
Mar
5.90
--
7:30AM
China
Real GDP (YoY)
% Change
1Q
6.80
--
Apr 19, 2016
6:00PM
US
Housing Starts
Thousands
Mar
1,178.00
--
6:00PM
US
Building permits
Thousands
Mar
1,177.00
--
Apr 20, 2016
7:30PM
US
Existing home sales
Million
Mar
5.08
--
2:00PM
UK
Jobless claims change
% Change
Mar
(18.00)
--
Apr 21, 2016
7:30PM
Euro Zone
Euro-Zone Consumer Confidence
Value
Apr A
(9.70)
--
5:15PM
Euro Zone
ECB announces interest rates
%
Apr 21
--
--
Apr 25, 2016
7:30PM
US
New home sales
Thousands
Mar
512.00
--
Apr 26, 2016
7:30PM
US
Consumer Confidence
S.A./ 1985=100
Apr
96.20
--
Apr 27, 2016
11:30PM
US
FOMC rate decision
%
Apr 27
0.50
0.50
Apr 28, 2016
6:00PM
US
GDP Qoq (Annualised)
% Change
1Q A
1.40
--
Apr 29, 2016
2:30PM
Euro Zone
Euro-Zone GDP s.a. (QoQ)
% Change
1Q A
0.30
--
Source: Bloomberg, Angel Research
Market Outlook
April 1, 2016
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
12.0
8.3
9.9
7.8
7.7
10.0
8.0
7.5
7.6
7.3
8.0
6.3
6.7
6.6
6.7
7.0
6.4
6.0
4.2
4.3
3.7
5.8
4.0
2.5
3.0
2.5
6.0
2.0
5.0
4.5
-
4.0
(2.0)
(1.2)
(1.5)
(4.0)
3.0
(3.4)
(6.0)
Source: CSO, Angel Research
Source: MOSPI, Angel Research
Exhibit 3: Monthly CPI inflation trends
Exhibit 4: Manufacturing and services PMI
Mfg. PMI
Services PMI
(%)
56.0
5.6
5.7
6.0
5.4
5.4
5.3
5.2
4.9
5.0
5.0
54.0
5.0
4.4
3.7
3.7
52.0
4.0
50.0
3.0
2.0
48.0
1.0
46.0
-
44.0
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
0.0
8.00
(5.0)
7.00
(10.0)
6.00
(15.0)
(20.0)
5.00
(25.0)
4.00
(30.0)
(35.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
April 1, 2016
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.8
6.0
5.3
5.0
4.5
4.0
2.8
1.9
2.0
2.1
1.4
2.0
0.6
0.7
-
(2.0)
(4.0)
(4.1)
(6.0)
(5.9)
(8.0)
Source: Bloomberg, Angel Research
Exhibit 2: 2015 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
8.0
7.3
6.8
6.0
4.7
4.7
4.0
2.5
2.5
2.6
1.4
1.5
2.0
1.2
0.6
-
(2.0)
(3.0)
(4.0)
(3.8)
(6.0)
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
(x)
20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
-
Source: IMF, Angel Research
Market Outlook
April 1, 2016
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
50,055
17.0
15.2
(3.6)
Russia
Micex
1,871
1.7
7.4
15.1
India
Nifty
7,738
11.0
(2.4)
(9.3)
China
Shanghai Composite
3,004
5.0
(17.5)
(18.2)
South Africa
Top 40
46,140
7.9
(0.2)
1.0
Mexico
Mexbol
45,881
5.6
5.4
4.5
Indonesia
LQ45
840
0.2
6.5
(11.6)
Malaysia
KLCI
1,718
2.8
3.3
(5.6)
Thailand
SET 50
906
4.7
11.6
(10.0)
USA
Dow Jones
17,685
7.1
0.9
(0.1)
UK
FTSE
6,175
1.3
(2.2)
(9.3)
Japan
Nikkei
16,759
4.6
(10.7)
(15.2)
Germany
DAX
9,966
4.8
(6.5)
(17.0)
France
CAC
4,385
1.6
(6.7)
(14.6)
Source: Bloomberg, Angel Research
Stock Watch
April 01, 2016
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 )
FY16E FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Agri / Agri Chemical
Rallis
Neutral
170
-
3,304
2,097
2,415
14.4
14.4
9.5
11.0
17.9
15.5
3.6
3.1
21.1
21.3
1.6
1.4
United Phosphorus
Neutral
478
-
20,470
12,500
14,375
18.3
18.3
29.8
35.9
16.0
13.3
3.0
2.5
20.0
20.3
1.7
1.4
Auto & Auto Ancillary
Ashok Leyland
Neutral
109
-
30,892
17,995
21,544
11.4
11.6
3.4
4.7
31.9
23.1
5.6
5.1
17.7
22.2
1.7
1.4
Bajaj Auto
Accumulate
2,406
2,585
69,625
22,709
25,860
20.9
20.1
129.0
143.6
18.7
16.8
5.7
4.9
30.7
29.4
2.6
2.3
Bharat Forge
Neutral
873
-
20,318
7,351
8,318
19.9
19.7
31.2
36.5
28.0
23.9
5.0
4.2
19.3
19.2
2.9
2.5
Eicher Motors
Neutral
19,181
-
52,097
15,556
16,747
15.5
17.3
464.8
597.5
41.3
32.1
15.1
11.1
36.2
34.3
3.3
3.0
Gabriel India
Accumulate
89
101
1,280
1,415
1,544
8.7
9.0
4.6
5.4
19.4
16.5
3.5
3.1
18.1
18.9
0.9
0.8
Hero Motocorp
Neutral
2,943
-
58,776
28,244
30,532
15.5
15.9
156.7
168.5
18.8
17.5
7.5
6.4
39.9
36.4
1.9
1.7
Jamna Auto Industries Accumulate
139
160
1,112
1,281
1,473
11.2
11.5
7.6
9.2
18.3
15.1
4.6
3.8
25.4
25.2
0.9
0.8
L G Balakrishnan & Bros Neutral
440
-
691
1,254
1,394
11.6
11.8
35.9
41.7
12.3
10.6
1.7
1.5
13.5
13.8
0.7
0.6
Mahindra and Mahindra Accumulate
1,210
1,364
75,130
38,416
42,904
13.7
13.9
54.8
63.4
22.1
19.1
3.4
3.0
15.4
15.8
1.6
1.4
Maruti
Neutral
3,719
-
112,347
57,865
68,104
16.4
16.7
176.3
225.5
21.1
16.5
4.1
3.5
19.4
21.2
1.7
1.4
Minda Industries
Neutral
1,002
-
1,590
2,523
2,890
8.7
9.0
55.0
65.4
18.2
15.3
3.5
2.9
19.3
18.7
0.7
0.6
Motherson Sumi
Buy
267
313
35,304
39,343
45,100
8.8
9.1
10.1
12.5
26.4
21.4
8.4
6.6
35.3
34.4
1.0
0.9
Rane Brake Lining
Buy
381
465
302
454
511
11.5
12.0
25.2
31.0
15.1
12.3
2.3
2.0
14.9
16.6
0.8
0.7
Setco Automotive
Neutral
29
-
389
594
741
12.7
13.7
1.7
3.2
17.1
9.1
1.8
1.6
10.4
16.9
1.1
0.9
Tata Motors
Neutral
386
-
111,533
259,686
273,957
13.0
13.4
25.9
29.5
14.9
13.1
2.0
1.7
8.0
9.0
0.6
0.6
TVS Motor
Neutral
323
-
15,329
11,263
13,122
6.9
8.5
9.2
15.0
35.1
21.5
8.0
6.4
22.7
29.6
1.3
1.1
Amara Raja Batteries
Buy
880
1,040
15,024
4,892
5,871
17.4
17.6
28.8
37.1
30.5
23.7
7.1
5.7
23.4
24.1
3.0
2.5
Exide Industries
Buy
140
162
11,870
6,950
7,784
14.4
14.8
6.6
7.3
21.2
19.1
2.7
2.4
12.6
12.8
1.4
1.3
Apollo Tyres
Neutral
175
-
8,908
12,056
12,714
17.2
16.4
23.0
20.3
7.6
8.6
1.4
1.2
17.7
13.6
0.8
0.8
Ceat
Neutral
1,084
-
4,385
6,041
6,597
14.1
13.7
99.5
111.9
10.9
9.7
2.1
1.8
19.6
18.5
0.9
0.8
JK Tyres
Neutral
84
-
1,910
7,446
7,669
15.2
14.0
19.6
18.4
4.3
4.6
1.1
0.9
25.2
19.5
0.7
0.6
Swaraj Engines
Accumulate
857
919
1,064
552
630
14.2
14.7
44.6
54.1
19.2
15.8
4.5
4.1
23.2
25.6
1.8
1.5
Subros
Neutral
88
-
529
1,293
1,527
11.8
11.9
4.2
6.7
21.0
13.2
1.6
1.4
7.7
11.5
0.7
0.6
Indag Rubber
Neutral
165
-
433
283
329
17.0
17.2
13.0
15.4
12.7
10.7
2.8
2.3
21.8
21.6
1.2
1.0
Capital Goods
ACE
Neutral
39
-
382
660
839
4.7
8.2
1.0
3.9
38.7
9.9
1.2
1.1
3.2
11.3
0.7
0.6
BEML
Accumulate
1,036
1,157
4,316
3,277
4,006
6.0
8.9
36.2
64.3
28.6
16.1
2.0
1.8
5.7
11.7
1.4
1.1
Bharat Electronics
Buy
1,224
1,414
29,383
7,737
8,634
16.8
17.2
54.0
61.5
22.7
19.9
3.2
2.9
39.3
45.6
2.9
2.5
Stock Watch
April 01, 2016
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 )
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Capital Goods
Voltas
Buy
277
353
9,164
5,363
5,963
8.0
9.1
11.0
13.8
25.2
20.1
3.9
3.4
16.2
17.9
1.7
1.5
BGR Energy
Neutral
107
-
775
3,615
3,181
9.5
9.4
16.7
12.4
6.4
8.7
0.6
0.6
10.0
7.0
0.6
0.8
BHEL
Neutral
114
-
27,841
33,722
35,272
10.8
11.7
10.5
14.2
10.8
8.0
0.8
0.8
7.0
9.0
0.9
0.9
Blue Star
Accumulate
384
439
3,451
3,548
3,977
6.3
6.9
13.7
17.2
28.0
22.4
7.1
4.6
26.1
25.4
1.1
0.9
Crompton Greaves
Neutral
49
-
3,084
13,484
14,687
4.9
6.2
4.5
7.1
10.9
6.9
0.8
0.7
7.2
10.8
0.4
0.3
Greaves Cotton
Neutral
124
-
3,016
1,655
1,755
16.6
16.8
7.4
7.8
16.7
15.8
3.3
3.2
21.1
20.6
1.8
1.7
Inox Wind
Buy
259
458
5,752
4,980
5,943
17.0
17.5
26.6
31.6
9.7
8.2
2.9
2.1
35.0
30.0
1.3
1.0
KEC International
Neutral
122
-
3,139
8,791
9,716
6.1
6.8
5.4
8.2
22.6
14.9
2.3
2.1
10.0
14.0
0.6
0.5
Thermax
Neutral
754
-
8,979
6,413
7,525
7.4
8.5
30.5
39.3
24.7
19.2
3.8
3.3
15.0
17.0
1.4
1.1
VATech Wabag
Neutral
518
-
2,825
2,722
3,336
7.9
8.1
19.5
24.6
26.6
21.1
2.8
2.5
11.1
12.4
1.1
0.9
Cement
ACC
Neutral
1,380
-
25,915
13,151
14,757
16.4
18.3
63.9
83.4
21.6
16.6
2.8
2.6
13.3
16.1
1.8
1.5
Ambuja Cements
Neutral
232
-
36,027
11,564
12,556
19.4
20.7
8.9
10.1
26.1
23.0
3.3
3.1
12.8
13.8
2.8
2.5
HeidelbergCement
Neutral
81
-
1,840
1,772
1,926
13.3
15.4
1.0
3.0
81.2
27.1
2.1
1.9
2.6
7.9
1.6
1.4
India Cements
Neutral
86
-
2,648
4,216
4,840
18.0
19.5
4.0
9.9
21.6
8.7
0.9
0.8
4.0
9.5
1.0
0.8
JK Cement
Neutral
672
-
4,696
3,661
4,742
10.1
15.8
7.5
28.5
89.6
23.6
2.7
2.4
7.5
22.9
1.8
1.3
J K Lakshmi Cement
Neutral
338
-
3,980
2,947
3,616
16.7
19.9
11.5
27.2
29.4
12.4
2.8
2.4
9.8
20.8
1.8
1.4
Mangalam Cements
Neutral
220
-
586
1,053
1,347
10.5
13.3
8.4
26.0
26.1
8.5
1.1
1.0
4.3
12.5
0.9
0.7
Orient Cement
Neutral
152
-
3,122
1,854
2,524
21.2
22.2
7.7
11.1
19.8
13.7
2.8
2.5
13.3
15.7
2.4
1.7
Ramco Cements
Neutral
400
-
9,534
4,036
4,545
20.8
21.3
15.1
18.8
26.5
21.3
3.2
2.9
12.9
14.3
2.9
2.5
Shree Cement^
Neutral
12,421
-
43,271
7,150
8,742
26.7
28.6
228.0
345.5
54.5
36.0
8.0
6.7
15.7
20.3
5.8
4.7
UltraTech Cement
Neutral
3,227
-
88,559
24,669
29,265
18.2
20.6
82.0
120.0
39.4
26.9
4.2
3.7
11.3
14.7
3.7
3.1
Construction
ITNL
Buy
72
93
2,365
7,360
8,825
34.0
35.9
7.0
9.0
10.3
8.0
0.4
0.3
3.2
3.7
3.7
3.6
KNR Constructions
Buy
510
603
1,434
937
1,470
14.3
14.0
44.2
38.6
11.5
13.2
2.3
2.0
15.4
15.4
1.6
1.0
Larsen & Toubro
Accumulate
1,216
1,310
113,286
58,870
65,708
8.3
10.3
42.0
53.0
29.0
23.0
2.0
1.8
8.8
11.2
2.1
1.9
Gujarat Pipavav Port
Neutral
175
-
8,455
629
684
51.0
52.2
6.4
5.9
27.3
29.6
3.6
3.3
15.9
12.7
13.1
11.8
MBL Infrastructures
Buy
153
285
635
2,313
2,797
12.2
14.6
19.0
20.0
8.1
7.7
0.8
0.8
11.3
10.6
1.0
0.9
Nagarjuna Const.
Neutral
76
-
4,217
7,892
8,842
8.8
9.1
3.0
5.3
25.3
14.3
1.3
1.2
5.0
8.5
0.8
0.7
PNC Infratech
Accumulate
527
558
2,704
1,873
2,288
13.2
13.5
24.0
32.0
22.0
16.5
2.1
1.9
12.1
12.3
1.6
1.3
Simplex Infra
Neutral
250
-
1,237
5,955
6,829
10.3
10.5
16.0
31.0
15.6
8.1
0.8
0.8
5.3
9.9
0.7
0.6
Stock Watch
April 01, 2016
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 )
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Construction
Power Mech Projects
Neutral
559
-
822
1,539
1,801
12.8
12.7
59.0
72.1
9.5
7.8
1.4
1.2
18.6
16.8
0.5
0.5
Sadbhav Engineering
Neutral
298
-
5,112
3,481
4,219
10.7
10.8
8.2
11.7
36.3
25.5
3.5
3.0
10.3
13.5
1.7
1.4
NBCC
Buy
943
1,089
11,315
5,816
7,382
6.9
7.7
29.6
39.8
31.9
23.7
5.7
4.5
24.1
26.7
1.7
1.3
MEP Infra
Neutral
38
-
617
1,956
1,876
28.1
30.5
1.3
3.0
29.2
12.7
6.1
4.1
21.2
32.8
1.7
1.7
SIPL
Neutral
102
-
3,593
675
1,042
62.4
64.7
-
-
3.8
4.4
-
-
17.0
11.4
Engineers India
Neutral
170
-
5,731
1,667
1,725
13.5
16.0
9.7
11.4
17.5
14.9
2.1
2.0
11.7
13.4
2.2
2.3
Financials
Allahabad Bank
Neutral
55
-
3,285
8,569
9,392
2.8
2.9
16.3
27.5
3.4
2.0
0.3
0.3
7.6
11.9
-
-
Axis Bank
Accumulate
445
494
105,908
26,473
31,527
3.5
3.6
35.7
43.5
12.4
10.2
2.1
1.8
17.9
18.9
-
-
Bank of Baroda
Neutral
147
-
33,894
18,485
21,025
1.9
2.0
13.5
21.1
10.9
7.0
0.9
0.8
7.3
10.6
-
-
Bank of India
Neutral
97
-
7,880
15,972
17,271
1.9
2.0
15.3
33.4
6.3
2.9
0.3
0.3
3.6
7.6
-
-
Canara Bank
Neutral
190
-
10,309
15,441
16,945
2.0
2.1
46.6
70.4
4.1
2.7
0.4
0.3
8.0
11.2
-
-
Dena Bank
Neutral
29
-
1,855
3,440
3,840
2.1
2.3
7.3
10.0
4.0
2.9
0.3
0.2
6.1
7.9
-
-
Federal Bank
Neutral
46
-
7,919
3,477
3,999
3.0
3.0
5.0
6.2
9.2
7.4
0.9
0.8
10.6
11.9
-
-
HDFC
Neutral
1,106
-
174,659
10,358
11,852
3.3
3.3
41.1
47.0
26.9
23.5
5.1
4.7
24.7
24.9
-
-
HDFC Bank
Buy
1,071
1,262
270,819
38,309
47,302
4.3
4.3
49.3
61.1
21.7
17.6
3.8
3.2
18.5
19.7
-
-
ICICI Bank
Accumulate
237
254
137,536
34,279
39,262
3.3
3.3
21.0
24.4
11.3
9.7
1.9
1.6
14.4
14.7
-
-
IDBI Bank
Neutral
70
-
13,205
9,625
10,455
1.8
1.8
8.5
14.2
8.2
4.9
0.5
0.5
5.9
9.3
-
-
Indian Bank
Neutral
105
-
5,029
6,160
6,858
2.5
2.5
24.5
29.8
4.3
3.5
0.3
0.3
7.7
8.6
-
-
LIC Housing Finance
Buy
490
592
24,749
3,101
3,745
2.5
2.5
33.0
40.2
14.9
12.2
2.8
2.4
19.7
20.5
-
-
Oriental Bank
Neutral
92
-
2,748
7,643
8,373
2.4
2.4
37.2
45.4
2.5
2.0
0.2
0.2
8.2
9.4
-
-
Punjab Natl.Bank
Neutral
85
-
16,632
23,638
26,557
2.8
2.8
17.9
27.2
4.7
3.1
0.5
0.4
8.5
12.0
-
-
South Ind.Bank
Neutral
18
-
2,377
1,965
2,185
2.5
2.5
2.5
3.3
7.1
5.3
0.7
0.6
9.5
11.7
-
-
St Bk of India
Neutral
194
-
150,831
79,958
86,061
2.6
2.6
13.4
20.7
14.5
9.4
1.2
1.1
11.5
12.8
-
-
Union Bank
Neutral
131
-
8,995
12,646
14,129
2.3
2.4
31.0
39.1
4.2
3.4
0.5
0.4
9.8
11.4
-
-
Vijaya Bank
Neutral
31
-
2,693
3,536
3,827
1.9
1.9
5.5
6.7
5.7
4.7
0.5
0.4
7.8
8.8
-
-
Yes Bank
Neutral
865
-
36,349
7,190
9,011
3.2
3.3
58.2
69.7
14.9
12.4
2.7
2.3
19.2
19.6
-
-
FMCG
Asian Paints
Neutral
869
-
83,326
16,553
19,160
16.0
16.2
17.7
21.5
49.2
40.4
13.0
11.7
29.4
31.2
4.9
4.2
Britannia
Neutral
2,676
-
32,100
8,481
9,795
14.0
14.1
65.5
78.3
40.9
34.2
19.3
15.9
38.3
41.2
3.7
3.2
Colgate
Neutral
828
-
22,511
4,836
5,490
19.5
19.7
48.5
53.2
17.1
15.6
12.5
10.9
99.8
97.5
4.5
4.0
Stock Watch
April 01, 2016
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 )
FY16E FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FMCG
Dabur India
Accumulate
249
267
43,829
9,370
10,265
17.1
17.2
7.3
8.1
34.0
30.8
10.3
8.3
33.7
30.6
4.6
4.2
GlaxoSmith Con*
Neutral
6,035
-
25,381
4,919
5,742
17.2
17.4
168.3
191.2
35.9
31.6
10.2
8.7
28.8
28.9
4.7
4.0
Godrej Consumer
Neutral
1,379
-
46,972
10,168
12,886
16.1
16.1
32.1
38.4
43.0
35.9
8.7
8.1
19.7
21.0
4.7
3.7
HUL
Neutral
870
-
188,149
34,940
38,957
17.5
17.7
20.8
24.7
41.8
35.2
46.5
37.2
110.5
114.2
5.2
4.6
ITC
Accumulate
328
359
263,989
36,804
38,776
37.9
37.9
12.2
12.9
26.9
25.4
7.5
6.6
27.7
25.8
6.7
6.4
Marico
Neutral
243
-
31,287
6,551
7,766
15.7
16.0
10.4
12.5
23.4
19.4
6.8
5.6
33.2
32.4
4.7
4.0
Nestle*
Buy
5,769
6,646
55,622
11,291
12,847
22.2
22.3
158.9
184.6
36.3
31.3
19.0
17.1
55.0
57.3
4.8
4.2
Tata Global
Buy
121
144
7,652
8,635
9,072
9.8
9.9
6.5
7.6
18.7
16.0
1.9
1.8
6.8
7.4
0.8
0.8
IT
HCL Tech^
Buy
814
1,038
114,826
42,038
47,503
21.2
21.5
51.5
57.7
15.8
14.1
3.4
2.6
21.5
18.8
2.3
1.9
Infosys
Accumulate
1,218
1,347
280,670
61,850
69,981
27.5
27.5
59.4
65.7
20.5
18.5
4.4
3.7
21.2
20.1
3.8
3.2
TCS
Accumulate
2,516
2,854
495,770
108,487
122,590
28.3
28.5
122.8
138.4
20.5
18.2
7.8
7.1
38.0
38.9
4.2
3.6
Tech Mahindra
Accumulate
475
530
46,015
26,524
29,177
16.2
17.0
28.8
33.6
16.5
14.2
3.2
2.7
19.3
19.1
1.5
1.3
Wipro
Buy
563
680
139,185
50,808
56,189
23.7
23.8
37.3
40.7
15.1
13.8
2.9
2.6
19.2
17.7
2.2
1.8
Media
D B Corp
Buy
309
356
5,676
2,241
2,495
27.8
27.9
21.8
25.6
14.2
12.1
3.7
3.3
26.7
28.5
2.5
2.2
HT Media
Neutral
76
-
1,771
2,495
2,603
11.2
11.2
7.3
8.6
10.4
8.9
0.8
0.8
7.4
8.1
0.2
0.2
Jagran Prakashan
Buy
160
189
5,237
2,170
2,355
27.2
26.2
8.9
9.9
18.0
16.2
3.8
3.3
20.9
20.5
2.3
2.1
Sun TV Network
Neutral
376
-
14,825
2,779
3,196
70.2
70.5
22.8
27.3
16.5
13.8
4.1
3.7
26.7
28.3
5.1
4.4
Hindustan Media
Neutral
250
-
1,834
920
1,031
20.0
20.0
19.2
20.9
13.0
12.0
2.1
1.8
16.4
15.3
1.5
1.3
Ventures
Metals & Mining
Coal India
Buy
292
380
184,438
76,167
84,130
19.9
22.3
22.4
25.8
13.0
11.3
4.7
4.6
35.5
41.0
1.8
1.6
Hind. Zinc
Neutral
184
-
77,535
14,641
14,026
50.4
50.4
17.7
16.0
10.4
11.5
1.6
1.5
16.2
13.2
2.9
2.8
Hindalco
Neutral
88
-
18,151
104,356
111,186
8.7
9.5
6.7
11.1
13.1
8.0
0.5
0.5
3.5
5.9
0.7
0.6
JSW Steel
Neutral
1,281
-
30,954
42,308
45,147
16.4
20.7
(10.3)
49.5
25.9
1.4
1.4
(1.0)
5.6
1.8
1.7
NMDC
Neutral
98
-
38,834
8,237
10,893
46.6
44.5
10.0
11.7
9.9
8.4
1.1
1.0
12.5
13.0
4.5
3.4
SAIL
Neutral
43
-
17,759
45,915
53,954
7.2
10.5
1.5
4.4
28.6
9.8
0.4
0.4
2.3
4.1
1.0
0.9
Vedanta
Neutral
90
-
26,638
71,445
81,910
26.2
26.3
12.9
19.2
7.0
4.7
0.5
0.4
7.2
8.9
0.8
0.6
Tata Steel
Neutral
320
-
31,030
126,760
137,307
8.9
11.3
6.4
23.1
50.2
13.9
1.0
1.0
2.0
7.1
0.8
0.8
Oil & Gas
Cairn India
Neutral
154
-
28,939
11,323
12,490
49.4
51.0
20.7
20.7
7.5
7.5
0.5
0.5
6.4
6.1
1.6
1.0
GAIL
Neutral
356
-
45,202
64,856
70,933
9.1
9.6
24.0
28.9
14.9
12.3
1.3
1.2
8.8
9.6
0.9
0.8
ONGC
Neutral
215
-
183,729
154,564
167,321
36.8
37.4
28.6
32.5
7.5
6.6
1.0
0.9
12.7
13.5
1.4
1.3
Stock Watch
April 01, 2016
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 )
FY16E FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Oil & Gas
Petronet LNG
Neutral
251
-
18,806
29,691
31,188
5.8
6.2
12.8
13.4
19.6
18.7
2.9
2.6
15.8
14.8
0.7
0.7
Indian Oil Corp
Buy
394
455
95,564
359,607
402,760
5.9
6.1
42.5
48.7
9.3
8.1
1.2
1.1
14.1
14.4
0.4
0.3
Reliance Industries
Accumulate
1,045
1,150
338,700
304,775
344,392
12.6
13.4
91.3
102.6
11.5
10.2
1.3
1.2
11.8
12.0
1.0
0.9
Pharmaceuticals
Alembic Pharma
Neutral
601
-
11,322
3,274
3,802
26.9
19.4
35.0
28.7
17.2
20.9
7.6
5.7
55.6
31.2
3.4
2.9
Aurobindo Pharma
Accumulate
745
856
43,595
14,923
17,162
22.0
23.0
35.7
42.8
20.9
17.4
6.1
4.6
34.0
30.2
3.3
2.8
Aventis*
Accumulate
4,000
4,242
9,212
2,082
2,371
17.4
20.8
118.2
151.5
33.8
26.4
5.0
4.0
19.9
25.5
4.1
3.4
Cadila Healthcare
Accumulate
317
352
32,448
10,224
11,840
21.0
22.0
14.6
17.6
21.7
18.0
6.0
4.7
30.8
29.0
3.2
2.7
Cipla
Buy
512
605
41,149
13,979
16,447
20.2
18.6
25.7
27.5
19.9
18.6
3.3
2.8
17.6
16.1
2.9
2.4
Dr Reddy's
Buy
3,035
3,933
51,756
16,838
19,575
25.0
23.1
167.5
178.8
18.1
17.0
3.8
3.2
23.1
20.4
3.0
2.5
Dishman Pharma
Neutral
336
-
2,710
1,733
1,906
21.5
21.5
17.0
19.9
19.8
16.9
2.0
1.8
10.5
11.2
2.1
1.8
GSK Pharma*
Neutral
3,801
-
32,193
2,870
3,158
20.0
22.1
59.5
68.3
63.9
55.7
18.8
19.4
28.5
34.3
10.7
9.8
Indoco Remedies
Neutral
288
-
2,653
1,033
1,199
15.9
18.2
9.4
13.6
30.6
21.2
4.5
3.9
15.7
19.7
2.7
2.3
Ipca labs
Buy
580
900
7,315
3,363
3,909
12.9
18.6
13.4
28.0
43.3
20.7
3.1
2.7
7.4
14.0
2.5
2.1
Lupin
Accumulate
1,480
1,560
66,698
13,092
16,561
25.0
27.0
50.4
68.3
29.4
21.7
6.1
4.8
22.8
24.7
4.8
3.7
Sun Pharma
Buy
819
950
197,214
28,163
32,610
25.8
30.7
17.4
26.9
47.1
30.5
4.5
3.9
13.0
16.6
6.5
5.4
Power
Tata Power
Neutral
65
-
17,485
35,923
37,402
22.6
22.8
4.1
5.2
16.0
12.6
1.2
1.1
7.5
9.3
1.4
1.3
NTPC
Accumulate
129
146
106,202
87,271
99,297
23.5
23.5
11.8
13.3
11.0
9.7
1.2
1.2
11.5
12.2
2.2
2.0
Power Grid
Buy
139
170
72,771
20,702
23,361
86.7
86.4
12.1
13.2
11.5
10.5
1.7
1.5
15.6
15.1
8.4
7.9
Real Estate
MLIFE
Buy
420
554
1,725
697
1,011
14.9
19.3
13.8
20.1
30.5
20.9
1.1
1.1
3.8
5.3
3.8
2.6
Telecom
Bharti Airtel
Neutral
351
-
140,269
101,748
109,191
32.1
31.7
12.0
12.5
29.2
28.1
2.0
1.9
6.9
6.7
2.0
1.8
Idea Cellular
Neutral
110
-
39,516
34,282
36,941
32.0
31.5
5.9
6.2
18.6
17.7
1.7
1.6
9.9
9.3
1.7
1.6
zOthers
Abbott India
Neutral
4,708
-
10,003
2,715
3,153
14.5
14.1
134.3
152.2
35.1
30.9
8.8
7.2
27.4
25.6
3.4
2.9
Bajaj Electricals
Buy
190
237
1,922
4,719
5,287
5.2
5.8
8.6
12.7
22.2
15.0
2.5
2.2
11.4
14.8
0.4
0.4
Finolex Cables
Neutral
280
-
4,288
2,520
2,883
12.2
12.0
12.7
14.2
22.1
19.7
3.0
2.7
13.6
13.5
1.4
1.2
Goodyear India*
Buy
481
582
1,109
1,800
1,600
11.7
11.5
58.7
52.9
8.2
9.1
1.8
1.6
24.6
18.7
0.4
0.4
Hitachi
Neutral
1,212
-
3,296
1,779
2,081
7.8
8.8
21.8
33.4
55.6
36.3
9.0
7.3
17.4
22.1
1.9
1.6
Jyothy Laboratories
Neutral
290
-
5,245
1,620
1,847
11.5
11.5
7.3
8.5
39.7
34.2
5.1
4.8
13.3
14.4
3.1
2.6
MRF
Buy
38,369
45,575
16,273
20,316
14,488
21.4
21.1
5,488.0
3,798.0
7.0
10.1
2.4
1.9
41.1
21.2
0.8
1.0
Page Industries
Neutral
12,161
-
13,564
1,929
2,450
19.8
20.1
229.9
299.0
52.9
40.7
23.3
16.2
52.1
47.1
7.1
5.5
Stock Watch
April 01, 2016
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 )
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
zOthers
Relaxo Footwears
Neutral
364
-
4,369
1,767
2,152
12.3
12.5
19.3
25.1
18.9
14.5
4.6
3.6
27.7
27.8
2.5
2.1
Siyaram Silk Mills
Buy
985
1,354
923
1,636
1,815
11.5
11.5
89.9
104.1
11.0
9.5
1.8
1.6
17.9
17.8
0.7
0.6
Styrolution ABS India* Neutral
561
-
986
1,271
1,440
8.6
9.2
32.0
41.1
17.5
13.7
1.8
1.6
10.7
12.4
0.7
0.6
TVS Srichakra
Buy
2,309
3,217
1,768
2,035
2,252
15.9
15.3
248.6
268.1
9.3
8.6
4.1
2.9
43.6
33.9
0.9
0.8
HSIL
Accumulate
278
302
2,012
2,123
2,384
16.1
16.5
15.0
18.9
18.5
14.7
1.4
1.3
8.0
9.4
1.3
1.1
Kirloskar Engines India
Neutral
211
-
3,051
2,403
2,554
8.6
9.9
9.2
10.5
23.0
20.1
2.2
2.1
9.7
10.7
0.9
0.8
Ltd
M M Forgings
Buy
445
614
537
511
615
21.7
21.6
43.1
55.8
10.3
8.0
1.9
1.5
19.9
21.2
1.3
1.0
Banco Products (India) Neutral
110
-
787
1,208
1,353
11.0
12.3
10.8
14.5
10.2
7.6
1.2
1.0
11.9
14.5
0.6
0.5
Competent Automobiles Neutral
139
-
86
1,040
1,137
3.2
3.1
25.7
28.0
5.4
5.0
0.8
0.7
15.0
14.3
0.1
0.1
Nilkamal
Neutral
1,101
-
1,643
1,871
2,031
10.7
10.5
63.2
69.8
17.4
15.8
2.8
2.4
17.6
16.6
0.9
0.8
Visaka Industries
Buy
105
144
167
1,086
1,197
9.9
10.3
21.5
28.8
4.9
3.7
0.5
0.4
9.6
11.6
0.4
0.3
Transport Corporation of
Neutral
282
-
2,142
2,830
3,350
8.8
9.0
14.4
18.3
19.6
15.4
3.0
2.6
15.4
17.1
0.9
0.8
India
Elecon Engineering
Neutral
55
-
595
1,359
1,482
10.3
13.7
0.8
3.9
68.0
14.0
1.1
1.1
1.6
7.8
0.8
0.7
Surya Roshni
Buy
143
201
625
2,992
3,223
8.1
8.4
14.7
18.3
9.7
7.8
0.9
0.8
9.7
11.0
0.5
0.5
MT Educare
Neutral
166
-
661
286
366
18.3
17.7
7.7
9.4
21.5
17.7
4.5
4.0
20.2
21.1
2.2
1.7
Radico Khaitan
Buy
95
156
1,269
1,517
1,635
12.7
13.4
5.8
7.1
16.4
13.4
1.4
1.3
8.6
9.6
1.3
1.2
Garware Wall Ropes
Buy
339
473
741
862
974
11.2
11.2
24.9
29.6
13.6
11.5
2.1
1.8
15.1
15.4
0.9
0.7
Wonderla Holidays
Neutral
388
-
2,193
206
308
44.0
43.6
9.0
12.9
43.1
30.1
5.9
5.3
13.7
17.8
10.5
7.0
Linc Pen & Plastics
Neutral
187
-
276
340
371
8.3
8.9
10.8
13.2
17.3
14.2
2.8
2.4
16.0
17.1
0.9
0.8
The Byke Hospitality
Neutral
157
-
628
222
287
20.5
20.5
5.6
7.6
27.8
20.7
5.2
4.3
18.9
20.8
2.9
2.2
Interglobe Aviation
Neutral
873
-
31,466
17,022
21,122
20.7
14.5
63.9
53.7
13.7
16.3
20.5
16.8
149.9
103.2
1.9
1.5
Coffee Day Enterprises
Neutral
225
-
4,644
2,692
2,964
17.0
18.6
-
4.7
-
47.6
2.8
2.6
0.2
5.5
2.1
2.0
Ltd
Navneet Education
Neutral
84
-
2,011
998
1,062
24.1
24.0
5.8
6.1
14.7
13.9
3.2
2.9
22.0
20.6
2.1
2.0
Navkar Corporation
Buy
182
265
2,595
365
436
38.3
37.5
5.6
5.9
32.3
31.0
2.0
1.9
6.3
6.1
7.9
6.8
UFO Moviez
Neutral
421
-
1,159
558
619
32.0
33.2
22.5
30.0
18.7
14.1
2.3
1.9
12.0
13.8
1.9
1.6
VRL Logistics
Neutral
369
-
3,365
1,725
1,902
16.5
16.7
12.2
14.6
30.3
25.3
6.3
5.6
20.8
21.9
2.1
1.9
Team Lease Serv.
Neutral
896
-
1,532
2,565
3,229
1.3
1.5
15.2
22.8
59.0
39.4
4.7
4.2
8.0
10.7
0.5
0.4
S H Kelkar & Co.
Neutral
227
-
3,287
928
1,036
15.3
15.1
4.9
6.1
46.1
37.2
4.3
4.0
9.4
10.7
3.4
3.0
Quick Heal
Neutral
218
-
1,525
339
408
27.8
27.3
7.1
7.7
30.8
28.1
2.6
2.6
8.5
9.3
3.4
2.9
Stock Watch
April 01, 2016
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 )
FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E
zOthers
Narayana Hrudaya
Neutral
286
-
5,851
1,603
1,873
10.9
11.5
1.0
2.6
300.5
108.2
7.2
6.6
2.4
6.1
3.8
3.2
Manpasand Bever.
Neutral
466
-
2,333
540
836
19.9
19.6
10.2
16.9
45.5
27.6
3.7
3.3
8.1
12.0
4.0
2.5
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on March 31, 2016
Market Outlook
April 01, 2016
Research Team Tel: 022 - 39357800
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