Market Outlook
April 4, 2016
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian market is expected to open on a flat note tracking the SGX Nifty and Asian
BSE Sensex
(0.3)
(72)
25,270
markets.
Nifty
(0.3)
(25)
7,713
U.S. markets ended higher on Friday as investors bet that a spate of strong
Mid Cap
0.2
23
10,642
economic data, including the March jobs report, won’t speed up the pace of interest-
Small Cap
0.9
98
10,640
rate increases by the Federal Reserve.
Bankex
0.3
53
18,445
The European markets ended in negative territory on Friday, due to sharp declines in
most of the Asian markets and falling crude oil prices.
Global Indices
Chg (%)
(Pts)
(Close)
The Indian markets ended lower in Friday’s session owing to selling in heavyweight
Dow Jones
0.6
108
17,793
energy and IT stocks.
Nasdaq
0.9
45
4,915
News & Result Analysis
FTSE
(0.5)
(29)
6,146
HCL Technologies to buy Geometric’s business
Nikkei
(3.5)
(595)
16,164
Detailed analysis on Pg2
Hang Seng
(1.3)
(278)
20,499
Shanghai Com
0.2
6
3,010
Investor’s Ready Reckoner
Key Domestic & Global Indicators
Advances / Declines
BSE
NSE
Stock Watch: Latest investment recommendations on 150+ stocks
Advances
1,740
1,086
Refer Pg5 onwards
Declines
810
468
Top Picks
Unchanged
103
43
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
Volumes (` Cr)
Amara Raja
Auto & Auto Ancillary
Buy
888
1,040
17.1
HCL Tech
IT
Buy
821
1,038
26.5
BSE
2,145
LIC Housing
Financials
Buy
487
592
21.6
NSE
15,512
Bharat Electronics
Capital Goods
Buy
1,199
1,414
17.9
Navkar Corporation Others
Buy
181
265
46.4
Net Inflows (` Cr)
Net
Mtd
Ytd
More Top Picks on Pg3
FII
1,522
22,849
(16,333)
MFs
(92)
(8,054)
66,893
Key Upcoming Events
Previous
Consensus
Date
Region
Event Description
Reading
Expectations
Top Gainers
Price (`)
Chg (%)
Apr 5 India
RBI Repo Rate%
6.75
6.50
Den
99
13.8
Apr 7 US
Initial Jobless claims
276.00
270.00
Jpassociat
9
11.7
Apr 8 India
Import (yoy %)
5.00
-
Apr 8 India
Export (yoy %)
5.66
-
Geship
335
8.0
6.(6.(
More Events on Pg4
Cyient
458
7.6
Jppower
5
7.3
Top Losers
Price (`)
Chg (%)
Mphasis
467
(4.6)
Bhartiartl
335
(4.5)
Boschltd
19,879
(4.4)
Srtransfin
926
(3.0)
Ongc
209
(2.8)
As on March 31, 2016
Market Outlook
April 4, 2016
HCL Technologies to buy Geometric’s business
HCL Technologies on Friday agreed to buy all of the business done by Mumbai-
based software firm Geometric Ltd, except a joint venture the latter has with
Dassault Systèmes SA, in a share-swap deal valued at
$190 million. The
transaction will help HCL, the country’s fourth largest information technology (IT)
firm, increase its business in the engineering services space. On Friday, the board
of Geometric accepted Noida-based HCL Technologies’ offer of a share-swap
under which its shareholders will get 10 HCL shares for every 43 shares they hold
in Geometric. HCL will issue a total of 15.64 million shares which means HCL has
valued the firm’s business at `1,284cr. HCL will get about 74% of Geometric’s
total business and expects the transaction to be completed by October-December.
Geometric, on its part, will merge into 3DPLM Software Solutions Ltd (3DPLM), its
joint venture with Dassault Systèmes, thereby giving 100% ownership to the French
company. Every shareholder of Geometric will receive one listed redeemable
preference share of Rs.68, carrying a dividend of 7% per annum, in 3DPLM.
According to HCL Technologies this acquisition is largest buyout since it spent
$658 million to buy Axon Group, a UK-based enterprise application consultancy
firm, in 2008. This will help it scale up its offerings and win large deals from
engineering companies.
For promoters of Geometric, this marks the end of a three-decade journey, after
Godrej set up Geometric in 1984 and incorporated it as an independent firm in
1994. Upon completion of this merger, HCL Technologies will generate $1.34
billion from engineering services and become the world’s third largest technology
engineering outsourcing company. Currently, HCL Technologies gets about $1.16
billion or 19% of its $5.95 billion revenue from offering solutions to engineering
firms, and ranks fourth, behind two French giants, Altran Technologies SA and
Alten SA, and Austrian automotive consulting firm, Anstalt für
Verbrennungskraftmaschinen List (AVL). Currently, we have positive rating on HCL
Tech.
Economic and Political News
Fiscal deficit expected to be below 3.9%: Finance Ministry
Small savings schemes interest cut signals better fiscal alignment: SMERA
Hopeful of GST bill passage in this Budget session: Naidu
Corporate News
Adani wins nod for Australian coal project
UCO Bank revises lending rates based on marginal cost
Godrej Consumer eyes global mkt chipping in 50% of total sales
Market Outlook
April 4, 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
15,172
888
1,040
17.1
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
28,778
1,199
1,414
17.9
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
1,15,750
821
1,038
26.5
the bad news.
Strong visibility for a robust 20% earnings trajectory, coupled
HDFC Bank
2,69,252
1,065
1,262
18.5
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
2,77,893
1,206
1,347
11.7
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
24,557
487
592
21.6
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
11,375
948
1,089
14.9
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
3,549
395
439
11.3
growth. EMPPAC division's profitability to improve once
operating environment turns around.
Commencement of new projects, downtrend in the interest rate
IL&FS Transport
2,410
73
93
27.0
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
5,180
158
189
19.3
business (Radio City) would also boost the company's revenue
growth.
Speedier execution and speedier sales, strong revenue visibilty
Mahindra Lifespace
1,765
430
554
28.8
in short-to-long run, attractive valuations
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,582
181
265
46.4
as well CFS augurs well for the company
Earnings boost on back of stable material prices and
Radico Khaitan
1,284
97
156
61.7
favourable pricing environment. Valuation discount to peers
provides additional comfort
Strong brands and distribution network would boost growth
Siyaram Silk Mills
940
1,003
1,354
35.0
going ahead. Stock currently trades at an inexpensive
valuation.
Source: Company, Angel Research
Market Outlook
April 04, 2016
Key Upcoming Events
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
Apr 5, 2016
1:25PM
Germany
PMI Services
Value
Mar F
55.50
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 7, 2016
6:00PM
US
Initial Jobless claims
Thousands
Apr 2
276.00
270.00
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)
3.30
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)
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
(0.52)
(0.05)
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 22, 2016
1:00PM
Germany
PMI Manufacturing
Value
Apr P
50.70
--
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
2:00PM
UK
GDP (YoY)
% Change
1Q A
2.10
--
11:30PM
US
FOMC rate decision
%
Apr 27
0.50
0.50
Source: Bloomberg, Angel Research
Market Outlook
April 4, 2016
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
8.3
12.0
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)
(15.0)
6.00
(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 4, 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 4, 2016
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
50,562
14.6
14.9
(1.8)
Russia
Micex
1,857
0.7
7.1
11.7
India
Nifty
7,713
9.7
(2.7)
(7.5)
China
Shanghai Composite
3,010
5.6
(17.0)
(17.8)
South Africa
Top 40
45,485
3.7
(1.1)
(1.7)
Mexico
Mexbol
46,063
6.0
6.1
5.3
Indonesia
LQ45
840
0.7
7.0
(11.3)
Malaysia
KLCI
1,711
1.2
2.4
(5.9)
Thailand
SET 50
899
2.2
10.6
(10.5)
USA
Dow Jones
17,793
5.5
0.4
0.2
UK
FTSE
6,146
0.8
(2.0)
(10.1)
Japan
Nikkei
16,164
0.5
(14.4)
(18.0)
Germany
DAX
9,795
3.2
(9.8)
(18.2)
France
CAC
4,322
(0.7)
(7.6)
(17.0)
Source: Bloomberg, Angel Research
Stock Watch
April 04, 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
169
-
3,277
2,097
2,415
14.4
14.4
9.5
11.0
17.7
15.3
3.5
3.1
21.1
21.3
1.6
1.4
United Phosphorus
Neutral
466
-
19,973
12,500
14,375
18.3
18.3
29.8
35.9
15.6
13.0
2.9
2.4
20.0
20.3
1.7
1.4
Auto & Auto Ancillary
Ashok Leyland
Neutral
110
-
31,362
17,995
21,544
11.4
11.6
3.4
4.7
32.4
23.5
5.7
5.2
17.7
22.2
1.7
1.4
Bajaj Auto
Accumulate
2,417
2,585
69,944
22,709
25,860
20.9
20.1
129.0
143.6
18.7
16.8
5.7
5.0
30.7
29.4
2.6
2.3
Bharat Forge
Neutral
865
-
20,132
7,351
8,318
19.9
19.7
31.2
36.5
27.7
23.7
5.0
4.2
19.3
19.2
2.9
2.5
Eicher Motors
Neutral
19,254
-
52,296
15,556
16,747
15.5
17.3
464.8
597.5
41.4
32.2
15.1
11.1
36.2
34.3
3.3
3.0
Gabriel India
Accumulate
91
101
1,301
1,415
1,544
8.7
9.0
4.6
5.4
19.7
16.8
3.6
3.2
18.1
18.9
0.9
0.8
Hero Motocorp
Neutral
2,951
-
58,929
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
143
160
1,143
1,281
1,473
11.2
11.5
7.6
9.2
18.8
15.6
4.8
3.9
25.4
25.2
1.0
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
1,195
1,364
74,193
38,416
42,904
13.7
13.9
54.8
63.4
21.8
18.8
3.4
3.0
15.4
15.8
1.6
1.4
Maruti
Neutral
3,723
-
112,472
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
1,000
-
1,586
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
262
313
34,655
39,343
45,100
8.8
9.1
10.1
12.5
25.9
21.0
8.2
6.4
35.3
34.4
1.0
0.8
Rane Brake Lining
Buy
380
465
300
454
511
11.5
12.0
25.2
31.0
15.1
12.2
2.3
2.0
14.9
16.6
0.8
0.7
Setco Automotive
Neutral
30
-
406
594
741
12.7
13.7
1.7
3.2
17.9
9.5
1.9
1.6
10.4
16.9
1.1
0.9
Tata Motors
Neutral
380
-
109,584
259,686
273,957
13.0
13.4
25.9
29.5
14.7
12.9
1.9
1.7
8.0
9.0
0.6
0.6
TVS Motor
Neutral
325
-
15,433
11,263
13,122
6.9
8.5
9.2
15.0
35.3
21.7
8.1
6.4
22.7
29.6
1.4
1.1
Amara Raja Batteries
Buy
888
1,040
15,172
4,892
5,871
17.4
17.6
28.8
37.1
30.8
23.9
7.2
5.8
23.4
24.1
3.1
2.5
Exide Industries
Accumulate
141
162
11,985
6,950
7,784
14.4
14.8
6.6
7.3
21.4
19.3
2.7
2.5
12.6
12.8
1.4
1.3
Apollo Tyres
Neutral
174
-
8,877
12,056
12,714
17.2
16.4
23.0
20.3
7.6
8.6
1.3
1.2
17.7
13.6
0.8
0.8
Ceat
Neutral
1,072
-
4,335
6,041
6,597
14.1
13.7
99.5
111.9
10.8
9.6
2.1
1.8
19.6
18.5
0.9
0.7
JK Tyres
Neutral
84
-
1,895
7,446
7,669
15.2
14.0
19.6
18.4
4.3
4.5
1.1
0.9
25.2
19.5
0.7
0.6
Swaraj Engines
Neutral
879
-
1,091
552
630
14.2
14.7
44.6
54.1
19.7
16.2
4.6
4.2
23.2
25.6
1.8
1.6
Subros
Neutral
90
-
542
1,293
1,527
11.8
11.9
4.2
6.7
21.5
13.5
1.6
1.5
7.7
11.5
0.7
0.6
Indag Rubber
Neutral
169
-
443
283
329
17.0
17.2
13.0
15.4
13.0
10.9
2.8
2.4
21.8
21.6
1.3
1.1
Capital Goods
ACE
Neutral
39
-
387
660
839
4.7
8.2
1.0
3.9
39.1
10.0
1.2
1.1
3.2
11.3
0.7
0.6
BEML
Accumulate
1,028
1,157
4,283
3,277
4,006
6.0
8.9
36.2
64.3
28.4
16.0
2.0
1.8
5.7
11.7
1.4
1.1
Bharat Electronics
Buy
1,199
1,414
28,778
7,737
8,634
16.8
17.2
54.0
61.5
22.2
19.5
3.2
2.8
39.3
45.6
2.8
2.4
Stock Watch
April 04, 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
285
353
9,434
5,363
5,963
8.0
9.1
11.0
13.8
25.9
20.7
4.0
3.5
16.2
17.9
1.7
1.5
BGR Energy
Neutral
107
-
774
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
117
-
28,612
33,722
35,272
10.8
11.7
10.5
14.2
11.1
8.2
0.8
0.8
7.0
9.0
0.9
0.9
Blue Star
Accumulate
395
439
3,549
3,548
3,977
6.3
6.9
13.7
17.2
28.8
23.0
7.3
4.7
26.1
25.4
1.1
0.9
Crompton Greaves
Neutral
49
-
3,062
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
267
458
5,924
4,980
5,943
17.0
17.5
26.6
31.6
10.0
8.5
3.0
2.2
35.0
30.0
1.3
1.1
KEC International
Neutral
124
-
3,198
8,791
9,716
6.1
6.8
5.4
8.2
23.0
15.2
2.3
2.1
10.0
14.0
0.6
0.5
Thermax
Neutral
757
-
9,017
6,413
7,525
7.4
8.5
30.5
39.3
24.8
19.3
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
1,412
-
26,500
13,151
14,757
16.4
18.3
63.9
83.4
22.1
16.9
2.8
2.6
13.3
16.1
1.9
1.6
Ambuja Cements
Neutral
235
-
36,477
11,564
12,556
19.4
20.7
8.9
10.1
26.4
23.3
3.3
3.1
12.8
13.8
2.8
2.5
HeidelbergCement
Neutral
87
-
1,970
1,772
1,926
13.3
15.4
1.0
3.0
87.0
29.0
2.2
2.0
2.6
7.9
1.7
1.5
India Cements
Neutral
88
-
2,717
4,216
4,840
18.0
19.5
4.0
9.9
22.1
8.9
0.9
0.8
4.0
9.5
1.0
0.8
JK Cement
Neutral
660
-
4,616
3,661
4,742
10.1
15.8
7.5
28.5
88.0
23.2
2.7
2.3
7.5
22.9
1.7
1.3
J K Lakshmi Cement
Neutral
335
-
3,943
2,947
3,616
16.7
19.9
11.5
27.2
29.1
12.3
2.8
2.4
9.8
20.8
1.7
1.4
Mangalam Cements
Neutral
228
-
608
1,053
1,347
10.5
13.3
8.4
26.0
27.1
8.8
1.1
1.1
4.3
12.5
1.0
0.7
Orient Cement
Neutral
150
-
3,080
1,854
2,524
21.2
22.2
7.7
11.1
19.5
13.6
2.8
2.4
13.3
15.7
2.4
1.7
Ramco Cements
Neutral
401
-
9,552
4,036
4,545
20.8
21.3
15.1
18.8
26.6
21.3
3.3
2.9
12.9
14.3
2.9
2.5
Shree Cement^
Neutral
12,286
-
42,801
7,150
8,742
26.7
28.6
228.0
345.5
53.9
35.6
7.9
6.7
15.7
20.3
5.7
4.6
UltraTech Cement
Neutral
3,204
-
87,940
24,669
29,265
18.2
20.6
82.0
120.0
39.1
26.7
4.2
3.7
11.3
14.7
3.6
3.1
Construction
ITNL
Buy
73
93
2,410
7,360
8,825
34.0
35.9
7.0
9.0
10.5
8.1
0.4
0.3
3.2
3.7
3.7
3.6
KNR Constructions
Buy
521
603
1,466
937
1,470
14.3
14.0
44.2
38.6
11.8
13.5
2.4
2.0
15.4
15.4
1.6
1.1
Larsen & Toubro
Accumulate
1,238
1,310
115,345
58,870
65,708
8.3
10.3
42.0
53.0
29.5
23.4
2.0
1.9
8.8
11.2
2.2
2.0
Gujarat Pipavav Port
Neutral
173
-
8,378
629
684
51.0
52.2
6.4
5.9
27.1
29.4
3.6
3.3
15.9
12.7
13.0
11.7
MBL Infrastructures
Buy
154
285
638
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
528
558
2,706
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
238
-
1,176
5,955
6,829
10.3
10.5
16.0
31.0
14.9
7.7
0.8
0.7
5.3
9.9
0.7
0.6
Stock Watch
April 04, 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
579
-
851
1,539
1,801
12.8
12.7
59.0
72.1
9.8
8.0
1.5
1.3
18.6
16.8
0.6
0.5
Sadbhav Engineering
Neutral
294
-
5,051
3,481
4,219
10.7
10.8
8.2
11.7
35.9
25.2
3.4
3.0
10.3
13.5
1.7
1.4
NBCC
Accumulate
948
1,089
11,375
5,816
7,382
6.9
7.7
29.6
39.8
32.0
23.8
5.8
4.5
24.1
26.7
1.7
1.3
MEP Infra
Neutral
39
-
632
1,956
1,876
28.1
30.5
1.3
3.0
29.9
13.0
6.3
4.2
21.2
32.8
1.7
1.7
SIPL
Neutral
102
-
3,577
675
1,042
62.4
64.7
-
-
3.8
4.3
-
-
17.0
11.4
Engineers India
Neutral
171
-
5,746
1,667
1,725
13.5
16.0
9.7
11.4
17.6
15.0
2.1
2.0
11.7
13.4
2.2
2.3
Financials
Allahabad Bank
Neutral
58
-
3,465
8,569
9,392
2.8
2.9
16.3
27.5
3.5
2.1
0.3
0.3
7.6
11.9
-
-
Axis Bank
Accumulate
450
494
107,099
26,473
31,527
3.5
3.6
35.7
43.5
12.6
10.3
2.1
1.8
17.9
18.9
-
-
Bank of Baroda
Neutral
153
-
35,173
18,485
21,025
1.9
2.0
13.5
21.1
11.4
7.2
0.9
0.8
7.3
10.6
-
-
Bank of India
Neutral
101
-
8,164
15,972
17,271
1.9
2.0
15.3
33.4
6.6
3.0
0.3
0.3
3.6
7.6
-
-
Canara Bank
Neutral
199
-
10,792
15,441
16,945
2.0
2.1
46.6
70.4
4.3
2.8
0.4
0.3
8.0
11.2
-
-
Dena Bank
Neutral
30
-
1,923
3,440
3,840
2.1
2.3
7.3
10.0
4.1
3.0
0.3
0.3
6.1
7.9
-
-
Federal Bank
Neutral
47
-
8,031
3,477
3,999
3.0
3.0
5.0
6.2
9.3
7.5
0.9
0.9
10.6
11.9
-
-
HDFC
Neutral
1,112
-
175,607
10,358
11,852
3.3
3.3
41.1
47.0
27.1
23.6
5.2
4.7
24.7
24.9
-
-
HDFC Bank
Buy
1,065
1,262
269,252
38,309
47,302
4.3
4.3
49.3
61.1
21.6
17.4
3.7
3.2
18.5
19.7
-
-
ICICI Bank
Accumulate
239
254
138,728
34,279
39,262
3.3
3.3
21.0
24.4
11.4
9.8
1.9
1.6
14.4
14.7
-
-
IDBI Bank
Neutral
73
-
13,785
9,625
10,455
1.8
1.8
8.5
14.2
8.5
5.1
0.5
0.5
5.9
9.3
-
-
Indian Bank
Neutral
104
-
5,002
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
487
592
24,557
3,101
3,745
2.5
2.5
33.0
40.2
14.8
12.1
2.8
2.3
19.7
20.5
-
-
Oriental Bank
Neutral
96
-
2,889
7,643
8,373
2.4
2.4
37.2
45.4
2.6
2.1
0.2
0.2
8.2
9.4
-
-
Punjab Natl.Bank
Neutral
88
-
17,240
23,638
26,557
2.8
2.8
17.9
27.2
4.9
3.2
0.5
0.4
8.5
12.0
-
-
South Ind.Bank
Neutral
18
-
2,464
1,965
2,185
2.5
2.5
2.5
3.3
7.3
5.5
0.7
0.7
9.5
11.7
-
-
St Bk of India
Neutral
196
-
151,918
79,958
86,061
2.6
2.6
13.4
20.7
14.6
9.5
1.2
1.1
11.5
12.8
-
-
Union Bank
Neutral
139
-
9,573
12,646
14,129
2.3
2.4
31.0
39.1
4.5
3.6
0.5
0.4
9.8
11.4
-
-
Vijaya Bank
Neutral
32
-
2,758
3,536
3,827
1.9
1.9
5.5
6.7
5.8
4.8
0.5
0.4
7.8
8.8
-
-
Yes Bank
Neutral
856
-
35,977
7,190
9,011
3.2
3.3
58.2
69.7
14.7
12.3
2.6
2.2
19.2
19.6
-
-
FMCG
Asian Paints
Neutral
870
-
83,445
16,553
19,160
16.0
16.2
17.7
21.5
49.2
40.5
13.1
11.8
29.4
31.2
4.9
4.2
Britannia
Neutral
2,681
-
32,169
8,481
9,795
14.0
14.1
65.5
78.3
40.9
34.2
19.4
15.9
38.3
41.2
3.7
3.2
Colgate
Neutral
835
-
22,697
4,836
5,490
19.5
19.7
48.5
53.2
17.2
15.7
12.6
11.0
99.8
97.5
4.6
4.0
Stock Watch
April 04, 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
250
267
44,058
9,370
10,265
17.1
17.2
7.3
8.1
34.1
30.9
10.3
8.4
33.7
30.6
4.6
4.2
GlaxoSmith Con*
Neutral
6,021
-
25,321
4,919
5,742
17.2
17.4
168.3
191.2
35.8
31.5
10.2
8.6
28.8
28.9
4.7
4.0
Godrej Consumer
Neutral
1,389
-
47,283
10,168
12,886
16.1
16.1
32.1
38.4
43.3
36.2
8.8
8.1
19.7
21.0
4.8
3.7
HUL
Neutral
866
-
187,478
34,940
38,957
17.5
17.7
20.8
24.7
41.7
35.1
46.3
37.0
110.5
114.2
5.2
4.6
ITC
Accumulate
336
359
270,386
36,804
38,776
37.9
37.9
12.2
12.9
27.5
26.1
7.6
6.7
27.7
25.8
6.9
6.6
Marico
Neutral
242
-
31,209
6,551
7,766
15.7
16.0
10.4
12.5
23.3
19.4
6.8
5.6
33.2
32.4
4.7
4.0
Nestle*
Buy
5,635
6,646
54,330
11,291
12,847
22.2
22.3
158.9
184.6
35.5
30.5
18.5
16.7
55.0
57.3
4.7
4.1
Tata Global
Buy
123
144
7,734
8,635
9,072
9.8
9.9
6.5
7.6
18.9
16.1
1.9
1.8
6.8
7.4
0.8
0.8
IT
HCL Tech^
Buy
821
1,038
115,750
42,038
47,503
21.2
21.5
51.5
57.7
15.9
14.2
3.5
2.7
21.5
18.8
2.4
1.9
Infosys
Accumulate
1,206
1,347
277,893
61,850
69,981
27.5
27.5
59.4
65.7
20.3
18.4
4.3
3.7
21.2
20.1
3.8
3.2
TCS
Buy
2,455
2,854
483,819
108,487
122,590
28.3
28.5
122.8
138.4
20.0
17.7
7.6
6.9
38.0
38.9
4.1
3.5
Tech Mahindra
Accumulate
463
530
44,795
26,524
29,177
16.2
17.0
28.8
33.6
16.1
13.8
3.1
2.6
19.3
19.1
1.5
1.3
Wipro
Buy
562
680
138,727
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
5,678
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
77
-
1,803
2,495
2,603
11.2
11.2
7.3
8.6
10.6
9.0
0.8
0.8
7.4
8.1
0.2
0.2
Jagran Prakashan
Buy
158
189
5,180
2,170
2,355
27.2
26.2
8.9
9.9
17.8
16.0
3.7
3.3
20.9
20.5
2.3
2.1
Sun TV Network
Neutral
378
-
14,890
2,779
3,196
70.2
70.5
22.8
27.3
16.6
13.8
4.1
3.7
26.7
28.3
5.1
4.4
Hindustan Media
Neutral
247
-
1,813
920
1,031
20.0
20.0
19.2
20.9
12.9
11.8
2.1
1.8
16.4
15.3
1.5
1.3
Ventures
Metals & Mining
Coal India
Buy
288
380
181,785
76,167
84,130
19.9
22.3
22.4
25.8
12.8
11.1
4.6
4.5
35.5
41.0
1.7
1.5
Hind. Zinc
Neutral
185
-
78,105
14,641
14,026
50.4
50.4
17.7
16.0
10.5
11.6
1.6
1.5
16.2
13.2
3.0
2.8
Hindalco
Neutral
87
-
17,893
104,356
111,186
8.7
9.5
6.7
11.1
12.9
7.8
0.5
0.4
3.5
5.9
0.7
0.6
JSW Steel
Neutral
1,263
-
30,528
42,308
45,147
16.4
20.7
(10.3)
49.5
25.5
1.4
1.4
(1.0)
5.6
1.8
1.7
NMDC
Neutral
98
-
38,815
8,237
10,893
46.6
44.5
10.0
11.7
9.8
8.4
1.1
1.0
12.5
13.0
4.5
3.4
SAIL
Neutral
44
-
18,007
45,915
53,954
7.2
10.5
1.5
4.4
29.0
10.0
0.4
0.4
2.3
4.1
1.0
0.9
Vedanta
Neutral
90
-
26,697
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
318
-
30,856
126,760
137,307
8.9
11.3
6.4
23.1
49.9
13.8
1.0
1.0
2.0
7.1
0.8
0.8
Oil & Gas
Cairn India
Neutral
153
-
28,732
11,323
12,490
49.4
51.0
20.7
20.7
7.4
7.4
0.5
0.5
6.4
6.1
1.6
0.9
GAIL
Neutral
348
-
44,099
64,856
70,933
9.1
9.6
24.0
28.9
14.5
12.0
1.2
1.2
8.8
9.6
0.9
0.8
ONGC
Neutral
209
-
178,596
154,564
167,321
36.8
37.4
28.6
32.5
7.3
6.4
0.9
0.9
12.7
13.5
1.4
1.3
Stock Watch
April 04, 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
247
-
18,544
29,691
31,188
5.8
6.2
12.8
13.4
19.3
18.4
2.9
2.6
15.8
14.8
0.7
0.7
Indian Oil Corp
Buy
393
455
95,431
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
1,034
1,150
334,941
304,775
344,392
12.6
13.4
91.3
102.6
11.3
10.1
1.3
1.2
11.8
12.0
1.0
0.9
Pharmaceuticals
Alembic Pharma
Neutral
592
-
11,157
3,274
3,802
26.9
19.4
35.0
28.7
16.9
20.6
7.5
5.7
55.6
31.2
3.4
2.8
Aurobindo Pharma
Buy
731
856
42,752
14,923
17,162
22.0
23.0
35.7
42.8
20.5
17.1
6.0
4.5
34.0
30.2
3.2
2.8
Aventis*
Neutral
4,138
-
9,530
2,082
2,371
17.4
20.8
118.2
151.5
35.0
27.3
5.1
4.1
19.9
25.5
4.3
3.5
Cadila Healthcare
Accumulate
321
352
32,837
10,224
11,840
21.0
22.0
14.6
17.6
22.0
18.2
6.0
4.7
30.8
29.0
3.3
2.7
Cipla
Buy
513
605
41,250
13,979
16,447
20.2
18.6
25.7
27.5
20.0
18.7
3.3
2.8
17.6
16.1
2.9
2.4
Dr Reddy's
Buy
2,980
3,933
50,819
16,838
19,575
25.0
23.1
167.5
178.8
17.8
16.7
3.7
3.1
23.1
20.4
2.9
2.5
Dishman Pharma
Neutral
331
-
2,667
1,733
1,906
21.5
21.5
17.0
19.9
19.4
16.6
2.0
1.8
10.5
11.2
2.1
1.8
GSK Pharma*
Neutral
3,813
-
32,295
2,870
3,158
20.0
22.1
59.5
68.3
64.1
55.8
18.9
19.4
28.5
34.3
10.8
9.8
Indoco Remedies
Neutral
280
-
2,584
1,033
1,199
15.9
18.2
9.4
13.6
29.8
20.6
4.4
3.8
15.7
19.7
2.6
2.2
Ipca labs
Buy
573
900
7,228
3,363
3,909
12.9
18.6
13.4
28.0
42.8
20.5
3.1
2.7
7.4
14.0
2.4
2.1
Lupin
Accumulate
1,465
1,560
66,028
13,092
16,561
25.0
27.0
50.4
68.3
29.1
21.5
6.0
4.8
22.8
24.7
4.8
3.6
Sun Pharma
Buy
816
950
196,420
28,163
32,610
25.8
30.7
17.4
26.9
46.9
30.3
4.5
3.9
13.0
16.6
6.4
5.4
Power
Tata Power
Neutral
65
-
17,634
35,923
37,402
22.6
22.8
4.1
5.2
16.1
12.7
1.2
1.2
7.5
9.3
1.4
1.3
NTPC
Accumulate
130
146
107,150
87,271
99,297
23.5
23.5
11.8
13.3
11.1
9.8
1.2
1.2
11.5
12.2
2.3
2.0
Power Grid
Buy
138
170
72,379
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
7.8
Real Estate
MLIFE
Buy
430
554
1,765
697
1,011
14.9
19.3
13.8
20.1
31.2
21.4
1.2
1.1
3.8
5.3
3.8
2.6
Telecom
Bharti Airtel
Neutral
335
-
134,013
101,748
109,191
32.1
31.7
12.0
12.5
27.9
26.8
1.9
1.8
6.9
6.7
2.0
1.8
Idea Cellular
Neutral
107
-
38,489
34,282
36,941
32.0
31.5
5.9
6.2
18.1
17.2
1.7
1.5
9.9
9.3
1.7
1.6
zOthers
Abbott India
Neutral
4,662
-
9,907
2,715
3,153
14.5
14.1
134.3
152.2
34.7
30.6
8.7
7.1
27.4
25.6
3.4
2.8
Bajaj Electricals
Buy
199
237
2,004
4,719
5,287
5.2
5.8
8.6
12.7
23.2
15.7
2.7
2.3
11.4
14.8
0.4
0.4
Finolex Cables
Neutral
287
-
4,392
2,520
2,883
12.2
12.0
12.7
14.2
22.7
20.2
3.1
2.7
13.6
13.5
1.5
1.3
Goodyear India*
Buy
497
582
1,147
1,800
1,600
11.7
11.5
58.7
52.9
8.5
9.4
1.9
1.6
24.6
18.7
0.4
0.4
Hitachi
Neutral
1,218
-
3,312
1,779
2,081
7.8
8.8
21.8
33.4
55.9
36.4
9.0
7.3
17.4
22.1
1.9
1.6
Jyothy Laboratories
Neutral
297
-
5,377
1,620
1,847
11.5
11.5
7.3
8.5
40.7
35.0
5.3
4.9
13.3
14.4
3.2
2.7
MRF
Buy
37,365
45,575
15,847
20,316
14,488
21.4
21.1
5,488.0
3,798.0
6.8
9.8
2.3
1.9
41.1
21.2
0.7
1.0
Page Industries
Neutral
12,119
-
13,518
1,929
2,450
19.8
20.1
229.9
299.0
52.7
40.5
23.3
16.2
52.1
47.1
7.0
5.5
Stock Watch
April 04, 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
368
-
4,423
1,767
2,152
12.3
12.5
19.3
25.1
19.1
14.7
4.7
3.6
27.7
27.8
2.6
2.1
Siyaram Silk Mills
Buy
1,003
1,354
940
1,636
1,815
11.5
11.5
89.9
104.1
11.2
9.6
1.9
1.6
17.9
17.8
0.7
0.7
Styrolution ABS India* #VALUE!
1,271
1,440
8.6
9.2
32.0
41.1
10.7
12.4
TVS Srichakra
Buy
2,323
3,217
1,778
2,035
2,252
15.9
15.3
248.6
268.1
9.3
8.7
4.1
2.9
43.6
33.9
0.9
0.8
HSIL
Neutral
290
-
2,093
2,123
2,384
16.1
16.5
15.0
18.9
19.3
15.3
1.5
1.4
8.0
9.4
1.3
1.2
Kirloskar Engines India
Neutral
212
-
3,068
2,403
2,554
8.6
9.9
9.2
10.5
23.1
20.2
2.2
2.1
9.7
10.7
0.9
0.8
Ltd
M M Forgings
Buy
464
614
560
511
615
21.7
21.6
43.1
55.8
10.8
8.3
2.0
1.6
19.9
21.2
1.3
1.0
Banco Products (India) Neutral
115
-
824
1,208
1,353
11.0
12.3
10.8
14.5
10.7
8.0
1.2
1.1
11.9
14.5
0.6
0.6
Competent Automobiles Neutral
134
-
82
1,040
1,137
3.2
3.1
25.7
28.0
5.2
4.8
0.8
0.7
15.0
14.3
0.1
0.1
Nilkamal
Neutral
1,104
-
1,648
1,871
2,031
10.7
10.5
63.2
69.8
17.5
15.8
2.9
2.4
17.6
16.6
0.9
0.8
Visaka Industries
Buy
108
144
172
1,086
1,197
9.9
10.3
21.5
28.8
5.0
3.8
0.5
0.4
9.6
11.6
0.4
0.3
Transport Corporation of
Neutral
278
-
2,111
2,830
3,350
8.8
9.0
14.4
18.3
19.3
15.2
3.0
2.6
15.4
17.1
0.9
0.8
India
Elecon Engineering
Neutral
56
-
614
1,359
1,482
10.3
13.7
0.8
3.9
70.2
14.5
1.2
1.1
1.6
7.8
0.8
0.7
Surya Roshni
Buy
147
201
644
2,992
3,223
8.1
8.4
14.7
18.3
10.0
8.0
0.9
0.8
9.7
11.0
0.5
0.5
MT Educare
Neutral
167
-
664
286
366
18.3
17.7
7.7
9.4
21.6
17.8
4.6
4.0
20.2
21.1
2.2
1.7
Radico Khaitan
Buy
97
156
1,284
1,517
1,635
12.7
13.4
5.8
7.1
16.6
13.6
1.4
1.3
8.6
9.6
1.3
1.2
Garware Wall Ropes
Buy
337
473
737
862
974
11.2
11.2
24.9
29.6
13.5
11.4
2.0
1.8
15.1
15.4
0.9
0.7
Wonderla Holidays
Neutral
386
-
2,178
206
308
44.0
43.6
9.0
12.9
42.8
29.9
5.9
5.3
13.7
17.8
10.5
7.0
Linc Pen & Plastics
Neutral
190
-
281
340
371
8.3
8.9
10.8
13.2
17.6
14.4
2.8
2.5
16.0
17.1
0.9
0.8
The Byke Hospitality
Neutral
155
-
620
222
287
20.5
20.5
5.6
7.6
27.4
20.5
5.2
4.3
18.9
20.8
2.8
2.2
Interglobe Aviation
Neutral
909
-
32,740
17,022
21,122
20.7
14.5
63.9
53.7
14.2
16.9
21.3
17.5
149.9
103.2
2.0
1.6
Coffee Day Enterprises
Neutral
229
-
4,709
2,692
2,964
17.0
18.6
-
4.7
-
48.2
2.8
2.6
0.2
5.5
2.1
2.0
Ltd
Navneet Education
Neutral
84
-
1,996
998
1,062
24.1
24.0
5.8
6.1
14.6
13.8
3.2
2.8
22.0
20.6
2.1
2.0
Navkar Corporation
Buy
181
265
2,582
365
436
38.3
37.5
5.6
5.9
32.1
30.8
2.0
1.9
6.3
6.1
7.9
6.8
UFO Moviez
Neutral
439
-
1,208
558
619
32.0
33.2
22.5
30.0
19.5
14.7
2.3
2.0
12.0
13.8
2.0
1.7
VRL Logistics
Neutral
372
-
3,392
1,725
1,902
16.5
16.7
12.2
14.6
30.6
25.5
6.4
5.6
20.8
21.9
2.1
1.9
Team Lease Serv.
Neutral
905
-
1,547
2,565
3,229
1.3
1.5
15.2
22.8
59.6
39.7
4.8
4.3
8.0
10.7
0.5
0.4
S H Kelkar & Co.
Neutral
227
-
3,284
928
1,036
15.3
15.1
4.9
6.1
46.0
37.2
4.3
4.0
9.4
10.7
3.4
3.0
Quick Heal
Neutral
225
-
1,573
339
408
27.8
27.3
7.1
7.7
31.8
29.0
2.7
2.7
8.5
9.3
3.5
3.0
Stock Watch
April 04, 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
290
-
5,929
1,603
1,873
10.9
11.5
1.0
2.6
304.5
109.7
7.3
6.7
2.4
6.1
3.8
3.3
Manpasand Bever.
Neutral
454
-
2,273
540
836
19.9
19.6
10.2
16.9
44.3
26.9
3.6
3.2
8.1
12.0
3.9
2.5
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on April 01, 2016
Market Outlook
April 04, 2016
Research Team Tel: 022 - 39357800
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