Market Outlook
August 05, 2016
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open in positive note tracking SGX Nifty and Global
BSE Sensex
0.1
17
27,714
markets.
Nifty
0.1
6
8,551
The European markets closed with strong gains as the Bank of England cut its main
Mid Cap
0.4
47
12,488
lending rates to 0.25% from 0.50%. This is the first rate cut by the BOE after 2009
Small Cap
0.4
47
12,128
and the has signaled for a further rate cut by the end of this year. Accordingly the
Bankex
(0.2)
(37)
21,208
rates going ahead will be close to but little above zero. Further the bank has
increased the bond buying program (quantitative easing by 60 Bn Pound) to 435 Bn
Pound.
Global Indices
Chg (%)
(Pts)
(Close)
Dow Jones
(0.0)
(3)
18,352
The US market closed flat ahead of key data that is the july job data. As per a poll
the median estimates are addition of 1,88,000 jobs.
Nasdaq
0.1
7
5,166
FTSE
1.6
106
6,740
The Indian markets remain volatile during Thursday and closed with a marginal
gain.Thoug in a historic move the Rajya Sabha passed the GST amendment bill
Nikkei
1.1
172
16,255
market participant remains sidelined and there was lack of buying both.
Hang Seng
0.4
93
21,832
Shanghai Com
0.1
4
2,982
News Analysis & Result Review
Results Review: Cummins India 1QFY17 Net down 14%:
Advances / Declines
BSE
NSE
Detailed analysis on Pg2
Advances
1,419
856
Investor’s Ready Reckoner
Declines
1,296
752
Key Domestic & Global Indicators
Unchanged
164
64
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg6 onwards
Volumes (` Cr)
BSE
3,167
Top Picks
CMP
Target
Upside
NSE
19,124
Company
Sector
Rating
(`)
(`)
(%)
Amara Raja
Auto/Auto Ancillary
Buy
876
1,076
22.8
Net Inflows (` Cr)
Net
Mtd
Ytd
HCL Tech
IT
Buy
824
1,000
21.4
LIC Housing
Financials
Accumulate
511
582
13.8
FII
629
1,532
32,414
Bharat Electronics
Capital Goods
Accumulate
1,231
1,414
14.9
MFs
(25)
(170)
8,900
Navkar Corporation Others
Buy
205
265
29.5
More Top Picks on Pg4
Top Gainers
Price (`)
Chg (%)
Indianb
198
10.2
Key Upcoming Events
Previous
Consensus
Sparc
389
7.4
Date
Region
Event Description
Reading
Expectations
Edelweiss
100
6.9
Aug 5
US
Unemployment rate
4.9
4.8
Cadilahc
369
6.3
Aug 5
US
Change in Nonfarm payrolls
287.0
180.0
Mothersumi
348
5.6
Aug 8
China
Exports YoY %
(4.8)
(3.1)
Aug 9
India
RBI Reverse Repo rate
6.0
--
Top Losers
Price (`)
Chg (%)
Aug 9
India
RBI Repo rate
6.5
--
6.(
More Events on Pg5
Ttkprestig
4,907
(4.9)
Unitdspr
2,207
(4.7)
Gati
169
(4.7)
Bataindia
529
(4.4)
Amarajabat
876
(4.1)
As on August 4, 2016
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Market Outlook
August 05, 2016
Cummins India 1QFY17 Net down 14%:
Cummins India the largest engines manufacture in India has reported weak set of
results for the quarter. While net sales of the company were down by 3.9% YoY to
` 1228.4cr from ` 1278cr, the PAT declined by 13.6% YoY to ` 181cr compared
to ` 209.9cr in the same period last year. While the domestic revenues of the
company continued to grow backed by the Government backed infrastructure
investments. Decent growth in domestic demand together with strong execution
was the key development during the quarter. However, even if domestic business
has been strong, the exports business continued to be weak which impacted the
overall performance of the company.
Economic and Political News
Center may pursue money bill route for GST
RBI launches portal to curb illegal money pooling.
Government retains MIP only on 66 steel products.
Corporate News
Suzlon plans to come out of CDR in this fiscal year by March 2017
Deepak Fertilizer to invest `550cr in New Dahej plant
Syndicate Bank board approach `776cr preferential issue to government
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Market Outlook
August 05, 2016
Quarterly Bloomberg Brokers Consensus Estimate
Bharat Forge Ltd - Aug 5, 2016
Particulars (` cr)
1QFY17E
1QFY16
y-o-y (%)
4QFY16
q-o-q (%)
Net sales
996
1,104
(9.8)
987
0.9
EBITDA
289
346
(16.4)
298
(3.0)
EBITDA margin (%)
29.1
31.4
30.2
Net profit
157
195
(19.5)
165
(4.4)
Marico Ltd - Aug 5, 2016
Particulars (` cr)
1QFY17E
1QFY16
y-o-y (%)
4QFY16
q-o-q (%)
Net sales
1,873
1,782
5.1
1303
43.7
EBITDA
387
357
8.4
244
58.4
EBITDA margin (%)
20.7
20
18.7
Net profit
274
238
15.3
138
98.1
Union Bank of India - Aug 6, 2016
Particulars (` cr)
1QFY17E
1QFY16
y-o-y (%)
4QFY16
q-o-q (%)
Net profit
203
519
(60.9)
96
111.1
Britannia Industries Ltd - Aug 8, 2016
Particulars (` cr)
1QFY17E
1QFY16
y-o-y (%)
4QFY16
q-o-q (%)
Net sales
2167.1
2002.5
8.2
2189.8
(1)
EBITDA
309
288.4
7.1
291.2
6.1
EBITDA margin (%)
14.3
14.4
13.3
Net profit
204
189.7
7.5
190.2
7.3
Colgate-Palmolive India Ltd - Aug 8, 2016
Particulars (` cr)
1QFY17E
1QFY16
y-o-y (%)
4QFY16
q-o-q (%)
Net sales
1110
1003
10.7
1091
1.7
EBITDA
219
170
28.8
241
(9.1)
EBITDA margin (%)
19.7
16.9
22
Net profit
136
114
19.3
146
(6.8)
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Market Outlook
August 05, 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
14,968
876
1,076
22.8
products leading to market share gains in both the automotive
OEM and replacement segments.
Uptick in defense capex by government, coupled with BELs
Bharat Electronics
29,543
1,231
1,414
14.9
strong market positioning, indicate good times ahead for BEL.
HCL Tech
1,16,197
824
1,000
21.4
Stock is trading at attractive valuations & factors all bad news.
Back on the growth trend, expect a long term growth of 14% to
Infosys
2,46,267
1,072
1,374
28.2
be a US$20bn in FY2020.
Continues to grow its retail loan book at healthy pace with
LIC Housing Fin.
25,803
511
582
13.8
improvement in asset quality. Expect LICHF to post a healthy
loan book which is likely to reflect in a strong earnings growth.
Strong market positioning within the domestic AC markets to
Voltas
11,485
347
407
17.3
continue, EMP business set to revive
Source: Company, Angel Research
Mid Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
With a focus on the low and medium income (LMI) consumer
Dewan Housing
6,838
234
270
15.2
segment, the company has increased its presence in tier-II & III
cities where the growth opportunity is immense.
Strong loan growth backed by diversified loan portfolio and
Equitas Holdings
5,772
172
235
36.5
adequate CAR. ROE & ROA likely to remain decent as risk of
dilution remains low. Attractive valuations considering growth.
Expectations of above average monsoon augurs well for
Goodyear India
1,209
524
631
20.4
Goodyear India as it derives ~50% of its turnover from farm
tyre segment.
Commencement of new projects, downtrend in the interest rate
IL&FS Transport
2,334
71
93
31.1
cycle, to lead to stock re-rating
Economic recovery to have favourable impact on advertising &
Jagran Prakashan
6,048
185
205
10.8
circulation revenue growth. Further, the acquisition of a radio business
(Radio City) would also boost the company`s revenue growth.
Speedier execution and speedier sales, strong revenue visibility
Mahindra Lifespace
1,785
435
554
27.4
in short-to-long run, attractive valuations
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,918
205
265
29.5
as well CFS augurs well for the company
Earnings boost on back of stable material prices and
Radico Khaitan
1,202
90
125
38.4
favourable pricing environment. Valuation discount to peers
provides additional comfort
Strong brands and distribution network would boost growth
Siyaram Silk Mills
984
1,050
1,347
28.3
going ahead. Stock currently trades at an inexpensive
valuation.
Source: Company, Angel Research
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Market Outlook
August 5, 2016
Key Upcoming Events
Result Calendar
Date
Company
August 05, 2016
Tata Chemicals, Bharat Forge, LMW, GlaxoSmith Con, Marico, Quick Heal
August 06, 2016
Amara Raja Batteries, Mangalam Cement, Union Bank, Andhra Bank
August 08, 2016
Hero Motocorp, Subros, Colgate, Britannia, Vesuvius India, Sterling Tools
Tata Global, Apollo Tyres, JK Tyre, Power Fin.Corpn., Jagran Prakashan, Finolex Cables, Lupin, Adani Power, Team
August 09, 2016
Lease Serv., S H Kelkar & Co.
August 10, 2016
M&M, Motherson Sumi, Thermax, ITD Cementation, MT Educare
J K Lakshmi Cements, Rural Elec.Corp., Page Industries, Styrolution, MRF, Jyothy Laboratories, MM Forging, Tide Water
August 11, 2016
Oil India, Ipca labs, Coffee Day Enterprises Ltd
Bosch India, Automotive Axle, St Bk of India, Central Bank, Bank of Maharashtra, Hindalco, Bajaj Electrical, Cravatex,
August 12, 2016
Sun Pharma, Glenmark Pharma., NHPC
Source: Bloomberg, Angel Research
Global economic events release calendar
Bloomberg Data
Date
Time
Country Event Description
Unit
Period
Last Reported Estimated
Aug 05, 2016
6:00 PM US
Unemployment rate
%
Jul
4.90
4.80
6:00 PM US
Change in Nonfarm payrolls
Thousands
Jul
287.00
180.00
Aug 08, 2016
China
Exports YoY%
% Change
Jul
(4.80)
(3.10)
Aug 09, 2016
11:00 AM India
RBI Reverse Repo rate
%
Aug 9
6.00
7:00 AM China
Consumer Price Index (YoY)
% Change
Jul
1.90
1.70
2:00 PM UK
Industrial Production (YoY)
% Change
Jun
1.40
11:00 AM India
RBI Repo rate
%
Aug 9
6.50
11:00 AM India
RBI Cash Reserve ratio
%
Aug 9
4.00
Aug 10, 2016
India
Imports YoY%
% Change
Jul
(7.30)
India
Exports YoY%
% Change
Jul
1.30
Aug 12, 2016
2:30 PM Euro Zone Euro-Zone GDP s.a. (QoQ)
% Change
2Q P
0.30
US
Producer Price Index (mom)
% Change
Jul
0.80
7:30 AM China
Industrial Production (YoY)
% Change
Jul
6.20
6.20
5:30 PM India
Industrial Production YoY
% Change
Jun
1.20
Source: Bloomberg, Angel Research
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Market Outlook
August 5, 2016
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
8.3
12.0
9.9
7.8
7.7
7.9
10.0
8.0
7.5
7.6
7.2
8.0
6.3
6.7
6.6
6.7
7.0
6.4
6.0
4.3
3.7
5.8
4.0
6.0
1.9
1.2
2.0
0.3
5.0
-
4.0
(2.0)
(0.9)
(1.3)
(1.6)
(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
56.0
Mfg. PMI
Services PMI
(%)
7.0
54.0
5.7
5.8
5.8
5.4
5.6
5.5
6.0
5.3
5.0
4.8
52.0
5.0
4.4
3.7
3.7
4.0
50.0
3.0
48.0
2.0
46.0
1.0
-
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
5.0
7.50
0.0
7.00
(5.0)
6.50
6.00
(10.0)
5.50
(15.0)
5.00
(20.0)
4.50
(25.0)
4.00
(30.0)
3.50
(35.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
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Market Outlook
August 5, 2016
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.7
6.0
5.3
4.9
4.2
4.0
3.2
2.2
1.3
1.4
2.0
1.2
0.1
-
(2.0)
(4.0)
(1.2)
(6.0)
(5.4)
(0.2)
(8.0)
Source: Bloomberg, Angel Research
Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
10.0
7.5
8.0
6.5
6.0
4.9
4.4
4.0
3.0
2.4
1.9
1.5
2.0
1.1
0.6
0.5
(3.8)
(1.8)
-
(2.0)
(4.0)
(6.0)
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
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Market Outlook
August 5, 2016
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
57,594
10.1
6.0
16.5
Russia
Micex
1,945
0.6
(1.7)
15.4
India
Nifty
8,551
2.6
10.9
2.5
China
Shanghai Composite
2,982
(1.5)
(1.0)
(20.5)
South Africa
Top 40
45,533
(1.0)
0.0
(2.1)
Mexico
Mexbol
46,941
1.4
3.8
4.2
Indonesia
LQ45
925
10.9
10.7
11.6
Malaysia
KLCI
1,655
0.6
0.2
(2.6)
Thailand
SET 50
954
4.9
5.5
(0.0)
USA
Dow Jones
18,352
2.3
3.4
4.6
UK
FTSE
6,740
3.0
10.2
0.3
Japan
Nikkei
16,255
3.0
0.7
(20.1)
Germany
DAX
10,228
4.7
3.5
(11.5)
France
CAC
4,346
2.0
0.0
(12.3)
Source: Bloomberg, Angel Research
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Stock Watch
August 05, 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 )
FY17E FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
Agri / Agri Chemical
Rallis
Neutral
218
-
4,235
1,937
2,164
13.3
14.3
9.0
11.0
24.2
19.8
4.2
3.7
18.4
19.8
2.3
2.0
United Phosphorus
Buy
602
684
25,796
15,176
17,604
18.5
18.5
37.4
44.6
16.1
13.5
3.2
2.6
21.4
21.2
1.8
1.5
Auto & Auto Ancillary
Ashok Leyland
Buy
86
111
24,588
22,407
26,022
10.6
10.6
5.2
6.4
16.6
13.5
3.7
3.2
23.6
24.7
1.2
1.0
Bajaj Auto
Neutral
2,740
-
79,281
25,093
27,891
19.5
19.2
143.9
162.5
19.0
16.9
5.3
4.6
30.3
29.4
2.9
2.5
Bharat Forge
Buy
724
875
16,843
7,726
8,713
20.5
21.2
35.3
42.7
20.5
16.9
3.8
3.4
18.9
20.1
2.3
2.0
Eicher Motors
Neutral
21,404
-
58,136
16,583
20,447
17.5
18.0
598.0
745.2
35.8
28.7
12.2
9.3
41.2
38.3
3.4
2.7
Gabriel India
Neutral
103
-
1,480
1,544
1,715
9.0
9.3
5.4
6.3
19.1
16.4
3.6
3.2
18.9
19.5
0.9
0.8
Hero Motocorp
Neutral
3,270
-
65,300
31,253
35,198
15.3
15.0
172.3
192.1
19.0
17.0
7.0
6.0
38.9
37.0
2.0
1.7
Jamna Auto Industries Neutral
191
-
1,524
1,486
1,620
9.8
9.9
15.0
17.2
12.7
11.1
2.8
2.4
21.8
21.3
1.1
1.0
L G Balakrishnan & Bros Neutral
465
-
729
1,302
1,432
11.6
11.9
43.7
53.0
10.6
8.8
1.5
1.4
13.8
14.2
0.7
0.6
Mahindra and Mahindra Neutral
1,437
-
89,229
46,534
53,077
11.6
11.7
67.3
78.1
21.3
18.4
3.5
3.0
15.4
15.8
1.9
1.7
Maruti
Neutral
4,888
-
147,648
69,186
82,217
14.7
14.4
198.5
241.4
24.6
20.2
4.8
3.9
20.2
20.0
1.9
1.5
Minda Industries
Neutral
1,155
-
1,832
2,728
3,042
9.0
9.1
68.2
86.2
16.9
13.4
3.8
3.1
23.8
24.3
0.7
0.6
Motherson Sumi
Neutral
348
-
45,992
45,896
53,687
7.8
8.3
13.0
16.1
26.7
21.6
8.6
6.9
34.7
35.4
1.1
0.9
Rane Brake Lining
Neutral
610
-
483
511
562
11.3
11.5
28.1
30.9
21.7
19.7
3.3
3.0
15.3
15.0
1.0
1.0
Setco Automotive
Neutral
50
-
668
741
837
13.0
13.0
15.2
17.0
3.3
2.9
0.5
0.5
15.8
16.3
1.3
1.2
Tata Motors
Neutral
500
-
144,447
300,209
338,549
8.9
8.4
42.7
54.3
11.7
9.2
1.9
1.6
15.6
17.2
0.6
0.5
TVS Motor
Accumulate
299
330
14,186
13,390
15,948
6.9
7.1
12.8
16.5
23.4
18.1
5.8
4.6
26.3
27.2
1.1
0.9
Amara Raja Batteries
Buy
876
1,076
14,968
5,717
6,733
18.7
18.9
38.4
48.9
22.8
17.9
5.7
4.6
25.3
24.8
2.6
2.1
Exide Industries
Neutral
173
-
14,714
7,439
8,307
15.0
15.0
8.1
9.3
21.4
18.6
3.0
2.7
14.3
16.7
1.6
1.5
Apollo Tyres
Accumulate
161
183
8,195
12,877
14,504
14.3
13.9
21.4
23.0
7.5
7.0
1.2
1.0
16.4
15.2
0.8
0.8
Ceat
Buy
856
1,119
3,462
7,524
8,624
13.0
12.7
131.1
144.3
6.5
5.9
1.2
1.0
19.8
18.6
0.5
0.5
JK Tyres
Neutral
91
-
2,062
7,455
8,056
15.0
15.0
21.8
24.5
4.2
3.7
0.9
0.7
22.8
21.3
0.4
0.3
Swaraj Engines
Neutral
1,120
-
1,391
660
810
15.2
16.4
54.5
72.8
20.6
15.4
6.4
5.8
31.5
39.2
2.0
1.6
Subros
Neutral
97
-
579
1,488
1,681
11.7
11.9
6.4
7.2
15.1
13.5
1.6
1.4
10.8
11.4
0.6
0.5
Indag Rubber
Neutral
176
-
463
286
326
19.8
16.8
11.7
13.3
15.1
13.2
2.5
2.4
17.8
17.1
1.3
1.2
Capital Goods
ACE
Neutral
46
-
458
709
814
4.1
4.6
1.4
2.1
33.1
22.1
1.4
1.3
4.4
6.0
0.8
0.7
BEML
Buy
992
1,157
4,129
3,451
4,055
6.3
9.2
31.4
57.9
31.6
17.1
1.9
1.7
6.3
10.9
1.3
1.1
Bharat Electronics
Accumulate
1,231
1,414
29,543
8,137
9,169
16.8
17.2
58.7
62.5
21.0
19.7
3.3
2.9
44.6
46.3
2.6
2.4
www.angelbroking.com
Stock Watch
August 05, 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 )
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
Capital Goods
Voltas
Accumulate
347
407
11,485
6,511
7,514
7.9
8.7
12.9
16.3
26.9
21.3
4.8
4.2
16.7
18.5
1.6
1.4
BGR Energy
Neutral
120
-
865
16,567
33,848
6.0
5.6
7.8
5.9
15.4
20.3
0.9
0.9
4.7
4.2
0.2
0.1
BHEL
Neutral
134
-
32,773
28,797
34,742
-
2.8
2.3
6.9
58.2
19.4
1.0
1.0
1.3
4.8
0.8
0.6
Blue Star
Neutral
484
-
4,611
4,351
5,024
6.4
7.1
17.2
20.6
28.2
23.4
18.3
15.3
23.1
24.1
1.1
0.9
Crompton Greaves
Neutral
79
-
4,939
5,777
6,120
5.9
7.0
3.3
4.5
23.9
17.5
1.1
1.0
4.4
5.9
0.8
0.7
Greaves Cotton
Neutral
139
-
3,397
1,755
1,881
16.8
16.9
7.8
8.5
17.8
16.4
3.6
3.3
20.6
20.9
1.6
1.5
Inox Wind
Buy
216
286
4,789
5,605
6,267
15.7
16.4
24.8
30.0
8.7
7.2
2.4
1.8
25.9
24.4
0.9
0.8
KEC International
Neutral
142
-
3,642
9,294
10,186
7.9
8.1
9.9
11.9
14.3
11.9
2.1
1.8
15.6
16.3
0.6
0.6
Thermax
Accumulate
844
906
10,059
5,421
5,940
7.3
7.3
25.7
30.2
32.9
28.0
4.0
3.6
12.2
13.1
1.8
1.6
VATech Wabag
Buy
582
681
3,173
3,136
3,845
8.9
9.1
26.0
35.9
22.4
16.2
2.8
2.4
13.4
15.9
0.9
0.7
Cement
ACC
Neutral
1,662
-
31,213
11,225
13,172
13.2
16.9
44.5
75.5
37.4
22.0
3.5
3.3
11.2
14.2
2.8
2.4
Ambuja Cements
Neutral
264
-
41,024
9,350
10,979
18.2
22.5
5.8
9.5
45.6
27.8
3.8
3.4
10.2
12.5
4.4
3.7
India Cements
Neutral
117
-
3,579
4,364
4,997
18.5
19.2
7.9
11.3
14.8
10.3
1.1
1.0
8.0
8.5
1.6
1.4
JK Cement
Neutral
732
-
5,119
4,398
5,173
15.5
17.5
31.2
55.5
23.5
13.2
2.8
2.4
12.0
15.5
1.7
1.4
J K Lakshmi Cement
Neutral
421
-
4,959
2,913
3,412
14.5
19.5
7.5
22.5
56.2
18.7
3.5
2.9
12.5
18.0
2.3
1.9
Mangalam Cements
Neutral
280
-
748
1,054
1,292
9.0
11.0
-
-
-
-
0.7
0.6
Orient Cement
Neutral
164
-
3,359
2,114
2,558
18.5
20.5
8.1
11.3
20.2
14.5
9.0
14.0
2.2
1.7
UltraTech Cement
Neutral
3,661
-
100,472
25,768
30,385
21.0
23.5
111.0
160.0
33.0
22.9
4.2
3.7
13.5
15.8
4.0
3.3
Construction
ITNL
Buy
71
93
2,334
8,946
10,017
31.0
31.6
8.1
9.1
8.8
7.8
0.3
0.3
4.2
5.0
3.6
3.3
KNR Constructions
Neutral
585
-
1,645
1,210
1,595
15.4
16.0
33.9
52.1
17.3
11.2
2.7
2.3
13.6
18.0
1.4
1.1
Larsen & Toubro
Accumulate
1,470
1,700
137,038
67,665
77,249
10.7
11.5
57.3
71.2
25.7
20.7
2.4
2.2
12.6
14.3
2.3
2.0
Gujarat Pipavav Port
Accumulate
170
192
8,235
705
788
52.2
51.7
5.0
5.6
34.1
30.4
3.4
3.0
11.2
11.2
11.4
9.8
MBL Infrastructures
Buy
120
285
498
2,797
3,405
14.7
15.4
21.0
34.8
5.7
3.5
0.6
0.5
11.0
16.2
0.8
0.8
Nagarjuna Const.
Neutral
77
-
4,281
8,842
9,775
9.1
8.8
5.3
6.4
14.5
12.0
1.2
1.1
8.2
9.1
0.7
0.6
PNC Infratech
Accumulate
554
647
2,842
2,350
2,904
13.4
13.7
48.0
42.0
11.5
13.2
2.2
2.0
16.8
13.2
1.4
1.1
Simplex Infra
Neutral
293
-
1,447
6,829
7,954
10.5
10.5
31.4
37.4
9.3
7.8
1.0
0.9
9.9
13.4
0.6
0.5
Power Mech Projects
Neutral
538
-
792
1,801
2,219
12.7
14.6
72.1
113.9
7.5
4.7
1.4
1.2
16.8
11.9
0.5
0.3
Sadbhav Engineering
Accumulate
289
298
4,960
3,598
4,140
10.3
10.6
9.0
11.9
32.1
24.3
3.4
3.0
9.9
11.9
1.6
1.4
NBCC
Neutral
242
-
14,499
7,428
9,549
7.9
8.6
8.2
11.0
29.5
22.0
1.5
1.2
28.2
28.7
1.7
1.3
www.angelbroking.com
Stock Watch
August 05, 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 )
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
Construction
MEP Infra
Neutral
43
-
705
1,877
1,943
30.6
29.8
3.0
4.2
14.5
10.3
7.0
4.7
0.6
0.6
1.8
1.6
SIPL
Neutral
99
-
3,487
1,036
1,252
65.5
66.2
(8.4)
(5.6)
3.7
4.2
(22.8)
(15.9)
11.6
9.7
Engineers India
Neutral
218
-
7,328
1,725
1,935
16.0
19.1
11.4
13.9
19.1
15.7
2.6
2.6
13.4
15.3
3.3
3.0
Financials
Axis Bank
Neutral
546
-
130,245
58,081
66,459
3.5
3.5
32.4
44.6
16.9
12.2
2.2
1.9
13.6
16.5
-
-
Bank of Baroda
Neutral
156
-
35,830
19,980
23,178
1.8
1.8
11.5
17.3
13.5
9.0
1.6
1.3
8.3
10.1
-
-
Canara Bank
Neutral
257
-
13,966
15,225
16,836
1.8
1.8
14.5
28.0
17.7
9.2
1.2
1.0
5.8
8.5
-
-
Dewan Housing Finance Buy
234
270
6,838
2,225
2,688
2.9
2.9
29.7
34.6
7.9
6.8
1.3
1.1
16.1
16.8
-
-
Equitas Holdings
Buy
172
235
5,772
939
1,281
11.7
11.5
5.8
8.2
29.7
21.0
2.6
2.3
10.9
11.5
-
-
Federal Bank
Neutral
63
-
10,790
9,353
10,623
2.9
2.9
4.4
5.8
14.3
10.8
1.4
1.2
9.5
11.0
-
-
HDFC
Neutral
1,320
-
208,664
11,475
13,450
3.4
3.4
45.3
52.5
29.1
25.1
5.6
5.0
20.2
20.5
-
-
HDFC Bank
Neutral
1,242
-
314,430
46,097
55,433
4.5
4.5
58.4
68.0
21.3
18.3
3.7
3.1
18.8
18.6
-
-
ICICI Bank
Neutral
241
-
139,984
39,029
45,903
3.3
3.3
16.7
16.3
14.4
14.8
1.8
1.6
10.1
12.4
-
-
LIC Housing Finance
Accumulate
511
582
25,803
3,712
4,293
2.6
2.5
39.0
46.0
13.1
11.1
2.5
2.1
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
122
-
24,034
23,532
23,595
2.3
2.4
6.8
12.6
18.0
9.7
2.8
2.0
3.3
6.5
-
-
South Ind.Bank
Neutral
21
-
2,869
6,435
7,578
2.5
2.5
2.7
3.1
7.9
6.9
1.0
0.9
10.1
11.2
-
-
St Bk of India
Neutral
226
-
175,089
88,650
98,335
2.6
2.6
13.5
18.8
16.7
12.0
1.6
1.4
7.0
8.5
-
-
Union Bank
Neutral
132
-
9,098
13,450
14,925
2.3
2.3
25.5
34.5
5.2
3.8
0.8
0.7
7.5
10.2
-
-
Yes Bank
Neutral
1,230
-
51,762
8,978
11,281
3.3
3.4
74.0
90.0
16.6
13.7
3.2
2.7
17.0
17.2
-
-
FMCG
Asian Paints
Neutral
1,127
-
108,073
17,128
18,978
16.8
16.4
19.1
20.7
59.0
54.4
20.5
19.4
34.8
35.5
6.2
5.6
Britannia
Neutral
2,873
-
34,472
9,795
10,940
14.1
14.1
80.3
93.0
35.8
30.9
14.7
11.4
41.2
-
3.4
3.0
Colgate
Neutral
940
-
25,567
4,605
5,249
22.8
22.8
25.2
28.5
37.3
33.0
25.3
22.5
64.8
66.8
5.7
4.9
Dabur India
Neutral
296
-
52,035
9,405
10,581
18.1
18.3
8.1
9.2
36.5
32.2
10.2
8.4
31.6
31.0
5.3
4.7
GlaxoSmith Con*
Neutral
6,355
-
26,725
4,959
5,623
17.4
18.0
190.5
219.3
33.4
29.0
9.2
7.9
29.6
29.5
4.8
4.1
Godrej Consumer
Neutral
1,584
-
53,929
10,335
11,518
18.4
18.6
41.5
46.0
38.2
34.4
8.6
7.2
24.9
24.8
5.3
4.7
HUL
Neutral
916
-
198,234
35,252
38,495
17.6
17.4
20.4
21.9
44.8
41.8
36.9
32.3
82.2
77.3
5.5
5.0
ITC
Accumulate
252
283
304,124
40,059
44,439
39.0
39.2
9.1
10.1
27.7
25.0
7.5
6.6
27.2
26.5
7.3
6.6
Marico
Neutral
295
-
38,047
6,730
7,649
17.3
17.5
6.4
7.6
46.1
38.8
13.9
11.7
33.2
32.5
5.6
4.8
Nestle*
Neutral
6,787
-
65,439
9,393
10,507
22.2
22.3
106.8
121.8
63.6
55.7
22.3
20.1
34.8
36.7
6.8
6.1
Tata Global
Neutral
138
-
8,729
9,072
9,687
9.4
9.8
7.2
7.8
19.2
17.7
2.1
2.0
7.6
7.9
0.9
0.9
www.angelbroking.com
Stock Watch
August 05, 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 )
FY17E FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FMCG
Procter & Gamble
Accumulate
6,351
7,369
20,615
2,939
3,342
23.2
23.0
146.2
163.7
43.4
38.8
97.3
93.3
25.3
23.5
6.7
5.8
Hygiene
IT
HCL Tech^
Buy
824
1,000
116,197
49,242
57,168
20.5
20.5
55.7
64.1
14.8
12.9
3.0
2.3
20.3
17.9
2.2
1.7
Infosys
Buy
1,072
1,374
246,267
69,934
79,025
27.5
27.5
64.8
72.0
16.6
14.9
3.7
3.3
22.0
22.3
3.0
2.6
TCS
Accumulate
2,653
3,004
522,686
121,684
136,286
27.3
27.3
135.0
150.1
19.7
17.7
6.5
6.0
33.2
33.9
4.1
3.6
Tech Mahindra
Buy
500
700
48,502
30,347
33,685
17.0
17.0
37.5
41.3
13.3
12.1
2.9
2.5
21.8
20.7
1.3
1.1
Wipro
Buy
548
680
135,494
51,631
55,822
21.7
17.9
35.9
36.9
15.3
14.9
3.2
2.9
19.0
18.1
2.3
2.1
Media
D B Corp
Neutral
408
-
7,495
2,187
2,329
27.4
28.2
18.9
21.0
21.6
19.4
4.5
3.9
23.7
23.1
3.3
3.0
HT Media
Neutral
83
-
1,921
2,673
2,891
13.2
13.8
7.2
8.5
11.5
9.7
0.9
0.8
7.8
8.3
0.3
0.2
Jagran Prakashan
Accumulate
185
205
6,048
2,355
2,635
28.0
28.0
9.9
10.8
18.7
17.1
3.7
3.2
21.7
21.7
2.6
2.2
Sun TV Network
Neutral
461
-
18,171
2,850
3,265
70.1
71.0
26.2
30.4
17.6
15.2
4.5
4.0
24.3
25.6
5.9
5.0
Hindustan Media
Neutral
270
-
1,981
1,016
1,138
21.5
21.5
23.3
25.8
11.6
10.5
1.9
1.7
16.2
15.8
1.3
1.1
Ventures
Metals & Mining
Coal India
Neutral
324
-
204,492
84,638
94,297
21.4
22.3
24.5
27.1
13.2
12.0
5.5
5.2
42.6
46.0
1.9
1.7
Hind. Zinc
Neutral
208
-
87,992
14,252
18,465
55.9
48.3
15.8
21.5
13.2
9.7
2.2
1.9
17.0
20.7
6.1
4.7
Hindalco
Neutral
137
-
28,301
107,899
112,095
7.4
8.2
9.2
13.0
14.9
10.5
0.7
0.7
4.8
6.6
0.8
0.7
JSW Steel
Neutral
1,706
-
41,243
53,201
58,779
16.1
16.2
130.6
153.7
13.1
11.1
1.8
1.5
14.0
14.4
1.5
1.3
NMDC
Neutral
102
-
40,440
6,643
7,284
44.4
47.7
7.1
7.7
14.4
13.3
1.3
1.2
8.8
9.2
3.8
3.4
SAIL
Accumulate
47
50
19,329
47,528
53,738
(0.7)
2.1
(1.9)
2.6
18.0
0.5
0.5
(1.6)
3.9
1.3
1.1
Vedanta
Neutral
162
-
47,924
71,744
81,944
19.2
21.7
13.4
20.1
12.1
8.0
1.0
0.9
8.4
11.3
1.0
0.8
Tata Steel
Neutral
374
-
36,328
121,374
121,856
7.2
8.4
18.6
34.3
20.1
10.9
1.3
1.2
6.1
10.1
0.9
0.9
Oil & Gas
Cairn India
Neutral
189
-
35,369
9,127
10,632
4.3
20.6
8.8
11.7
21.4
16.1
0.7
0.7
3.3
4.2
5.2
4.3
GAIL
Neutral
374
-
47,403
56,220
65,198
9.3
10.1
27.1
33.3
13.8
11.2
1.3
1.2
9.3
10.7
1.0
0.9
ONGC
Accumulate
220
235
188,306
137,222
152,563
15.0
21.8
19.5
24.1
11.3
9.1
1.0
0.9
8.5
10.1
1.7
1.5
Petronet LNG
Neutral
311
-
23,359
-
0
-
-
-
-
-
-
Indian Oil Corp
Neutral
546
-
132,518
373,359
428,656
5.9
5.5
54.0
59.3
10.1
9.2
1.6
1.4
16.0
15.6
0.5
0.4
Reliance Industries
Neutral
993
-
322,023
301,963
358,039
12.1
12.6
87.7
101.7
11.3
9.8
1.2
1.1
10.7
11.3
1.6
1.3
Pharmaceuticals
Alembic Pharma
Neutral
631
-
11,897
3,483
4,083
16.2
17.4
18.7
23.7
33.8
26.6
6.3
5.2
20.1
21.3
3.3
2.8
Aurobindo Pharma
Neutral
752
-
44,016
15,720
18,078
23.7
23.7
41.4
47.3
18.2
15.9
4.7
3.7
29.6
26.1
3.1
2.7
Aventis*
Neutral
4,503
-
10,371
2,357
2,692
17.3
17.3
153.5
169.2
29.3
26.6
5.0
4.0
25.8
28.4
4.1
3.4
Cadila Healthcare
Buy
369
400
37,766
11,126
13,148
22.0
22.0
17.1
20.0
21.6
18.5
5.5
4.4
28.8
26.6
3.2
2.6
www.angelbroking.com
Stock Watch
August 05, 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 )
FY17E FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
Pharmaceuticals
Cipla
Neutral
526
-
42,284
15,378
18,089
17.4
18.4
21.6
27.2
24.4
19.4
3.2
2.7
13.7
15.2
2.9
2.4
Dr Reddy's
Neutral
2,964
-
50,546
16,043
18,119
23.1
24.7
126.0
157.8
23.5
18.8
3.5
3.0
15.7
17.1
3.1
2.7
Dishman Pharma
Neutral
176
-
2,839
1,718
1,890
21.7
21.8
8.7
10.4
20.2
16.9
1.8
1.7
9.3
10.2
2.0
1.8
GSK Pharma*
Accumulate
3,110
3,505
26,342
3,528
3,811
18.9
19.1
60.1
65.3
51.8
47.6
15.4
14.9
29.9
31.8
7.3
6.8
Indoco Remedies
Neutral
314
-
2,894
1,112
1,289
18.2
18.2
13.2
15.6
23.8
20.1
4.2
3.6
19.2
19.2
2.7
2.3
Ipca labs
Buy
518
613
6,534
3,303
3,799
15.3
15.3
17.3
19.7
29.9
26.3
2.6
2.4
9.1
9.4
2.1
1.8
Lupin
Accumulate
1,658
1,809
74,727
15,912
18,644
26.4
26.7
58.1
69.3
28.5
23.9
5.6
4.6
21.4
20.9
4.9
4.1
Sun Pharma
Accumulate
849
944
204,340
31,129
35,258
30.0
30.9
28.0
32.8
30.3
25.9
4.7
3.9
18.7
18.9
6.0
5.1
Power
Tata Power
Neutral
71
-
19,149
36,916
39,557
17.4
27.1
5.1
6.3
13.9
11.2
1.2
1.1
9.0
10.3
1.5
1.4
NTPC
Neutral
159
-
130,979
86,605
95,545
17.5
20.8
11.8
13.4
13.5
11.9
1.4
1.3
10.5
11.1
2.9
2.9
Power Grid
Neutral
178
-
93,018
25,763
29,762
74.3
73.1
14.8
17.3
12.0
10.3
1.9
1.7
16.9
17.5
7.9
7.5
Real Estate
MLIFE
Buy
435
554
1,785
925
1,139
18.4
22.3
18.3
33.8
23.8
12.9
1.1
1.1
4.9
8.5
2.7
2.1
Telecom
Bharti Airtel
Neutral
365
-
146,005
105,086
114,808
34.5
34.7
12.2
16.4
29.9
22.3
2.0
1.9
6.8
8.4
2.3
2.0
Idea Cellular
Neutral
105
-
37,916
40,133
43,731
37.2
37.1
6.4
6.5
16.5
16.2
1.4
1.3
8.2
7.6
2.0
1.7
zOthers
Abbott India
Neutral
4,668
-
9,919
3,153
3,583
14.1
14.4
152.2
182.7
30.7
25.6
150.6
128.6
25.6
26.1
2.9
2.5
Bajaj Electricals
Neutral
268
-
2,712
5,351
6,098
5.7
5.9
12.4
15.7
21.7
17.1
3.1
2.8
14.4
16.1
0.5
0.4
Finolex Cables
Neutral
390
-
5,970
2,883
3,115
12.0
12.1
14.2
18.6
27.5
21.0
14.6
12.8
15.8
14.6
1.8
1.6
Goodyear India*
Buy
524
631
1,209
1,598
1,704
10.4
10.2
49.4
52.6
10.6
10.0
49.0
43.0
18.2
17.0
0.4
56.8
Hitachi
Neutral
1,347
-
3,663
2,081
2,433
8.8
8.9
33.4
39.9
40.3
33.8
32.5
27.1
22.1
21.4
1.8
1.5
Jyothy Laboratories
Neutral
286
-
5,174
1,440
2,052
11.5
13.0
8.5
10.0
33.6
28.6
8.1
7.5
18.6
19.3
3.9
2.7
MRF
Buy
35,298
45,575
14,970
-
0
-
-
-
-
-
-
Page Industries
Neutral
13,523
-
15,083
2,450
3,124
20.1
17.6
299.0
310.0
45.2
43.6
301.2
229.9
47.1
87.5
6.8
5.3
Relaxo Footwears
Neutral
474
-
5,685
2,085
2,469
9.2
8.2
7.6
8.0
62.7
59.6
24.3
20.7
17.9
18.8
2.9
2.4
Siyaram Silk Mills
Buy
1,050
1,347
984
1,799
2,040
11.6
11.7
104.9
122.4
10.0
8.6
1.6
1.4
16.4
16.4
0.8
0.7
Styrolution ABS India*
Accumulate
602
643
1,059
1,440
1,537
9.2
9.0
40.6
42.6
14.8
14.1
37.9
34.4
12.3
11.6
0.7
0.6
TVS Srichakra
Buy
2,348
2,932
1,798
2,304
2,614
13.7
13.8
231.1
266.6
10.2
8.8
263.8
207.7
33.9
29.3
0.8
0.7
HSIL
Neutral
311
-
2,247
2,384
2,515
15.8
16.3
15.3
19.4
20.3
16.0
20.2
17.4
7.8
9.3
1.1
1.0
Kirloskar Engines India
Neutral
272
-
3,934
2,554
2,800
9.9
10.0
10.5
12.1
25.9
22.5
10.8
10.2
10.7
11.7
1.2
1.1
Ltd
M M Forgings
Buy
445
546
537
546
608
20.4
20.7
41.3
48.7
10.8
9.1
60.9
53.9
16.6
17.0
0.8
0.7
www.angelbroking.com
Stock Watch
August 05, 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 )
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
zOthers
Banco Products (India) Neutral
209
-
1,494
1,353
1,471
12.3
12.4
14.5
16.3
14.4
12.8
19.9
17.9
14.5
14.6
1.0
106.6
Competent Automobiles Neutral
155
-
95
1,137
1,256
3.1
2.7
28.0
23.6
5.5
6.6
29.8
26.9
14.3
11.5
0.1
0.1
Nilkamal
Neutral
1,166
-
1,740
1,995
2,165
10.7
10.4
69.8
80.6
16.7
14.5
66.6
57.9
16.6
16.5
0.9
0.8
Visaka Industries
Neutral
156
-
248
1,051
1,138
10.3
10.4
21.0
23.1
7.4
6.7
20.0
18.7
9.0
9.2
0.5
0.5
Transport Corporation of
Neutral
356
-
2,724
2,671
2,911
8.5
8.8
13.9
15.7
25.7
22.7
3.5
3.1
13.7
13.8
1.2
1.1
India
Elecon Engineering
Accumulate
56
63
606
1,482
1,660
13.7
14.5
3.9
5.8
14.3
9.6
3.4
3.1
7.8
10.9
0.7
0.7
Surya Roshni
Buy
171
201
749
3,342
3,625
7.8
7.5
17.3
19.8
9.9
8.7
18.8
15.1
10.5
10.8
0.5
0.4
MT Educare
Accumulate
147
159
583
366
417
17.7
18.2
9.4
10.8
15.6
13.6
3.5
3.0
22.2
22.3
1.5
1.3
Radico Khaitan
Buy
90
125
1,202
1,659
1,802
13.0
13.2
6.3
7.4
14.3
12.3
1.2
1.1
8.6
9.3
1.2
1.1
Garware Wall Ropes
Neutral
455
-
996
898
997
11.9
11.7
29.0
32.9
15.7
13.8
2.3
2.0
14.9
14.6
1.0
0.9
Wonderla Holidays
Neutral
400
-
2,260
287
355
38.0
40.0
11.3
14.2
35.4
28.2
5.1
4.4
21.4
23.9
7.5
6.1
Linc Pen & Plastics
Neutral
262
-
387
382
416
9.1
9.1
13.1
14.7
20.0
17.8
3.3
2.9
16.7
16.3
1.1
1.0
The Byke Hospitality
Neutral
164
-
657
287
384
20.5
20.5
7.6
10.7
21.6
15.3
4.5
3.6
20.7
23.5
2.3
1.7
Interglobe Aviation
Buy
827
999
29,818
21,122
26,005
14.5
27.6
110.7
132.1
7.5
6.3
44.7
32.0
168.5
201.1
1.5
1.1
Coffee Day Enterprises
Neutral
237
-
4,884
2,964
3,260
20.5
21.2
4.7
8.0
-
29.6
2.7
2.5
5.5
8.5
2.1
1.9
Ltd
Navneet Education
Neutral
95
-
2,263
1,062
1,147
24.0
24.0
6.1
6.6
15.6
14.3
3.2
2.8
20.6
19.8
2.2
2.1
Navkar Corporation
Buy
205
265
2,918
408
612
42.9
42.3
6.8
11.5
30.2
17.8
2.1
1.9
6.9
10.5
8.3
5.5
UFO Moviez
Neutral
525
-
1,448
619
685
33.2
33.4
30.0
34.9
17.5
15.0
2.4
2.1
13.8
13.9
2.3
1.9
VRL Logistics
Neutral
312
-
2,850
1,902
2,119
16.7
16.6
14.6
16.8
21.4
18.6
4.7
4.1
21.9
22.2
1.7
1.5
Team Lease Serv.
Neutral
1,065
-
1,821
3,229
4,001
1.5
1.8
22.8
32.8
46.8
32.4
5.0
4.3
10.7
13.4
0.5
0.4
S H Kelkar & Co.
Neutral
252
-
3,648
1,036
1,160
15.1
15.0
6.1
7.2
41.3
35.1
4.4
4.1
10.7
11.5
3.4
3.0
Quick Heal
Neutral
266
-
1,865
408
495
27.3
27.0
7.7
8.8
34.4
30.3
3.2
3.2
9.3
10.6
3.7
3.1
Narayana Hrudaya
Neutral
319
-
6,528
1,873
2,166
11.5
11.7
2.6
4.0
120.8
80.6
7.4
6.7
6.1
8.3
3.7
3.2
Manpasand Bever.
Neutral
695
-
3,479
836
1,087
19.6
19.4
16.9
23.8
41.1
29.2
4.9
4.3
12.0
14.8
3.8
2.8
Parag Milk Foods
Neutral
315
-
2,653
1,919
2,231
9.3
9.6
9.5
12.9
33.4
24.4
5.2
4.3
15.5
17.5
1.5
1.3
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on August 04, 2016
www.angelbroking.com
Market Outlook
August 05, 2016
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
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