Market Outlook
August 10, 2015
Dealer’s Diary
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
(0.2)
(62)
28,236
Indian markets are expected to open negative tracking SGX Nifty.
Nifty
(0.3)
(24)
8,565
Dow index closed in negative for the seven straight sessions, market recover some
MID CAP
(0.2)
(28)
11,558
loss in later part of the trading session but ended negative. The weakness in market
SMALL CAP
(0.1)
(17)
12,104
was seen due to the release of the highly anticipated monthly jobs data, which was
BSE HC
(0.3)
(58)
17,521
widely seen as strong enough to support an increase in interest rates in September.
BSE PSU
(0.4)
(33)
7,797
European markets ended in negative territory, it got off to a weak start, following the
BANKEX
(0.7)
(162)
21,702
release of some disappointing German economic data. The situation did not
AUTO
0.1
13
19,765
improve after the release of the U.S. jobs report, which was largely in line with
METAL
(0.9)
(81)
8,673
expectations and in support of increase in interest rates in September.
OIL & GAS
2.0
192
9,967
BSE IT
(0.0)
(4)
11,169
Indian markets fell on Friday on weak global cues and disappointing earnings from
Global Indices
Chg (%)
(Pts)
(Close)
BHEL. Market were on wait and watch mode ahead of the release of U.S. jobs data
Dow Jones
(0.3)
(46)
17,373
that could provide fresh clues to determine whether the Federal Reserve will raise
NASDAQ
(0.3)
(13)
5,044
interest rates in September or wait until December.
FTSE
(0.4)
(29)
6,718
News & Result Analysis
Nikkei
0.3
60
20,725
Result Review: MT Educare, Kirloskar Oil Engines
Hang Sang
0.7
177
24,552
Refer detailed news & result analysis on the following page
Straits Times
0.2
5
3,197
Markets Today
Shanghai Com
2.3
83
3,744
The trend deciding level for the day is 28,255 / 8,571 levels. If NIFTY trades above
this level during the first half-an-hour of trade then we may witness a further rally up
Indian ADR
Chg (%)
(Pts)
(Close)
to 28,317 - 28,397 / 8,589 - 8,614 levels. However, if NIFTY trades below
INFY
1.3
0.2
$17.5
28,255 / 8,571 levels for the first half-an-hour of trade then it may correct towards
WIT
(0.2)
(0.0)
$12.5
28,175 - 28,114 / 8,546 - 8,528 levels.
IBN
(0.8)
(0.1)
$10.1
Indices
S2
S1
PIVOT
R1
R2
HDB
0.6
0.4
$63.0
SENSEX
28,114
28,175
28,255
28,317
28,397
NIFTY
8,528
8,546
8,571
8,589
8,614
Advances / Declines
BSE
NSE
Advances
1,372
655
Net Inflows (August 6, 2015)
Declines
1,580
862
` cr
Purch
Sales
Net
MTD
YTD
Unchanged
100
60
FII
4,066
3,781
285
1,778
142,747
MFs
772
831
(59)
(441)
57,508
Volumes (` cr)
BSE
3,444
FII Derivatives (August 7, 2015)
NSE
17,505
` cr
Purch
Sales
Net
Open Interest
Index Futures
489
404
85
15692
Stock Futures
2096
2598
(502)
51,000
Gainers / Losers
Gainer
Loser
Company
Price (`)
chg (%)
Company
Price (`)
chg (%)
TATAELXSI
1,672
4.9
KAILASH
6
(9.9)
SUNTV
292
4.5
JPPOWER
6
(7.4)
PERSISTENT
663
4.0
JPINFRATEC
14
(7.2)
NESTLEIND
6,246
3.7
IOB
36
(6.1)
TV18BRDCST
35
3.6
NCC
82
(5.7)
www.angelbroking.com
Market Outlook
August 10, 2015
Result Review
MT Educare Ltd (CMP-`121/ TP -`141/ Upside -16.5%)
MT Educare’s 1QFY2016 results outperformed our estimates on all parameters. Its
consolidated top-line grew by a healthy ~38% yoy to ` 75cr, mainly due to strong
growth in coaching business as well as Government Projects segment. For the
quarter, the company reported a consolidated operating profit of `10cr, up 27%
yoy. The operating margin contracted by 121bp yoy to 13.6%, primarily on
account of higher other costs as the company provided free Samsung tablets/SD
cards to its students. The consolidated reported net profit de-grew by ~21% yoy to
` 6cr on account of a one-time gain due to change in depreciation policy of
` 3.9cr (on a post tax basis) recognized in the first quarter last year. On an
adjusted basis, Net profit grew ~60%.
Going forward, we expect MT Educare to report strong top-line and bottom-line
growth in the coming financial years (FY2016E and FY2017E) on back of healthy
growth in the coaching business. We expect additional revenue growth from
execution of government projects, Robomate product, and tie up with Shri Gayatri
Educational Society (SGES) in Hyderabad. Currently, we have a BUY rating on the
stock.
Y/E
Sales OPM PAT EPS
ROE
P/E
P/BV EV/Sales EV/EBITDA
Mar
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2016E
275
18.3
29
7.4
20.2
16.4
3.3
12.8
1.7
FY2017E
355
17.3
35
8.8
21.1
13.7
2.9
8.1
1.3
Kirloskar Oil Engines Ltd (CMP-`300/ TP - / Upside -)
For 1QFY2016, Kirloskar Oil Engines (KOEL) reported a disappointing set of
numbers. The top-line for the quarter declined by 9.0% yoy to `582cr. The poor
top-line can mainly be attributed to low contribution from the large engines
business which had completed the order for NPCIL in 4QFY2015 and overall
sluggishness across most segments. The net raw material cost declined by 90bp
yoy to 64.2% of sales while employee expense increased by 102bp yoy to 8.2% of
sales, and other expenses increased by 264bp yoy to 18.6% of sales. This resulted
in EBITDA margin contracting by 276bp yoy to 9.0%, lower than our estimate of
10.2%. Other income increased by 39.1% yoy to `19 and consequently, the net
profit declined by 24.1% yoy to `36cr (against our estimate of `45cr). At current
market price, the stock is trading at PE of 17.2x for FY2017E. We have a Neutral
view on the stock. We may revise our estimates post interaction with the
management.
Y/E
Sales OPM PAT EPS
ROE
P/E
P/BV EV/Sales EV/EBITDA
Mar
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2016E
2,634
10.1
158
10.9
11.4
27.5
3.1
12.8
1.3
FY2017E
3,252
12.0
252
17.4
16.8
17.2
2.7
8.1
1.0
www.angelbroking.com
Market Outlook
August 10, 2015
Quarterly Bloomberg Brokers Consensus Estimate
Rural Electrification Corp Ltd - August 07, 2015
Particulars (` cr)
1QFY16E
1QFY15
y-o-y (%)
4QFY15
q-o-q (%)
Net sales
2,271
4,667
(51.3)
5,333
(57.4)
EBITDA
3,632
4,489
(19.1)
4,716
(23.0)
EBITDA margin (%)
159.9
96.2
88.4
Net profit
1,375
1,283
7.2
1,097
25.4
Adani Power Ltd Consol - August 10, 2015
Particulars (` cr)
1QFY16E
1QFY15
y-o-y (%)
4QFY15
q-o-q (%)
Net sales
5,464
2,999
82.2
2,490
119.4
EBITDA
1,551
809
91.8
#!
EBITDA margin (%)
28.4
27.0
#!
Net profit
(369)
(180)
0.0
418
0.0
Housing Development & Infrastructure Ltd Consol - August 10, 2015
Particulars (` cr)
1QFY16E
1QFY15
y-o-y (%)
4QFY15
q-o-q (%)
Net sales
221
245
(9.8)
154
43.9
Net profit
55
57
(2.5)
32
73.4
Power Grid Corp of India Ltd - August 10, 2015
Particulars (` cr)
1QFY16E
1QFY15
y-o-y (%)
4QFY15
q-o-q (%)
Net sales
4,739
3,938
20.3
4,662
1.7
EBITDA
4,134
3,405
21.4
4,034
2.5
EBITDA margin (%)
87.2
86.4
86.5
Net profit
1,383
1,137
21.7
1,412
(2.1)
Bosch Ltd - August 10, 2015
Particulars (` cr)
1QFY16E
1QFY15
y-o-y (%)
5QFY15
q-o-q (%)
Net sales
2,338
2354
(0.67)
2,355
(0.7)
EBITDA
430
530
(18.8)
432
(0.5)
EBITDA margin (%)
18.4
18.9
18.4
Net profit
301
306
(1.6)
287.45
5
State Bank of India - August 11, 2015
Particulars (` cr)
1QFY16E
1QFY15
y-o-y (%)
4QFY15
q-o-q (%)
Net profit
3,400
3,349
1.5
3,742
(9.2)
NMDC Ltd - August 11, 2015
Particulars (` cr)
1QFY16E
1QFY15
y-o-y (%)
4QFY15
q-o-q (%)
Net sales
1,937
3,475
(44.2)
2,827
(31.5)
EBITDA
1,044
2,402
(56.6)
1,421
(26.6)
EBITDA margin (%)
53.9
69.1
50.3
Net profit
1,002
1,915
(47.7)
1,347
(25.6)
www.angelbroking.com
Market Outlook
August 10, 2015
Tata Steel Ltd Consol - August 11, 2015
Particulars (` cr)
1QFY16E
1QFY15
y-o-y (%)
4QFY15
q-o-q (%)
Net sales
29,389
36,143
(18.7)
33,337
(11.8)
EBITDA
2,218
4,273
(48.1)
1,543
43.7
EBITDA margin (%)
7.5
11.8
4.6
Net profit
(481)
337
0.0
(5,674)
0.0
Hindustan Petroleum Corp Ltd - August 11, 2015
Particulars (` cr)
1QFY16E
1QFY15
y-o-y (%)
4QFY15
q-o-q (%)
Net sales
40,744
59,152
(31.1)
44,550
(8.5)
EBITDA
1,989
590
237.2
3,514
(43.4)
EBITDA margin (%)
4.9
1.0
7.9
Net profit
1,040
46
2,159.4
2,162
(51.9)
Sun Pharmaceutical Industries Ltd Consol - August 11, 2015
Particulars (` cr)
1QFY16E
1QFY15
y-o-y (%)
4QFY15
q-o-q (%)
Net sales
6,706
3,927
70.8
6,145
9.1
EBITDA
1,949
1,733
12.5
892
118.4
EBITDA margin (%)
29.1
44.1
14.5
Net profit
1,104
1,391
(20.6)
888
24.3
Reliance Power Ltd Consol - August 11, 2015
Particulars (` cr)
1QFY16E
1QFY15
y-o-y (%)
4QFY15
q-o-q (%)
Net sales
2,688
1,753
53.3
1,585
69.6
EBITDA
1,231
635
94.0
675
82.3
EBITDA margin (%)
45.8
36.2
42.6
Net profit
293
244
19.8
276
5.9
Ashok Leyland Ltd - August 12, 2015
Particulars (` cr)
1QFY16E
1QFY15
y-o-y (%)
4QFY15
q-o-q (%)
Net sales
3,746
2,435
53.9
4,436
(15.5)
EBITDA
326
116
181.0
457
(28.6)
EBITDA margin (%)
8.7
4.8
10.3
Net profit
120
(48)
0.0
230
(48.0)
IDBI Bank Ltd - August 12, 2015
Particulars (` cr)
1QFY16E
1QFY15
y-o-y (%)
4QFY15
q-o-q (%)
Net profit
161
105
53.4
546
(70.5)
Coal India Ltd Consol - August 12, 2015
Particulars (` cr)
1QFY16E
1QFY15
y-o-y (%)
4QFY15
q-o-q (%)
Net sales
19,325
17,800
8.6
20,774
(7.0)
EBITDA
4,701
4,281
9.8
5,965
(21.2)
EBITDA margin (%)
24.3
24.1
28.7
Net profit
4,104
4,033
1.8
4,239
(3.2)
www.angelbroking.com
Market Outlook
August 10, 2015
Jindal Steel & Power Ltd Consol - August 12, 2015
Particulars (` cr)
1QFY16E
1QFY15
y-o-y (%)
4QFY15
q-o-q (%)
Net sales
4,884
4,870
0.3
4,481
9.0
EBITDA
841
1,629
(48.4)
1,048
(19.8)
EBITDA margin (%)
17.2
33.4
23.4
Net profit
(453)
418
0.0
(519)
0.0
Reliance Infrastructure Ltd - August 12, 2015
Particulars (` cr)
1QFY16E
1QFY15
y-o-y (%)
4QFY15
q-o-q (%)
Net sales
2,656
2,524
5.2
2,660
(0.1)
EBITDA
497
431
15.5
567
(12.3)
EBITDA margin (%)
18.7
17.1
21.3
Net profit
351
321
9.2
450
(22.0)
Oil & Natural Gas Corp Ltd - August 13, 2015
Particulars (` cr)
1QFY16E
1QFY15
y-o-y (%)
4QFY15
q-o-q (%)
Net sales
23,586
21,747
8.5
21,303
10.7
EBITDA
13,613
8,864
53.6
7,619
78.7
EBITDA margin (%)
57.7
40.8
35.8
Net profit
6,069
4,782
26.9
3,935
54.2
Indian Oil Corp Ltd - August 13, 2015
Particulars (` cr)
1QFY16E
1QFY15
y-o-y (%)
4QFY15
q-o-q (%)
Net sales
101,442
124,666
(18.6)
93,492
8.5
EBITDA
6,136
3,697
66.0
9,284
(33.9)
EBITDA margin (%)
6.0
3.0
9.9
Net profit
4,213
2,523
67.0
6,285
(33.0)
Tata Power Co Ltd Consol - August 13, 2015
Particulars (` cr)
1QFY16E
1QFY15
y-o-y (%)
4QFY15
q-o-q (%)
Net sales
8,594
8,739
(1.7)
8,167
5.2
EBITDA
1,866
1,775
5.1
1,962
(4.9)
EBITDA margin (%)
21.7
20.3
24.0
Net profit
186
(111)
0.0
159
16.7
DLF Ltd Consol - August 13, 2015
Particulars (` cr)
1QFY16E
1QFY15
y-o-y (%)
4QFY15
q-o-q (%)
Net sales
1,991
1,725
15.4
1,954
1.9
EBITDA
740
737
0.4
696
6.4
EBITDA margin (%)
37.2
42.7
35.6
Net profit
152
128
19.1
172
(11.3)
Reliance Capital Ltd Consol - August 14, 2015
Particulars (` cr)
1QFY16E
1QFY15
y-o-y (%)
4QFY15
q-o-q (%)
Net profit
215
164
31.3
407
(47.1)
www.angelbroking.com
Market Outlook
August 10, 2015
Economic and Political News
Govt to impose import duty of 10% on wheat: FM
Govt planning to bring land bill in LS next week
Govt invests `4.85 lakh cr in big infra projects
Corporate News
Thomas Cook to acquire Kuoni's India, Hong Kong business for `535 cr
BHEL commissions 500 MW thermal unit at Vindhyachal STPS
Will have high number of new model launches this year: Maruti
Top Picks
Large Cap
Market
CMP
Target
Upside
Company
Sector
Rating
Cap (` Cr)
(`)
(`)
(%)
Axis Bank
Financials
137,783
Buy
580
716
23.5
ICICI Bank
Financials
180,035
Buy
310
370
19.3
Infosys
IT
251,653
Buy
1,096
1,306
19.2
Inox Wind
Capital Goods
9,020
Buy
406
505
24.2
LIC Housing Fin. Financials
25,761
Buy
510
590
15.6
Power Grid
Power
73,007
Buy
140
170
21.8
TCS
IT
499,809
Buy
2,552
3,168
24.2
Tech Mahindra IT
51,561
Buy
536
646
20.5
Yes Bank
Financials
34,368
Buy
822
989
20.3
Sun Pharma
Pharmaceuticals
204,902 Accumulate
852
950
11.6
Source: Angel Research, Bloomberg
Mid Cap
Market
CMP
Target
Upside
Company
Sector
Rating
Cap (` Cr)
(`)
(`)
(%)
Bajaj Electricals
Others
2,813
Buy
279
341
22.2
Garware Wall Ropes Others
643
Buy
294
390
32.8
Hindustan Media Ven. Media
1,762
Buy
240
292
21.6
JK Tyre
Auto Ancillary
2,734
Buy
121
147
21.9
MBL Infrastructures
Construction
1,113
Buy
269
395
46.9
MT Educare
Others
482
Buy
121
141
16.5
Surya Roshni
Others
680
Buy
155
193
24.4
Minda Industries
Auto Ancillary
933 Accumulate
588
652
10.8
Radico Khaitan
Others
1,315 Accumulate
99
112
13.3
Setco Automotive
Auto Ancillary
678 Accumulate
254
286
12.6
Source: Angel Research, Bloomberg
www.angelbroking.com
Market Outlook
August 10, 2015
Result Calendar
Date
Company
August 10, 2015
LMW, J & K Bank, Finolex Cables, Power Grid Corpn, Adani Power, HDIL, Radico Khaitan
Bosch India, Apollo Tyres, J K Lakshmi Cements, St Bk of India, NMDC, Tata Steel, Prakash Industries, Godawari Ispat,
August 11, 2015
HPCL, Siyaram Silk Mills, Sun Pharma, Reliance Power
Ashok Leyland, India Cements, IDBI Bank, Bank of Maharashtra, Coal India, Jindal Steel, Nalco, MOIL, Goodyear,
August 12, 2015
TVS Srichakra, Abbott India, Cadila Healthcare, Aurobindo Pharma, Reliance Infra., Anant Raj
August 13, 2015
Jyoti Structures, ONGC, IOC, Page Industries, Surya Roshni, Orchid Chemicals, Tata Power Co., DLF, Unitech
Amara Raja Batteries, Power Fin.Corpn., Reliance Capital, SAIL, Hindalco, Bhushan Steel, BPCL, Elecon Engineering,
August 14, 2015
Cipla, GIPCL
Source: Bloomberg, Angel Research
Global economic events release calendar
Date
Time
Country Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
August 8, 2015
China
Exports YoY%
% Change
Jul
(8.30)
(1.50)
August 9, 2015
7:00AM China Consumer Price Index (YoY)
% Change
Jul
1.40
1.50
August 10, 2015
India
Imports YoY%
% Change
Jul
(13.40)
--
India
Exports YoY%
% Change
Jul
(15.80)
--
August 12, 2015
2:00PM UK
Jobless claims change
% Change
Jul
7.00
1.00
11:00AM China Industrial Production (YoY)
% Change
Jul
6.80
6.60
5:30PM India
Industrial Production YoY
% Change
Jun
2.70
--
August 13, 2015
6:00PM US
Initial Jobless claims
Thousands
Aug 8
270.00
270.00
August 14, 2015
2:30PM Euro Zone Euro-Zone CPI (YoY)
%
Jul F
0.20
0.20
6:45PM US
Industrial Production
%
Jul
0.23
0.30
12:00PM India
Monthly Wholesale Prices YoY%
% Change
Jul
(2.40)
--
2:30PM Euro Zone Euro-Zone GDP s.a. (QoQ)
% Change
2Q A
0.40
0.40
11:30AM Germany GDP nsa (YoY)
% Change
2Q P
1.10
1.60
August 18, 2015
6:00PM US
Building permits
Thousands
Jul
1,337.00
1,217.00
6:00PM US
Housing Starts
Thousands
Jul
1,174.00
1,180.00
2:00PM UK
CPI (YoY)
% Change
Jul
--
--
August 19, 2015
6:00PM US
Consumer price index (mom)
% Change
Jul
0.30
0.10
August 20, 2015
7:30PM US
Existing home sales
Million
Jul
5.49
5.41
August 21, 2015
7:30PM Euro Zone Euro-Zone Consumer Confidence
Value
Aug A
(7.10)
--
August 24, 2015
1:00PM Germany PMI Services
Value
Aug P
53.80
--
1:00PM Germany PMI Manufacturing
Value
Aug P
51.80
--
August 25, 2015
7:30PM US
New home sales
Thousands
Jul
482.00
--
7:30PM US
Consumer Confidence
S.A./ 1985=100
Aug
90.91
--
Source: Bloomberg, Angel Research
Market Outlook
August 10, 2015
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
8.4
6.0
5.2
4.8
5.0
8.0
7.5
7.5
3.6
4.0
3.4
7.0
2.8
2.7
6.7
6.7
6.6
2.6
2.5
7.0
6.3
6.4
3.0
2.0
0.9
6.0
0.5
1.0
5.0
4.7
-
5.0
4.5
(1.0)
4.0
(2.0)
(3.0)
3.0
(2.7)
(4.0)
Source: CSO, Angel Research
Source: MOSPI, Angel Research
Exhibit 3: Monthly CPI inflation trends
Exhibit 4: Manufacturing and services PMI
(%)
55.0
Mfg. PMI
Services PMI
8.0
7.4
54.0
7.0
6.8
7.0
53.0
5.6
5.2
5.4
5.3
6.0
4.9
5.0
52.0
4.6
5.0
4.3
51.0
4.0
3.3
3.0
50.0
2.0
49.0
1.0
48.0
-
47.0
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Source: MOSPI, Angel Research
Exhibit 5: Exports and imports growth trends
Exhibit 6: Key policy rates
(%)
Exports yoy growth
Imports yoy growth
(%)
Repo rate
Reverse Repo rate
CRR
30.0
9.00
20.0
8.00
10.0
7.00
0.0
6.00
(10.0)
5.00
(20.0)
4.00
(30.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
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Market Outlook
August 10, 2015
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
7.0
5.6
6.0
5.3
4.7
4.0
3.0
2.6
2.1
2.3
2.0
1.1
0.8
(1.6)
(2.2)
(0.9)
-
(2.0)
(4.0)
Source: Bloomberg, Angel Research
Exhibit 2: 2015 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
10.0
7.5
8.0
6.8
6.0
5.2
4.8
3.7
4.0
3.1
2.7
2.0
1.6
2.0
1.2
1.0
(1.0)
(3.8)
-
(2.0)
(4.0)
(6.0)
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
80.0
67.9
70.0
60.0
50.0
40.0
27.8
29.5
27.5
30.0
24.9
20.0
10.6
10.0
10.0
2.9
1.2
2.8
0.0
(10.0)
(6.7)
(9.7)
(20.0)
(11.2)
(8.8)
Source: Bloomberg, Angel Research
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Market Outlook
August 10, 2015
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
48,577
(4.1)
(12.4)
(11.7)
Russia
Micex
1,690
3.8
(2.3)
23.4
India
Nifty
8,565
0.9
4.8
10.8
China
Shanghai Composite
3,744
6.1
(11.5)
70.6
South Africa
Top 40
46,432
5.8
(0.6)
2.2
Mexico
Mexbol
44,862
(0.2)
(0.5)
1.1
Indonesia
LQ45
811
(4.0)
(6.2)
(7.2)
Malaysia
KLCI
1,683
(1.9)
(7.0)
(10.4)
Thailand
SET 50
935
(3.2)
(6.8)
(9.4)
USA
Dow Jones
17,373
(2.0)
(2.4)
6.4
UK
FTSE
6,718
4.9
(2.0)
2.7
Japan
Nikkei
20,725
1.2
6.4
31.8
Germany
DAX
11,491
8.5
1.6
26.9
France
CAC
5,155
12.8
2.0
24.7
Source: Bloomberg, Angel Research
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Market Outlook
August 10, 2015
Stock Watch
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
225
-
4,383
2,075
2,394
14.4
14.4
9.5
11.0
23.7
20.5
4.7
4.1
21.1
21.3
2.2
1.9
United Phosphorus
Neutral
544
-
23,320
13,698
15,752
17.6
17.6
32.1
38.5
17.0
14.1
3.3
2.8
21.4
21.3
1.8
1.5
Auto & Auto Ancillary
Ashok Leyland
Neutral
87
-
24,816
17,394
20,318
9.6
10.7
2.8
4.4
31.1
19.8
4.4
4.1
14.3
20.4
1.4
1.2
Bajaj Auto
Neutral
2,538
-
73,437
23,842
27,264
19.8
19.6
128.4
144.4
19.8
17.6
6.0
5.2
30.5
29.5
2.6
2.3
Eicher Motors
Accumulate
20,632
21,843
55,999
11,681
15,550
15.3
16.9
358.5
564.3
57.6
36.6
17.3
12.9
29.8
34.9
4.7
3.5
Hero Motocorp
Neutral
2,661
-
53,127
28,500
33,028
13.8
14.1
144.2
166.3
18.5
16.0
6.8
5.8
36.7
36.0
1.7
1.4
L G Balakrishnan & Bros Neutral
484
-
759
1,254
1,394
11.6
11.8
35.9
41.7
13.5
11.6
1.8
1.6
13.5
13.8
0.7
0.6
Mahindra and Mahindra Neutral
1,388
-
86,186
41,078
46,473
11.5
12.0
51.4
62.7
27.0
22.1
4.0
3.5
14.7
15.9
1.8
1.6
Maruti
Accumulate
4,452
4,735
134,485
58,102
68,587
16.7
16.9
182.0
225.5
24.5
19.7
4.9
4.2
19.9
21.0
2.1
1.7
Minda Industries
Accumulate
588
652
933
2,500
2,889
7.6
8.3
39.4
54.3
14.9
10.8
2.1
1.8
14.1
16.3
0.5
0.4
Rane Brake Lining
Accumulate
326
366
258
454
511
11.1
11.4
23.8
28.1
13.7
11.6
1.9
1.8
14.2
15.3
0.7
0.6
Setco Automotive
Accumulate
254
286
678
718
862
13.3
14.3
13.4
19.0
19.0
13.4
2.9
2.5
15.4
18.5
1.2
1.1
Tata Motors
Accumulate
393
425
113,337
258,457
276,275
13.3
13.7
29.3
35.2
13.4
11.2
1.5
1.3
11.4
12.2
0.6
0.7
TVS Motor
Accumulate
239
255
11,362
11,839
13,985
7.0
8.0
10.8
15.9
22.1
15.0
5.7
4.5
25.5
29.7
0.9
0.8
Amara Raja Batteries
Neutral
972
-
16,606
5,355
6,641
17.4
17.8
31.8
40.9
30.6
23.8
7.7
6.1
25.2
25.5
3.1
2.4
Exide Industries
Neutral
159
-
13,490
7,363
8,247
13.7
14.5
6.6
7.7
24.1
20.6
3.0
2.8
12.6
13.3
1.6
1.4
Apollo Tyres
Neutral
212
-
10,804
12,866
13,892
15.7
15.4
20.1
19.9
10.6
10.7
1.7
1.5
15.8
13.6
0.9
0.9
Ceat
Neutral
1,019
-
4,122
6,041
6,770
14.3
13.9
101.5
117.7
10.0
8.7
2.0
1.7
20.0
19.2
0.8
0.7
JK Tyres
Buy
121
147
2,734
7,446
7,942
15.2
14.7
19.6
21.0
6.2
5.7
1.6
1.3
25.2
21.7
0.8
0.7
Swaraj Engines
Neutral
991
-
1,231
593
677
14.5
14.8
51.2
60.8
19.4
16.3
4.5
4.0
23.3
24.8
1.9
1.6
Subros
Neutral
97
-
581
1,268
1,488
11.6
11.9
3.7
6.6
26.2
14.7
1.8
1.6
6.8
11.4
0.8
0.6
Indag Rubber
Buy
203
247
534
283
329
17.0
17.2
13.0
15.4
15.7
13.2
3.4
2.9
21.8
21.6
1.6
1.3
Capital Goods
ACE
Neutral
52
-
512
660
839
4.7
8.2
1.0
3.9
51.8
13.3
1.6
1.4
3.2
11.3
0.9
0.7
BEML
Accumulate
1,486
1,607
6,190
3,277
4,006
6.0
8.9
29.2
64.3
50.9
23.1
2.8
2.6
5.7
11.7
2.0
1.6
BGR Energy
Neutral
141
-
1,018
3,615
3,181
9.5
9.4
16.7
12.4
8.5
11.4
0.8
0.8
10.0
7.0
0.7
0.9
BHEL
Neutral
266
-
65,057
33,722
35,272
10.8
11.7
10.5
14.2
25.3
18.7
1.9
1.8
7.0
9.0
2.0
1.9
Blue Star
Neutral
378
-
3,399
3,649
4,209
5.0
5.9
9.2
14.7
41.3
25.7
7.5
7.0
9.1
17.5
1.0
0.9
Crompton Greaves
Accumulate
193
204
12,077
13,484
14,687
4.9
6.2
4.5
7.1
42.8
27.1
3.0
2.8
7.2
10.8
1.0
0.9
Inox Wind
Buy
406
505
9,020
4,980
5,943
17.0
17.5
26.6
31.6
15.3
12.9
4.6
3.4
35.0
30.0
2.0
1.6
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Market Outlook
August 10, 2015
Stock Watch
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
KEC International
Neutral
150
-
3,850
8,791
9,716
6.1
6.8
5.4
8.2
27.7
18.3
2.8
2.5
10.0
14.0
0.7
0.6
Thermax
Neutral
1,044
-
12,438
6,413
7,525
7.4
8.5
30.5
39.3
34.2
26.6
5.3
4.6
15.0
17.0
1.9
1.6
Cement
ACC
Accumulate
1,400
1,548
26,278
11,856
14,092
14.5
17.8
47.6
76.1
29.4
18.4
3.0
2.8
10.6
15.7
2.1
1.7
Ambuja Cements
Neutral
229
-
35,461
10,569
12,022
20.7
22.2
8.7
10.7
26.3
21.4
3.3
3.1
13.0
15.2
3.0
2.6
India Cements
Buy
88
132
2,694
4,716
5,133
14.9
15.8
1.0
4.5
87.7
19.5
0.9
0.9
1.0
4.5
0.9
0.8
JK Cement
Accumulate
673
767
4,701
4,056
4,748
14.5
17.0
22.6
41.1
29.8
16.4
2.7
2.4
9.3
15.3
1.6
1.3
J K Lakshmi Cement
Buy
374
443
4,398
3,004
3,618
17.6
19.9
13.9
27.2
26.9
13.7
3.0
2.6
11.8
20.5
1.9
1.5
Mangalam Cements
Buy
239
349
639
1,111
1,336
12.2
15.1
16.3
34.6
14.7
6.9
1.2
1.1
8.2
16.0
0.9
0.7
Orient Cement
Neutral
177
-
3,618
1,854
2,524
21.2
22.2
7.7
11.1
22.9
15.9
3.3
2.8
13.3
15.7
2.7
1.9
Ramco Cements
Neutral
365
-
8,689
4,036
4,545
20.8
21.3
15.1
18.8
24.2
19.4
3.0
2.6
12.9
14.3
2.7
2.3
Shree Cement^
Neutral
11,314
-
39,416
7,150
8,742
26.7
28.6
228.0
345.5
49.6
32.8
7.3
6.1
15.7
20.3
5.3
4.2
UltraTech Cement
Neutral
3,202
-
87,866
27,562
31,548
20.4
22.3
111.9
143.3
28.6
22.4
4.1
3.5
15.2
16.8
3.3
2.8
Construction
ITNL
Neutral
146
-
3,606
7,589
8,021
34.0
35.9
16.0
19.0
9.1
7.7
0.6
0.5
6.5
6.7
3.6
3.8
KNR Constructions
Neutral
562
-
1,621
915
1,479
14.3
13.9
20.3
37.2
27.7
15.1
2.5
2.2
9.6
15.6
1.9
1.2
Larsen & Toubro
Accumulate
1,834
2,013
170,638
68,920
82,446
10.9
11.5
57.0
73.0
32.2
25.1
2.9
2.7
13.6
15.5
2.7
2.2
Gujarat Pipavav Port
Neutral
214
-
10,365
793
694
53.0
50.9
9.0
8.0
23.8
26.8
5.2
4.2
25.9
18.4
12.7
14.4
MBL Infrastructures
Buy
269
395
1,113
2,507
2,986
12.4
14.4
21.5
20.5
12.5
13.1
1.5
1.4
12.6
12.7
1.2
1.1
PNC Infratech
Accumulate
481
445
2,468
1,719
2,003
13.0
13.5
21.0
28.0
22.9
17.2
2.0
1.8
11.0
10.9
1.5
1.3
Financials
Allahabad Bank
Neutral
93
-
5,311
8,859
9,817
3.0
3.0
23.7
30.1
3.9
3.1
0.5
0.4
10.6
12.3
-
-
Axis Bank
Buy
580
716
137,783
26,522
31,625
3.6
3.6
36.2
45.4
16.0
12.8
3.1
2.7
18.2
19.6
-
-
Bank of Baroda
Neutral
185
-
40,935
18,934
21,374
2.0
2.0
13.2
15.1
14.0
12.3
1.0
1.0
7.1
7.7
-
-
Bank of India
Neutral
172
-
11,403
17,402
20,003
2.0
2.1
40.3
50.7
4.3
3.4
0.4
0.4
9.0
10.4
-
-
Canara Bank
Neutral
309
-
15,912
15,805
17,745
2.0
2.2
64.3
73.5
4.8
4.2
0.5
0.5
10.8
11.3
-
-
Dena Bank
Neutral
45
-
2,522
3,580
4,040
2.1
2.2
8.4
10.9
5.4
4.1
0.5
0.4
6.8
8.4
-
-
Federal Bank
Neutral
68
-
11,652
3,522
4,045
3.2
3.2
12.2
14.1
5.6
4.8
0.7
0.6
12.9
13.4
-
-
HDFC
Neutral
1,299
-
204,709
11,198
13,321
3.5
3.5
45.1
53.7
28.8
24.2
5.9
5.3
27.2
28.2
-
-
HDFC Bank
Accumulate
1,093
1,255
274,728
38,629
47,500
4.5
4.7
52.6
66.4
20.8
16.5
3.8
3.2
19.6
21.2
-
-
ICICI Bank
Buy
310
370
180,035
36,037
41,647
3.5
3.6
22.9
26.7
13.5
11.6
2.3
2.0
15.7
15.9
-
-
IDBI Bank
Neutral
67
-
10,763
9,806
11,371
1.7
1.9
10.0
16.3
6.8
4.1
0.5
0.4
6.8
10.4
-
-
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Market Outlook
August 10, 2015
Stock Watch
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
Financials
Indian Bank
Neutral
148
-
7,106
6,454
7,321
2.5
2.6
26.4
33.3
5.6
4.4
0.5
0.4
8.1
9.6
-
-
LIC Housing Finance
Buy
510
590
25,761
2,934
3,511
2.3
2.3
30.9
36.8
16.5
13.9
2.7
2.3
16.8
17.5
-
-
Oriental Bank
Neutral
180
-
5,403
7,930
8,852
2.5
2.5
51.8
57.1
3.5
3.2
0.4
0.4
9.3
9.5
-
-
Punjab Natl.Bank
Neutral
160
-
29,654
24,160
27,777
2.9
3.0
18.5
24.6
8.6
6.5
0.8
0.7
8.8
10.8
-
-
South Ind.Bank
Neutral
23
-
3,132
1,999
2,249
2.4
2.4
3.5
4.0
6.7
5.8
0.8
0.8
12.6
13.1
-
-
St Bk of India
Neutral
281
-
212,913
86,900
100,550
3.1
3.1
22.1
27.7
12.8
10.2
1.6
1.4
12.7
14.3
-
-
Union Bank
Neutral
206
-
13,126
12,995
14,782
2.4
2.4
32.3
40.9
6.4
5.1
0.8
0.6
10.7
12.3
-
-
Vijaya Bank
Neutral
40
-
3,467
3,474
3,932
1.8
1.9
5.9
7.2
6.9
5.6
0.6
0.5
8.1
9.3
-
-
Yes Bank
Buy
822
989
34,368
7,006
8,825
3.1
3.3
61.4
77.1
13.4
10.7
2.5
2.1
20.1
21.3
-
-
FMCG
Asian Paints
Neutral
900
-
86,294
16,553
19,160
16.0
16.2
17.7
21.5
50.9
41.8
13.5
12.2
29.4
31.2
5.0
4.4
Britannia
Neutral
3,202
-
38,411
8,065
9,395
9.6
10.2
47.2
65.5
67.8
48.9
22.5
21.3
38.3
41.2
4.6
4.0
Colgate
Neutral
2,043
-
27,788
4,836
5,490
19.5
19.7
48.5
53.2
42.1
38.4
30.9
26.9
99.8
97.5
5.6
5.0
Dabur India
Neutral
308
-
54,163
9,370
10,265
17.1
17.2
7.3
8.1
42.0
38.1
12.7
10.3
33.7
30.6
5.7
5.2
GlaxoSmith Con*
Neutral
6,296
-
26,479
4,919
5,742
17.2
17.4
168.3
191.2
37.4
32.9
10.6
9.0
28.8
28.9
4.9
4.2
Godrej Consumer
Neutral
1,399
-
47,646
10,168
12,886
16.1
16.1
32.1
38.4
43.6
36.4
8.9
8.2
19.7
21.0
4.8
3.8
HUL
Neutral
906
-
196,031
34,940
38,957
17.5
17.7
20.8
24.7
43.6
36.7
48.5
38.7
110.5
114.2
5.4
4.8
ITC
Buy
325
409
260,328
41,068
45,068
37.8
37.4
13.9
15.9
23.3
20.4
7.8
6.9
34.1
33.8
6.0
5.4
Marico
Neutral
439
-
28,297
6,551
7,766
15.7
16.0
10.4
12.5
42.3
35.1
12.3
10.2
33.2
32.4
4.2
3.6
Nestle*
Neutral
6,552
-
63,173
11,291
12,847
22.2
22.3
158.9
184.6
41.2
35.5
21.6
19.4
55.0
57.3
5.4
4.7
Tata Global
Accumulate
142
152
8,952
8,635
9,072
9.8
9.9
6.5
7.6
21.8
18.7
2.2
2.1
6.8
7.4
1.0
0.9
IT
HCL Tech^
Buy
939
1,100
132,028
41,535
46,519
24.0
23.4
56.6
61.1
16.6
15.4
3.5
2.7
20.8
17.7
3.1
2.6
Infosys
Buy
1,096
1,306
251,653
60,250
66,999
28.0
28.0
58.3
63.7
18.8
17.2
3.9
3.4
20.9
19.7
3.5
3.0
TCS
Buy
2,552
3,168
499,809
108,420
123,559
28.8
28.7
127.2
143.9
20.1
17.7
8.0
7.4
39.9
41.8
4.2
3.6
Tech Mahindra
Buy
536
646
51,561
25,566
28,890
16.0
17.0
26.3
31.9
20.4
16.8
3.7
3.1
17.9
18.6
1.8
1.5
Wipro
Buy
569
719
140,538
52,414
58,704
23.7
23.8
38.4
42.3
14.8
13.5
2.9
2.6
19.5
18.0
2.3
1.9
Media
D B Corp
Accumulate
325
356
5,974
2,241
2,495
27.8
27.9
21.8
25.6
14.9
12.7
3.9
3.4
26.7
28.5
2.6
2.3
HT Media
Neutral
89
-
2,069
2,495
2,603
11.2
11.2
7.3
8.6
12.2
10.3
1.0
0.9
7.4
8.1
0.3
0.3
Jagran Prakashan
Accumulate
141
156
4,624
1,939
2,122
26.0
26.0
8.3
9.2
17.0
15.4
2.9
2.6
17.5
17.1
2.3
2.1
Sun TV Network
Neutral
337
-
13,298
2,779
3,196
70.2
70.5
22.8
27.3
14.8
12.4
3.7
3.3
26.7
28.3
4.5
3.9
www.angelbroking.com
Market Outlook
August 10, 2015
Stock Watch
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
Media
Hindustan Media
Buy
240
292
1,762
920
1,031
20.0
20.0
19.2
20.9
12.5
11.5
2.1
1.8
16.4
15.3
1.5
1.3
Ventures
Metals & Mining
Coal India
Accumulate
416
450
262,477
77,595
89,628
22.9
24.4
27.6
30.0
15.1
13.9
6.5
6.5
33.9
33.2
2.7
2.3
Hind. Zinc
Neutral
155
-
65,619
15,546
16,821
47.5
49.0
19.7
20.3
7.9
7.6
1.3
1.2
17.2
16.6
2.0
1.5
Hindalco
Neutral
110
-
22,632
112,328
119,817
7.7
7.9
16.3
20.1
6.7
5.5
0.5
0.5
8.0
8.5
0.7
0.6
JSW Steel
Neutral
922
-
22,295
48,125
53,595
18.8
21.0
46.9
97.5
19.7
9.5
1.0
0.9
4.4
9.5
1.3
1.1
NMDC
Neutral
104
-
41,253
12,544
13,330
59.5
59.7
16.3
16.5
6.4
6.3
1.1
1.1
5.1
9.9
2.0
2.0
SAIL
Neutral
61
-
25,297
56,365
63,383
6.9
8.0
7.1
8.2
8.6
7.5
0.5
0.5
7.0
7.1
1.0
0.9
Vedanta
Neutral
129
-
38,333
81,842
88,430
30.6
32.8
20.2
25.7
6.4
5.0
0.5
0.4
7.5
8.5
0.8
0.6
Tata Steel
Neutral
262
-
25,451
136,805
149,228
11.3
11.9
26.4
36.8
9.9
7.1
0.8
0.7
6.0
8.0
0.7
0.7
Oil & Gas
Cairn India
Neutral
167
-
31,310
12,617
14,513
33.7
40.0
25.5
27.7
6.6
6.0
0.5
0.5
7.4
7.7
1.1
0.9
GAIL
Neutral
342
-
43,344
75,595
85,554
8.6
8.0
31.8
36.1
10.7
9.5
1.2
1.1
10.7
11.4
0.7
0.6
ONGC
Neutral
282
-
241,521
174,773
192,517
22.7
24.8
34.6
38.2
8.2
7.4
1.2
1.1
14.2
14.9
1.5
1.3
Petronet LNG
Neutral
185
-
13,898
45,759
49,386
3.7
4.0
12.6
14.9
14.7
12.4
2.3
2.0
16.1
16.7
0.4
0.3
Reliance Industries
Accumulate
984
1,050
318,715
339,083
384,014
7.8
9.5
75.7
94.5
13.0
10.4
1.3
1.2
10.7
12.2
1.3
1.1
Pharmaceuticals
Alembic Pharma
Neutral
714
-
13,455
2,405
2,859
19.9
20.4
17.7
22.0
40.3
32.4
11.6
8.8
32.6
30.9
5.6
4.7
Aurobindo Pharma
Accumulate
773
824
45,155
14,435
16,600
22.6
22.6
36.1
41.2
21.4
18.8
6.4
4.8
34.5
29.3
3.5
3.0
Aventis*
Neutral
4,113
-
9,472
2,156
2,455
15.1
16.8
109.7
133.9
37.5
30.7
5.1
4.2
18.4
22.5
4.1
3.4
Cadila Healthcare
Neutral
1,923
-
39,380
10,224
11,840
19.7
20.0
69.8
81.0
27.6
23.8
7.3
5.8
26.8
25.3
3.9
3.3
Cipla
Neutral
716
-
57,514
14,051
16,515
18.9
18.7
25.1
28.9
28.5
24.8
4.6
3.9
17.2
16.9
4.1
3.4
Dr Reddy's
Neutral
4,259
-
72,605
17,903
20,842
22.7
22.8
160.5
189.5
26.5
22.5
5.4
4.5
22.2
21.7
4.0
3.4
Dishman Pharma
Buy
199
278
1,602
1,716
1,888
20.2
20.2
16.3
21.6
12.2
9.2
1.1
1.0
9.7
11.7
1.1
0.9
GSK Pharma*
Neutral
3,663
-
31,023
2,870
3,158
20.0
22.1
59.5
68.3
61.6
53.6
18.2
18.7
28.5
34.3
10.3
9.4
Indoco Remedies
Neutral
346
-
3,193
1,088
1,262
18.2
18.2
13.1
15.5
26.5
22.4
5.2
4.3
21.2
21.1
3.0
2.6
Ipca labs
Neutral
785
-
9,903
3,507
4,078
17.6
18.6
25.8
32.0
30.4
24.5
3.9
3.4
13.8
14.9
3.1
2.6
Lupin
Neutral
1,695
-
76,261
14,864
17,244
26.9
26.9
62.1
71.1
27.3
23.8
6.6
5.3
27.4
24.6
4.9
4.1
Sun Pharma
Accumulate
852
950
204,902
27,839
33,542
27.7
29.7
18.9
26.9
45.1
31.7
4.1
3.6
13.0
14.6
6.7
5.3
Power
Tata Power
Neutral
69
-
18,689
38,302
38,404
14.1
13.1
5.1
6.0
13.5
11.6
1.3
1.2
9.2
10.3
1.4
1.3
NTPC
Neutral
134
-
110,366
89,067
98,329
15.9
16.5
12.1
13.1
11.1
10.3
1.2
1.2
11.0
11.6
2.3
2.2
Power Grid
Buy
140
170
73,007
19,986
22,702
86.2
86.3
11.1
12.7
12.6
11.0
1.7
1.5
14.4
14.7
8.8
8.1
www.angelbroking.com
Market Outlook
August 10, 2015
Stock Watch
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
Telecom
Bharti Airtel
Neutral
412
-
164,573
101,748
109,191
32.1
31.7
12.0
12.5
34.3
32.9
2.4
2.2
6.9
6.7
2.3
2.0
Idea Cellular
Neutral
167
-
60,045
34,282
36,941
32.0
31.5
5.9
6.2
28.3
26.9
2.6
2.4
9.9
9.3
2.3
2.2
zOthers
Abbott India
Neutral
4,804
-
10,207
2,713
3,141
13.7
13.5
127.8
145.7
37.6
33.0
8.8
7.1
25.9
23.9
3.5
2.9
Bajaj Electricals
Buy
279
341
2,813
4,719
5,287
5.2
5.8
8.6
12.7
32.6
22.0
3.7
3.3
11.4
14.8
0.6
0.5
Finolex Cables
Neutral
261
-
3,984
2,728
3,036
10.8
11.0
14.4
16.8
18.1
15.6
2.8
2.4
15.2
15.3
1.2
1.0
Goodyear India*
Neutral
633
-
1,460
1,536
1,683
9.6
10.0
41.8
48.0
15.1
13.2
2.6
2.3
18.2
18.3
0.7
0.6
Hitachi
Neutral
1,412
-
3,838
1,806
2,112
9.0
9.2
28.6
29.1
49.4
48.5
12.3
9.9
28.1
22.6
2.2
1.9
Jyothy Laboratories
Neutral
308
-
5,581
1,620
1,847
11.5
11.5
7.3
8.5
42.3
36.4
5.5
5.1
13.3
14.4
3.3
2.8
MRF
Neutral
44,934
-
19,057
20,727
14,841
19.3
18.6
4,905.8
3,351.9
9.2
13.4
2.9
2.4
37.6
19.6
0.9
1.2
Page Industries
Neutral
14,621
-
16,308
1,929
2,450
19.8
20.1
229.9
299.0
63.6
48.9
28.1
19.5
52.1
47.1
8.5
6.7
Relaxo Footwears
Neutral
563
-
6,761
1,767
2,152
12.3
12.5
19.3
25.1
29.3
22.5
7.2
5.5
27.7
27.8
3.9
3.2
Siyaram Silk Mills
Neutral
1,383
-
1,297
1,653
1,873
11.7
12.2
99.3
122.1
13.9
11.3
2.5
2.1
19.5
20.2
0.9
0.8
Styrolution ABS India*
Neutral
890
-
1,564
1,271
1,440
8.6
9.2
32.0
41.1
27.8
21.7
2.8
2.5
10.7
12.4
1.2
1.0
Tree House
Accumulate
398
433
1,682
259
324
56.8
56.8
17.0
21.7
23.4
18.3
2.4
2.1
10.1
11.5
6.4
5.3
TVS Srichakra
Neutral
2,894
-
2,216
2,112
2,389
11.9
12.1
168.5
202.5
17.2
14.3
5.9
4.4
39.6
35.5
1.1
1.0
HSIL
Buy
285
434
2,058
2,085
2,436
18.5
18.6
21.7
28.9
13.2
9.9
1.3
1.2
10.0
12.1
1.1
0.9
Kirloskar Engines India
Neutral
300
-
4,338
2,779
3,314
10.3
11.9
12.0
17.5
25.1
17.1
3.0
2.7
12.5
16.7
1.2
1.0
Ltd
M M Forgings
Buy
660
797
797
563
671
22.1
22.9
51.0
66.5
13.0
9.9
2.7
2.2
23.1
24.1
1.6
1.3
Banco Products (India)
Neutral
140
-
1,001
1,196
1,370
9.7
11.8
9.4
14.3
15.0
9.8
1.5
1.3
10.4
14.5
0.8
0.7
Competent Automobiles Neutral
195
-
120
1,007
1,114
3.1
3.1
23.7
28.2
8.3
6.9
1.2
1.0
13.9
14.6
0.1
0.1
Nilkamal
Neutral
1,164
-
1,737
1,948
2,147
10.6
10.3
60.0
67.0
19.4
17.4
3.0
2.6
16.8
16.1
0.9
0.8
Visaka Industries
Neutral
173
-
275
1,158
1,272
8.6
9.5
23.7
32.7
7.3
5.3
0.7
0.7
10.1
12.5
0.4
0.3
Transport Corporation of
Neutral
286
-
2,164
2,830
3,350
8.8
9.0
14.4
18.3
19.9
15.6
3.1
2.7
15.4
17.1
0.9
0.8
India
Elecon Engineering
Neutral
91
-
991
1,452
1,596
13.7
14.7
4.2
6.2
21.9
14.6
1.7
1.6
8.1
11.2
1.0
0.8
Surya Roshni
Neutral
155
-
680
2,992
3,223
8.4
8.7
15.2
19.3
10.2
8.1
1.0
0.9
10.1
11.5
0.5
0.5
MT Educare
Buy
121
141
482
275
355
18.3
17.3
7.4
8.8
16.4
13.7
3.3
2.9
20.2
21.1
1.7
1.3
Radico Khaitan
Accumulate
99
112
1,315
1,565
1,687
11.9
12.4
5.4
6.6
18.3
15.0
1.5
1.4
8.0
9.0
1.3
1.3
Garware Wall Ropes
Buy
298
390
652
875
983
10.4
10.6
23.1
27.8
12.9
10.7
1.8
1.6
14.1
14.8
0.7
0.6
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on August 07, 2015
www.angelbroking.com
Market Outlook
August 10, 2015
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
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