Market Outlook

September 10, 2015

Dealer’s Diary

Domestic Indices

Chg (%)

(Pts)

(Close)

BSE Sensex

1.6

402

25,720

Indian markets are expected to open on a negative note tracking the SGX Nifty and

global markets.

Nifty

1.7

130

7,819

MID CAP

1.9

199

10,434

After initially registering sharp rise, the US market pulled back and ended in the

SMALL CAP

1.8

193

10,675

negative zone as traders were unwilling to partake in buying owing to lack of major

BSE HC

0.5

16,902

economic data release.

BSE PSU

1.8

120

6,648

The European markets ended Wednesday’s session in the green with markets

BANKEX

1.7

317

19,019

feeding off on strong rally in the Asian markets. The markets reversed from their

AUTO

2.9

499

17,576

respective intraday highs after UK’s industrial production dropped 0.4% in July.

METAL

3.5

252

7,366

The Indian markets rose strongly on Wednesday, mainly on the back of positive

OIL & GAS

1.4

121

8,663

movement across global markets. The surge in world stock markets amid signs of

BSE IT

1.4

151

11,062

stability in China spurred gains in rupee for the second consecutive session

Global Indices

Chg (%)

(Pts)

(Close)

Dow Jones

(1.4)

(239)

16,254

News & Result Analysis

NASDAQ

(1.2)

(55)

4,757

 Cabinet clears gold bond, monetisation schemes

Refer detailed news analysis on the following page

FTSE

1.3

6,229

Nikkei

7.7

1,343

18,771

Markets Today

Hang Sang

4.1

872

22,131

The trend deciding level for the day is 25,698 / 7,810 levels. If NIFTY trades above

Straits Times

1.5

2,928

this level during the first half-an-hour of trade then we may witness a further rally up

Shanghai Com

2.3

3,243

to 25,842 - 25,965 / 7,855 - 7,891 levels. However, if NIFTY trades below

25,698 / 7,810 levels for the first half-an-hour of trade then it may correct towards

Indian ADR

Chg (%)

(Pts)

(Close)

25,575 - 25,431 / 7,773 - 7,728 levels

INFY

(1.0)

(0.2)

$17.3

Indices

PIVOT

WIT

(2.4)

(0.3)

$11.5

SENSEX

25,431

25,575

25,698

25,842

25,965

IBN

(0.4)

(0.0)

$8.4

NIFTY

7,728

7,773

7,810

7,855

7,891

HDB

(0.0)

$56.9

Net Inflows (September 08, 2015)

Advances / Declines

BSE

NSE

` cr

Purch

Sales

Net

MTD

YTD

Advances

1,982

1,245

FII

2,970

3,604

(635)

(5,096)

118,664

Declines

728

284

MFs

1,107

520

587

3,149

73,797

Unchanged

101

FII Derivatives (September 09, 2015)

Volumes (` cr)

` cr

Purch

Sales

Net

Open Interest

Index Futures

3,630

3,241

389

21,528

BSE

2,953

Stock Futures

3,370

2,354

1,016

45,667

NSE

17,185

Gainers / Losers

Gainer

Loser

Company

Price (`)

chg (%)

Company

Price (`)

chg (%)

GITANJALI

11.9

SUNASIAN

156

(5.0)

MARUTI

11.6

PMCFIN

(4.9)

AMTEKAUTO

11.3

MANAPPURAM

(4.1)

MCLEODRUSS

167

10.0

TORNTPHARM

1,490

(3.4)

NMDC

104

9.2

DBCORP

302

(3.3)

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Market Outlook

September 10, 2015

Cabinet clears gold bond, monetisation schemes

The Cabinet approved Gold Bond and Gold Monetisation schemes to reduce the

metal's demand in physical form and fish out idle gold lying with households and

other entities. The Gold Bond scheme will have an annual cap of 500 grams per

person and such bonds would be issued for a period of 5-7 years. People holding

idle gold can deposit it in banks for either short, medium or long term. This would

result in idle gold moving into the system for more effective use and could reduce

imports.

Economic and Political News

 Govt clears deck for spectrum trading

 Cabinet clears gold bond, monetization schemes

 Fragile PSBs to merge with strong peers if worries persist: FM

Corporate News

 TVS Motor and Sundaram Clayton together to invest `800 cr

 Adani, HCL, MRF, ITC and others commit over `30,000 cr in Tamil Nadu

 RINL's sales volume, exports grow in August

www.angelbroking.com

Market Outlook

September 10, 2015

Top Picks

Large Cap

Market Cap

CMP

Target

Upside

Company

Sector

Rating

(` Cr)

(`)

(%)

Aurobindo

Pharma

41,797

Buy

716

872

21.8

Axis Bank

Financials

1,15,498

Buy

486

701

44.3

ICICI Bank

Financials

1,53,506

Buy

264

370

39.9

Infosys

2,50,022

Buy

1,089

1,306

20.0

Inox Wind

Capital Goods

8,707

Buy

392

505

28.7

LIC HFL

Financials

21,607

Buy

428

570

33.1

Power Grid

Power

65,918

Buy

126

170

34.9

TCS

4,99,603

Buy

2,551

3,168

24.2

Tech Mahindra IT

51,221

Buy

533

646

21.3

Yes Bank

Financials

29,940

Buy

716

953

33.2

Sun Pharma

Pharma

2,02,141 Accumulate

840

950

13.1

Source: Angel Research, Bloomberg

Mid Cap

Market Cap

CMP

Target

Upside

Company

Sector

Rating

(` Cr)

(`)

(%)

Bajaj Electricals

Others

2,473

Buy

245

341

39.1

Garware Wall RopesOthers

613

Buy

280

390

39.2

JK Tyre

Auto Ancillary

2,335

Buy

103

129

25.3

MBL Infrastructures Construction

1,011

Buy

244

360

47.7

Minda Industries

Auto Ancillary

806

Buy

508

652

28.3

MT Educare

Others

500

Buy

126

169

34.6

Radico Khaitan

Others

1,163

Buy

112

28.1

Surya Roshni

Others

513

Buy

117

183

56.2

Tree House

Others

1,629

Buy

385

449

16.6

Source: Angel Research, Bloomberg

www.angelbroking.com

Market Outlook

September 10, 2015

Global economic events release calendar

Date

Time

Country Event Description

Unit

Period

Bloomberg Data

Last Reported Estimated

September 10, 2015

6:00PM

Initial Jobless claims

Thousands

Sep 5

282.00

275.00

September 11, 2015

India

Imports YoY%

% Change

Aug

(10.28)

India

Exports YoY%

% Change

Aug

(10.30)

September 10, 2015

7:00AM

China

Consumer Price Index (YoY)

% Change

Aug

1.60

1.80

4:30PM

BOE Announces rates

% Ratio

Sep 10

0.50

September 11, 2015

5:30PM

India

Industrial Production YoY

% Change

Jul

3.80

3.60

September 13, 2015

11:00AM

China

Industrial Production (YoY)

% Change

Aug

6.00

6.30

September 14, 2015

12:00PM

India

Monthly Wholesale Prices YoY%

% Change

Aug

(4.05)

(4.40)

September 15, 2015

6:45PM

Industrial Production

Aug

0.56

(0.20)

2:00PM

CPI (YoY)

% Change

Aug

0.10

September 16, 2015

2:00PM

Jobless claims change

% Change

Aug

(4.90)

2:30PM

Euro Zone Euro-Zone CPI (YoY)

Aug F

0.20

6:00PM

Consumer price index (mom)

% Change

Aug

0.10

September 17, 2015

6:00PM

Building permits

Thousands

Aug

1,130.00

1,135.00

6:00PM

Housing Starts

Thousands

Aug

1,206.00

1,145.00

11:30PM

FOMC rate decision

Sep 17

0.25

0.50

September 21, 2015

7:30PM

Existing home sales

Million

Aug

5.59

September 22, 2015

7:30PM

Euro Zone Euro-Zone Consumer Confidence

Value

Sep A

(6.90)

September 23, 2015

1:00PM

Germany PMI Services

Value

Sep P

54.90

1:00PM

Germany PMI Manufacturing

Value

Sep P

53.30

September 24, 2015

7:30PM

New home sales

Thousands

Aug

507.00

September 25, 2015

6:00PM

GDP Qoq (Annualised)

% Change

2Q T

3.70

September 29, 2015

7:30PM

Consumer Confidence

S.A./ 1985=100

Sep

101.54

11:00AM

India

RBI Reverse Repo rate

Sep 29

6.25

11:00AM

India

RBI Repo rate

Sep 29

7.25

11:00AM

India

RBI Cash Reserve ratio

Sep 29

4.00

September 30, 2015

1:25PM

Germany Unemployment change (000's)

Thousands

Sep

(7.00)

2:00PM

GDP (YoY)

% Change

2Q F

2.60

October 1, 2015

6:30AM

China

PMI Manufacturing

Value

Sep

49.70

2:00PM

PMI Manufacturing

Value

Sep

51.50

October 2, 2015

6:00PM

Change in Nonfarm payrolls

Thousands

Sep

173.00

6:00PM

Unnemployment rate

Sep

5.10

6:00PM

Unnemployment rate

Sep

5.10

Source: Bloomberg, Angel Research

Market Outlook

September 10, 2015

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

9.0

8.4

6.0

5.2

4.8

7.5

5.0

3.8

8.0

3.6

3.4

7.0

4.0

2.8

6.7

2.6

2.5

7.0

6.3

6.4

6.6

3.0

2.0

6.0

0.5

1.0

5.0

4.7

5.0

(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

(%)

56.0

Mfg. PMI

Services PMI

8.0

7.0

54.0

7.0

5.6

5.4

6.0

5.2

5.4

5.3

5.0

52.0

4.6

4.9

5.0

4.3

3.8

4.0

3.3

50.0

3.0

48.0

2.0

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

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

www.angelbroking.com

Market Outlook

September 10, 2015

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

46,657

(4.0)

(11.7)

(23.3)

Russia

Micex

1,722

1.2

4.2

17.6

India

Nifty

7,819

(8.3)

(1.8)

(3.6)

China

Shanghai Composite

3,243

(14.6)

(37.5)

44.2

South Africa

Top 40

44,249

(4.7)

(2.5)

(4.2)

Mexico

Mexbol

42,755

(5.7)

(4.2)

(6.9)

Indonesia

LQ45

732

(10.9)

(18.4)

(18.7)

Malaysia

KLCI

1,603

(4.7)

(7.3)

(14.2)

Thailand

SET 50

910

(2.7)

(8.4)

(12.9)

USA

Dow Jones

16,254

(6.4)

(8.5)

(4.8)

FTSE

6,229

(7.3)

(8.8)

(8.4)

Japan

Nikkei

18,771

(9.8)

(6.4)

21.3

Germany

DAX

10,303

(11.2)

(9.1)

6.1

France

CAC

4,665

(10.2)

(6.2)

5.3

Source: Bloomberg, Angel Research

www.angelbroking.com

Market Outlook

September 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

209

4,060

2,075

2,394

14.4

9.5

11.0

22.0

19.0

4.4

3.8

21.1

21.3

2.0

1.7

United Phosphorus

Neutral

520

22,285

13,698

15,752

17.6

32.1

38.5

16.2

13.5

3.2

2.6

21.4

21.3

1.7

1.4

Auto & Auto Ancillary

Ashok Leyland

Accumulate

24,887

18,186

21,529

10.8

11.2

3.3

4.5

26.5

19.4

4.5

4.2

17.3

21.6

1.3

1.1

Bajaj Auto

Accumulate

2,269

2,438

65,659

23,544

27,245

19.8

127.0

143.4

17.9

15.8

5.4

4.7

30.3

29.4

2.3

2.0

Eicher Motors

Buy

17,967

22,859

48,768

11,681

15,550

15.3

16.9

358.5

564.3

50.1

31.8

15.1

11.2

29.8

34.9

4.1

3.0

Hero Motocorp

Accumulate

2,348

2,672

46,882

28,500

32,764

14.1

14.3

146.9

167.0

16.0

14.1

6.0

5.1

37.8

36.5

1.5

1.3

L G Balakrishnan & Bros Neutral

456

716

1,254

1,394

11.6

11.8

35.9

41.7

12.7

11.0

1.7

1.5

13.5

13.8

0.7

0.6

Mahindra and Mahindra Buy

1,171

1,383

72,711

38,337

43,069

13.0

13.4

52.9

63.5

22.1

18.4

3.3

2.9

15.0

15.9

1.5

1.3

Maruti

Accumulate

4,300

4,735

129,882

58,102

68,587

16.7

16.9

182.0

225.5

23.6

19.1

4.7

4.0

19.9

21.0

2.0

1.6

Minda Industries

Buy

508

652

806

2,567

2,965

7.3

8.0

38.8

54.3

13.1

9.4

1.9

1.6

14.4

16.8

0.4

0.3

Rane Brake Lining

Buy

289

366

229

454

511

11.1

11.4

23.8

28.1

12.1

10.3

1.7

1.6

14.2

15.3

0.6

Setco Automotive

Neutral

226

603

594

741

12.7

13.7

8.4

15.8

26.9

14.3

2.8

2.4

10.4

16.9

1.5

1.2

Tata Motors

Accumulate

345

391

99,580

264,038

297,882

13.8

13.9

34.5

38.9

10.0

8.9

1.7

1.4

17.6

16.8

0.5

TVS Motor

Neutral

226

10,732

11,702

13,713

6.8

7.7

10.1

14.5

22.4

15.6

5.5

4.4

24.5

28.3

0.9

0.8

Amara Raja Batteries

Neutral

948

16,195

5,101

6,224

17.8

17.6

31.1

39.2

30.5

24.2

7.6

6.0

24.8

3.1

2.5

Exide Industries

Accumulate

150

159

12,716

7,363

8,247

13.7

14.5

6.6

7.7

22.7

19.4

2.9

2.6

12.6

13.3

1.5

1.3

Apollo Tyres

Neutral

178

9,078

12,576

12,978

16.8

16.1

22.3

19.9

8.0

9.0

1.4

1.2

17.2

13.4

0.8

Ceat

Neutral

1,139

4,607

6,041

6,597

14.3

14.2

101.5

116.6

11.2

9.8

2.2

1.9

20.0

19.1

0.9

0.8

JK Tyres

Buy

103

129

2,335

7,446

7,669

15.2

14.0

19.6

18.4

5.3

5.6

1.3

1.1

25.2

19.5

0.7

0.6

Swaraj Engines

Accumulate

860

912

1,069

593

677

14.5

14.8

51.2

60.8

16.8

14.2

3.9

3.5

23.3

24.8

1.7

1.4

Subros

Neutral

467

1,268

1,488

11.6

11.9

3.7

6.6

21.1

11.8

1.4

1.3

6.8

11.4

0.7

0.6

Indag Rubber

Neutral

172

451

283

329

17.0

17.2

13.0

15.4

13.3

11.1

2.9

2.4

21.8

21.6

1.3

1.1

Capital Goods

ACE

Neutral

357

660

839

4.7

8.2

1.0

3.9

36.1

9.3

1.1

1.0

3.2

11.3

0.7

0.5

BEML

Neutral

1,225

5,102

3,277

4,006

6.0

8.9

29.2

64.3

42.0

19.1

2.3

2.1

5.7

11.7

1.6

1.3

BGR Energy

Neutral

106

765

3,615

3,181

9.5

9.4

16.7

12.4

6.4

8.6

0.6

10.0

7.0

0.6

0.8

BHEL

Neutral

213

52,097

33,722

35,272

10.8

11.7

10.5

14.2

20.3

15.0

1.5

1.4

7.0

9.0

1.6

Blue Star

Accumulate

345

387

3,105

3,649

4,209

5.0

5.9

9.2

14.7

37.7

23.4

6.8

6.4

9.1

17.5

0.9

0.8

Crompton Greaves

Buy

166

204

10,407

13,484

14,687

4.9

6.2

4.5

7.1

36.9

23.4

2.6

2.4

7.2

10.8

0.9

0.8

Inox Wind

Buy

392

505

8,707

4,980

5,943

17.0

17.5

26.6

31.6

14.8

12.4

4.4

3.2

35.0

30.0

1.9

1.5

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Market Outlook

September 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

139

3,580

8,791

9,716

6.1

6.8

5.4

8.2

25.8

17.0

2.6

2.4

10.0

14.0

0.6

Thermax

Neutral

925

11,018

6,413

7,525

7.4

8.5

30.5

39.3

30.3

23.5

4.7

4.1

15.0

17.0

1.7

1.4

Cement

ACC

Accumulate

1,382

1,548

25,947

11,856

14,092

14.5

17.8

47.6

76.1

29.0

18.2

3.0

2.7

10.6

15.7

2.0

1.7

Ambuja Cements

Accumulate

213

233

32,993

10,569

12,022

20.7

22.2

8.7

10.7

24.4

19.9

3.1

2.9

13.0

15.2

2.7

2.4

India Cements

Buy

112

2,198

4,716

5,133

15.9

16.9

3.7

7.5

19.3

9.5

0.7

3.8

7.3

0.8

0.7

JK Cement

Buy

628

767

4,389

4,056

4,748

14.5

17.0

22.6

41.1

27.8

15.3

2.5

2.2

9.3

15.3

1.5

1.3

J K Lakshmi Cement

Buy

365

430

4,290

2,947

3,616

16.7

19.9

11.5

27.2

31.7

13.4

3.0

2.6

9.8

20.8

1.9

1.5

Mangalam Cements

Neutral

214

570

1,053

1,347

10.5

13.3

8.4

26.0

25.4

8.2

1.1

1.0

4.3

12.5

0.9

0.7

Orient Cement

Accumulate

167

183

3,417

1,854

2,524

21.2

22.2

7.7

11.1

21.7

15.0

3.1

2.7

13.3

15.7

2.6

1.8

Ramco Cements

Accumulate

332

350

7,914

4,036

4,545

20.8

21.3

15.1

18.8

22.0

17.7

2.7

2.4

12.9

14.3

2.5

2.1

Shree Cement^

Neutral

10,620

36,997

7,150

8,742

26.7

28.6

228.0

345.5

46.6

30.7

6.9

5.8

15.7

20.3

4.9

4.0

UltraTech Cement

Accumulate

2,983

3,282

81,866

27,562

31,548

20.4

22.3

111.9

143.3

26.7

20.8

3.8

3.3

15.2

16.8

3.0

2.6

Construction

ITNL

Neutral

2,276

7,360

8,825

34.0

35.9

1.0

5.0

92.3

18.5

0.4

0.3

1.4

3.7

3.6

KNR Constructions

Neutral

525

1,476

915

1,479

14.3

13.9

20.3

37.2

25.9

14.1

2.4

2.1

9.6

15.6

1.7

1.1

Larsen & Toubro

Buy

1,592

2,013

148,203

68,920

82,446

10.9

11.5

57.0

73.0

27.9

21.8

2.6

2.4

13.6

15.5

2.4

2.0

Gujarat Pipavav Port

Neutral

182

8,787

721

784

53.1

53.6

8.2

9.1

22.1

20.0

3.6

2.9

20.0

18.3

11.7

10.4

MBL Infrastructures

Buy

244

360

1,011

2,313

2,797

12.2

14.6

19.0

20.0

12.8

12.2

1.3

1.2

11.3

10.6

1.1

1.0

Nagarjuna Const.

Neutral

3,511

7,892

8,842

8.3

9.1

2.4

5.3

26.3

11.9

1.1

1.0

4.2

8.6

0.7

0.6

PNC Infratech

Neutral

480

2,464

1,798

2,132

13.2

13.5

22.0

30.0

21.8

16.0

2.0

1.8

11.5

11.4

1.5

1.2

Simplex Infra

Neutral

271

1,341

6,241

7,008

10.4

10.7

20.0

36.0

13.6

7.5

1.1

1.0

6.8

11.1

0.7

0.6

Financials

Allahabad Bank

Neutral

4,417

8,438

9,521

2.8

21.9

27.0

3.5

2.9

0.4

0.3

10.2

11.5

Axis Bank

Buy

486

701

115,498

26,941

32,298

3.5

3.6

37.4

46.4

13.0

10.5

2.6

2.3

18.7

20.0

Bank of Baroda

Neutral

180

39,906

19,027

21,737

1.9

2.0

16.9

24.5

10.7

7.4

1.0

0.9

9.1

12.1

Bank of India

Neutral

135

8,996

16,438

18,706

1.9

2.0

19.2

40.9

7.1

3.3

0.4

0.3

4.5

9.1

Canara Bank

Neutral

265

13,660

15,491

17,269

2.0

61.6

70.9

4.3

3.7

0.5

0.4

10.5

11.1

Dena Bank

Neutral

2,267

3,498

3,977

2.1

2.3

7.8

10.7

5.2

3.8

0.4

0.3

6.5

8.4

Federal Bank

Neutral

10,241

3,527

4,135

3.0

3.1

5.2

6.7

11.5

8.9

1.2

1.1

10.8

12.7

HDFC

Neutral

1,187

187,045

10,883

12,799

3.5

3.4

43.0

50.6

27.6

23.5

5.5

4.9

25.9

26.7

HDFC Bank

Buy

1,016

1,255

255,620

38,059

46,851

4.4

4.5

50.0

62.7

20.3

16.2

3.6

3.0

18.8

20.2

www.angelbroking.com

Market Outlook

September 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

ICICI Bank

Buy

264

370

153,506

35,810

41,871

3.4

3.5

22.0

26.2

12.0

10.1

2.1

1.8

15.0

15.6

IDBI Bank

Neutral

9,046

9,860

10,978

1.8

1.9

9.3

15.6

6.1

3.6

0.4

6.4

10.1

Indian Bank

Neutral

128

6,124

6,267

7,171

2.4

2.5

25.4

32.1

5.0

4.0

0.4

8.0

9.3

LIC Housing Finance

Buy

428

570

21,607

2,934

3,511

2.3

30.9

36.8

13.9

11.6

2.2

1.9

16.8

17.5

Oriental Bank

Neutral

127

3,816

7,730

8,595

2.4

2.5

38.8

47.4

3.3

2.7

0.3

8.6

9.8

Punjab Natl.Bank

Neutral

135

25,092

23,446

26,624

2.8

2.9

17.8

27.5

7.6

4.9

0.8

0.6

8.5

12.1

South Ind.Bank

Neutral

2,835

1,930

2,215

2.4

2.6

3.6

8.1

5.8

0.8

0.7

9.9

12.5

St Bk of India

Buy

232

307

175,196

83,847

96,307

2.8

20.1

25.1

11.5

9.2

1.3

1.1

11.5

13.1

Union Bank

Neutral

170

10,824

12,755

14,439

2.3

2.4

31.5

39.9

5.4

4.3

0.6

0.5

9.9

11.6

Vijaya Bank

Neutral

3,054

3,594

3,969

1.8

1.9

5.8

7.1

6.1

5.0

0.5

8.2

9.3

Yes Bank

Buy

716

953

29,940

7,204

9,078

3.2

57.8

69.5

12.4

10.3

2.2

1.9

19.6

22.6

FMCG

Asian Paints

Neutral

821

78,707

16,553

19,160

16.0

16.2

17.7

21.5

46.4

38.2

12.3

11.1

29.4

31.2

4.6

4.0

Britannia

Neutral

2,880

34,558

8,065

9,395

9.6

10.2

47.2

65.5

61.0

44.0

20.3

19.2

38.3

41.2

4.1

3.5

Colgate

Accumulate

1,836

2,022

24,974

4,836

5,490

19.5

19.7

48.5

53.2

37.9

34.5

27.8

24.2

99.8

97.5

5.1

4.5

Dabur India

Neutral

275

48,330

9,370

10,265

17.1

17.2

7.3

8.1

37.5

34.0

11.3

9.2

33.7

30.6

5.1

4.6

GlaxoSmith Con*

Neutral

5,924

24,915

4,919

5,742

17.2

17.4

168.3

191.2

35.2

31.0

10.0

8.5

28.8

28.9

4.6

3.9

Godrej Consumer

Neutral

1,165

39,655

10,168

12,886

16.1

32.1

38.4

36.3

30.3

7.4

6.8

19.7

21.0

4.0

3.1

HUL

Neutral

803

173,790

34,940

38,957

17.5

17.7

20.8

24.7

38.6

32.5

43.0

34.3

110.5

114.2

4.8

4.3

ITC

Buy

314

409

252,096

41,068

45,068

37.8

37.4

13.9

15.9

22.6

19.8

7.6

6.7

34.1

33.8

5.8

5.2

Marico

Neutral

395

25,458

6,551

7,766

15.7

16.0

10.4

12.5

38.0

31.6

11.0

9.2

33.2

32.4

3.8

3.2

Nestle*

Accumulate

5,969

6,646

57,555

11,291

12,847

22.2

22.3

158.9

184.6

37.6

32.3

19.6

17.7

55.0

57.3

4.9

4.3

Tata Global

Buy

124

152

7,798

8,635

9,072

9.8

9.9

6.5

7.6

19.0

16.3

1.9

1.8

6.8

7.4

0.8

HCL Tech^

Buy

944

1,132

132,709

42,038

47,503

23.5

56.4

62.9

16.7

15.0

3.9

3.0

23.2

19.8

2.8

2.2

Infosys

Buy

1,089

1,306

250,022

60,250

66,999

28.0

58.3

63.7

18.7

17.1

3.9

3.4

20.9

19.7

3.5

3.0

TCS

Buy

2,551

3,168

499,603

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

533

646

51,221

25,566

28,890

16.0

17.0

26.3

31.9

20.3

16.7

3.6

3.1

17.9

18.6

1.8

1.5

Wipro

Buy

561

719

138,549

52,414

58,704

23.7

23.8

38.4

42.3

14.6

13.3

2.9

2.6

19.5

18.0

2.2

1.8

Media

D B Corp

Buy

302

356

5,554

2,241

2,495

27.8

27.9

21.8

25.6

13.9

11.8

3.6

3.2

26.7

28.5

2.4

2.2

HT Media

Neutral

1,793

2,495

2,603

11.2

7.3

8.6

10.6

9.0

0.8

7.4

8.1

0.2

www.angelbroking.com

Market Outlook

September 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

Jagran Prakashan

Buy

132

156

4,307

1,939

2,122

26.0

8.3

9.2

15.9

14.3

2.7

2.4

17.5

17.1

2.2

2.0

Sun TV Network

Neutral

372

14,640

2,779

3,196

70.2

70.5

22.8

27.3

16.3

13.6

4.0

3.6

26.7

28.3

5.0

4.3

Hindustan Media

Buy

224

292

1,647

920

1,031

20.0

19.2

20.9

11.7

10.8

1.9

1.7

16.4

15.3

1.3

1.2

Ventures

Metals & Mining

Coal India

Buy

339

400

213,967

72,015

78,415

21.2

21.5

21.7

25.3

15.6

13.4

5.3

5.2

33.1

39.1

2.2

2.1

Hind. Zinc

Neutral

135

57,021

15,258

16,495

44.2

45.6

17.6

19.2

7.7

7.0

1.2

1.1

15.9

15.3

1.4

1.0

Hindalco

Neutral

16,231

104,356

111,186

8.7

9.5

6.7

11.1

11.7

7.1

0.4

3.5

5.9

0.7

0.6

JSW Steel

Neutral

982

23,726

48,125

53,595

18.8

21.0

46.9

97.5

20.9

10.1

1.0

0.9

4.4

9.5

1.3

1.2

NMDC

Neutral

104

41,332

8,237

10,893

46.6

44.5

10.0

11.7

10.5

8.9

1.2

1.0

12.5

13.0

4.8

3.7

SAIL

Neutral

22,364

45,915

53,954

7.2

10.5

1.5

4.4

36.0

12.4

0.5

2.3

4.1

1.1

1.0

Vedanta

Neutral

100

29,617

71,445

81,910

26.2

26.3

12.9

19.2

7.8

5.2

0.5

7.2

8.9

0.9

0.7

Tata Steel

Neutral

239

23,236

136,805

149,228

11.3

11.9

26.4

36.8

9.1

6.5

0.7

6.0

8.0

0.7

0.6

Oil & Gas

Cairn India

Neutral

150

28,067

11,323

12,490

49.4

51.0

20.7

7.2

7.3

0.5

0.4

6.4

6.1

1.6

0.9

GAIL

Neutral

294

37,281

64,856

70,933

9.1

9.6

24.0

28.9

12.3

10.2

1.1

1.0

8.8

9.6

0.8

0.7

ONGC

Neutral

231

197,290

154,564

167,321

36.8

37.4

28.6

32.5

8.1

7.1

1.0

0.9

12.7

13.5

1.5

1.4

Petronet LNG

Buy

180

210

13,478

39,007

40,785

3.8

4.2

9.2

11.0

19.6

16.4

2.2

2.0

11.6

12.7

0.4

Indian Oil Corp

Accumulate

403

455

97,749

359,607

402,760

5.9

6.1

42.5

48.7

9.5

8.3

1.3

1.1

14.1

14.4

0.4

0.3

Reliance Industries

Accumulate

873

930

282,731

313,085

362,904

13.1

13.8

78.4

92.9

11.1

9.4

1.2

1.1

10.8

11.6

1.4

1.2

Pharmaceuticals

Alembic Pharma

Neutral

679

12,792

2,601

3,115

21.2

20.2

20.8

23.9

32.6

28.4

10.5

7.9

37.2

31.8

4.9

4.1

Aurobindo Pharma

Buy

716

872

41,797

14,923

17,162

23.0

38.2

43.6

18.7

16.4

5.8

4.3

36.0

30.2

3.1

2.7

Aventis*

Neutral

3,989

9,186

2,156

2,455

15.1

16.8

109.7

133.9

36.4

29.8

5.0

4.1

18.4

22.5

4.0

3.3

Cadila Healthcare

Neutral

1,796

36,769

10,224

11,840

20.0

21.0

71.0

85.6

25.3

21.0

6.8

5.3

30.1

28.5

3.7

3.1

Cipla

Neutral

657

52,788

14,359

16,884

21.3

19.7

28.4

30.5

23.1

21.6

4.1

3.5

19.3

17.5

3.7

3.0

Dr Reddy's

Neutral

4,038

68,843

17,903

20,842

22.7

22.8

160.5

189.5

25.2

21.3

5.1

4.2

22.2

21.7

3.8

3.2

Dishman Pharma

Accumulate

257

290

2,072

1,716

1,888

20.2

16.3

21.6

15.8

11.9

1.5

1.3

9.7

11.7

1.4

1.1

GSK Pharma*

Neutral

3,316

28,088

2,870

3,158

20.0

22.1

59.5

68.3

55.7

48.6

16.4

16.9

28.5

34.3

9.3

8.5

Indoco Remedies

Neutral

336

3,094

1,088

1,262

18.2

13.1

15.5

25.6

21.7

5.0

4.2

21.2

21.1

2.9

2.5

Ipca labs

Accumulate

740

800

9,331

3,507

4,078

17.6

18.6

25.8

32.0

28.7

23.1

3.7

3.2

13.8

14.9

2.9

2.5

Lupin

Neutral

1,835

82,586

14,864

17,244

26.9

62.1

71.1

29.6

25.8

7.2

5.7

27.4

24.6

5.3

4.4

Sun Pharma

Accumulate

840

950

202,141

28,163

32,610

25.8

30.7

17.4

26.9

48.3

31.2

4.6

4.0

13.0

16.6

6.6

5.5

www.angelbroking.com

Market Outlook

September 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

Power

Tata Power

Neutral

16,011

35,923

37,402

22.6

22.8

4.1

5.2

14.6

11.5

1.1

1.0

7.5

9.3

1.4

1.3

NTPC

Buy

121

157

99,646

87,064

98,846

23.5

11.7

13.2

10.3

9.2

1.2

1.1

11.4

12.1

2.2

1.9

Power Grid

Buy

126

170

65,918

20,702

23,361

86.7

86.4

12.1

13.2

10.4

9.5

1.5

1.4

15.6

15.1

8.1

7.6

Telecom

Bharti Airtel

Neutral

355

141,988

101,748

109,191

32.1

31.7

12.0

12.5

29.6

28.4

2.0

1.9

6.9

6.7

2.0

1.8

Idea Cellular

Neutral

149

53,702

34,282

36,941

32.0

31.5

5.9

6.2

25.3

24.1

2.3

2.1

9.9

9.3

2.1

2.0

zOthers

Abbott India

Neutral

5,374

11,419

2,715

3,153

14.5

14.1

134.3

152.2

40.0

35.3

10.0

8.2

27.4

25.6

3.9

3.3

Bajaj Electricals

Buy

245

341

2,473

4,719

5,287

5.2

5.8

8.6

12.7

28.7

19.4

3.3

2.9

11.4

14.8

0.5

Finolex Cables

Neutral

244

3,726

2,728

3,036

10.8

11.0

14.4

16.8

16.9

14.5

2.6

2.2

15.2

15.3

1.1

0.9

Goodyear India*

Buy

519

655

1,197

1,953

1,766

12.4

12.0

67.4

59.6

7.7

8.7

1.9

1.6

27.7

20.2

0.4

Hitachi

Neutral

1,320

3,588

1,806

2,112

9.0

9.2

28.6

29.1

46.1

45.4

11.5

9.3

28.1

22.6

2.1

1.8

Jyothy Laboratories

Neutral

310

5,616

1,620

1,847

11.5

7.3

8.5

42.6

36.6

5.5

5.1

13.3

14.4

3.3

2.8

MRF

Accumulate

39,493

43,575

16,749

20,727

14,841

19.3

18.6

4,905.8

3,351.9

8.1

11.8

2.6

2.1

37.6

19.6

0.8

1.0

Page Industries

Neutral

13,576

15,142

1,929

2,450

19.8

20.1

229.9

299.0

59.1

45.4

26.1

18.1

52.1

47.1

7.9

6.2

Relaxo Footwears

Neutral

493

5,919

1,767

2,152

12.3

12.5

19.3

25.1

25.6

19.7

6.3

4.8

27.7

27.8

3.4

2.8

Siyaram Silk Mills

Buy

1,001

1,221

938

1,653

1,873

11.7

12.2

99.3

122.1

10.1

8.2

1.8

1.5

19.5

20.2

0.7

0.6

Styrolution ABS India*

Neutral

743

1,307

1,271

1,440

8.6

9.2

32.0

41.1

23.2

18.1

2.4

2.1

10.7

12.4

1.0

0.9

Tree House

Buy

385

449

1,629

259

324

56.8

17.0

21.7

22.6

17.8

2.3

2.1

10.1

11.5

6.2

5.1

TVS Srichakra

Buy

2,487

3,210

1,904

2,127

2,388

15.2

14.9

237.7

267.5

10.5

9.3

4.5

3.2

51.7

39.8

1.0

0.8

HSIL

Buy

244

434

1,766

2,085

2,436

18.5

18.6

21.7

28.9

11.3

8.5

1.1

1.0

10.0

12.1

1.0

0.8

Kirloskar Engines India

Accumulate

280

297

4,048

2,634

3,252

10.1

12.0

10.9

17.4

25.7

16.1

2.9

2.6

11.4

16.8

1.2

0.9

Ltd

M M Forgings

Buy

565

797

682

563

671

22.1

22.9

51.0

66.5

11.1

8.5

2.3

1.8

23.1

24.1

1.4

1.1

Banco Products (India)

Neutral

118

841

1,208

1,353

11.0

12.3

10.8

14.5

10.9

8.1

1.3

1.1

11.9

14.5

0.7

0.6

Competent Automobiles Neutral

144

1,007

1,114

3.1

23.7

28.2

6.1

5.1

0.9

0.7

13.9

14.6

0.1

Nilkamal

Accumulate

877

1,005

1,309

1,948

2,147

10.6

10.3

60.0

67.0

14.6

13.1

2.3

2.0

16.8

16.1

0.7

0.6

Visaka Industries

Buy

132

166

209

1,158

1,272

8.6

9.5

23.7

32.7

5.6

4.0

0.6

0.5

10.1

12.5

0.4

0.3

Transport Corporation of

Buy

236

293

1,792

2,830

3,350

8.8

9.0

14.4

18.3

16.4

12.9

2.5

2.2

15.4

17.1

0.8

0.7

India

Elecon Engineering

Buy

758

1,452

1,596

14.0

14.7

4.4

6.2

15.8

11.2

1.3

1.2

8.6

11.2

0.8

0.7

Surya Roshni

Buy

117

183

513

2,992

3,223

8.3

8.5

14.7

18.3

8.0

6.4

0.7

9.8

11.0

0.5

0.4

MT Educare

Buy

126

169

500

286

366

18.3

17.7

7.7

9.4

16.3

13.4

3.4

3.0

20.2

21.1

1.6

1.2

www.angelbroking.com

Market Outlook

September 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

zOthers

Radico Khaitan

Buy

112

1,163

1,565

1,687

11.9

12.4

5.4

6.6

16.2

13.3

1.3

1.2

8.0

9.0

1.2

Garware Wall Ropes

Buy

280

390

613

875

983

10.4

10.6

23.1

27.8

12.1

10.1

1.7

1.5

14.1

14.8

0.7

0.6

Wonderla Holidays

Buy

271

322

1,533

206

308

44.0

43.6

9.0

12.9

30.2

21.0

4.1

3.7

13.7

17.8

7.3

4.9

Linc Pen & Plastics

Buy

155

185

230

340

371

8.3

8.9

10.8

13.2

14.4

11.8

2.3

2.0

16.0

17.1

0.7

0.6

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on September 09, 2015

www.angelbroking.com

Market Outlook

September 10, 2015

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

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