Market Outlook
October 13, 2015
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are expected to open flat tracking the SGX Nifty and some of its
BSE Sensex
(0.6)
(175)
26,904
Asian peers.
Nifty
(0.6)
(46)
8,144
US stocks extended its winning streak to seven days, eking out marginal gains in
Mid Cap
0.2
17
10,955
yesterday’s trading session. Volumes were thin and the volatility subsided as global
Small Cap
0.0
1
11,350
conditions such as China, commodities were stable and Federal Reserve has status
quo on interest rates.
Bankex
0.1
14
20,073
European indices declined breaking its longest gaining streak in almost three
months indicating profit booking by the market participants.
Global Indices
Chg (%)
(Pts)
(Close)
Dow Jones
0.3
47
17,132
Indian markets closed in the red led by IT and index major Infosys shares. Infosys
script lost close to 4% in the trading session after the company cut its FY 2016
Nasdaq
0.2
8
4,839
revenue growth guidance in dollar terms. Post Infosys cutting its guidance, weakness
FTSE
(0.7)
(45)
6,371
was seen in other IT shares such as TCS, Mindtree, Wipro and Oracle Financial
Nikkei
1.6
297
18,439
Services.
Hang Seng
1.2
272
22,731
Shanghai Com
3.3
105
3,288
News & Result Analysis
Result Review: Infosys
Result Preview: TCS
Advances / Declines
Bse
Nse
Detailed analysis on Pg2
Advances
1,303
1,019
Declines
1,467
482
Investor’s Ready Reckoner
Unchanged
113
68
Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocks
Volumes (` Cr)
Refer Pg4 onwards
BSE
2,878
Top Picks
NSE
14,482
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
Axis Bank
Financials
Buy
487
701
43.9
Net Inflows (` Cr)
Net
Mtd
Ytd
ICICI Bank
Financials
Buy
288
370
28.6
FII
488
1,873
119,938
Power Grid
Power
Buy
133
170
28.0
MFs
136
743
79,748
TCS
IT
Buy
2,592
3,168
22.2
Aurobindo Pharma Pharmaceuticals Accumulate
787
872
10.8
Top Gainers
Price (`)
Chg (%)
More Top Picks on Pg3
Coromandel
185
11.9
Key Upcoming Events
Kailash
29
10.5
Previous
Consensus
Date
Region
Event Description
Vedl
111
7.0
Reading
Expectations
Oct 13
UK
CPI (YoY)
--
--
Hindalco
89
6.0
Oct 13
China
Exports
(5.50)
(6.00)
Jpassociat
13
5.5
Oct 14
India
Monthly Wholesale Prices YoY%
(4.95)
--
Oct 15
India
Imports
(9.95)
Top Losers
Price (`)
Chg (%)
Oct 15
India
Exports
(20.66)
Renuka
11
(6.3)
Oct 15
US
Initial jobless claims
263.00
270.00
Sreinfra
51
(4.6)
Infratel
386
(4.4)
Emamiltd
1,105
(4.4)
Infy
1,123
(3.9)
As on October 12, 2015
Market Outlook
October 13, 2015
Result Review
Infosys (CMP: `1,122/ TP: `1,306/Upside: 16.4%)
The company posted results better than expected on top-line and net profit,
whereas the EBIT margins came in just in line with expectations.
The company posted a 6.0% sequential growth in USD revenues to US$2,392mn
V/s US$2,339mn expected. In Constant Currency (CC) terms, the company posted
a 6.9% qoq growth. The volume growth during the quarter came in at 3.7% qoq.
In rupee terms, revenues came in at `15,635cr V/s `15,204cr expected, up
8.9% qoq. EBITDA margin came in 27.8% V/s 27.6% expected, an expansion of
~165bp qoq. The EBIT came in at 25.5% just in line with expectations, expansion
of ~152bps. Consequently, PAT came in at `3,399cr V/s `3,345cr expected, a
rise of 12.2% qoq.
In terms of geography USA grew by 6.2% qoq CC, Europe grew by 8.3% qoq CC,
India grew by 12.1% qoq CC and ROW grew by 7.1% qoq CC. In terms of
domain, the FSI ( Banking & Financial Services) grew by 6.4% qoq CC, MFG
(Manufacturing) grew by 5.8% qoq CC, RCL ( Retail and Life Sciences) grew by
0.2% qoq CC and ECS ( Energy, Utilities, Communication and Services) grew by
7.1% qoq CC.
On the operating matrix, the utilization rate excluding trainee was 81.3% V/s
80.2% in 1QFY2016, while including trainee was 75.4% V/s 75.7% in 1QFY2016.
The attrition rates were 19.9% V/s 19.2% in 1QFY2016. Client additions during
the quarter were 82. During the quarter, the company added 5 large deals with
TVC of US$983mn.
In terms guidance for FY2016, on CC terms it has been kept constant 10-12% and
dollar guidance has been revised downwards to 6.4-8.4% V/s 7.2-9.2% earlier.
The revision in the US$, is mainly on the outlook of the company on the currency
front. The company has also mentioned that it expects 2HFY2016 is weaker than
1HFY2016, and also that it is witnessing headwinds in some client accounts. We
maintain our accumulate rating on the stock with a target price of `1,306.
Y/E
Sales OPM
PAT
EPS ROE P/E P/BV EV/EBITDA EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2015E
60,250
28.0
13,383
58.3
20.9
19.3
4.0
12.8
3.6
FY2016E
66,999
28.0
14,629
63.7
19.7
17.6
3.5
11.0
3.1
Result Preview
TCS (CMP: `2,592 / TP: `3,168 /Upside: 22.2%)
TCS is slated to announce its 2QFY2016 results today. We expect the company to
post 3.5% sequential growth in USD revenues to US$4,177mn. In rupee terms,
revenues are expected to come in at `27,244cr, up 6.1% qoq. EBITDA margin is
expected to show an expansion of ~89bp qoq to 29.1% on account of strong
growth. EBIT is expected to come in at 27.2% V/s 26.3%, a qoq expansion of
~89bps. Consequently, PAT is expected to be at `6,213cr, a rise of 8.8% qoq. We
maintain our buy rating on the stock with a target price of `3,168.
Market Outlook
October 13, 2015
Y/E
Sales OPM
PAT
EPS ROE P/E P/BV EV/EBITDA EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2015E
1,08,420
28.8
24,891
127.2
39.9
20.4
4.3
14.9
4.3
FY2016E
1,23,599
28.7
28,155
143.9
41.8
18.0
3.7
13.0
3.7
Economic and Political News
August IIP grows 6.4%; ahead of estimates
September retail inflation rises to 4.41%
Oil regulator's common carrier move will hamper pipeline development: IOC
Corporate News
JSW Steel's Q2 production drops on Karnataka plant shut down
TVS Motor launches Special Gold Edition 2015 TVS StaR City+
Oberoi enters into pact for two luxury properties in Qatar
Market Outlook
October 13, 2015
Top Picks ★★★★★
Large Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
Robust US sales along with the acquisations, will aid the growth
Aurobindo
45,970
787
872
10.8
and stable margins.
Healthy pace of branch expansion, backed by distribution
Axis Bank
115,825
487
701
43.9
network.
Robust franchise and capital adequacy position will help the
ICICI Bank
167,087
288
370
28.6
bank to outperform the industry average.
Back on the growth trend; expect a long term growth of 14% to
Infosys
257,832
1,123
1,306
16.3
be a US$20bn in FY2020.
Government thrust on Renewable sector and strong order book
Inox Wind
8,284
373
505
35.3
would drive future growth.
LICHF continues to grow its retail loan book at a healthy pace
LIC HFL
24,287
481
570
18.4
with improvement in asset quality.
Direct beneficiary of the huge investments lined up in the power
Power Grid
69,476
133
170
28.0
transmission sector.
Growth to pick up from 2HFY2017, attractive given the risk-
TCS
510,814
2,592
3,168
22.2
reward.
Tech Mahindra
53,989
561
646
15.1
Acquisitions, to drive growth, normalised valuations attractive.
An improving liability franchise, capital adequacy well above
Yes Bank
30,327
724
953
31.6
Basel III requirements and lowest NPA ratio in the industry.
Source: Company, Angel Research
Mid Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
Bajaj Electricals
2,480
246
341
38.7
Visible turnaround in E&P business to drive the earnings.
Garware Wall Ropes
761
348
390
12.2
Higher exports & easing material prices to drive profitability.
Comfortable balance sheet to support strong growth; this
MBL Infrastructures
975
235
360
53.0
coupled with attractive valuation to lead to rerating.
New product introductions and increased sourcing by clients to
Minda Industries
798
503
652
29.6
enable outpace industry growth.
Strong brand & quality teaching with innovative technologies &
MT Educare
531
133
169
26.7
higher government educational spending to boost growth.
Earnings boost on back of stable material prices and favorable
Radico Khaitan
1,121
84
112
32.9
pricing environment. Valuation discount to peers provides
additional comfort.
Structural shift in the Lighting industry towards LED lighting will
Surya Roshni
619
141
183
29.6
drive growth.
Tree House
1,258
297
449
51.0
Robust expansion plan for pre-schools to drive growth.
Source: Company, Angel Research
Market Outlook
October 13, 2015
Quarterly Bloomberg Brokers Consensus Estimate
Tata Consultancy Services Ltd Consol - October 13, 2015
Particulars (` cr)
2QFY16E
2QFY15
y-o-y (%)
1QFY16
q-o-q (%)
Net sales
27,282
23,816
14.6
25,668
6.3
EBITDA
7,883
6,809
15.8
7,202
9.5
EBITDA margin (%)
28.9
28.6
28.1
Net profit
6,043
5,244
15.2
5,684
6.3
Hindustan Unilever Ltd - October 14, 2015
Particulars (` cr)
2QFY16E
2QFY15
y-o-y (%)
1QFY16
q-o-q (%)
Net sales
7,979
7,466
6.9
7,973
0.1
EBITDA
1,437
1,242
15.7
1,506
(4.6)
EBITDA margin (%)
18.0
16.6
18.9
Net profit
1,043
988
5.6
1,059
(1.5)
LIC Housing Finance Ltd - October 15, 2015
Particulars (` cr)
2QFY16E
2QFY15
y-o-y (%)
1QFY16
q-o-q (%)
PAT
406
341
19.0
382
6.3
Reliance Industries Ltd - October 16, 2015
Particulars (` cr)
2QFY16E
2QFY15
y-o-y (%)
1QFY16
q-o-q (%)
Net sales
62,343
96,486
(35.4)
65,817
(5.3)
EBITDA
8,580
8,235
4.2
9,307
(7.8)
EBITDA margin (%)
13.8
8.5
14.1
Net profit
5,900
5,742
2.8
6,318
(6.6)
Market Outlook
October 13, 2015
Key Upcoming Events
Result Calendar
Date
Company
Oct 13, 2015
TCS
Oct 14, 2015
HUL
Oct 15, 2015
LIC Housing Fin., Mindtree, Infotech Enterprises, D B Corp
Oct 16, 2015
Reliance Industries
Oct 17, 2015
South Ind.Bank
Oct 18, 2015
Oct 19, 2015
UltraTech Cement, HCL Tech, Hind. Zinc, Petronet LNG, Heritage Foods
Oct 20, 2015
Hero Motocorp, ACC, Federal Bank, Mphasis, Jyothy Laboratories, Aventis
Oct 21, 2015
M&M, Bajaj Auto, HDFC Bank, Wipro, KPIT Cummins, NIIT, JSW Steel , Cairn India
Oct 22, 2015
Cadila Healthcare
Oct 23, 2015
Asian Paints
Oct 24, 2015
Godrej Consumer, Persistent
Oct 25, 2015
Oct 26, 2015
Blue Star, HDFC, Hindustan Media Ventures, Hitachi
Oct 27, 2015
Thermax, Axis Bank
Oct 28, 2015
Amara Raja Batteries, Ambuja Cements, Dabur India, HT Media, Kirloskar Engines India Ltd, Elecon Engineering
Oct 29, 2015
Nestle, Colgate, L G Balakrishnan & Bros, Dr Reddy's, Dishman Pharma
Oct 30, 2015
Apollo Tyres, Subros, ICICI Bank, Kotak Mah. Bank, Indoco Remedies
Oct 31, 2015
IDFC, GSK Pharma
Source: Bloomberg, Angel Research
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
Oct 13, 2015 2:00PM UK
CPI (YoY)
% Change
Sep
--
7:30AM China
Exports YoY%
% Change
Sep
(5.50)
(6.00)
Oct 14, 2015 2:00PM UK
Jobless claims change
% Change
Sep
1.20
(2.15)
12:00PM India
Monthly Wholesale Prices YoY%
% Change
Sep
(4.95)
(4.42)
7:00AM China
Consumer Price Index (YoY)
% Change
Sep
2.00
1.80
Oct 15, 2015
India
Imports YoY%
% Change
Sep
(9.95)
--
India
Exports YoY%
% Change
Sep
(20.66)
--
6:00PM US
Initial Jobless claims
Thousands
Oct 8
263.00
270.00
6:00PM US
Consumer price index (mom)
% Change
Sep
(0.10)
(0.20)
Oct 16, 2015 6:45PM US
Industrial Production
%
Sep
(0.38)
(0.30)
2:30PM Euro Zone
Euro-Zone CPI (YoY)
%
Sep F
(0.10)
(0.10)
Oct 19, 2015 7:30AM China
Industrial Production (YoY)
% Change
Sep
6.10
6.00
7:30AM China
Real GDP (YoY)
% Change
3Q
7.00
6.80
Oct 20, 2015 6:00PM US
Housing Starts
Thousands
Sep
1,126.00
1,130.00
6:00PM US
Building permits
Thousands
Sep
1,170.00
1,155.00
Oct 22, 2015 7:30PM Euro Zone
Euro-Zone Consumer Confidence
Value
Oct A
(7.10)
--
7:30PM US
Existing home sales
Million
Sep
5.31
5.34
5:15PM Euro Zone
ECB announces interest rates
%
Oct 22
0.05
--
Oct 23, 2015 1:00PM Germany
PMI Services
Value
Oct P
54.10
--
1:00PM Germany
PMI Manufacturing
Value
Oct P
52.30
--
Oct 26, 2015 7:30PM US
New home sales
Thousands
Sep
552.00
--
Oct 27, 2015 3:00PM UK
GDP (YoY)
% Change
3Q A
2.40
--
7:30PM US
Consumer Confidence
S.A./ 1985=100
Oct
103.04
--
Oct 28, 2015 11:30PM US
FOMC rate decision
%
Oct 28
0.25
0.25
Market Outlook
October 13, 2015
Key Upcoming Events
Oct 29, 2015 2:25PM Germany
Unemployment change (000's)
Thousands
Oct
2.00
--
6:00PM US
GDP Qoq (Annualised)
% Change
3Q A
3.90
--
Source: Bloomberg, Angel Research
Market Outlook
October 13, 2015
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
8.4
6.0
5.2
4.8
5.0
4.4
4.2
8.0
7.5
7.5
3.6
4.0
3.0
7.0
7.0
2.6
2.8
6.7
6.7
2.5
2.5
7.0
6.4
6.6
3.0
6.3
2.0
6.0
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
6.0
5.6
5.4
5.2
5.4
5.3
4.9
5.0
54.0
5.0
4.6
4.3
52.0
3.7
3.7
4.0
3.3
50.0
3.0
48.0
2.0
46.0
1.0
44.0
-
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
5.00
(10.0)
4.00
(20.0)
3.00
(30.0)
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
October 13, 2015
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
7.0
6.0
5.3
4.9
4.7
4.0
2.8
2.7
2.4
1.6
2.0
1.2
1.1
0.8
-
(2.0)
(2.6)
(4.0)
(4.6)
(6.0)
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
5.2
6.0
4.8
3.7
3.1
4.0
2.7
2.0
1.6
1.2
1.0
2.0
-
(2.0)
(4.0)
(1.0)
(3.8)
(6.0)
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
(x)
20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
-
Source: IMF, Angel Research
Market Outlook
October 13, 2015
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
49,338
5.7
(6.2)
(13.6)
Russia
Micex
1,711
(0.5)
3.9
23.6
India
Nifty
8,144
7.7
(2.2)
2.5
China
Shanghai Composite
3,288
3.9
(13.1)
40.0
South Africa
Top 40
47,242
6.8
2.2
10.1
Mexico
Mexbol
44,314
3.6
(1.5)
2.0
Indonesia
LQ45
797
7.3
(6.6)
(7.2)
Malaysia
KLCI
1,710
7.7
0.8
(6.7)
Thailand
SET 50
920
1.3
(5.8)
(12.9)
USA
Dow Jones
17,132
4.9
(4.7)
5.0
UK
FTSE
6,371
3.5
(5.4)
(0.3)
Japan
Nikkei
18,439
3.6
(9.5)
14.0
Germany
DAX
10,120
(0.9)
(12.1)
14.8
France
CAC
4,689
2.0
(6.8)
19.7
Source: Bloomberg, Angel Research
Stock Watch
October 13, 2015
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
212
-
4,119
2,075
2,394
14.4
14.4
9.5
11.0
22.3
19.3
4.4
3.8
21.1
21.3
2.0
1.7
United Phosphorus
Accumulate
467
510
20,012
13,698
15,752
17.6
17.6
32.1
38.5
14.6
12.1
2.9
2.4
21.4
21.3
1.6
1.3
Auto & Auto Ancillary
Ashok Leyland
Accumulate
94
102
26,680
18,763
22,357
11.1
11.2
3.6
4.8
26.0
19.5
4.8
4.4
18.7
22.6
1.4
1.1
Bajaj Auto
Neutral
2,425
-
70,182
23,544
27,245
19.8
19.8
127.0
143.4
19.1
16.9
5.8
5.0
30.3
29.4
2.5
2.2
Eicher Motors
Buy
17,982
22,859
48,809
11,681
15,550
15.3
16.9
358.5
564.3
50.2
31.9
15.1
11.2
29.8
34.9
4.1
3.0
Hero Motocorp
Neutral
2,548
-
50,873
28,500
32,764
14.1
14.3
146.9
167.0
17.3
15.3
6.6
5.6
37.8
36.5
1.6
1.4
L G Balakrishnan & Bros Neutral
440
-
691
1,254
1,394
11.6
11.8
35.9
41.7
12.3
10.6
1.7
1.5
13.5
13.8
0.7
0.6
Mahindra and Mahindra Accumulate
1,276
1,357
79,227
37,986
42,660
12.8
13.2
51.6
61.9
24.7
20.6
3.6
3.2
14.6
15.6
1.7
1.5
Maruti
Buy
4,232
4,960
127,846
58,102
68,587
16.7
16.9
182.0
225.5
23.3
18.8
4.6
3.9
19.9
21.0
2.0
1.6
Minda Industries
Buy
503
652
798
2,567
2,965
7.3
8.0
38.8
54.3
13.0
9.3
1.9
1.6
14.4
16.8
0.4
0.3
Rane Brake Lining
Buy
300
366
237
454
511
11.1
11.4
23.8
28.1
12.6
10.7
1.8
1.6
14.2
15.3
0.6
0.6
Setco Automotive
Neutral
230
-
615
594
741
12.7
13.7
8.4
15.8
27.4
14.6
2.8
2.5
10.4
16.9
1.5
1.2
Tata Motors
Accumulate
362
395
104,632
264,038
297,882
13.8
13.9
34.5
38.9
10.5
9.3
1.8
1.5
17.6
16.8
0.6
0.5
TVS Motor
Neutral
239
-
11,338
11,702
13,713
6.8
7.7
10.1
14.5
23.6
16.5
5.8
4.7
24.5
28.3
1.0
0.8
Amara Raja Batteries
Neutral
1,006
-
17,177
5,101
6,224
17.8
17.6
31.1
39.2
32.3
25.7
8.0
6.4
24.8
24.8
3.3
2.7
Exide Industries
Neutral
152
-
12,920
7,363
8,247
13.7
14.5
6.6
7.7
23.0
19.7
2.9
2.6
12.6
13.3
1.5
1.3
Apollo Tyres
Neutral
188
-
9,562
12,576
12,978
16.8
16.1
22.3
19.9
8.4
9.4
1.5
1.3
17.2
13.4
0.8
0.9
Ceat
Neutral
1,212
-
4,902
6,041
6,597
14.3
14.2
101.5
116.6
11.9
10.4
2.4
2.0
20.0
19.1
1.0
0.8
JK Tyres
Neutral
103
-
2,333
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
846
912
1,051
593
677
14.5
14.8
51.2
60.8
16.5
13.9
3.9
3.5
23.3
24.8
1.6
1.4
Subros
Neutral
77
-
461
1,268
1,488
11.6
11.9
3.7
6.6
20.8
11.7
1.4
1.3
6.8
11.4
0.7
0.6
Indag Rubber
Neutral
181
-
476
283
329
17.0
17.2
13.0
15.4
14.0
11.8
3.1
2.5
21.8
21.6
1.4
1.2
Capital Goods
ACE
Neutral
40
-
398
660
839
4.7
8.2
1.0
3.9
40.2
10.3
1.3
1.1
3.2
11.3
0.8
0.6
BEML
Neutral
1,221
-
5,085
3,277
4,006
6.0
8.9
29.2
64.3
41.8
19.0
2.3
2.1
5.7
11.7
1.6
1.3
BGR Energy
Neutral
115
-
831
3,615
3,181
9.5
9.4
16.7
12.4
6.9
9.3
0.7
0.6
10.0
7.0
0.6
0.8
BHEL
Neutral
206
-
50,323
33,722
35,272
10.8
11.7
10.5
14.2
19.6
14.5
1.5
1.4
7.0
9.0
1.6
1.5
Blue Star
Accumulate
340
387
3,056
3,649
4,209
5.0
5.9
9.2
14.7
37.1
23.1
6.7
6.3
9.1
17.5
0.9
0.8
Crompton Greaves
Accumulate
180
204
11,278
13,484
14,687
4.9
6.2
4.5
7.1
40.0
25.4
2.8
2.6
7.2
10.8
1.0
0.9
Inox Wind
Buy
373
505
8,284
4,980
5,943
17.0
17.5
26.6
31.6
14.0
11.8
4.2
3.1
35.0
30.0
1.8
1.5
Stock Watch
October 13, 2015
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
144
-
3,702
8,791
9,716
6.1
6.8
5.4
8.2
26.7
17.6
2.7
2.4
10.0
14.0
0.6
0.6
Thermax
Neutral
856
-
10,199
6,413
7,525
7.4
8.5
30.5
39.3
28.1
21.8
4.3
3.8
15.0
17.0
1.6
1.3
Cement
ACC
Accumulate
1,347
1,548
25,291
11,856
14,092
14.5
17.8
47.6
76.1
28.3
17.7
2.9
2.7
10.6
15.7
2.0
1.6
Ambuja Cements
Accumulate
210
233
32,559
10,569
12,022
20.7
22.2
8.7
10.7
24.1
19.6
3.1
2.9
13.0
15.2
2.7
2.3
India Cements
Buy
78
112
2,388
4,716
5,133
15.9
16.9
3.7
7.5
21.0
10.4
0.8
0.7
3.8
7.3
0.8
0.7
JK Cement
Buy
641
767
4,481
4,056
4,748
14.5
17.0
22.6
41.1
28.4
15.6
2.5
2.3
9.3
15.3
1.5
1.3
J K Lakshmi Cement
Accumulate
383
430
4,509
2,947
3,616
16.7
19.9
11.5
27.2
33.3
14.1
3.2
2.7
9.8
20.8
1.9
1.5
Mangalam Cements
Neutral
224
-
597
1,053
1,347
10.5
13.3
8.4
26.0
26.6
8.6
1.1
1.0
4.3
12.5
0.9
0.7
Orient Cement
Neutral
177
-
3,631
1,854
2,524
21.2
22.2
7.7
11.1
23.0
16.0
3.3
2.9
13.3
15.7
2.7
1.9
Ramco Cements
Neutral
336
-
8,009
4,036
4,545
20.8
21.3
15.1
18.8
22.3
17.9
2.7
2.4
12.9
14.3
2.5
2.1
Shree Cement^
Neutral
12,434
-
43,316
7,150
8,742
26.7
28.6
228.0
345.5
54.5
36.0
8.0
6.7
15.7
20.3
5.8
4.7
UltraTech Cement
Buy
2,844
3,282
78,038
27,562
31,548
20.4
22.3
111.9
143.3
25.4
19.9
3.6
3.1
15.2
16.8
2.9
2.5
Construction
ITNL
Neutral
95
-
3,123
7,360
8,825
34.0
35.9
1.0
5.0
95.0
19.0
0.4
0.4
0.3
1.4
3.9
3.7
KNR Constructions
Neutral
569
-
1,600
915
1,479
14.3
13.9
20.3
37.2
28.0
15.3
2.6
2.2
9.6
15.6
1.9
1.2
Larsen & Toubro
Buy
1,552
2,013
144,425
68,920
82,446
10.9
11.5
57.0
73.0
27.2
21.3
2.5
2.3
13.6
15.5
2.3
1.9
Gujarat Pipavav Port
Neutral
192
-
9,299
721
784
53.1
53.6
8.2
9.1
23.4
21.1
3.8
3.1
20.0
18.3
12.5
11.1
MBL Infrastructures
Buy
235
360
975
2,313
2,797
12.2
14.6
19.0
20.0
12.4
11.8
1.3
1.2
11.3
10.6
1.1
1.0
Nagarjuna Const.
Neutral
75
-
4,195
7,892
8,842
8.3
9.1
2.4
5.3
31.4
14.2
1.3
1.2
4.2
8.6
0.8
0.7
PNC Infratech
Neutral
520
-
2,666
1,798
2,132
13.2
13.5
22.0
30.0
23.6
17.3
2.1
1.9
11.5
11.4
1.6
1.3
Simplex Infra
Neutral
335
-
1,658
6,241
7,008
10.4
10.7
20.0
36.0
16.8
9.3
1.4
1.2
6.8
11.1
0.8
0.7
Financials
Allahabad Bank
Neutral
78
-
4,482
8,438
9,521
2.8
2.8
21.9
27.0
3.6
2.9
0.4
0.3
10.2
11.5
-
-
Axis Bank
Buy
487
701
115,825
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
177
-
40,738
19,027
21,737
1.9
2.0
16.9
24.5
10.5
7.2
1.0
0.9
9.1
12.1
-
-
Bank of India
Neutral
144
-
9,568
16,438
18,706
1.9
2.0
19.2
40.9
7.5
3.5
0.4
0.4
4.5
9.1
-
-
Canara Bank
Neutral
296
-
16,075
15,491
17,269
2.0
2.0
61.6
70.9
4.8
4.2
0.5
0.5
10.5
11.1
-
-
Dena Bank
Neutral
42
-
2,332
3,498
3,977
2.1
2.3
7.8
10.7
5.3
3.9
0.4
0.4
6.5
8.4
-
-
Federal Bank
Neutral
66
-
11,397
3,527
4,135
3.0
3.1
5.2
6.7
12.8
9.9
1.3
1.2
10.8
12.7
-
-
HDFC
Neutral
1,272
-
200,697
10,883
12,799
3.5
3.4
43.0
50.6
29.6
25.1
5.9
5.3
25.9
26.7
-
-
HDFC Bank
Buy
1,082
1,255
272,443
38,059
46,851
4.4
4.5
50.0
62.7
21.6
17.3
3.8
3.2
18.8
20.2
-
-
Stock Watch
October 13, 2015
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
288
370
167,087
35,810
41,871
3.4
3.5
22.0
26.2
13.1
11.0
2.3
1.9
15.0
15.6
-
-
IDBI Bank
Neutral
77
-
12,391
9,860
10,978
1.8
1.9
9.3
15.6
8.3
5.0
0.6
0.5
6.4
10.1
-
-
Indian Bank
Neutral
138
-
6,621
6,267
7,171
2.4
2.5
25.4
32.1
5.4
4.3
0.5
0.4
8.0
9.3
-
-
LIC Housing Finance
Buy
481
570
24,287
2,934
3,511
2.3
2.3
30.9
36.8
15.6
13.1
2.5
2.2
16.8
17.5
-
-
Oriental Bank
Neutral
145
-
4,354
7,730
8,595
2.4
2.5
38.8
47.4
3.7
3.1
0.3
0.3
8.6
9.8
-
-
Punjab Natl.Bank
Neutral
138
-
25,547
23,446
26,624
2.8
2.9
17.8
27.5
7.7
5.0
0.8
0.6
8.5
12.1
-
-
South Ind.Bank
Neutral
22
-
3,018
1,930
2,215
2.4
2.4
2.6
3.6
8.6
6.2
0.9
0.8
9.9
12.5
-
-
St Bk of India
Buy
245
307
189,800
83,847
96,307
2.8
2.8
20.1
25.1
12.2
9.7
1.3
1.2
11.5
13.1
-
-
Union Bank
Neutral
182
-
11,568
12,755
14,439
2.3
2.4
31.5
39.9
5.8
4.6
0.6
0.5
9.9
11.6
-
-
Vijaya Bank
Neutral
36
-
3,093
3,594
3,969
1.8
1.9
5.8
7.1
6.2
5.1
0.5
0.5
8.2
9.3
-
-
Yes Bank
Buy
724
953
30,327
7,204
9,078
3.2
3.2
57.8
69.5
12.5
10.4
2.2
1.9
19.6
22.6
-
-
FMCG
Asian Paints
Neutral
859
-
82,400
16,553
19,160
16.0
16.2
17.7
21.5
48.6
40.0
12.9
11.6
29.4
31.2
4.8
4.2
Britannia
Neutral
3,170
-
38,029
8,065
9,395
9.6
10.2
47.2
65.5
67.1
48.4
22.3
21.1
38.3
41.2
4.6
3.9
Colgate
Neutral
919
-
24,993
4,836
5,490
19.5
19.7
48.5
53.2
19.0
17.3
13.9
12.1
99.8
97.5
5.1
4.5
Dabur India
Neutral
279
-
48,998
9,370
10,265
17.1
17.2
7.3
8.1
38.0
34.4
11.5
9.3
33.7
30.6
5.1
4.7
GlaxoSmith Con*
Neutral
6,045
-
25,423
4,919
5,742
17.2
17.4
168.3
191.2
35.9
31.6
10.2
8.7
28.8
28.9
4.7
4.0
Godrej Consumer
Neutral
1,251
-
42,592
10,168
12,886
16.1
16.1
32.1
38.4
39.0
32.6
7.9
7.3
19.7
21.0
4.3
3.4
HUL
Neutral
815
-
176,312
34,940
38,957
17.5
17.7
20.8
24.7
39.2
33.0
43.6
34.8
110.5
114.2
4.9
4.3
ITC
Buy
341
409
273,463
41,068
45,068
37.8
37.4
13.9
15.9
24.5
21.4
8.2
7.2
34.1
33.8
6.3
5.7
Marico
Neutral
396
-
25,529
6,551
7,766
15.7
16.0
10.4
12.5
38.1
31.7
11.1
9.2
33.2
32.4
3.8
3.2
Nestle*
Accumulate
6,257
6,646
60,324
11,291
12,847
22.2
22.3
158.9
184.6
39.4
33.9
20.6
18.5
55.0
57.3
5.2
4.5
Tata Global
Accumulate
135
144
8,485
8,635
9,072
9.8
9.9
6.5
7.6
20.7
17.7
2.1
2.0
6.8
7.4
0.9
0.9
IT
HCL Tech^
Buy
855
1,132
120,224
42,038
47,503
23.5
23.5
56.4
62.9
15.2
13.6
3.5
2.7
23.2
19.8
2.5
2.0
Infosys
Buy
1,123
1,306
257,832
60,250
66,999
28.0
28.0
58.3
63.7
19.3
17.6
4.0
3.5
20.9
19.7
3.6
3.1
TCS
Buy
2,592
3,168
510,814
108,420
123,559
28.8
28.7
127.2
143.9
20.4
18.0
8.1
7.5
39.9
41.8
4.3
3.7
Tech Mahindra
Buy
561
646
53,989
25,566
28,890
16.0
17.0
26.3
31.9
21.3
17.6
3.8
3.3
17.9
18.6
1.9
1.6
Wipro
Buy
584
719
144,217
52,414
58,704
23.7
23.8
38.4
42.3
15.2
13.8
3.0
2.7
19.5
18.0
2.3
1.9
Media
D B Corp
Buy
309
356
5,681
2,241
2,495
27.8
27.9
21.8
25.6
14.2
12.1
3.7
3.3
26.7
28.5
2.5
2.2
HT Media
Neutral
81
-
1,892
2,495
2,603
11.2
11.2
7.3
8.6
11.1
9.5
0.9
0.8
7.4
8.1
0.3
0.2
Stock Watch
October 13, 2015
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
Accumulate
143
156
4,658
1,939
2,122
26.0
26.0
8.3
9.2
17.2
15.5
2.9
2.6
17.5
17.1
2.4
2.1
Sun TV Network
Neutral
355
-
13,994
2,779
3,196
70.2
70.5
22.8
27.3
15.6
13.0
3.8
3.5
26.7
28.3
4.8
4.1
Hindustan Media
Neutral
278
-
2,043
920
1,031
20.0
20.0
19.2
20.9
14.5
13.3
2.4
2.0
16.4
15.3
1.8
1.6
Ventures
Metals & Mining
Coal India
Buy
335
400
211,282
72,015
78,415
21.2
21.5
21.7
25.3
15.4
13.2
5.2
5.2
33.1
39.1
2.2
2.0
Hind. Zinc
Neutral
148
-
62,471
15,258
16,495
44.2
45.6
17.6
19.2
8.4
7.7
1.3
1.2
15.9
15.3
1.8
1.3
Hindalco
Neutral
89
-
18,306
104,356
111,186
8.7
9.5
6.7
11.1
13.2
8.0
0.5
0.5
3.5
5.9
0.7
0.6
JSW Steel
Neutral
903
-
21,829
48,125
53,595
18.8
21.0
46.9
97.5
19.3
9.3
0.9
0.9
4.4
9.5
1.3
1.1
NMDC
Neutral
99
-
39,191
8,237
10,893
46.6
44.5
10.0
11.7
9.9
8.5
1.1
1.0
12.5
13.0
4.6
3.5
SAIL
Neutral
56
-
23,211
45,915
53,954
7.2
10.5
1.5
4.4
37.3
12.8
0.5
0.5
2.3
4.1
1.2
1.0
Vedanta
Neutral
111
-
32,878
71,445
81,910
26.2
26.3
12.9
19.2
8.6
5.8
0.6
0.5
7.2
8.9
0.9
0.7
Tata Steel
Neutral
251
-
24,392
136,805
149,228
11.3
11.9
26.4
36.8
9.5
6.8
0.8
0.7
6.0
8.0
0.7
0.7
Oil & Gas
Cairn India
Neutral
168
-
31,432
11,323
12,490
49.4
51.0
20.7
20.7
8.1
8.1
0.5
0.5
6.4
6.1
1.8
1.2
GAIL
Neutral
319
-
40,464
64,856
70,933
9.1
9.6
24.0
28.9
13.3
11.1
1.1
1.1
8.8
9.6
0.8
0.7
ONGC
Neutral
263
-
225,394
154,564
167,321
36.8
37.4
28.6
32.5
9.2
8.1
1.2
1.1
12.7
13.5
1.7
1.6
Petronet LNG
Buy
182
210
13,616
39,007
40,785
3.8
4.2
9.2
11.0
19.8
16.6
2.2
2.0
11.6
12.7
0.4
0.4
Indian Oil Corp
Accumulate
399
455
96,924
359,607
402,760
5.9
6.1
42.5
48.7
9.4
8.2
1.3
1.1
14.1
14.4
0.4
0.3
Reliance Industries
Neutral
892
-
288,884
313,085
362,904
13.1
13.8
78.4
92.9
11.4
9.6
1.2
1.1
10.8
11.6
1.4
1.2
Pharmaceuticals
Alembic Pharma
Neutral
721
-
13,599
2,601
3,115
21.2
20.2
20.8
23.9
34.7
30.2
11.1
8.4
37.2
31.8
5.3
4.3
Aurobindo Pharma
Accumulate
787
872
45,970
14,923
17,162
23.0
23.0
38.2
43.6
20.6
18.1
6.3
4.8
36.0
30.2
3.4
2.9
Aventis*
Neutral
3,973
-
9,150
2,156
2,455
15.1
16.8
109.7
133.9
36.2
29.7
5.0
4.1
18.4
22.5
3.9
3.3
Cadila Healthcare
Neutral
407
-
41,677
10,224
11,840
20.0
21.0
71.0
85.6
5.7
4.8
1.5
1.2
30.1
28.5
4.1
3.5
Cipla
Neutral
676
-
54,318
14,359
16,884
21.3
19.7
28.4
30.5
23.8
22.2
4.2
3.6
19.3
17.5
3.8
3.1
Dr Reddy's
Neutral
4,191
-
71,459
18,213
21,214
22.6
22.7
163.0
192.5
25.7
21.8
5.3
4.4
22.5
20.0
3.9
3.3
Dishman Pharma
Neutral
361
-
2,916
1,716
1,888
20.2
20.2
16.3
21.6
22.2
16.7
2.1
1.9
9.7
11.7
1.9
1.6
GSK Pharma*
Neutral
3,318
-
28,104
2,870
3,158
20.0
22.1
59.5
68.3
55.8
48.6
16.5
16.9
28.5
34.3
9.3
8.5
Indoco Remedies
Neutral
331
-
3,049
1,088
1,262
18.2
18.2
13.1
15.5
25.3
21.4
4.9
4.1
21.2
21.1
2.9
2.5
Ipca labs
Accumulate
722
800
9,108
3,507
4,078
17.6
18.6
25.8
32.0
28.0
22.6
3.6
3.1
13.8
14.9
2.9
2.4
Lupin
Neutral
2,012
-
90,566
14,864
17,244
26.9
26.9
62.1
71.1
32.4
28.3
7.9
6.2
27.4
24.6
5.8
4.9
Sun Pharma
Accumulate
892
950
214,654
28,163
32,610
25.8
30.7
17.4
26.9
51.3
33.2
4.9
4.2
13.0
16.6
7.1
5.9
Stock Watch
October 13, 2015
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
70
-
18,919
35,923
37,402
22.6
22.8
4.1
5.2
17.3
13.6
1.3
1.2
7.5
9.3
1.5
1.4
NTPC
Buy
127
157
104,841
87,064
98,846
23.5
23.5
11.7
13.2
10.9
9.6
1.2
1.1
11.4
12.1
2.2
2.0
Power Grid
Buy
133
170
69,476
20,702
23,361
86.7
86.4
12.1
13.2
11.0
10.1
1.6
1.4
15.6
15.1
8.3
7.7
Telecom
Bharti Airtel
Neutral
349
-
139,689
101,748
109,191
32.1
31.7
12.0
12.5
29.1
28.0
2.0
1.9
6.9
6.7
2.0
1.8
Idea Cellular
Neutral
158
-
56,748
34,282
36,941
32.0
31.5
5.9
6.2
26.7
25.4
2.5
2.2
9.9
9.3
2.2
2.1
zOthers
Abbott India
Neutral
5,704
-
12,122
2,715
3,153
14.5
14.1
134.3
152.2
42.5
37.5
10.6
8.7
27.4
25.6
4.2
3.5
Bajaj Electricals
Buy
246
341
2,480
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
0.5
Finolex Cables
Neutral
232
-
3,544
2,728
3,036
10.8
11.0
14.4
16.8
16.1
13.8
2.4
2.1
15.2
15.3
1.0
0.9
Goodyear India*
Buy
553
655
1,274
1,953
1,766
12.4
12.0
67.4
59.6
8.2
9.3
2.0
1.7
27.7
20.2
0.4
0.4
Hitachi
Neutral
1,442
-
3,920
1,806
2,112
9.0
9.2
28.6
29.1
50.4
49.6
12.5
10.1
28.1
22.6
2.3
1.9
Jyothy Laboratories
Neutral
319
-
5,783
1,620
1,847
11.5
11.5
7.3
8.5
43.8
37.7
5.7
5.2
13.3
14.4
3.4
2.9
MRF
Accumulate
41,053
43,575
17,411
20,727
14,841
19.3
18.6
4,905.8
3,351.9
8.4
12.3
2.7
2.2
37.6
19.6
0.8
1.1
Page Industries
Neutral
14,673
-
16,367
1,929
2,450
19.8
20.1
229.9
299.0
63.8
49.1
28.2
19.6
52.1
47.1
8.5
6.7
Relaxo Footwears
Neutral
550
-
6,597
1,767
2,152
12.3
12.5
19.3
25.1
28.6
21.9
7.0
5.4
27.7
27.8
3.8
3.1
Siyaram Silk Mills
Buy
974
1,221
913
1,653
1,873
11.7
12.2
99.3
122.1
9.8
8.0
1.8
1.5
19.5
20.2
0.7
0.6
Styrolution ABS India*
Neutral
750
-
1,319
1,271
1,440
8.6
9.2
32.0
41.1
23.4
18.3
2.4
2.1
10.7
12.4
1.0
0.9
Tree House
Buy
297
449
1,258
259
324
56.8
56.8
17.0
21.7
17.5
13.7
1.8
1.6
10.1
11.5
4.8
4.0
TVS Srichakra
Accumulate
2,898
3,210
2,219
2,127
2,388
15.2
14.9
237.7
267.5
12.2
10.8
5.2
3.7
51.7
39.8
1.1
0.9
HSIL
Neutral
298
-
2,153
2,182
2,404
16.3
16.5
15.8
18.9
18.9
15.8
1.5
1.4
8.4
9.4
1.3
1.2
Kirloskar Engines India
Neutral
284
-
4,104
2,634
3,252
10.1
12.0
10.9
17.4
26.0
16.3
2.9
2.6
11.4
16.8
1.2
0.9
Ltd
M M Forgings
Buy
531
797
641
563
671
22.1
22.9
51.0
66.5
10.4
8.0
2.2
1.7
23.1
24.1
1.3
1.0
Banco Products (India)
Neutral
135
-
967
1,208
1,353
11.0
12.3
10.8
14.5
12.5
9.3
1.4
1.3
11.9
14.5
0.8
0.7
Competent Automobiles Neutral
143
-
88
1,007
1,114
3.1
3.1
23.7
28.2
6.1
5.1
0.8
0.7
13.9
14.6
0.1
0.1
Nilkamal
Neutral
974
-
1,453
1,948
2,147
10.6
10.3
60.0
67.0
16.2
14.5
2.5
2.2
16.8
16.1
0.8
0.7
Visaka Industries
Accumulate
148
166
236
1,158
1,272
8.6
9.5
23.7
32.7
6.3
4.5
0.6
0.6
10.1
12.5
0.4
0.3
Transport Corporation of
Neutral
282
-
2,146
2,830
3,350
8.8
9.0
14.4
18.3
19.6
15.4
3.0
2.6
15.4
17.1
0.9
0.8
India
Elecon Engineering
Buy
73
87
797
1,452
1,596
14.0
14.7
4.4
6.2
16.6
11.7
1.4
1.3
8.6
11.2
0.9
0.7
Surya Roshni
Buy
141
183
619
2,992
3,223
8.3
8.5
14.7
18.3
9.6
7.7
0.9
0.8
9.8
11.0
0.5
0.5
MT Educare
Buy
133
169
531
286
366
18.3
17.7
7.7
9.4
17.3
14.2
3.6
3.2
20.2
21.1
1.8
1.3
Stock Watch
October 13, 2015
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
84
112
1,121
1,565
1,687
11.9
12.4
5.4
6.6
15.6
12.8
1.3
1.2
8.0
9.0
1.2
1.2
Garware Wall Ropes
Accumulate
348
390
761
875
983
10.4
10.6
23.1
27.8
15.1
12.5
2.1
1.9
14.1
14.8
0.9
0.7
Wonderla Holidays
Accumulate
300
322
1,695
206
308
44.0
43.6
9.0
12.9
33.3
23.3
4.6
4.1
13.7
17.8
8.1
5.4
Linc Pen & Plastics
Accumulate
162
185
239
340
371
8.3
8.9
10.8
13.2
15.0
12.3
2.4
2.1
16.0
17.1
0.7
0.7
The Byke Hospitality
Accumulate
164
181
657
222
287
20.5
20.5
5.6
7.6
29.1
21.7
5.5
4.5
18.9
20.8
3.0
2.3
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on October 12, 2015
Market Outlook
October 13, 2015
Research Team Tel: 022 - 39357800
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