Market Outlook
January 14, 2016
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are expected to open on a negative note tracking the SGX Nifty and
BSE Sensex
0.7
172
24,854
Global markets.
Nifty
0.7
52
7,562
US markets tumbled on Wednesday to their lowest close since September and oil
Mid Cap
(0.5)
(49)
10,736
prices gave up an early rally on mounting worries about the global economy.
Small Cap
(1.8)
(202)
11,275
European equities came off session highs to close mixed on Wednesday, amid
Bankex
0.7
118
18,022
renewed pressure on oil prices and a lower trading session in the U.S.
After a roller coaster ride, the Indian market managed to end in positive territory on
Global Indices
Chg (%)
(Pts)
(Close)
Wednesday on account of positive cues taken from European counterparts.
Dow Jones
0.7
118
16,516
News & Result Analysis
Nasdaq
1.0
48
4,686
Godrej Appliances lines up more products under NXW brand
FTSE
1.0
57
5,929
Result Preview: Infosys
Nikkei
2.9
497
17,716
Detailed analysis on Pg2
Hang Seng
1.1
223
19,935
Investor’s Ready Reckoner
Shanghai Com
(2.4)
(73)
2,950
Key Domestic & Global Indicators
Advances / Declines
BSE
NSE
Stock Watch: Latest investment recommendations on 150+ stocks
Refer P5 onwards
Advances
611
298
Declines
2,209
1,293
Top Picks
Unchanged
163
44
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
Amara Raja Batteries Auto & Auto Ancillary
Buy
834
1,040
24.7
Volumes (` Cr)
HCL Tech
IT
Buy
827
1,132
37.0
BSE
4,506
Larsen & Toubro
Construction
Buy
1,158
1,646
42.2
NSE
22,576
LIC Housing Finance Financials
Buy
489
592
20.9
Navkar Corporation Others
Buy
201
265
31.6
Net Inflows (` Cr)
Net
Mtd
Ytd
More Top Picks on Pg4
FII
(398)
(3,719)
16,617
Key Upcoming Events
MFs
413
719
69,282
Previous
Consensus
Date
Region
Event Description
Reading
Expectations
Jan 14
US
Initial Jobless claims
277.00
275.00
Top Gainers
Price (`)
Chg (%)
India
Monthly Wholesale Prices YoY%
(1.99)
(1.20)
Torntpower
237
8.1
Jan 15
US
Industrial Production
0.50
0.50
Balramchin
88
6.2
Jan 19
US
CPI (YoY)
0.10
-
Gdl
334
4.8
China
Industrial Production (YoY)
6.20
6.10
Dcbbank
79
4.8
Federalbnk
50
3.6
Top Losers
Price (`)
Chg (%)
Amtekauto
42
(7.5)
Fortis
171
(6.4)
Jubilant
382
(6.1)
Sintex
86
(5.6)
Muthootfin
179
(5.5)
As on January 13, 2015
www.angelbroking.com
Market Outlook
January 14, 2016
Godrej Appliances lines up more products under NXW brand
Looking to tap the premium segment, Godrej Appliances plans to launch air-
conditioners, washing machines, microwave ovens under its NXW brand this year
while expanding its retail reach by adding up to 65 exclusive brand outlets. The
company will launch air-conditioners under the NXW range this summer, apart
from washing machines and microwave ovens. Besides, Godrej will also focus to
expand its network of exclusive brand outlets (EBOs). The company has started
building exclusive outlets across the country. By the end of 2015, the company had
35 and by December 2016, it would be getting close to 100.
The company had last year launched the new brand NXW to cater to the premium
segment. For instance, in the frost-free refrigerator segment, while a mass market
Godrej product is priced between `20,000 to `30,000, the same for NXW starts
from `45,000 and goes up to `60,000.
Moreover, the company is also looking at export markets with some NXW
products, which are designed keeping in mind requirements overseas. Besides, the
company will continue to spend 5 per cent of its turnover on marketing/branding
of its products, including the new NXW range.
Result Preview
Infosys (CMP: `1,082/ TP `1,306 : Buy / Upside: 20.7% )
Infosys, given the guidance of 10-12% Constant Currency (CC) for FY2016 and a
strong 1HFY2016, is all set to post lackluster results in 2HFY2016. During
3QFY2016, we expect the company to post a 1.0% sequential de-growth in USD
revenues to US$2,368mn. In rupee terms, revenues are expected to come in at
`15,610cr, a dip of 0.2% qoq. On operating front, the EBITDA margins are
expected to come in at 27.0% a downtick of 84bp qoq, on back of the dip in the
revenues. Consequently, PAT is expected to come in at `3,251cr, de-growth of
4.3% qoq. We maintain our buy on the stock with a price target of `1306.
Y/E
Sales OPM
PAT
EPS ROE P/E P/BV EV/EBITDA EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2016E
60,250
27.0
12,955
56.4
20.4
19.2
3.9
12.8
3.4
FY2017E
66,999
28.0
14,629
63.7
19.8
17.0
3.4
10.5
2.9
Quarterly Bloomberg Brokers Consensus Estimate
Infosys Ltd Consol - January 14, 2016
Particulars (` cr)
3QFY16E
3QFY15
y-o-y (%)
2QFY16
q-o-q (%)
Net sales
15,758
13,796
14.2
15,635
0.8
EBITDA
4,294
3,954
8.6
4,351
(1.3)
EBITDA margin (%)
27.2
28.7
27.8
Net profit
3,351
3,250
3.1
3,398
(1.4)
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Market Outlook
January 14, 2016
Economic and Political News
NHAI signs MoU with ISRO and NECTAR for use of spatial technology for
monitoring national highways
Govt unveils `8,800cr crop insurance scheme
BS VI norms could raise petrol production cost by `1.40 a litre, diesel by 63
paise
Corporate News
Suzlon forays into solar power with 210 Mw project in Telangana
IOC, HPCL, BPCL plan country's biggest oil refinery
Saint-Gobain to invest `1,000 crore in Tamil Nadu plant
www.angelbroking.com
Market Outlook
January 14, 2016
Top Picks ★★★★★
Large Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
To outpace battery industry growth due to better technological
Amara Raja Batteries
14,244
834
1,040
24.7
products leading to market share gains in both the automotive
OEM and replacement segments.
Earnings to grow strongly given the MHCV cyclical upturn.
Ashok Leyland
25,627
90
111
23.3
Focus on exports and LCV's provides additional growth
avenue.
The stock is trading at attractive valuations and is factoring all
HCL Tech
1,16,508
827
1,132
37.0
the bad news.
Strong visibility for a robust 20% earnings trajectory, coupled
HDFC Bank
2,67,470
1,059
1,262
19.2
with high quality of earnings on account of high quality retail
business and strategic focus on highly rated corporates.
Back on the growth trend, expect a long term growth of 14%
Infosys
2,48,610
1,082
1,306
20.7
to be a US$20bn in FY2020.
Well positioned to benefit from such expected gradual
recovery in the overall domestic capex cycle, given its presence
Larsen & Toubro
1,07,816
1,158
1,646
42.2
across various infrastructure segments, its execution
capabilities, and its strong balance sheet.
LICHF continues to grow its retail loan book at a healthy pace
with improvement in asset quality. We expect the company to
LIC Housing Finance
24,698
489
592
20.9
post a healthy loan book which is likely to reflect in a strong
earnings growth.
Source: Company, Angel Research
Mid Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
Favourable outlook for the AC industry to augur well for
Cooling products business which is out pacing the market
Blue Star
3,287
365
439
20.1
growth. EMPPAC division's profitability to improve once
operating environment turns around.
Change in business focus towards high-margin chronic &
Garware Wall Ropes
869
397
473
19.0
lifestyle segments and increasing penetration in Europe and
US
Economic recovery to have favourable impact on advertising &
circulation revenue growth. Further, the acquisition of a radio
Jagran Prakashan
5,317
163
189
16.2
business (Radio City) would also boost the company's revenue
growth.
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,872
201
265
31.6
as well CFS augurs well for the company
Earnings boost on back of stable material prices and
Radico Khaitan
1,499
113
156
38.4
favourable pricing environment. Valuation discount to peers
provides additional comfort
Strong brands and distribution network would boost growth
Siyaram Silk Mills
1,109
1,183
1,354
14.4
going ahead. Stock currently trades at an inexpensive
valuation.
Structural shift in the Lighting industry towards LED lighting will
Surya Roshni
675
154
201
30.5
drive growth.
Source: Company, Angel Research
www.angelbroking.com
Market Outlook
January 14, 2016
Key Upcoming Events
Result Calendar
Date
Company
Jan 14, 2016
Infosys, Infotech Enterprises
Jan 15, 2016
HUL, NIIT, Tide Water Oil India
Jan 16, 2016
LIC Housing Fin.
Jan 18, 2016
Rallis, Kotak Mah. Bank, Asian Paints, Wipro, Mindtree
Jan 19, 2016
HCL Tech, Hind. Zinc
Jan 20, 2016
UltraTech Cement, Axis Bank, South Ind.Bank, KPIT Cummins
Jan 21, 2016
Exide Industries, Heritage Foods, Alembic Pharma
Jan 22, 2016
Cairn India
Jan 23, 2016
Persistent
Jan 25, 2016
HDFC Bank, Hindustan Media Ventures
Jan 27, 2016
Colgate, Godrej Consumer, HT Media, Kirloskar Engines India Ltd
Jan 28, 2016
ICICI Bank, Dabur India, Jyothy Laboratories
Jan 29, 2016
Blue Star, JSW Steel , Elecon Engineering
Feb 1, 2016
Transport Corporation of India
Source: Bloomberg, Angel Research
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
Jan 14, 2016
7:00PM US
Initial Jobless claims
Thousands
Jan 9
277.00
275.00
India
Exports YoY%
% Change
Dec
(24.43)
--
12:00PM India
Monthly Wholesale Prices YoY%
% Change
Dec
(1.99)
(1.15)
5:30PM UK
BOE Announces rates
% Ratio
Jan 14
0.50
0.50
Jan 15, 2016
7:45PM US
Industrial Production
%
Dec
(0.56)
(0.20)
US
Producer Price Index (mom)
% Change
Dec
0.10
--
Jan 19, 2016
3:00PM UK
CPI (YoY)
% Change
Dec
0.10
--
7:30AM China
Industrial Production (YoY)
% Change
Dec
6.20
6.10
7:30AM China
Real GDP (YoY)
% Change
4Q
6.90
6.90
Jan 20, 2016
7:00PM US
Housing Starts
Thousands
Dec
1,173.00
1,194.00
7:00PM US
Building permits
Thousands
Dec
1,282.00
1,200.00
3:00PM UK
Jobless claims change
% Change
Dec
3.90
--
7:00PM US
Consumer price index (mom)
% Change
Dec
--
--
Jan 21, 2016
8:30PM Euro Zone
Euro-Zone Consumer Confidence
Value
Jan A
(5.70)
--
3:30PM Euro Zone
Euro-Zone CPI (YoY)
%
Dec F
0.20
--
6:15PM Euro Zone
ECB announces interest rates
%
Jan 21
0.05
0.05
Jan 22, 2016
2:00PM Germany
PMI Services
Value
Jan P
56.00
--
2:00PM Germany
PMI Manufacturing
Value
Jan P
53.20
--
8:30PM US
Existing home sales
Million
Dec
4.76
5.11
Jan 26, 2016
8:30PM US
Consumer Confidence
S.A./ 1985=100
Jan
96.50
--
Jan 27, 2016
8:30PM US
New home sales
Thousands
Dec
490.00
--
Jan 28, 2016
3:00PM UK
GDP (YoY)
% Change
4Q A
2.10
--
12:30AM US
FOMC rate decision
%
Jan 27
0.50
0.50
Jan 29, 2016
7:00PM US
GDP Qoq (Annualised)
% Change
4Q A
2.00
--
Feb 1, 2016
3:00PM UK
PMI Manufacturing
Value
Jan
51.90
--
6:30AM China
PMI Manufacturing
Value
Jan
49.70
--
Source: Bloomberg, Angel Research
Market Outlook
January 14, 2016
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
8.4
12.0
9.9
7.5
7.5
10.0
8.0
7.4
7.0
7.0
6.7
6.7
8.0
6.3
6.6
7.0
6.4
6.0
4.8
4.3
4.2
3.8
6.0
3.0
4.0
2.8
2.5
2.5
5.0
4.7
5.0
2.0
-
(3.2)
4.0
(2.0)
3.0
(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
5.4
5.4
5.6
6.0
5.2
5.4
5.3
54.0
4.9
5.0
5.0
5.0
4.4
52.0
3.7
3.7
4.0
50.0
3.0
2.0
48.0
1.0
46.0
-
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
0.0
8.00
(5.0)
7.50
7.00
(10.0)
6.50
(15.0)
6.00
5.50
(20.0)
5.00
(25.0)
4.50
4.00
(30.0)
3.50
(35.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
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Market Outlook
January 14, 2016
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.9
6.0
5.3
4.7
4.7
4.0
2.9
2.1
2.1
1.8
2.0
1.0
1.1
1.6
-
(2.0)
(4.0)
(4.1)
(4.5)
(6.0)
Source: Bloomberg, Angel Research
Exhibit 2: 2015 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
7.3
8.0
6.8
6.0
4.7
4.7
4.0
2.5
2.5
2.6
1.4
1.5
2.0
1.2
0.6
-
(2.0)
(4.0)
(3.0)
(3.8)
(6.0)
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
(x)
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
-
Source: IMF, Angel Research
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Market Outlook
January 14, 2016
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
38,944
(12.4)
(18.4)
(18.9)
Russia
Micex
1,685
(2.0)
(0.3)
11.3
India
Nifty
7,562
(0.6)
(7.7)
(8.2)
China
Shanghai Composite
2,950
(18.4)
(13.9)
(14.2)
South Africa
Top 40
43,422
(2.5)
(8.1)
(0.0)
Mexico
Mexbol
41,009
(3.4)
(7.6)
(1.1)
Indonesia
LQ45
793
1.5
3.4
(12.2)
Malaysia
KLCI
1,643
(1.0)
(2.9)
(4.3)
Thailand
SET 50
804
(3.2)
(11.4)
(19.7)
USA
Dow Jones
16,151
(8.1)
(5.7)
(7.3)
UK
FTSE
5,961
(2.7)
(6.4)
(8.3)
Japan
Nikkei
17,716
(9.1)
(2.6)
1.5
Germany
DAX
9,961
(6.7)
(1.3)
(0.7)
France
CAC
4,392
(5.2)
(5.4)
(1.2)
Source: Bloomberg, Angel Research
www.angelbroking.com
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Stock Watch
January 14, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY16E FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Agri / Agri Chemical
Rallis
Neutral
169
-
3,287
2,097
2,415
14.4
14.4
9.5
11.0
17.8
15.4
3.5
3.1
21.1
21.3
1.6
1.4
United Phosphorus
Buy
411
510
17,620
13,698
15,752
17.6
17.6
32.1
38.5
12.8
10.7
2.5
2.1
21.4
21.3
1.4
1.1
Auto & Auto Ancillary
Ashok Leyland
Buy
90
111
25,627
17,995
21,544
11.4
11.6
3.4
4.7
26.5
19.2
4.6
4.3
17.7
22.2
1.4
1.1
Bajaj Auto
Buy
2,364
2,728
68,406
23,695
27,298
21.3
20.4
134.6
151.5
17.6
15.6
5.6
4.8
31.8
30.6
2.4
2.1
Bharat Forge
Buy
819
943
19,057
7,867
8,881
20.0
20.3
34.4
41.0
23.8
20.0
4.6
3.8
21.1
20.9
2.5
2.2
Eicher Motors
Accumulate
17,063
19,036
46,332
15,379
16,498
15.6
16.6
473.2
574.8
36.1
29.7
13.3
9.9
36.7
33.2
2.9
2.7
Gabriel India
Accumulate
88
101
1,263
1,415
1,544
8.7
9.0
4.6
5.4
19.1
16.3
3.5
3.1
18.1
18.9
0.9
0.8
Hero Motocorp
Accumulate
2,471
2,774
49,338
28,561
31,559
14.7
14.7
151.1
163.2
16.4
15.1
6.3
5.4
38.7
35.6
1.6
1.4
Jamna Auto Industries Neutral
141
-
1,127
1,292
1,486
9.3
9.8
6.0
7.5
23.5
18.8
4.9
4.1
20.7
21.8
0.9
0.8
L G Balakrishnan & Bros Neutral
481
-
755
1,254
1,394
11.6
11.8
35.9
41.7
13.4
11.6
1.8
1.6
13.5
13.8
0.7
0.6
Mahindra and Mahindra Buy
1,205
1,449
74,866
39,031
44,440
13.8
13.9
57.9
67.6
20.8
17.8
3.4
3.0
16.1
16.6
1.6
1.3
Maruti
Neutral
4,293
-
129,695
57,865
68,104
16.4
16.7
176.3
225.5
24.4
19.0
4.7
4.0
19.4
21.2
2.0
1.7
Minda Industries
Neutral
838
-
1,330
2,567
2,965
8.0
8.3
46.1
57.8
18.2
14.5
3.0
2.5
16.7
17.3
0.6
0.5
Motherson Sumi
Buy
272
313
35,938
39,343
45,100
8.8
9.1
10.1
12.5
26.9
21.7
8.5
6.7
35.3
34.4
1.0
0.9
Rane Brake Lining
Accumulate
320
366
254
454
511
11.1
11.4
23.8
28.1
13.5
11.4
1.9
1.7
14.2
15.3
0.7
0.6
Setco Automotive
Neutral
37
-
493
594
741
12.7
13.7
1.7
3.2
21.7
11.5
2.3
2.0
10.4
16.9
1.3
1.1
Tata Motors
Accumulate
364
409
105,224
266,022
312,667
12.8
13.1
26.3
38.3
13.9
9.5
1.8
1.5
8.4
12.1
0.6
0.5
TVS Motor
Buy
288
338
13,687
11,569
13,648
7.3
8.7
10.3
16.1
28.0
17.9
7.0
5.5
24.8
30.5
1.2
1.0
Amara Raja Batteries
Buy
834
1,040
14,244
4,892
5,871
17.4
17.6
28.8
37.1
29.0
22.5
6.8
5.4
23.4
24.1
2.9
2.3
Exide Industries
Buy
138
162
11,726
6,950
7,784
14.4
14.8
6.6
7.3
20.9
18.9
2.6
2.4
12.6
12.8
1.4
1.3
Apollo Tyres
Buy
149
171
7,564
12,146
12,689
16.8
16.0
21.2
19.0
7.0
7.8
1.2
1.0
16.5
13.0
0.7
0.7
Ceat
Accumulate
1,015
1,119
4,107
6,041
6,597
14.1
13.7
99.5
111.9
10.2
9.1
2.0
1.7
19.6
18.5
0.8
0.7
JK Tyres
Neutral
101
-
2,287
7,446
7,669
15.2
14.0
19.6
18.4
5.2
5.5
1.3
1.1
25.2
19.5
0.7
0.6
Swaraj Engines
Neutral
932
-
1,158
552
630
14.2
14.7
44.6
54.1
20.9
17.2
4.9
4.4
23.2
25.6
2.0
1.7
Subros
Neutral
101
-
606
1,268
1,488
11.6
11.9
3.7
6.6
27.3
15.3
1.8
1.7
6.8
11.4
0.8
0.6
Indag Rubber
Neutral
189
-
495
283
329
17.0
17.2
13.0
15.4
14.6
12.2
3.2
2.6
21.8
21.6
1.5
1.2
Capital Goods
ACE
Neutral
43
-
421
660
839
4.7
8.2
1.0
3.9
42.6
10.9
1.3
1.2
3.2
11.3
0.8
0.6
BEML
Neutral
1,219
-
5,075
3,277
4,006
6.0
8.9
29.2
64.3
41.7
19.0
2.3
2.1
5.7
11.7
1.6
1.3
Bharat Electronics
Accumulate
1,340
1,414
32,154
7,737
8,634
16.8
17.2
54.0
61.0
24.8
22.0
3.5
3.1
39.3
45.6
3.3
2.8
www.angelbroking.com
Stock Watch
January 14, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Capital Goods
Voltas
Buy
288
353
9,518
5,363
5,963
8.0
9.1
11.0
13.8
26.2
20.8
4.0
3.5
16.2
17.9
1.7
1.5
BGR Energy
Neutral
122
-
879
3,615
3,181
9.5
9.4
16.7
12.4
7.3
9.8
0.7
0.7
10.0
7.0
0.7
0.8
BHEL
Neutral
148
-
36,212
33,722
35,272
10.8
11.7
10.5
14.2
14.1
10.4
1.0
1.0
7.0
9.0
1.2
1.1
Blue Star
Buy
365
439
3,287
3,548
3,977
6.3
6.9
13.7
17.2
26.7
21.3
6.7
4.4
26.1
25.4
1.0
0.9
Crompton Greaves
Accumulate
186
204
11,667
13,484
14,687
4.9
6.2
4.5
7.1
41.4
26.2
2.9
2.7
7.2
10.8
1.0
0.9
Inox Wind
Buy
342
458
7,579
4,980
5,943
17.0
17.5
26.6
31.6
12.8
10.8
3.8
2.8
35.0
30.0
1.7
1.4
KEC International
Neutral
137
-
3,522
8,791
9,716
6.1
6.8
5.4
8.2
25.4
16.7
2.5
2.3
10.0
14.0
0.6
0.6
Thermax
Neutral
898
-
10,697
6,413
7,525
7.4
8.5
30.5
39.3
29.4
22.8
4.5
3.9
15.0
17.0
1.6
1.4
Cement
ACC
Buy
1,283
1,630
24,090
13,151
14,757
16.4
18.3
63.9
83.4
20.1
15.4
2.6
2.4
13.3
16.1
1.7
1.4
Ambuja Cements
Buy
198
233
30,735
11,564
12,556
19.4
20.7
8.9
10.1
22.3
19.6
2.8
2.6
12.8
13.8
2.3
2.1
HeidelbergCement
Neutral
73
-
1,657
1,772
1,926
13.3
15.4
1.0
3.0
73.1
24.4
1.9
1.7
2.6
7.9
1.5
1.3
India Cements
Buy
96
112
2,952
4,216
4,840
18.0
19.5
4.0
9.9
24.0
9.7
1.0
0.9
4.0
9.5
1.0
0.8
JK Cement
Buy
522
744
3,650
3,661
4,742
10.1
15.8
18.0
61.0
29.0
8.6
2.1
1.9
7.5
22.9
1.5
1.1
J K Lakshmi Cement
Buy
314
430
3,691
2,947
3,616
16.7
19.9
11.5
27.2
27.3
11.5
2.6
2.2
9.8
20.8
1.7
1.3
Mangalam Cements
Neutral
191
-
511
1,053
1,347
10.5
13.3
8.4
26.0
22.8
7.4
1.0
0.9
4.3
12.5
0.9
0.6
Orient Cement
Buy
150
183
3,071
1,854
2,524
21.2
22.2
7.7
11.1
19.5
13.5
2.8
2.4
13.3
15.7
2.4
1.7
Ramco Cements
Neutral
387
-
9,210
4,036
4,545
20.8
21.3
15.1
18.8
25.6
20.6
3.1
2.8
12.9
14.3
2.8
2.4
Shree Cement^
Neutral
10,516
-
36,636
7,150
8,742
26.7
28.6
228.0
345.5
46.1
30.4
6.8
5.7
15.7
20.3
4.9
3.9
UltraTech Cement
Buy
2,685
3,282
73,669
25,021
30,023
19.1
21.6
89.0
132.0
30.2
20.3
3.5
3.0
12.2
15.9
3.0
2.5
Construction
ITNL
Neutral
84
-
2,760
7,360
8,825
34.0
35.9
7.0
9.0
12.0
9.3
0.4
0.4
3.2
3.7
3.7
3.6
KNR Constructions
Buy
533
673
1,499
937
1,470
14.3
14.0
33.5
38.6
15.9
13.8
2.4
2.1
15.4
15.4
1.7
1.1
Larsen & Toubro
Buy
1,158
1,646
107,816
65,065
77,009
11.5
11.7
61.5
65.6
18.8
17.7
1.9
1.7
13.4
14.0
1.9
1.6
Gujarat Pipavav Port
Neutral
157
-
7,609
629
684
51.0
52.2
6.4
5.9
24.6
26.7
3.2
3.0
15.9
12.7
11.8
10.6
MBL Infrastructures
Buy
206
285
853
2,313
2,797
12.2
14.6
19.0
20.0
10.8
10.3
1.1
1.0
11.3
10.6
1.1
1.0
Nagarjuna Const.
Neutral
71
-
3,964
7,892
8,842
8.8
9.1
3.0
5.3
23.8
13.5
1.2
1.1
5.0
8.5
0.7
0.6
PNC Infratech
Accumulate
527
558
2,704
1,873
2,288
13.2
13.5
24.0
32.0
22.0
16.5
2.1
1.9
12.1
12.3
1.6
1.3
Simplex Infra
Neutral
298
-
1,476
5,955
6,829
10.3
10.5
16.0
31.0
18.6
9.6
1.0
0.9
5.3
9.9
0.8
0.6
Power Mech Projects
Neutral
667
-
982
1,539
1,801
12.8
12.7
59.0
72.1
11.3
9.3
1.7
1.4
18.6
16.8
0.6
0.6
Sadbhav Engineering
Neutral
312
-
5,350
3,481
4,219
10.7
10.8
8.0
12.0
39.0
26.0
3.6
3.2
10.3
13.5
1.8
1.5
www.angelbroking.com
Stock Watch
January 14, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Construction
NBCC
Accumulate
977
1,089
11,718
7,382
9,506
7.7
8.6
39.8
54.4
24.5
18.0
5.9
4.7
26.7
29.1
1.3
1.0
MEP Infra
Neutral
44
-
709
1,956
1,876
28.1
30.5
1.3
3.0
33.5
14.5
7.0
4.7
21.2
32.8
1.8
1.8
SIPL
Neutral
93
-
3,267
675
1,042
62.4
64.7
-
-
3.5
4.0
-
-
16.5
11.1
Financials
Allahabad Bank
Neutral
60
-
3,609
8,569
9,392
2.8
2.9
16.3
27.5
3.7
2.2
0.4
0.3
7.6
11.9
-
-
Axis Bank
Buy
406
531
96,679
26,473
31,527
3.5
3.6
35.7
43.5
11.4
9.3
2.2
1.9
17.9
18.9
-
-
Bank of Baroda
Neutral
132
-
30,438
18,485
21,025
1.9
2.0
13.5
21.1
9.8
6.3
0.8
0.7
7.3
10.6
-
-
Bank of India
Neutral
100
-
7,935
15,972
17,271
1.9
2.0
15.3
33.4
6.6
3.0
0.3
0.3
3.6
7.6
-
-
Canara Bank
Neutral
199
-
10,808
15,441
16,945
2.0
2.1
46.6
70.4
4.3
2.8
0.4
0.3
8.0
11.2
-
-
Dena Bank
Neutral
39
-
2,487
3,440
3,840
2.1
2.3
7.3
10.0
5.3
3.8
0.4
0.3
6.1
7.9
-
-
Federal Bank
Neutral
50
-
8,587
3,477
3,999
3.0
3.0
5.0
6.2
10.0
8.0
1.0
0.9
10.6
11.9
-
-
HDFC
Neutral
1,167
-
184,269
10,358
11,852
3.3
3.3
41.1
47.0
28.4
24.8
5.4
4.9
24.7
24.9
-
-
HDFC Bank
Buy
1,059
1,262
267,470
38,309
47,302
4.3
4.3
49.3
61.1
21.5
17.4
3.7
3.2
18.5
19.7
-
-
ICICI Bank
Buy
239
304
138,796
34,279
39,262
3.3
3.3
21.0
24.4
11.4
9.8
1.9
1.6
14.4
14.7
-
-
IDBI Bank
Neutral
70
-
11,260
9,625
10,455
1.8
1.8
8.5
14.2
8.2
4.9
0.5
0.5
5.9
9.3
-
-
Indian Bank
Neutral
99
-
4,760
6,160
6,858
2.5
2.5
24.5
29.8
4.1
3.3
0.3
0.3
7.7
8.6
-
-
LIC Housing Finance
Buy
489
592
24,698
3,101
3,745
2.5
2.5
33.0
40.2
14.9
12.2
2.8
2.4
19.7
20.5
-
-
Oriental Bank
Neutral
116
-
3,480
7,643
8,373
2.4
2.4
37.2
45.4
3.1
2.6
0.3
0.2
8.2
9.4
-
-
Punjab Natl.Bank
Neutral
98
-
19,273
23,638
26,557
2.8
2.8
17.9
27.2
5.5
3.6
0.6
0.5
8.5
12.0
-
-
South Ind.Bank
Neutral
19
-
2,579
1,965
2,185
2.5
2.5
2.5
3.3
7.7
5.8
0.8
0.7
9.5
11.7
-
-
St Bk of India
Buy
201
237
155,993
82,520
93,299
2.7
2.8
20.0
24.5
10.0
8.2
1.1
1.0
11.5
12.8
-
-
Union Bank
Neutral
128
-
8,775
12,646
14,129
2.3
2.4
31.0
39.1
4.1
3.3
0.4
0.4
9.8
11.4
-
-
Vijaya Bank
Neutral
32
-
2,741
3,536
3,827
1.9
1.9
5.5
6.7
5.8
4.8
0.5
0.4
7.8
8.8
-
-
Yes Bank
Buy
683
825
28,639
7,190
9,011
3.2
3.3
58.2
69.7
11.7
9.8
2.1
1.8
19.2
19.6
-
-
FMCG
Asian Paints
Neutral
869
-
83,393
16,553
19,160
16.0
16.2
17.7
21.5
49.2
40.4
13.1
11.8
29.4
31.2
4.9
4.2
Britannia
Neutral
2,901
-
34,810
8,065
9,395
9.6
10.2
47.2
65.5
61.5
44.3
20.4
19.3
38.3
41.2
4.2
3.6
Colgate
Neutral
930
-
25,300
4,836
5,490
19.5
19.7
48.5
53.2
19.2
17.5
14.1
12.2
99.8
97.5
5.1
4.5
Dabur India
Neutral
257
-
45,201
9,370
10,265
17.1
17.2
7.3
8.1
35.0
31.7
10.6
8.6
33.7
30.6
4.7
4.3
GlaxoSmith Con*
Neutral
6,177
-
25,977
4,919
5,742
17.2
17.4
168.3
191.2
36.7
32.3
10.4
8.9
28.8
28.9
4.8
4.1
Godrej Consumer
Neutral
1,271
-
43,297
10,168
12,886
16.1
16.1
32.1
38.4
39.6
33.1
8.1
7.4
19.7
21.0
4.4
3.4
www.angelbroking.com
Stock Watch
January 14, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY16E FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FMCG
HUL
Neutral
831
-
179,829
34,940
38,957
17.5
17.7
20.8
24.7
40.0
33.7
44.4
35.5
110.5
114.2
5.0
4.4
ITC
Buy
316
382
253,959
41,068
45,068
37.8
37.4
13.9
15.9
22.7
19.9
7.6
6.7
34.1
33.8
5.8
5.3
Marico
Neutral
225
-
28,964
6,551
7,766
15.7
16.0
10.4
12.5
21.6
18.0
6.3
5.2
33.2
32.4
4.4
3.7
Nestle*
Buy
5,502
6,646
53,047
11,291
12,847
22.2
22.3
158.9
184.6
34.6
29.8
18.1
16.3
55.0
57.3
4.5
4.0
Tata Global
Accumulate
136
144
8,558
8,635
9,072
9.8
9.9
6.5
7.6
20.9
17.8
2.1
2.0
6.8
7.4
0.9
0.9
IT
HCL Tech^
Buy
827
1,132
116,508
42,038
47,503
23.2
23.5
55.8
62.9
14.8
13.1
3.4
2.6
23.0
19.8
2.4
1.9
Infosys
Buy
1,082
1,306
248,610
60,250
66,999
27.0
28.0
56.4
63.7
19.2
17.0
3.9
3.4
20.4
19.8
3.4
2.9
TCS
Buy
2,280
3,165
449,317
111,274
126,852
28.4
28.7
125.4
143.9
18.2
15.9
7.2
6.6
39.9
42.2
3.6
3.1
Tech Mahindra
Buy
504
646
48,768
25,566
28,890
16.0
17.0
26.3
31.9
19.2
15.8
3.5
2.9
17.9
18.6
1.7
1.4
Wipro
Buy
546
719
134,958
50,808
58,713
23.7
23.8
37.3
42.3
14.7
12.9
2.8
2.5
19.0
17.9
2.2
1.8
Media
D B Corp
Accumulate
320
356
5,881
2,241
2,495
27.8
27.9
21.8
25.6
14.7
12.5
3.8
3.4
26.7
28.5
2.6
2.3
HT Media
Neutral
86
-
1,992
2,495
2,603
11.2
11.2
7.3
8.6
11.7
10.0
0.9
0.8
7.4
8.1
0.3
0.3
Jagran Prakashan
Buy
163
189
5,317
2,170
2,355
27.2
26.2
8.9
9.9
18.3
16.4
3.8
3.4
20.9
20.5
2.3
2.2
Sun TV Network
Neutral
404
-
15,903
2,779
3,196
70.2
70.5
22.8
27.3
17.7
14.8
4.4
3.9
26.7
28.3
5.5
4.7
Hindustan Media
Neutral
292
-
2,144
920
1,031
20.0
20.0
19.2
20.9
15.2
14.0
2.5
2.1
16.4
15.3
1.9
1.6
Ventures
Metals & Mining
Coal India
Buy
318
380
200,734
76,167
84,130
19.9
22.3
22.4
25.8
14.2
12.3
5.1
5.0
35.5
41.0
2.0
1.8
Hind. Zinc
Buy
141
175
59,662
14,641
14,026
50.4
50.4
17.7
16.0
8.0
8.8
1.2
1.1
16.2
13.2
1.7
1.5
Hindalco
Neutral
77
-
15,880
104,356
111,186
8.7
9.5
6.7
11.1
11.4
7.0
0.4
0.4
3.5
5.9
0.7
0.6
JSW Steel
Neutral
1,005
-
24,285
42,308
45,147
16.4
20.7
(10.3)
49.5
20.3
1.1
1.1
(1.0)
5.6
1.6
1.5
NMDC
Neutral
88
-
34,929
8,237
10,893
46.6
44.5
10.0
11.7
8.9
7.6
1.0
0.9
12.5
13.0
4.0
3.1
SAIL
Neutral
45
-
18,647
45,915
53,954
7.2
10.5
1.5
4.4
30.0
10.3
0.4
0.4
2.3
4.1
1.1
0.9
Vedanta
Neutral
81
-
23,999
71,445
81,910
26.2
26.3
12.9
19.2
6.3
4.2
0.4
0.4
7.2
8.9
0.8
0.6
Tata Steel
Neutral
247
-
23,989
126,760
137,307
8.9
11.3
6.4
23.1
38.8
10.7
0.8
0.8
2.0
7.1
0.8
0.7
Oil & Gas
Cairn India
Neutral
126
-
23,548
11,323
12,490
49.4
51.0
20.7
20.7
6.1
6.1
0.4
0.4
6.4
6.1
1.2
0.5
GAIL
Neutral
364
-
46,115
64,856
70,933
9.1
9.6
24.0
28.9
15.2
12.6
1.3
1.2
8.8
9.6
0.9
0.8
ONGC
Neutral
223
-
190,616
154,564
167,321
36.8
37.4
28.6
32.5
7.8
6.9
1.0
0.9
12.7
13.5
1.4
1.3
Petronet LNG
Neutral
259
-
19,451
29,691
31,188
5.8
6.2
12.8
13.4
20.3
19.3
3.0
2.7
15.8
14.8
0.7
0.7
Indian Oil Corp
Neutral
439
-
106,636
359,607
402,760
5.9
6.1
42.5
48.7
10.4
9.0
1.4
1.2
14.1
14.4
0.4
0.4
Reliance Industries
Accumulate
1,077
1,150
348,976
304,775
344,392
12.6
13.4
91.3
102.6
11.8
10.5
1.3
1.2
11.8
12.0
1.1
0.9
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Stock Watch
January 14, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY16E FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Pharmaceuticals
Alembic Pharma
Neutral
661
-
12,464
2,658
3,112
24.1
20.2
24.6
23.9
26.9
27.7
9.6
7.4
42.5
30.2
4.7
3.9
Aurobindo Pharma
Neutral
830
-
48,443
14,923
17,162
22.0
23.0
35.7
42.8
23.2
19.4
6.8
5.1
34.0
30.2
3.6
3.1
Aventis*
Neutral
4,220
-
9,719
2,082
2,371
17.4
20.8
118.2
151.5
35.7
27.9
5.2
4.2
19.9
25.5
4.3
3.6
Cadila Healthcare
Accumulate
320
352
32,750
10,224
11,840
21.0
22.0
14.6
17.6
21.9
18.2
6.0
4.7
30.8
29.0
3.3
2.7
Cipla
Neutral
609
-
48,893
14,211
16,611
20.6
19.0
27.0
28.9
22.5
21.1
3.8
3.3
18.4
16.8
3.4
2.9
Dr Reddy's
Buy
2,891
3,933
49,302
16,838
19,575
25.0
23.1
167.5
178.8
17.3
16.2
3.6
3.0
23.1
20.4
2.9
2.4
Dishman Pharma
Neutral
319
-
2,577
1,733
1,906
21.5
21.5
17.0
19.9
18.8
16.1
1.9
1.7
10.5
11.2
2.0
1.7
GSK Pharma*
Neutral
3,277
-
27,756
2,870
3,158
20.0
22.1
59.5
68.3
55.1
48.0
16.3
16.7
28.5
34.3
9.2
8.4
Indoco Remedies
Neutral
313
-
2,885
1,033
1,199
15.9
18.2
9.4
13.6
33.3
23.0
4.9
4.2
15.7
19.7
2.9
2.5
Ipca labs
Buy
652
900
8,231
3,363
3,909
12.9
18.6
13.4
28.0
48.7
23.3
3.5
3.1
7.4
14.0
2.7
2.4
Lupin
Neutral
1,668
-
75,125
13,092
16,561
25.0
27.0
50.4
68.3
33.1
24.4
6.8
5.4
22.8
24.7
5.5
4.2
Sun Pharma
Buy
797
950
191,710
28,163
32,610
25.8
30.7
17.4
26.9
45.8
29.6
4.3
3.8
13.0
16.6
6.3
5.2
Power
Tata Power
Neutral
66
-
17,769
35,923
37,402
22.6
22.8
4.1
5.2
16.2
12.8
1.2
1.2
7.5
9.3
1.4
1.3
NTPC
Accumulate
144
157
118,900
87,064
98,846
23.5
23.5
11.7
13.2
12.3
10.9
1.4
1.3
11.4
12.1
2.4
2.1
Power Grid
Buy
141
170
73,792
20,702
23,361
86.7
86.4
12.1
13.2
11.7
10.7
1.7
1.5
15.6
15.1
8.5
7.9
Telecom
Bharti Airtel
Neutral
309
-
123,400
101,748
109,191
32.1
31.7
12.0
12.5
25.7
24.7
1.8
1.7
6.9
6.7
1.8
1.7
Idea Cellular
Neutral
121
-
43,618
34,282
36,941
32.0
31.5
5.9
6.2
20.5
19.5
1.9
1.7
9.9
9.3
1.9
1.7
zOthers
Abbott India
Neutral
5,436
-
11,551
2,715
3,153
14.5
14.1
134.3
152.2
40.5
35.7
10.1
8.3
27.4
25.6
4.0
3.4
Bajaj Electricals
Buy
190
290
1,921
4,719
5,287
5.2
5.8
8.6
12.7
22.2
15.0
2.5
2.2
11.4
14.8
0.4
0.4
Finolex Cables
Neutral
243
-
3,714
2,520
2,883
12.2
12.0
12.7
14.2
19.2
17.1
2.6
2.3
13.6
13.5
1.2
1.0
Goodyear India*
Buy
515
622
1,188
1,888
1,680
12.1
11.9
62.2
56.6
8.3
9.1
1.9
1.7
25.9
19.7
0.4
0.4
Hitachi
Neutral
1,196
-
3,252
1,779
2,081
7.8
8.8
21.8
33.4
54.9
35.8
8.9
7.2
17.4
22.1
1.9
1.6
Jyothy Laboratories
Neutral
301
-
5,452
1,620
1,847
11.5
11.5
7.3
8.5
41.3
35.5
5.3
4.9
13.3
14.4
3.2
2.8
MRF
Buy
38,445
45,575
16,305
20,316
14,488
21.4
21.1
5,488.0
3,798.0
7.0
10.1
2.4
1.9
41.1
21.2
0.8
1.0
Page Industries
Neutral
13,130
-
14,645
1,929
2,450
19.8
20.1
229.9
299.0
57.1
43.9
25.2
17.5
52.1
47.1
7.6
6.0
Relaxo Footwears
Neutral
464
-
5,564
1,767
2,152
12.3
12.5
19.3
25.1
24.1
18.5
5.9
4.5
27.7
27.8
3.2
2.6
Siyaram Silk Mills
Accumulate
1,183
1,354
1,109
1,636
1,815
11.5
11.5
89.9
104.1
13.2
11.4
2.2
1.9
17.9
17.8
0.8
0.7
Styrolution ABS India*
Neutral
703
-
1,236
1,271
1,440
8.6
9.2
32.0
41.1
22.0
17.1
2.2
2.0
10.7
12.4
0.9
0.8
TVS Srichakra
Buy
2,625
3,240
2,010
2,101
2,338
15.7
15.0
248.6
270.0
10.6
9.7
4.6
3.3
43.6
34.0
1.0
0.8
www.angelbroking.com
Stock Watch
January 14, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
zOthers
HSIL
Accumulate
282
302
2,038
2,123
2,384
16.1
16.5
15.0
18.9
18.7
14.9
1.5
1.4
8.0
9.4
1.3
1.1
Kirloskar Engines India
Neutral
236
-
3,408
2,471
2,826
8.8
10.4
9.1
13.3
25.8
17.7
2.5
2.3
9.7
13.4
1.0
0.9
Ltd
M M Forgings
Buy
518
614
625
511
615
21.7
21.6
43.1
55.8
12.0
9.3
2.2
1.8
19.9
21.2
1.4
1.1
Banco Products (India) Neutral
135
-
968
1,208
1,353
11.0
12.3
10.8
14.5
12.6
9.3
1.4
1.3
11.9
14.5
0.8
0.7
Competent Automobiles Neutral
155
-
95
1,040
1,137
3.2
3.1
25.7
28.0
6.0
5.5
0.9
0.8
15.0
14.3
0.1
0.1
Nilkamal
Neutral
1,416
-
2,113
1,910
2,083
10.5
10.3
63.3
69.2
22.4
20.5
3.7
3.1
17.6
16.5
1.2
1.0
Visaka Industries
Buy
113
144
179
1,086
1,197
9.9
10.3
21.5
28.8
5.2
3.9
0.5
0.5
9.6
11.6
0.4
0.3
Transport Corporation of
Neutral
280
-
2,129
2,830
3,350
8.8
9.0
14.4
18.3
19.5
15.3
3.0
2.6
15.4
17.1
0.9
0.8
India
Elecon Engineering
Buy
74
85
801
1,369
1,533
13.7
14.9
3.3
6.1
22.2
12.1
1.4
1.3
6.6
11.4
0.9
0.8
Surya Roshni
Buy
154
201
675
2,992
3,223
8.1
8.4
14.7
18.3
10.5
8.4
1.0
0.9
9.7
11.0
0.5
0.5
MT Educare
Neutral
184
-
733
286
366
18.3
17.7
7.7
9.4
23.8
19.6
5.0
4.4
20.2
21.1
2.5
1.9
Radico Khaitan
Buy
113
156
1,499
1,565
1,687
12.2
13.0
5.7
7.1
19.8
15.9
1.7
1.5
8.3
9.6
1.4
1.3
Garware Wall Ropes
Buy
397
473
869
862
974
11.2
11.2
24.9
29.6
16.0
13.4
2.4
2.1
15.1
15.4
1.0
0.9
Wonderla Holidays
Neutral
380
-
2,147
206
308
44.0
43.6
9.0
12.9
42.2
29.5
5.8
5.2
13.7
17.8
10.3
6.9
Linc Pen & Plastics
Neutral
216
-
320
340
371
8.3
8.9
10.8
13.2
20.0
16.4
3.2
2.8
16.0
17.1
1.0
0.9
The Byke Hospitality
Neutral
152
-
608
222
287
20.5
20.5
5.6
7.6
26.9
20.1
5.1
4.2
18.9
20.8
2.8
2.1
Interglobe Aviation
Neutral
1,229
-
44,281
17,022
21,122
20.7
14.5
63.9
53.7
19.2
22.9
28.8
23.6
149.9
103.2
2.6
2.1
Coffee Day Enterprises
Neutral
260
-
5,347
2,692
2,964
17.0
18.6
-
4.7
-
54.8
3.2
3.0
0.2
5.5
2.4
2.2
Ltd
Navneet Education
Accumulate
87
97
2,077
998
1,062
24.1
24.0
5.8
6.1
15.2
14.3
3.3
2.9
22.0
20.6
2.2
2.0
Navkar Corporation
Buy
201
265
2,872
365
436
38.3
37.5
5.6
5.9
35.7
34.3
2.2
2.1
6.3
6.1
8.7
7.4
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on January 13, 2016
www.angelbroking.com
Market Outlook
January 14, 2016
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
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