Market Outlook
June 17, 2016
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are expected to open in green tracking SGX Nifty.
BSE Sensex
(0.8)
(201)
26,525
Nifty
(0.8)
(66)
8,141
U.S. stocks closed higher Thursday, ending 5-day losing streak with telecom leading
sector advancers. Dow Jones recovered after falling down nearly 169 points to close
Mid Cap
(0.4)
(42)
11,365
93 points higher, with 3M contributing most to the gains. S&P 500 closed about a
Small Cap
(0.5)
(62)
11,402
third of a percent higher after earlier falling 1%. Energy was the only declining sector
Bankex
(1.4)
(283)
20,242
as U.S. crude oil futures settled down $1.80, or 3.75%, at $46.21 a barrel.
FTSE 100 nears 4-month low as Bank of England leaves rates unchanged and warns
Global Indices
Chg (%)
(Pts)
(Close)
of Brexit risks. Mining stocks, Anglo American was down 2.9%, Antofagasta 2.4%,
Dow Jones
0.5
93
17,733
and BHP Billiton was down 1.8%.
Nasdaq
0.2
10
4,845
BSE Sensex crashed over 400 points intraday Thursday; tracking weakness in global
FTSE
(0.3)
(16)
5,950
peers due to uncertainty over Brexit and after Fed’s reduced US economic growth
Nikkei
(3.0)
(485)
15,434
forecast. However, benchmarks recouped half of losses in last hour of trade on short
Hang Seng
(2.1)
(429)
20,038
covering with Nifty reclaiming 8100. Indices had gained over a % in earlier session.
Shanghai Com
(0.5)
(14)
2,873
News Analysis
India's CAD narrows to $0.3bn in Jan-March quarter
Advances / Declines
BSE
NSE
Detailed analysis on Pg2
Advances
954
542
Investor’s Ready Reckoner
Declines
1,651
1,036
Key Domestic & Global Indicators
Unchanged
177
69
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg4 onwards
Volumes (` Cr)
BSE
2,851
Top Picks
CMP
Target
Upside
NSE
18,344
Company
Sector
Rating
(`)
(`)
(%)
Amara Raja
Auto/Auto Ancillary
Buy
864
1,076
24.5
Net Inflows (` Cr)
Net
Mtd
Ytd
HCL Tech
IT
Buy
750
1,000
33.3
FII
(81)
4,375
18,743
LIC Housing
Financials
Buy
470
592
26.0
MFs
211
(167)
9,264
Bharat Electronics
Capital Goods
Accumulate
1,269
1,414
11.4
Navkar Corporation Others
Buy
196
265
35.0
More Top Picks on Pg3
Top Gainers
Price (`)
Chg (%)
Albk
58
7.4
Key Upcoming Events
Corpbank
39
6.1
Previous
Consensus
Date
Region
Event Description
Reading
Expectations
Syndibank
71
5.1
June 17 US
Housing Starts
1172.0
1150.0
Bajajfinsv
2,036
4.6
June 17 US
Existing Home sales
5.5
5.5
Andhrabank
54
4.4
June 22 Euro Zone
Euro Zone Consumer Confidence
(7.0)
--
June 23 Germany
PMI Manufacturing
52.1
--
6.(
Top Losers
Price (`)
Chg (%)
More Events on Pg4
Sadbhav
276
(4.8)
Infratel
348
(4.7)
M&Mfin
310
(4.6)
Renuka
18
(4.3)
Fel
25
(3.9)
As on June 16, 2016
Market Outlook
June 17, 2016
India's CAD narrows to $0.3bn in Jan-March quarter
India’s current account deficit (CAD) for Jan-Mar quarter has narrowed to $0.3bn,
i.e. 0.1% of gross domestic product (GDP). This is significantly lower to the $7.1bn
CAD reported in the previous quarter (1.3% of GDP) and marginally lower to
$0.3bn CAD reported in same period year ago (0.1% of GDP).
RBI said contraction in CAD is due to lower trade deficit of $24.8bn in this quarter,
than $31.6bn in the year ago quarter and $34.0bn in the preceding quarter.
RBI also said that balance of payment surplus for Jan-Mar quarter was at $3.3bn
against surplus of $4.1bn in the previous quarter (Oct-Dec).
Net foreign direct investment moderated to $8.8bn in Q4FY2016 from $9.3 bn in
Q4FY2015.
Portfolio investment recorded net outflow of $1.5bn in Q4FY2016 as against net
inflow of $12.5bn in the corresponding period of last year; primarily reflecting net
outflow in the debt segment.
Non-resident Indian (NRI) deposits, however, increased in Q4FY2016 over their
level in Q4 last year as well as the preceding quarter.
Foreign exchange reserves (on a BoP basis) increased by $3.3bn in Q4FY2016.
Economic and Political News
Namibia invites India to explore cooperation in uranium mining
Govt asks state companies to stop imports, buy coal from CIL
Sebi seeks beneficiary details in 59 GDR issues
Corporate News
Reliance Sasan UMPP to regulate power if states don't pay: CERC
Fire breaks out at Tata Nano's vendor facility
SBI creates `200 cr fund to invest in FinTech startups
Wipro seeks govt nod to set up IT SEZ in Kolkata
AXISCADES has decided to establish its wholly owned subsidiary in Germany
Market Outlook
June 17, 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
14,762
864
1,076
24.5
products leading to market share gains in both the automotive
OEM and replacement segments.
Uptick in defense capex by government, coupled with BELs
Bharat Electronics
30,463
1,269
1,414
11.4
strong market positioning, indicate good times ahead for BEL.
HCL Tech
1,05,848
750
1,000
33.3
Stock is trading at attractive valuations & factors all bad news.
Strong visibility for a robust 20% earnings trajectory, coupled
HDFC Bank
2,94,277
1,162
1,262
8.6
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% to
Infosys
2,72,464
1,186
1,374
15.8
be a US$20bn in FY2020.
Continues to grow its retail loan book at healthy pace with
LIC Housing Finance
23,694
470
592
26.0
improvement in asset quality. Expect LICHF to post a healthy
loan book which is likely to reflect in a strong earnings growth.
Huge bid pipeline of re-development works at Delhi and other
NBCC
11,130
186
220
18.6
State Governments and opportunity from Smart City, positions
NBCC to report strong growth, going forward.
Strong market positioning within the domestic AC markets to
Voltas
10,706
324
407
25.8
continue, EMP business set to revive
Source: Company, Angel Research
Mid Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
Among the top 4 players in the consumer durables segment.
Bajaj Electricals
2,321
230
268
16.7
Improved profitability backed by turn around in E&P segment.
Strong order book lends earnings visibility.
Favourable outlook for AC industry to augur well for Cooling
Blue Star
3,916
435
495
13.7
products business. EMPPAC division's profitability to improve
once operating environment turns around.
With a focus on the low and medium income (LMI) consumer
Dewan Housing
5,897
202
270
33.6
segment, the company has increased its presence in tier-II & III
cities where the growth opportunity is immense.
Strong loan growth backed by diversified loan portfolio and
Equitas Holdings
5,773
172
235
36.5
adequate CAR. ROE & ROA likely to remain decent as risk of
dilution remains low. Attractive valuations considering growth.
Commencement of new projects, downtrend in the interest rate
IL&FS Transport
2,507
76
93
22.0
cycle, to lead to stock re-rating
Economic recovery to have favourable impact on advertising &
circulation revenue growth. Further, the acquisition of a radio
Jagran Prakashan
5,687
174
205
17.8
business (Radio City) would also boost the company's revenue
growth.
Speedier execution and speedier sales, strong revenue visibility
Mahindra Lifespace
1,867
455
554
21.8
in short-to-long run, attractive valuations
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,800
196
265
35.0
as well CFS augurs well for the company
Earnings boost on back of stable material prices and
Radico Khaitan
1,192
90
125
39.5
favourable pricing environment. Valuation discount to peers
provides additional comfort
Strong brands and distribution network would boost growth
Siyaram Silk Mills
957
1,021
1,347
32.0
going ahead. Stock currently trades at an inexpensive
valuation.
Source: Company, Angel Research
Market Outlook
June 17, 2016
Key Upcoming Events
Global economic events release calendar
Bloomberg Data
Date
Time
Country
Event Description
Unit
Period
Last Reported
Estimated
Jun 17, 2016
6:00 PM
US
Housing Starts
Thousands
May
1172.00
1,150.00
7:30 PM
US
Existing home sales
Million
May
5.45
5.50
Jun 22, 2016
6:00 PM
US
Building permits
Thousands
May
1130.00
1,145.00
7:30 PM Euro Zone
Euro-Zone Consumer Confidence
Value
Jun A
-7.00
Jun 23, 2016
1:00 PM Germany
PMI Services
Value
Jun P
55.20
1:00 PM Germany
PMI Manufacturing
Value
Jun P
52.10
7:30 PM
US
New home sales
Thousands
May
619.00
12:00 AM
June 28, 2016
7:30 PM
US
Consumer Confidence S.A./ 1985=100
Jun
92.60
6:00 PM
US
GDP Qoq (Annualised)
% Change
1Q T
0.80
Jun 30, 2016
1:25 PM Germany
Unemployment change (000's)
Thousands
Jun
-11.00
2:00 PM
UK
GDP (YoY)
% Change
1Q F
2.10
Jul 01, 2016
2:00 PM
UK
PMI Manufacturing
Value
Jun
50.10
6:30 AM
China
PMI Manufacturing
Value
Jun
50.10
Jul 07, 2016
India
Imports YoY%
% Change
Jun
(13.20)
Jul 08, 2016
2:00 PM
UK
Industrial Production (YoY)
% Change
May
1.60
India
Exports YoY%
% Change
Jun
(0.80)
6:00 PM
US
Change in Nonfarm payrolls
Thousands
Jun
38.00
Source: Bloomberg, Angel Research
Market Outlook
June 17, 2016
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
12.0
8.3
9.9
7.8
7.7
7.9
10.0
8.0
7.5
7.6
7.2
8.0
6.3
6.7
6.6
6.7
7.0
6.4
6.0
4.2
4.3
3.7
5.8
4.0
6.0
2.0
2.0
0.3
5.0
-
4.0
(2.0)
(0.9)
(0.8)
(1.6)
(4.0)
3.0
(3.4)
(6.0)
Source: CSO, Angel Research
Source: MOSPI, Angel Research
Exhibit 3: Monthly CPI inflation trends
Exhibit 4: Manufacturing and services PMI
56.0
Mfg. PMI
Services PMI
(%)
7.0
54.0
5.6
5.7
5.8
5.4
5.4
5.5
6.0
5.3
5.0
4.8
52.0
5.0
4.4
3.7
3.7
4.0
50.0
3.0
48.0
2.0
46.0
1.0
-
44.0
Source: MOSPI, Angel Research
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends
Exhibit 6: Key policy rates
(%)
Exports yoy growth
Imports yoy growth
(%)
Repo rate
Reverse Repo rate
CRR
0.0
7.50
(5.0)
7.00
6.50
(10.0)
6.00
(15.0)
5.50
(20.0)
5.00
4.50
(25.0)
4.00
(30.0)
3.50
(35.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
June 17, 2016
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.7
6.0
5.3
4.9
4.2
4.0
3.2
2.1
2.0
1.3
1.4
2.0
0.1
-
(0.2)
(2.0)
(4.0)
(1.2)
(6.0)
(5.4)
(8.0)
Source: Bloomberg, Angel Research
Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
10.0
7.5
8.0
6.5
6.0
4.9
4.4
4.0
3.0
2.4
1.9
1.5
2.0
1.1
0.6
0.5
(3.8)
(1.8)
-
(2.0)
(4.0)
(6.0)
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
(x)
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
June 17, 2016
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
49,412
(5.6)
0.1
(7.4)
Russia
Micex
1,870
(2.8)
(0.2)
11.6
India
Nifty
8,141
3.2
8.4
2.2
China
Shanghai Composite
2,873
1.6
0.5
(42.8)
South Africa
Top 40
46,050
(0.5)
1.1
1.0
Mexico
Mexbol
45,225
(1.8)
0.7
0.5
Indonesia
LQ45
820
1.5
(3.1)
(5.0)
Malaysia
KLCI
1,615
(1.1)
(5.2)
(6.9)
Thailand
SET 50
893
0.5
0.6
(10.1)
USA
Dow Jones
17,733
0.6
2.3
(1.6)
UK
FTSE
5,950
(3.3)
(3.6)
(11.3)
Japan
Nikkei
15,434
(7.3)
(8.9)
(24.6)
Germany
DAX
9,550
(3.5)
(3.9)
(16.7)
France
CAC
4,153
(3.4)
(7.0)
(17.7)
Source: Bloomberg, Angel Research
Stock Watch
June 17, 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
208
-
4,042
1,612
1,911
13.3
13.3
7.4
9.5
28.1
21.9
4.5
4.0
16.7
18.4
2.7
2.2
United Phosphorus
Buy
568
684
24,360
13,083
15,176
18.5
18.5
31.5
37.4
18.0
15.2
3.6
3.0
21.4
21.4
2.1
1.8
Auto & Auto Ancillary
Ashok Leyland
Accumulate
99
111
28,302
17,995
21,544
11.4
11.6
3.4
4.7
29.3
21.2
5.1
4.7
17.7
22.2
1.6
1.3
Bajaj Auto
Neutral
2,566
-
74,263
22,709
25,860
20.9
20.1
129.0
143.6
19.9
17.9
6.1
5.3
30.7
29.4
2.8
2.5
Bharat Forge
Buy
733
875
17,052
7,351
8,318
19.9
19.7
31.2
36.5
23.5
20.1
4.2
3.6
19.3
19.2
2.5
2.2
Eicher Motors
Accumulate
18,743
20,044
50,909
15,556
16,747
15.5
17.3
464.8
597.5
40.3
31.4
14.7
10.8
36.2
34.3
3.2
2.9
Gabriel India
Accumulate
92
101
1,319
1,415
1,544
8.7
9.0
4.6
5.4
20.0
17.0
3.6
3.2
18.1
18.9
0.9
0.8
Hero Motocorp
Neutral
3,023
-
60,374
28,244
30,532
15.5
15.9
156.7
168.5
19.3
17.9
7.7
6.5
39.9
36.4
2.0
1.8
Jamna Auto Industries Neutral
170
-
1,358
1,281
1,473
11.2
11.5
7.6
9.2
22.4
18.5
5.7
4.6
25.4
25.2
1.0
0.9
L G Balakrishnan & Bros Neutral
468
-
734
1,254
1,394
11.6
11.8
35.9
41.7
13.0
11.2
1.8
1.6
13.5
13.8
0.7
0.6
Mahindra and Mahindra Neutral
1,344
-
83,466
38,416
42,904
13.7
13.9
54.8
63.4
24.5
21.2
3.8
3.4
15.4
15.8
1.9
1.6
Maruti
Neutral
4,084
-
123,370
57,865
68,104
16.4
16.7
176.3
225.5
23.2
18.1
4.5
3.8
19.4
21.2
1.9
1.6
Minda Industries
Neutral
1,177
-
1,868
2,523
2,890
8.7
9.0
55.0
65.4
21.4
18.0
4.1
3.4
19.3
18.7
0.8
0.7
Motherson Sumi
Accumulate
292
313
38,637
39,343
45,100
8.8
9.1
10.1
12.5
28.9
23.4
9.2
7.2
35.3
34.4
1.0
0.9
Rane Brake Lining
Buy
373
465
295
454
511
11.5
12.0
25.2
31.0
14.8
12.0
2.2
2.0
14.9
16.6
0.8
0.7
Setco Automotive
Neutral
44
-
585
594
741
12.7
13.7
1.7
3.2
25.8
13.7
2.7
2.3
10.4
16.9
1.4
1.2
Tata Motors
Neutral
454
-
131,079
259,686
273,957
13.0
13.4
25.9
29.5
17.5
15.4
2.3
2.0
8.0
9.0
0.7
0.7
TVS Motor
Accumulate
292
330
13,849
11,263
13,122
6.9
8.5
9.2
15.0
31.7
19.4
7.2
5.8
22.7
29.6
1.2
1.0
Amara Raja Batteries
Buy
864
1,076
14,762
4,690
5,429
17.5
17.5
28.5
35.3
30.4
24.5
7.0
5.8
23.1
25.9
3.1
2.6
Exide Industries
Neutral
160
-
13,600
6,950
7,784
14.4
14.8
6.6
7.3
24.2
21.9
3.1
2.8
12.6
12.8
1.6
1.5
Apollo Tyres
Buy
150
183
7,610
12,056
12,714
17.2
16.4
23.0
20.3
6.5
7.4
1.2
1.0
17.7
13.6
0.7
0.7
Ceat
Buy
856
1,119
3,462
6,041
6,597
14.1
13.7
99.5
111.9
8.6
7.7
1.7
1.4
19.6
18.5
0.7
0.6
JK Tyres
Neutral
89
-
2,020
7,446
7,669
15.2
14.0
19.6
18.4
4.5
4.8
1.1
1.0
25.2
19.5
0.7
0.6
Swaraj Engines
Neutral
1,137
-
1,412
552
630
14.2
14.7
44.6
54.1
25.5
21.0
5.9
5.4
23.2
25.6
2.3
2.0
Subros
Neutral
92
-
550
1,293
1,527
11.8
11.9
4.2
6.7
21.8
13.7
1.6
1.5
7.7
11.5
0.8
0.6
Indag Rubber
Neutral
190
-
498
283
329
17.0
17.2
13.0
15.4
14.6
12.3
3.2
2.7
21.8
21.6
1.5
1.2
Capital Goods
ACE
Neutral
40
-
398
660
839
4.7
8.2
1.0
3.9
40.3
10.3
1.3
1.1
3.2
11.3
0.8
0.6
BEML
Buy
840
1,157
3,499
3,277
4,006
6.0
8.9
36.2
64.3
23.2
13.1
1.6
1.5
5.7
11.7
1.2
0.9
Bharat Electronics
Accumulate
1,269
1,414
30,463
7,295
8,137
20.0
16.8
56.5
58.7
22.5
21.6
3.4
3.0
42.1
44.6
3.4
2.9
Stock Watch
June 17, 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
324
407
10,706
5,857
6,511
7.5
7.9
11.7
12.9
27.7
25.1
4.5
4.0
17.1
16.7
1.9
1.7
BGR Energy
Neutral
113
-
818
3,615
3,181
9.5
9.4
16.7
12.4
6.8
9.2
0.6
0.6
10.0
7.0
0.6
0.8
BHEL
Neutral
121
-
29,689
33,722
35,272
10.8
11.7
10.5
14.2
11.6
8.5
0.9
0.8
7.0
9.0
1.0
0.9
Blue Star
Accumulate
435
495
3,916
3,770
4,351
5.7
6.4
11.4
17.2
38.1
25.4
5.9
5.5
18.4
23.1
1.1
1.0
Crompton Greaves
Neutral
74
-
4,660
13,484
14,687
4.9
6.2
4.5
7.1
16.5
10.5
1.2
1.1
7.2
10.8
0.5
0.4
Greaves Cotton
Neutral
138
-
3,380
1,655
1,755
16.6
16.8
7.4
7.8
18.7
17.7
3.7
3.6
21.1
20.6
2.0
1.9
Inox Wind
Buy
241
286
5,349
4,406
5,605
15.5
15.7
20.4
24.8
11.8
9.7
2.7
2.0
27.9
25.9
1.4
1.1
KEC International
Neutral
136
-
3,491
8,791
9,716
6.1
6.8
5.4
8.2
25.2
16.6
2.5
2.3
10.0
14.0
0.6
0.6
Thermax
Neutral
798
-
9,507
6,413
7,525
7.4
8.5
30.5
39.3
26.2
20.3
4.0
3.5
15.0
17.0
1.5
1.2
VATech Wabag
Neutral
597
-
3,251
2,722
3,336
7.9
8.1
19.5
24.6
30.6
24.3
3.2
2.8
11.1
12.4
1.3
1.1
Cement
ACC
Neutral
1,548
-
29,061
13,151
14,757
16.4
18.3
63.9
83.4
24.2
18.6
3.1
2.9
13.3
16.1
2.1
1.8
Ambuja Cements
Neutral
235
-
36,392
11,564
12,556
19.4
20.7
8.9
10.1
26.4
23.2
3.3
3.1
12.8
13.8
2.8
2.5
HeidelbergCement
Neutral
107
-
2,425
1,772
1,926
13.3
15.4
1.0
3.0
107.0
35.7
2.7
2.5
2.6
7.9
2.0
1.7
India Cements
Neutral
104
-
3,202
4,216
4,840
18.0
19.5
4.0
9.9
26.1
10.5
1.0
1.0
4.0
9.5
1.0
0.8
JK Cement
Neutral
630
-
4,406
3,661
4,742
10.1
15.8
7.5
28.5
84.0
22.1
2.5
2.2
7.5
22.9
1.7
1.2
J K Lakshmi Cement
Neutral
371
-
4,370
2,947
3,616
16.7
19.9
11.5
27.2
32.3
13.7
3.1
2.6
9.8
20.8
1.8
1.5
Mangalam Cements
Neutral
281
-
750
1,053
1,347
10.5
13.3
8.4
26.0
33.5
10.8
1.4
1.3
4.3
12.5
1.1
0.8
Orient Cement
Neutral
165
-
3,371
1,854
2,524
21.2
22.2
7.7
11.1
21.4
14.8
3.1
2.7
13.3
15.7
2.6
1.8
Ramco Cements
Neutral
542
-
12,903
4,036
4,545
20.8
21.3
15.1
18.8
35.9
28.8
4.4
3.9
12.9
14.3
3.6
3.1
Shree Cement^
Neutral
13,530
-
47,134
7,150
8,742
26.7
28.6
228.0
345.5
59.3
39.2
8.7
7.3
15.7
20.3
6.4
5.1
UltraTech Cement
Neutral
3,282
-
90,065
24,669
29,265
18.2
20.6
82.0
120.0
40.0
27.4
4.3
3.8
11.3
14.7
3.8
3.2
Construction
ITNL
Buy
76
93
2,507
7,360
8,682
34.0
32.2
7.0
8.6
10.9
8.9
0.4
0.4
3.2
2.5
3.7
3.5
KNR Constructions
Accumulate
562
603
1,580
937
1,470
14.3
14.0
44.2
38.6
12.7
14.6
2.5
2.2
15.4
15.4
1.8
1.2
Larsen & Toubro
Accumulate
1,492
1,700
139,042
58,870
65,708
8.3
10.3
42.0
53.0
35.5
28.2
2.5
2.2
8.8
11.2
2.6
2.3
Gujarat Pipavav Port
Neutral
153
-
7,411
629
684
51.0
52.2
6.4
5.9
24.0
26.0
3.2
2.9
15.9
12.7
11.8
10.6
MBL Infrastructures
Buy
117
285
483
2,313
2,797
12.2
14.6
19.0
20.0
6.1
5.8
0.6
0.6
11.3
10.6
0.9
0.8
Nagarjuna Const.
Neutral
75
-
4,161
7,892
8,842
8.8
9.1
3.0
5.3
25.0
14.1
1.3
1.2
5.0
8.5
0.8
0.6
PNC Infratech
Buy
555
647
2,847
1,873
2,288
13.2
13.5
24.0
32.0
23.1
17.3
2.3
2.0
12.1
12.3
1.6
1.4
Simplex Infra
Neutral
272
-
1,343
5,955
6,829
10.3
10.5
16.0
31.0
17.0
8.8
0.9
0.8
5.3
9.9
0.7
0.6
Stock Watch
June 17, 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
Power Mech Projects
Neutral
563
-
828
1,539
1,801
12.8
12.7
59.0
72.1
9.5
7.8
1.4
1.2
18.6
16.8
0.6
0.5
Sadbhav Engineering
Neutral
279
-
4,781
3,186
3,598
10.2
10.3
8.0
9.0
34.8
31.0
3.2
2.8
9.4
9.9
1.9
1.7
NBCC
Buy
186
220
11,130
5,838
7,428
6.0
7.9
5.2
8.2
35.7
22.6
1.1
0.9
21.9
28.2
1.7
1.2
MEP Infra
Neutral
37
-
598
1,956
1,876
28.1
30.5
1.3
3.0
28.3
12.3
5.9
4.0
21.2
32.8
1.7
1.7
SIPL
Neutral
102
-
3,586
675
1,042
62.4
64.7
-
-
3.8
4.4
-
-
17.0
11.5
Engineers India
Neutral
201
-
6,762
1,667
1,725
13.5
16.0
9.7
11.4
20.7
17.6
2.4
2.4
11.7
13.4
2.7
2.7
Financials
Allahabad Bank
Neutral
58
-
4,201
8,569
9,392
2.8
2.9
16.3
27.5
3.6
2.1
0.3
0.3
7.6
11.9
-
-
Axis Bank
Neutral
524
-
124,952
26,204
29,738
3.6
3.5
34.5
35.4
15.2
14.8
2.4
2.1
16.8
14.9
-
-
Bank of Baroda
Neutral
152
-
34,989
18,802
21,088
2.0
2.2
(7.4)
13.0
11.7
1.2
1.0
(4.2)
7.3
-
-
Bank of India
Neutral
93
-
8,710
15,972
17,271
1.9
2.0
15.3
33.4
6.1
2.8
0.3
0.2
3.6
7.6
-
-
Canara Bank
Neutral
203
-
11,004
15,441
16,945
2.0
2.1
46.6
70.4
4.4
2.9
0.4
0.3
8.0
11.2
-
-
Dena Bank
Neutral
33
-
2,174
3,440
3,840
2.1
2.3
7.3
10.0
4.5
3.3
0.3
0.3
6.1
7.9
-
-
Dewan Housing Finance Buy
202
270
5,897
1,828
2,225
2.9
3.0
24.9
29.7
8.1
6.8
1.3
1.1
15.1
16.1
-
-
Equitas Holdings
Buy
172
235
5,773
679
1,076
12.4
11.7
6.2
6.7
27.8
25.7
3.5
2.5
13.3
12.5
-
-
Federal Bank
Neutral
58
-
9,940
3,279
3,787
2.8
2.9
3.9
5.5
14.7
10.5
1.2
1.1
8.4
10.8
-
-
HDFC
Neutral
1,201
-
189,853
10,358
11,852
3.3
3.3
41.1
47.0
29.3
25.5
5.6
5.1
24.7
24.9
-
-
HDFC Bank
Accumulate
1,162
1,262
294,277
38,606
47,696
4.4
4.5
48.8
61.4
23.8
18.9
4.0
3.5
18.7
20.0
-
-
ICICI Bank
Neutral
240
-
139,358
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
71
-
14,618
9,625
10,455
1.8
1.8
8.5
14.2
8.3
5.0
0.5
0.5
5.9
9.3
-
-
Indian Bank
Neutral
121
-
5,809
6,160
6,858
2.5
2.5
24.5
29.8
4.9
4.1
0.4
0.4
7.7
8.6
-
-
LIC Housing Finance
Buy
470
592
23,694
3,179
3,758
2.6
2.6
32.9
40.6
14.3
11.6
2.6
2.2
19.6
20.7
-
-
Oriental Bank
Neutral
96
-
3,308
7,643
8,373
2.4
2.4
37.2
45.4
2.6
2.1
0.2
0.2
8.2
9.4
-
-
Punjab Natl.Bank
Neutral
93
-
18,183
23,122
26,022
2.8
2.8
7.0
21.6
13.2
4.3
0.7
0.6
3.4
10.0
-
-
South Ind.Bank
Neutral
20
-
2,721
1,965
2,185
2.5
2.5
2.5
3.3
8.1
6.1
0.8
0.7
9.5
11.7
-
-
St Bk of India
Neutral
216
-
167,443
79,958
86,061
2.6
2.6
13.4
20.7
16.1
10.4
1.3
1.2
11.5
12.8
-
-
Union Bank
Neutral
126
-
8,682
12,646
14,129
2.3
2.4
31.0
39.1
4.1
3.2
0.4
0.4
9.8
11.4
-
-
Vijaya Bank
Neutral
35
-
3,471
3,536
3,827
1.9
1.9
5.5
6.7
6.3
5.2
0.5
0.5
7.8
8.8
-
-
Yes Bank
Neutral
1,060
-
44,637
7,190
9,011
3.2
3.3
58.2
69.7
18.2
15.2
3.3
2.8
19.2
19.6
-
-
FMCG
Asian Paints
Neutral
1,007
-
96,572
15,534
17,445
17.7
16.8
18.4
19.6
54.8
51.4
19.4
18.3
34.6
35.6
6.0
5.3
Stock Watch
June 17, 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
Britannia
Neutral
2,686
-
32,226
8,481
9,795
14.0
14.1
65.5
78.3
41.0
34.3
19.4
15.9
38.3
41.2
3.8
3.3
Colgate
Neutral
866
-
23,561
4,136
4,632
22.5
23.3
22.2
25.3
39.0
34.2
23.7
21.1
68.6
67.5
5.6
5.0
Dabur India
Neutral
313
-
55,096
9,370
10,265
17.6
17.3
7.3
8.1
42.7
38.7
11.1
10.1
31.7
30.6
5.5
5.0
GlaxoSmith Con*
Accumulate
5,604
6,118
23,569
4,519
5,142
19.6
19.8
164.3
191.2
34.1
29.3
9.4
8.0
30.8
29.9
4.7
4.1
Godrej Consumer
Neutral
1,490
-
50,746
9,003
10,335
18.1
18.7
34.1
41.8
43.7
35.7
9.4
8.1
23.9
24.8
5.9
5.1
HUL
Neutral
880
-
190,397
33,299
35,497
17.1
17.1
18.9
20.0
46.6
44.0
40.8
35.5
87.6
80.8
5.5
5.1
ITC
Accumulate
355
380
285,475
36,837
39,726
38.8
38.7
12.2
13.5
29.0
26.3
8.1
7.1
27.8
26.9
7.2
6.6
Marico
Neutral
255
-
32,899
6,151
6,966
17.2
17.3
5.4
6.4
47.2
39.8
14.8
11.7
33.2
32.4
5.2
4.6
Nestle*
Neutral
6,495
-
62,621
9,393
10,507
22.2
22.3
106.8
121.8
60.8
53.3
21.4
19.2
34.8
36.7
6.5
5.8
Tata Global
Accumulate
126
137
7,959
8,635
9,072
9.8
9.9
5.8
7.2
21.7
17.5
1.9
1.9
6.8
7.4
0.9
0.9
Procter & Gamble
Buy
6,240
7,369
20,256
2,588
2,939
23.3
23.2
130.2
146.2
47.9
42.7
95.6
91.6
27.6
25.3
7.4
6.5
Hygiene
IT
HCL Tech^
Buy
750
1,000
105,848
37,061
30,781
21.5
20.5
51.4
40.0
14.6
18.8
3.8
2.7
20.1
20.3
2.6
2.8
Infosys
Buy
1,186
1,374
272,464
62,441
70,558
27.5
27.5
59.0
65.3
20.1
18.2
4.0
3.7
22.2
22.4
3.8
3.3
TCS
Buy
2,557
3,004
503,858
108,646
122,770
28.3
28.3
123.7
141.0
20.7
18.1
6.8
6.3
33.1
34.6
4.2
3.6
Tech Mahindra
Buy
533
700
51,767
26,494
30,347
16.3
17.0
32.2
37.5
16.6
14.2
3.6
3.1
21.7
21.8
1.7
1.5
Wipro
Buy
550
680
135,852
50,808
56,189
23.7
23.8
37.3
40.7
14.7
13.5
2.8
2.6
19.2
17.7
2.1
1.8
Media
D B Corp
Neutral
370
-
6,804
2,025
2,187
27.4
27.4
17.4
18.9
21.3
19.6
4.8
4.4
22.9
23.7
3.4
3.1
HT Media
Neutral
78
-
1,825
2,495
2,673
12.9
13.2
6.8
7.2
11.5
10.9
0.9
0.9
7.5
7.8
0.3
0.3
Jagran Prakashan
Buy
174
205
5,687
2,107
2,355
33.5
28.0
10.1
10.8
17.3
16.1
4.0
3.5
23.3
21.7
2.7
2.4
Sun TV Network
Neutral
375
-
14,758
2,510
2,763
71.8
71.5
21.9
24.8
17.1
15.1
4.1
3.7
22.8
24.3
5.3
4.8
Hindustan Media
Neutral
275
-
2,021
914
1,016
21.7
21.5
21.9
23.3
12.6
11.9
2.3
1.9
18.0
16.2
1.6
1.4
Ventures
Metals & Mining
Coal India
Buy
307
380
194,039
76,167
84,130
19.9
22.3
22.4
25.8
13.7
11.9
4.9
4.8
35.5
41.0
1.9
1.7
Hind. Zinc
Neutral
172
-
72,506
14,641
14,026
50.4
50.4
17.7
16.0
9.7
10.7
1.5
1.4
16.2
13.2
2.6
2.5
Hindalco
Neutral
119
-
24,532
104,356
111,186
8.7
9.5
6.7
11.1
17.7
10.7
0.6
0.6
3.5
5.9
0.8
0.7
JSW Steel
Neutral
1,405
-
33,973
42,308
45,147
16.4
20.7
(10.3)
49.5
28.4
1.6
1.5
(1.0)
5.6
1.9
1.7
NMDC
Neutral
93
-
36,872
8,237
10,893
46.6
44.5
10.0
11.7
9.4
8.0
1.0
0.9
12.5
13.0
4.2
3.2
SAIL
Neutral
45
-
18,544
45,915
53,954
7.2
10.5
1.5
4.4
29.8
10.3
0.4
0.4
2.3
4.1
1.1
0.9
Vedanta
Neutral
122
-
36,303
71,445
81,910
26.2
26.3
12.9
19.2
9.5
6.4
0.7
0.6
7.2
8.9
0.9
0.7
Tata Steel
Neutral
330
-
32,055
126,760
137,307
8.9
11.3
6.4
23.1
51.9
14.3
1.0
1.0
2.0
7.1
0.8
0.8
Stock Watch
June 17, 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
Oil & Gas
Cairn India
Neutral
139
-
26,070
11,323
12,490
49.4
51.0
20.7
20.7
6.7
6.7
0.4
0.4
6.4
6.1
1.5
0.8
GAIL
Neutral
382
-
48,500
64,856
70,933
9.1
9.6
24.0
28.9
16.0
13.2
1.4
1.3
8.8
9.6
0.9
0.8
ONGC
Neutral
212
-
181,205
154,564
145,998
36.8
37.4
20.8
22.6
10.2
9.4
1.0
0.9
10.1
9.7
1.4
1.6
Petronet LNG
Neutral
282
-
21,150
29,691
31,188
5.8
6.2
12.8
13.4
22.1
21.0
3.3
2.9
15.8
14.8
0.8
0.7
Indian Oil Corp
Accumulate
416
455
100,906
359,607
402,760
5.9
6.1
42.5
48.7
9.8
8.5
1.3
1.2
14.1
14.4
0.4
0.3
Reliance Industries
Buy
975
1,150
315,992
304,775
344,392
12.6
13.4
91.3
102.6
10.7
9.5
1.2
1.1
11.8
12.0
1.0
0.8
Pharmaceuticals
Alembic Pharma
Neutral
533
-
10,050
3,145
3,483
31.9
16.2
38.2
18.7
14.0
28.5
6.3
5.3
57.9
20.1
3.3
3.0
Aurobindo Pharma
Neutral
737
-
43,101
13,651
15,702
21.7
21.7
33.9
38.4
21.7
19.2
6.1
4.7
32.5
27.7
3.4
3.0
Aventis*
Accumulate
4,190
4,738
9,649
2,049
2,375
15.4
17.3
115.4
153.5
36.3
27.3
5.9
4.6
19.3
25.8
4.5
3.8
Cadila Healthcare
Buy
317
400
32,478
9,469
11,246
21.2
22.0
14.9
17.1
21.3
18.6
6.1
4.8
28.8
26.6
3.4
2.8
Cipla
Neutral
485
-
38,972
13,372
15,378
16.4
17.4
19.6
18.8
24.8
25.8
3.2
2.8
13.1
13.8
2.9
2.8
Dr Reddy's
Accumulate
3,047
3,476
51,961
15,471
17,479
24.6
24.6
138.2
152.4
22.1
20.0
4.1
3.5
19.7
18.7
3.3
2.9
Dishman Pharma
Neutral
136
-
2,194
1,733
1,906
21.5
21.5
10.1
10.0
13.5
13.6
1.6
1.4
10.5
11.2
1.9
1.6
GSK Pharma*
Neutral
3,474
-
29,425
2,870
3,158
20.0
22.1
59.5
68.3
58.4
50.9
17.2
17.7
28.5
34.3
9.8
8.9
Indoco Remedies
Neutral
281
-
2,592
1,033
1,199
15.9
18.2
9.4
13.6
29.9
20.7
4.4
3.8
15.7
19.7
2.6
2.3
Ipca labs
Buy
480
750
6,054
3,363
3,909
12.9
18.6
13.4
28.0
35.8
17.1
2.6
2.2
7.4
14.0
2.0
1.7
Lupin
Buy
1,465
1,809
66,036
13,702
15,912
23.7
26.4
50.5
58.1
29.0
25.2
6.0
4.9
22.9
21.4
5.2
4.1
Sun Pharma
Buy
754
950
181,393
28,163
32,610
25.8
30.7
17.4
26.9
43.3
28.0
4.1
3.6
13.0
16.6
5.8
4.8
Power
Tata Power
Neutral
76
-
20,636
35,923
37,402
22.6
22.8
4.1
5.2
18.8
14.8
1.4
1.3
7.5
9.3
1.5
1.4
NTPC
Neutral
152
-
125,125
87,271
99,297
23.5
23.5
11.8
13.3
12.9
11.4
1.4
1.4
11.5
12.2
2.5
2.2
Power Grid
Accumulate
155
170
80,907
20,702
23,361
86.7
86.4
12.1
13.2
12.8
11.7
1.9
1.7
15.6
15.1
8.8
8.2
Real Estate
MLIFE
Buy
455
554
1,867
826
1,011
20.1
21.9
22.7
30.7
20.0
14.8
1.2
1.1
6.0
7.4
4.1
3.1
Telecom
Bharti Airtel
Neutral
346
-
138,410
101,748
109,191
32.1
31.7
12.0
12.5
28.9
27.7
2.0
1.9
6.9
6.7
2.0
1.8
Idea Cellular
Neutral
100
-
35,970
34,282
36,941
32.0
31.5
5.9
6.2
16.9
16.1
1.6
1.4
9.9
9.3
1.7
1.6
zOthers
Abbott India
Neutral
4,430
-
9,413
2,715
3,153
14.5
14.1
134.3
152.2
33.0
29.1
8.2
6.8
27.4
25.6
3.2
2.7
Bajaj Electricals
Buy
230
268
2,321
4,612
5,351
5.6
5.7
23.4
18.0
9.8
12.8
3.0
2.7
12.5
14.4
0.5
0.4
Finolex Cables
Neutral
361
-
5,517
2,520
2,883
12.2
12.0
12.7
14.2
28.5
25.4
3.9
3.4
13.6
13.5
1.9
1.6
Goodyear India*
Buy
514
631
1,185
1,800
1,600
11.7
11.5
58.7
52.9
8.7
9.7
2.0
1.7
24.6
18.7
0.4
0.4
Hitachi
Neutral
1,251
-
3,401
1,779
2,081
7.8
8.8
21.8
33.4
57.4
37.4
9.3
7.5
17.4
22.1
2.0
1.7
Stock Watch
June 17, 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
Jyothy Laboratories
Neutral
293
-
5,313
1,620
1,847
11.5
11.5
7.3
8.5
40.2
34.6
5.2
4.8
13.3
14.4
3.1
2.6
MRF
Buy
31,679
45,575
13,436
20,316
14,488
21.4
21.1
5,488.0
3,798.0
5.8
8.3
2.0
1.6
41.1
21.2
0.6
0.8
Page Industries
Neutral
13,406
-
14,953
1,929
2,450
19.8
20.1
229.9
299.0
58.3
44.8
25.7
17.9
52.1
47.1
7.9
6.2
Relaxo Footwears
Neutral
472
-
5,660
1,767
2,152
12.3
12.5
19.3
25.1
24.5
18.8
6.0
4.6
27.7
27.8
3.2
2.6
Siyaram Silk Mills
Buy
1,021
1,347
957
1,619
1,799
11.6
11.6
93.5
104.9
10.9
9.7
1.9
1.6
17.1
16.4
0.8
0.8
Styrolution ABS India* Neutral
620
-
1,090
1,271
1,440
8.6
9.2
32.0
41.1
19.4
15.1
2.0
1.8
10.7
12.4
0.8
0.7
TVS Srichakra
Buy
2,353
2,932
1,802
2,035
2,252
15.9
15.3
248.6
268.1
9.5
8.8
4.1
3.0
43.6
33.9
0.9
0.8
HSIL
Buy
258
310
1,862
2,123
2,384
16.1
16.5
15.0
18.9
17.1
13.7
1.3
1.2
8.0
9.4
1.2
1.1
Kirloskar Engines India
Neutral
260
-
3,761
2,403
2,554
8.6
9.9
9.2
10.5
28.3
24.8
2.7
2.6
9.7
10.7
1.2
1.1
Ltd
M M Forgings
Buy
437
546
527
511
615
21.7
21.6
43.1
55.8
10.1
7.8
1.8
1.5
19.9
21.2
1.3
0.9
Banco Products (India) Neutral
144
-
1,031
1,208
1,353
11.0
12.3
10.8
14.5
13.4
10.0
1.5
1.4
11.9
14.5
0.8
0.7
Competent Automobiles Neutral
140
-
86
1,040
1,137
3.2
3.1
25.7
28.0
5.4
5.0
0.8
0.7
15.0
14.3
0.1
0.1
Nilkamal
Neutral
1,157
-
1,726
1,871
2,031
10.7
10.5
63.2
69.8
18.3
16.6
3.0
2.6
17.6
16.6
1.0
0.9
Visaka Industries
Neutral
153
-
243
1,020
1,120
8.7
9.1
13.9
20.1
11.0
7.6
0.7
0.7
6.4
8.7
0.5
0.4
Transport Corporation of
Neutral
307
-
2,351
2,830
3,350
8.8
9.0
14.4
18.3
21.4
16.8
3.3
2.9
15.4
17.1
0.9
0.8
India
Elecon Engineering
Neutral
65
-
703
1,359
1,482
10.3
13.7
0.8
3.9
80.3
16.6
1.3
1.3
1.6
7.8
0.8
0.8
Surya Roshni
Buy
159
201
699
2,992
3,223
8.1
8.4
14.7
18.3
10.9
8.7
1.0
0.9
9.7
11.0
0.5
0.5
MT Educare
Neutral
167
-
666
286
366
18.3
17.7
7.7
9.4
21.7
17.9
4.6
4.0
20.2
21.1
2.4
1.8
Radico Khaitan
Buy
90
125
1,192
1,543
1,659
12.6
13.0
5.8
6.3
15.5
14.1
1.3
1.2
8.5
8.6
1.3
1.2
Garware Wall Ropes
Buy
339
460
742
828
898
11.2
10.3
28.3
29.0
12.0
11.7
2.0
1.7
16.8
14.9
0.8
0.8
Wonderla Holidays
Neutral
395
-
2,232
206
308
44.0
43.6
9.0
12.9
43.9
30.6
6.0
5.4
13.7
17.8
10.7
7.1
Linc Pen & Plastics
Accumulate
229
235
339
344
382
9.1
9.1
12.4
13.1
18.5
17.5
3.3
2.9
18.0
16.7
1.0
0.9
The Byke Hospitality
Neutral
162
-
649
222
287
20.5
20.5
5.6
7.6
28.7
21.4
5.4
4.5
18.9
20.8
3.1
2.4
Interglobe Aviation
Neutral
1,013
-
36,497
17,022
21,122
20.7
14.5
63.9
53.7
15.9
18.9
23.8
19.5
149.9
103.2
2.1
1.7
Coffee Day Enterprises
Neutral
253
-
5,208
2,692
2,964
17.0
18.6
-
4.7
-
53.4
3.1
2.9
0.2
5.5
2.4
2.2
Ltd
Navneet Education
Neutral
91
-
2,173
998
1,062
24.1
24.0
5.8
6.1
15.9
15.0
3.5
3.1
22.0
20.6
2.2
2.1
Navkar Corporation
Buy
196
265
2,800
347
408
43.2
42.9
6.7
6.8
29.4
29.0
2.2
2.0
7.3
6.9
8.6
7.9
UFO Moviez
Neutral
517
-
1,427
558
619
32.0
33.2
22.5
30.0
23.0
17.3
2.8
2.4
12.0
13.8
2.5
2.1
VRL Logistics
Neutral
300
-
2,735
1,725
1,902
16.5
16.7
12.2
14.6
24.6
20.6
5.1
4.5
20.8
21.9
1.8
1.6
Stock Watch
June 17, 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
Team Lease Serv.
Neutral
891
-
1,523
2,565
3,229
1.3
1.5
15.2
22.8
58.7
39.1
4.7
4.2
8.0
10.7
0.5
0.4
S H Kelkar & Co.
Neutral
213
-
3,075
928
1,036
15.3
15.1
4.9
6.1
43.1
34.8
4.0
3.7
9.4
10.7
3.4
3.0
Quick Heal
Neutral
266
-
1,861
339
408
27.8
27.3
7.1
7.7
37.6
34.3
3.2
3.2
8.5
9.3
4.0
3.4
Narayana Hrudaya
Neutral
318
-
6,501
1,603
1,873
10.9
11.5
1.0
2.6
333.9
120.3
8.0
7.4
2.4
6.1
4.2
3.6
Manpasand Bever.
Neutral
546
-
2,730
540
836
19.9
19.6
10.2
16.9
53.3
32.3
4.3
3.9
8.1
12.0
4.7
3.0
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on June 16, 2016
Market Outlook
June 17, 2016
Research Team Tel: 022 - 39357800
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