Market Outlook
January 20, 2016
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are expected to open negative tracking the SGX Nifty and Asian
BSE Sensex
1.2
291
24,480
markets.
Nifty
1.1
84
7,435
US markets closed flat after China's government said the nation's economic growth
Mid Cap
1.7
176
10,238
rate eased to 6.8% for the fourth quarter and 6.9% for 2015. Beijing is also
Small Cap
1.7
180
10,526
expected to offer stimulus as the economic growth was the slowest in many years.
Bankex
1.7
286
17,324
European markets also bounced back from their lowest levels in 13 months on the
back of stimulus hopes from China and the lower than expected fall in its GDP.
Global Indices
Chg (%)
(Pts)
(Close)
Eurozone construction output increased for the second straight month in November,
to a seasonally adjusted 0.8% month-over-month in November, faster than the 0.6%
Dow Jones
0.2
28
16,016
gain in the previous month. Inflation in the Eurozone also rose slightly as estimated
Nasdaq
(0.3)
(11)
4,477
in December to 0.2% in December from 0.1% in November.
FTSE
1.7
97
5,877
Led by positive global cues, Indian markets too snapped a losing streak after
Nikkei
0.5
93
17,048
investors heaved a sigh of relief that the Chinese slowdown was not as bad as
Hang Seng
2.1
398
19,636
expected. Metal stocks gained in trade after Chinese shares jumped the most in two
Shanghai Com
3.2
94
3,008
months on hopes for additional government stimulus.
News & Result Analysis
Advances / Declines
BSE
NSE
Result Review: Reliance Industries, HCL Tech
Advances
1,736
1,141
Detailed analysis on Pg2
Declines
959
418
Investor’s Ready Reckoner
Unchanged
144
58
Key Domestic & Global Indicators
Volumes (` Cr)
Stock Watch: Latest investment recommendations on 150+ stocks
Refer P5 onwards
BSE
3,351
NSE
16,295
Top Picks
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
Net Inflows (` Cr)
Net
Mtd
Ytd
Amara Raja Batteries Auto & Auto Ancillary
Buy
806
1,040
29.0
FII
(1,866)
(7,489)
9,541
HCL Tech
IT
Buy
839
1,132
35.0
MFs
313
1,954
70,675
Larsen & Toubro
Construction
Buy
1,123
1,646
46.6
LIC Housing Finance Financials
Buy
470
592
25.9
Top Gainers
Price (`)
Chg (%)
Navkar Corporation Others
Buy
193
265
37.7
Jubilant
327
13.5
More Top Picks on Pg4
Abirlanuvo
2,066
9.5
Key Upcoming Events
Pipavavdoc
76
9.1
Previous
Consensus
Date
Region
Event Description
Reading
Expectations
Sreinfra
63
9.0
Jan 20
USA
Jobless claims change (%)
3.90
2.75
Frl
134
7.8
USA
Housing Starts
1,173
1,200
Jan 21
USA
Initial Jobless claims (‘000)
284
280
Top Losers
Price (`)
Chg (%)
Euro Zone
Consumer Confidence
(5.70)
(5.70)
Rallis
150
(5.3)
Kpit
139
(3.4)
Niittech
473
(2.6)
Videoind
111
(2.3)
Bajajhldng
1,508
(2.2)
As on January 19, 2015
www.angelbroking.com
Market Outlook
January 20, 2016
Result Review
Reliance Industries (CMP: `1,018 / TP: `1,150 / Accumulate /
Upside: 13%)
Reliance Industries (RIL) 3QFY2016 standalone profit beat expectations, with a
42% increase yoy to `7,218cr (v/s consesnsus expectations of `6,950cr) on strong
performance of refining business and higher other income. Gross refining margin
jumped to seven-year high at $11.50 per barrel during the quarter, an increase of
8.5%, compared to
$10.6 per barrel in the previous quarter. Benchmark
Singapore complex margin averaged at $8.0 per barrel during the quarter.
The company reported revenue of `56,567cr for the quarter against `80,196cr in
3QFY2015 due to the steep drop in oil prices. Standalone EBITDA increased
42.5% yoy to `10,272cr, while margin has doubled on a yoy basis. Margin was
supported by both refining as well as petchem businesses.
Consolidated profit during the quarter grew 39% to `7,290 crore, while revenue
declined 27% to `68,261cr in 3QFY2015. Consolidated outstanding debt was
`178,077cr at the end of December quarter compared to `160,860cr as on
March 2015. Cash and cash equivalents as on December 31, 2015 were at
`91,736cr. Reliance Retail continued its growth momentum, posting highest ever
quarterly turnover of `6,042cr during the third quarter. Reliance said accelerated
store opening continued during this period with Reliance Retail now operating over
3,000 stores. Reliance Jio Infocomm (RJIL), RIL's telecom subsidiary, launched its
digital services during the quarter. Jio services have been offered to over 100,000
group employees and their families. Overall, the results were ahead of
expectations with the focus now on the launch of RJio services. We retain our
Accumulate rating on the stock with a target of `1,150.
Y/E
Sales OPM
PAT EPS ROE P/E P/BV EV/EBITDA EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2016E
304,775
12.6 26,883
91.3
11.8
11.2
1.3
7.9
1.0
FY2017E
344,392
13.4 30,227 102.6
12.0
9.9
1.1
6.3
0.8
HCL Tech (CMP: `844 / TP: `1,132 / Buy / Upside: 34.1%)
During 2QFY2016, the company posted results better than expected. On sales the
company posted a 1.4% QoQ growth in USD revenues to US$1,566mn V/s
US$1,568mn expected. On Constant Currency, (CC) the company posted a 2.1%
QoQ. In rupee terms, revenues came in at `10,341cr V/s `10,331cr expected a
growth of 2.4% QoQ.
In CC terms the key geography that drove the sales was 5.5% QoQ, while Europe
and ROW posted a dip of 2.4% QoQ and 3.4% QoQ respectively. In services all
services posted robust growth, with the expectation of Engineering and R&D
Services which dipped by 1.5% QoQ CC, while Application Services, Infrastructure
Services and Business Services posted a QoQ CC growth of 2.0%, 3.4% and 8.0%
respectively. In verticals, only Manufacturing and Life sciences & Healthcare were
soft posting a dip of 1.3% QoQ CC and 0.3% QoQ CC growth respectively. Other
Verticals like Financial Services, Public Services, Retail & CPG and
Telecommunications, Media posted QoQ CC growth of 1.9%, 8.4%, 10.3% and
3.4% respectively.
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Market Outlook
January 20, 2016
On operating front, the EBITDA margins came in at 21.5% V/s 20.9% expected an
uptick of 80bp QoQ. The PAT came in at `1,920cr V/s `1,739cr expected, de-
growth of 0.5% QoQ. On productivity front, the blended utilization came in at
84.7% V/s 83.6% in 1QFY2016, while the attrition rate came in at 6.4% V/s 7.1%
in 1QFY2016.
Strong client addition continued for the company in CY’2015: US$50Mn+ clients
up by 3, US$30mn+ clients up by 5, US$20mn + clients up by 5. Continuing its
momentum of deal wins, HCL booked business in excess of USD 1 billion in TCV
this quarter, including 8 transformational deals. The broad-based business wins,
across service lines and industry verticals were driven by our next-generation
offerings. Thus, on back of strong order book, the company expects the
2HFY2016, to be better than 1HFY2016. We maintain our Buy on the stock with a
price target of `1,132.
Y/E
Sales OPM
PAT EPS ROE P/E P/BV EV/EBITDA EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2016E
42,038
23.2
7,869
55.8
23.0
15.1
3.5
10.1
2.3
FY2017E
47,503
23.5
8,879
62.9
19.8
13.4
2.7
7.9
1.9
Quarterly Bloomberg Brokers Consensus Estimate
Ultratech Cement. - January 20, 2016
Particulars (` cr)
2QFY16E
2QFY15
y-o-y (%)
1QFY16
q-o-q (%)
Net sales
6,238
5,835
6.9
5,951
4.8
EBITDA
1,204
1,024
17.6
1,058
13.8
EBITDA margin (%)
19.3
17.6
17.8
Net profit
626
400
56.5
427
46.6
Axis Bank - January 20, 2016
Particulars (` cr)
3QFY16E
3QFY15
y-o-y (%)
2QFY16
q-o-q (%)
PAT
2,106
1,899
10.9
1,915
10.0
Economic and Political News
Petrol price rises by 96 paise/litre; diesel up 53 paise
IMF retains FY17 India GDP forecast at 7.5%, cuts world growth
Govt lifts ban on lentil linked to paralysis as Modi seeks self-sufficiency
Corporate News
IOCL aims to run Paradip refinery at 100% capacity from FY17
Godrej acquires 51% stake in India Circus
Godrej Properties, Vihang Group ink JV for Thane land
RIL to invest more in retail; goes slow on shale gas
www.angelbroking.com
Market Outlook
January 20, 2016
Top Picks HHHHH
Large Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
To outpace battery industry growth due to better technological
Amara Raja Batteries
13,772
806
1,040
29.0
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
24,716
87
111
27.8
Focus on exports and LCV's provides additional growth
avenue.
The stock is trading at attractive valuations and is factoring all
HCL Tech
1,18,171
839
1,132
35.0
the bad news.
Strong visibility for a robust 20% earnings trajectory, coupled
HDFC Bank
2,61,485
1,036
1,262
21.9
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
2,61,645
1,139
1,306
14.7
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
1,04,547
1,123
1,646
46.6
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
23,376
463
592
27.7
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
3,067
341
439
28.7
growth. EMPPAC division's profitability to improve once
operating environment turns around.
Change in business focus towards high-margin chronic &
Garware Wall Ropes
762
348
473
35.9
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
5,164
158
189
19.7
business (Radio City) would also boost the company's revenue
growth.
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,745
193
265
37.7
as well CFS augurs well for the company
Earnings boost on back of stable material prices and
Radico Khaitan
1,430
107
156
45.2
favourable pricing environment. Valuation discount to peers
provides additional comfort
Strong brands and distribution network would boost growth
Siyaram Silk Mills
1,005
1,073
1,354
26.2
going ahead. Stock currently trades at an inexpensive
valuation.
Structural shift in the Lighting industry towards LED lighting will
Surya Roshni
620
142
201
42.0
drive growth.
Source: Company, Angel Research
www.angelbroking.com
Market Outlook
January 20, 2016
Key Upcoming Events
Result Calendar
Date
Company
Jan 20, 2016
UltraTech Cement, Axis Bank, South Ind.Bank, KPIT Cummins, NIIT, Reliance Infra.
Jan 21, 2016
Exide Industries, Reliance Capital, Hind. Zinc, Heritage Foods, Alembic Pharma, Interglobe Aviation
Jan 22, 2016
ITC, D B Corp, Cairn India
Jan 23, 2016
Persistent, Siyaram Silk Mills
Jan 24, 2016
Jan 25, 2016
Subros, HDFC Bank, Hindustan Media Ventures
Jan 26, 2016
Jan 27, 2016
Colgate, Godrej Consumer, HT Media, Kirloskar Engines India Ltd, L G Balakrishnan & Bros
Jan 28, 2016
ICICI Bank, Dabur India, Jyothy Laboratories, Tide Water Oil India
Jan 29, 2016
TVS Motor, Thermax, Blue Star, Yes Bank, JSW Steel , Elecon Engineering, Indoco Remedies
Jan 30, 2016
IDFC
Source: Bloomberg, Angel Research
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
Jan 20, 2016
7:00PM US
Housing Starts
Thousands
Dec
1,173.00
1,200.00
7:00PM US
Building permits
Thousands
Dec
1,282.00
1,200.00
3:00PM UK
Jobless claims change
% Change
Dec
3.90
2.75
7:00PM US
Consumer price index (mom)
% Change
Dec
--
--
Jan 21, 2016
7:00PM US
Initial Jobless claims
Thousands
Jan 16
284.00
280.00
8:30PM Euro Zone
Euro-Zone Consumer Confidence
Value
Jan A
(5.70)
(5.70)
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
55.50
2:00PM Germany
PMI Manufacturing
Value
Jan P
53.20
53.00
8:30PM US
Existing home sales
Million
Dec
4.76
5.20
Jan 26, 2016
8:30PM US
Consumer Confidence
S.A./ 1985=100
Jan
96.50
96.75
Jan 27, 2016
8:30PM US
New home sales
Thousands
Dec
490.00
505.00
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
0.50
Feb 1, 2016
3:00PM UK
PMI Manufacturing
Value
Jan
51.90
--
6:30AM China
PMI Manufacturing
Value
Jan
49.70
--
Feb 2, 2016
2:25PM Germany
Unemployment change (000's)
Thousands
Jan
(14.00)
--
11:00AM India
RBI Reverse Repo rate
%
Feb 2
5.75
--
11:00AM India
RBI Repo rate
%
Feb 2
6.75
--
11:00AM India
RBI Cash Reserve ratio
%
Feb 2
4.00
--
Feb 4, 2016
5:30PM UK
BOE Announces rates
% Ratio
Feb 4
0.50
0.50
Feb 5, 2016
7:00PM US
Change in Nonfarm payrolls
Thousands
Jan
292.00
--
7:00PM US
Unnemployment rate
%
Jan
5.00
--
Source: Bloomberg, Angel Research
Market Outlook
January 20, 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
2.8
3.0
4.0
2.5
2.5
5.0
4.7
5.0
2.0
-
4.0
(2.0)
3.0
(4.0)
(3.2)
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
5.6
6.0
5.4
5.3
5.4
5.4
54.0
5.2
5.0
5.0
4.9
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
www.angelbroking.com
www.angelbroking.com
Market Outlook
January 20, 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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Stock Watch
January 20, 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
150
-
2,908
2,097
2,415
14.4
14.4
9.5
11.0
15.7
13.6
3.1
2.7
21.1
21.3
1.4
1.2
United Phosphorus
Buy
392
510
16,806
13,698
15,752
17.6
17.6
32.1
38.5
12.2
10.2
2.4
2.0
21.4
21.3
1.3
1.1
Auto & Auto Ancillary
Ashok Leyland
Buy
87
111
24,716
17,995
21,544
11.4
11.6
3.4
4.7
25.5
18.5
4.5
4.1
17.7
22.2
1.3
1.1
Bajaj Auto
Buy
2,267
2,728
65,589
23,695
27,298
21.3
20.4
134.6
151.5
16.8
15.0
5.4
4.6
31.8
30.6
2.3
2.0
Bharat Forge
Buy
794
943
18,482
7,867
8,881
20.0
20.3
34.4
41.0
23.1
19.4
4.5
3.7
21.1
20.9
2.5
2.1
Eicher Motors
Buy
15,794
19,036
42,887
15,379
16,498
15.6
16.6
473.2
574.8
33.4
27.5
12.3
9.2
36.7
33.2
2.7
2.5
Gabriel India
Buy
83
101
1,189
1,415
1,544
8.7
9.0
4.6
5.4
18.0
15.3
3.3
2.9
18.1
18.9
0.8
0.7
Hero Motocorp
Accumulate
2,483
2,774
49,585
28,561
31,559
14.7
14.7
151.1
163.2
16.4
15.2
6.4
5.4
38.7
35.6
1.6
1.4
Jamna Auto Industries Neutral
134
-
1,061
1,292
1,486
9.3
9.8
6.0
7.5
22.3
17.8
4.6
3.9
20.7
21.8
0.9
0.8
L G Balakrishnan & Bros Neutral
464
-
729
1,254
1,394
11.6
11.8
35.9
41.7
12.9
11.2
1.8
1.5
13.5
13.8
0.7
0.6
Mahindra and Mahindra Buy
1,152
1,449
71,537
39,031
44,440
13.8
13.9
57.9
67.6
19.9
17.0
3.2
2.8
16.1
16.6
1.5
1.2
Maruti
Neutral
4,202
-
126,933
57,865
68,104
16.4
16.7
176.3
225.5
23.8
18.6
4.6
3.9
19.4
21.2
2.0
1.6
Minda Industries
Accumulate
771
867
1,223
2,567
2,965
8.0
8.3
46.1
57.8
16.7
13.3
2.8
2.3
16.7
17.3
0.6
0.5
Motherson Sumi
Buy
249
313
32,900
39,343
45,100
8.8
9.1
10.1
12.5
24.6
19.9
7.8
6.1
35.3
34.4
0.9
0.8
Rane Brake Lining
Buy
306
366
242
454
511
11.1
11.4
23.8
28.1
12.9
10.9
1.8
1.7
14.2
15.3
0.7
0.6
Setco Automotive
Neutral
35
-
470
594
741
12.7
13.7
1.7
3.2
20.7
11.0
2.2
1.9
10.4
16.9
1.2
1.0
Tata Motors
Buy
354
409
115,650
266,022
312,667
12.8
13.1
26.3
38.3
13.5
9.2
1.8
1.5
8.4
12.1
0.6
0.5
TVS Motor
Buy
283
338
13,424
11,569
13,648
7.3
8.7
10.3
16.1
27.4
17.6
6.8
5.3
24.8
30.5
1.1
0.9
Amara Raja Batteries
Buy
806
1,040
13,772
4,892
5,871
17.4
17.6
28.8
37.1
28.0
21.7
6.5
5.2
23.4
24.1
2.8
2.3
Exide Industries
Buy
128
162
10,876
6,950
7,784
14.4
14.8
6.6
7.3
19.4
17.5
2.5
2.2
12.6
12.8
1.3
1.1
Apollo Tyres
Buy
132
171
6,737
12,146
12,689
16.8
16.0
21.2
19.0
6.2
7.0
1.0
0.9
16.5
13.0
0.6
0.7
Ceat
Buy
906
1,119
3,665
6,041
6,597
14.1
13.7
99.5
111.9
9.1
8.1
1.8
1.5
19.6
18.5
0.8
0.6
JK Tyres
Neutral
88
-
2,000
7,446
7,669
15.2
14.0
19.6
18.4
4.5
4.8
1.1
0.9
25.2
19.5
0.7
0.6
Swaraj Engines
Neutral
911
-
1,132
552
630
14.2
14.7
44.6
54.1
20.4
16.8
4.8
4.3
23.2
25.6
1.9
1.6
Subros
Neutral
84
-
506
1,268
1,488
11.6
11.9
3.7
6.6
22.8
12.8
1.5
1.4
6.8
11.4
0.7
0.6
Indag Rubber
Neutral
174
-
458
283
329
17.0
17.2
13.0
15.4
13.5
11.3
2.9
2.4
21.8
21.6
1.3
1.1
Capital Goods
ACE
Neutral
38
-
378
660
839
4.7
8.2
1.0
3.9
38.3
9.8
1.2
1.1
3.2
11.3
0.7
0.6
BEML
Neutral
1,116
-
4,645
3,277
4,006
6.0
8.9
29.2
64.3
38.2
17.4
2.1
1.9
5.7
11.7
1.5
1.2
Bharat Electronics
Accumulate
1,259
1,414
30,221
7,737
8,634
16.8
17.2
54.0
61.0
23.3
20.6
3.3
3.0
39.3
45.6
3.0
2.6
www.angelbroking.com
Stock Watch
January 20, 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
277
353
9,164
5,363
5,963
8.0
9.1
11.0
13.8
25.2
20.1
3.9
3.4
16.2
17.9
1.7
1.5
BGR Energy
Neutral
109
-
785
3,615
3,181
9.5
9.4
16.7
12.4
6.5
8.8
0.6
0.6
10.0
7.0
0.6
0.8
BHEL
Neutral
144
-
35,294
33,722
35,272
10.8
11.7
10.5
14.2
13.7
10.2
1.0
1.0
7.0
9.0
1.1
1.1
Blue Star
Buy
341
439
3,067
3,548
3,977
6.3
6.9
13.7
17.2
24.9
19.9
6.3
4.1
26.1
25.4
1.0
0.8
Crompton Greaves
Buy
176
204
11,006
13,484
14,687
4.9
6.2
4.5
7.1
39.0
24.7
2.8
2.6
7.2
10.8
0.9
0.9
Inox Wind
Buy
321
458
7,130
4,980
5,943
17.0
17.5
26.6
31.6
12.1
10.2
3.6
2.7
35.0
30.0
1.6
1.3
KEC International
Neutral
118
-
3,025
8,791
9,716
6.1
6.8
5.4
8.2
21.8
14.4
2.2
2.0
10.0
14.0
0.6
0.5
Thermax
Neutral
849
-
10,113
6,413
7,525
7.4
8.5
30.5
39.3
27.8
21.6
4.3
3.7
15.0
17.0
1.6
1.3
Cement
ACC
Buy
1,238
1,630
23,239
13,151
14,757
16.4
18.3
63.9
83.4
19.4
14.8
2.5
2.3
13.3
16.1
1.6
1.4
Ambuja Cements
Buy
191
233
29,680
11,564
12,556
19.4
20.7
8.9
10.1
21.5
18.9
2.7
2.6
12.8
13.8
2.2
2.0
HeidelbergCement
Neutral
69
-
1,561
1,772
1,926
13.3
15.4
1.0
3.0
68.9
23.0
1.7
1.6
2.6
7.9
1.5
1.2
India Cements
Buy
84
112
2,574
4,216
4,840
18.0
19.5
4.0
9.9
21.0
8.5
0.8
0.8
4.0
9.5
0.9
0.8
JK Cement
Buy
474
744
3,313
3,661
4,742
10.1
15.8
18.0
61.0
26.3
7.8
1.9
1.7
7.5
22.9
1.4
1.0
J K Lakshmi Cement
Buy
283
430
3,331
2,947
3,616
16.7
19.9
11.5
27.2
24.6
10.4
2.3
2.0
9.8
20.8
1.5
1.2
Mangalam Cements
Neutral
182
-
486
1,053
1,347
10.5
13.3
8.4
26.0
21.7
7.0
0.9
0.8
4.3
12.5
0.8
0.6
Orient Cement
Buy
142
183
2,915
1,854
2,524
21.2
22.2
7.7
11.1
18.5
12.8
2.7
2.3
13.3
15.7
2.3
1.6
Ramco Cements
Neutral
366
-
8,708
4,036
4,545
20.8
21.3
15.1
18.8
24.2
19.5
3.0
2.6
12.9
14.3
2.7
2.3
Shree Cement^
Neutral
9,822
-
34,219
7,150
8,742
26.7
28.6
228.0
345.5
43.1
28.4
6.3
5.3
15.7
20.3
4.5
3.6
UltraTech Cement
Buy
2,645
3,282
72,571
25,021
30,023
19.1
21.6
89.0
132.0
29.7
20.0
3.4
3.0
12.2
15.9
3.0
2.5
Construction
ITNL
Neutral
76
-
2,505
7,360
8,825
34.0
35.9
7.0
9.0
10.9
8.5
0.4
0.4
3.2
3.7
3.7
3.6
KNR Constructions
Buy
487
673
1,369
937
1,470
14.3
14.0
33.5
38.6
14.5
12.6
2.2
1.9
15.4
15.4
1.5
1.0
Larsen & Toubro
Buy
1,123
1,646
104,547
65,065
77,009
11.5
11.7
61.5
65.6
18.3
17.1
1.9
1.7
13.4
14.0
1.8
1.5
Gujarat Pipavav Port
Neutral
143
-
6,935
629
684
51.0
52.2
6.4
5.9
22.4
24.3
3.0
2.7
15.9
12.7
10.7
9.6
MBL Infrastructures
Buy
170
285
705
2,313
2,797
12.2
14.6
19.0
20.0
9.0
8.5
0.9
0.9
11.3
10.6
1.0
0.9
Nagarjuna Const.
Neutral
63
-
3,475
7,892
8,842
8.8
9.1
3.0
5.3
20.8
11.8
1.0
1.0
5.0
8.5
0.7
0.6
PNC Infratech
Buy
481
558
2,468
1,873
2,288
13.2
13.5
24.0
32.0
20.0
15.0
2.0
1.7
12.1
12.3
1.4
1.2
Simplex Infra
Neutral
287
-
1,421
5,955
6,829
10.3
10.5
16.0
31.0
18.0
9.3
1.0
0.9
5.3
9.9
0.7
0.6
Power Mech Projects
Neutral
598
-
880
1,539
1,801
12.8
12.7
59.0
72.1
10.1
8.3
1.5
1.3
18.6
16.8
0.6
0.5
Sadbhav Engineering
Neutral
288
-
4,945
3,481
4,219
10.7
10.8
8.0
12.0
36.0
24.0
3.4
2.9
10.3
13.5
1.7
1.4
www.angelbroking.com
Stock Watch
January 20, 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
Buy
917
1,089
11,006
7,382
9,506
7.7
8.6
39.8
54.4
23.1
16.9
5.6
4.4
26.7
29.1
1.2
0.9
MEP Infra
Neutral
42
-
682
1,956
1,876
28.1
30.5
1.3
3.0
32.3
14.0
6.8
4.6
21.2
32.8
1.8
1.7
SIPL
Neutral
82
-
2,904
675
1,042
62.4
64.7
-
-
3.1
3.5
-
-
16.0
10.8
Financials
Allahabad Bank
Neutral
53
-
3,183
8,569
9,392
2.8
2.9
16.3
27.5
3.3
1.9
0.3
0.2
7.6
11.9
-
-
Axis Bank
Buy
393
531
93,527
26,473
31,527
3.5
3.6
35.7
43.5
11.0
9.0
2.1
1.8
17.9
18.9
-
-
Bank of Baroda
Neutral
125
-
28,860
18,485
21,025
1.9
2.0
13.5
21.1
9.3
5.9
0.7
0.7
7.3
10.6
-
-
Bank of India
Neutral
94
-
7,624
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
179
-
9,701
15,441
16,945
2.0
2.1
46.6
70.4
3.8
2.5
0.3
0.3
8.0
11.2
-
-
Dena Bank
Neutral
36
-
2,300
3,440
3,840
2.1
2.3
7.3
10.0
4.9
3.6
0.4
0.3
6.1
7.9
-
-
Federal Bank
Neutral
49
-
8,352
3,477
3,999
3.0
3.0
5.0
6.2
9.7
7.8
1.0
0.9
10.6
11.9
-
-
HDFC
Neutral
1,153
-
181,965
10,358
11,852
3.3
3.3
41.1
47.0
28.1
24.5
5.3
4.9
24.7
24.9
-
-
HDFC Bank
Buy
1,036
1,262
261,485
38,309
47,302
4.3
4.3
49.3
61.1
21.0
17.0
3.6
3.1
18.5
19.7
-
-
ICICI Bank
Buy
229
304
132,984
34,279
39,262
3.3
3.3
21.0
24.4
10.9
9.4
1.8
1.6
14.4
14.7
-
-
IDBI Bank
Neutral
58
-
11,020
9,625
10,455
1.8
1.8
8.5
14.2
6.8
4.1
0.4
0.4
5.9
9.3
-
-
Indian Bank
Neutral
91
-
4,383
6,160
6,858
2.5
2.5
24.5
29.8
3.7
3.1
0.3
0.3
7.7
8.6
-
-
LIC Housing Finance
Buy
470
592
23,721
3,101
3,745
2.5
2.5
33.0
40.2
14.3
11.7
2.7
2.3
19.7
20.5
-
-
Oriental Bank
Neutral
107
-
3,222
7,643
8,373
2.4
2.4
37.2
45.4
2.9
2.4
0.3
0.2
8.2
9.4
-
-
Punjab Natl.Bank
Neutral
93
-
18,252
23,638
26,557
2.8
2.8
17.9
27.2
5.2
3.4
0.5
0.4
8.5
12.0
-
-
South Ind.Bank
Neutral
18
-
2,478
1,965
2,185
2.5
2.5
2.5
3.3
7.4
5.6
0.7
0.7
9.5
11.7
-
-
St Bk of India
Buy
183
237
142,136
82,520
93,299
2.7
2.8
20.0
24.5
9.1
7.5
1.0
0.9
11.5
12.8
-
-
Union Bank
Neutral
115
-
7,871
12,646
14,129
2.3
2.4
31.0
39.1
3.7
2.9
0.4
0.3
9.8
11.4
-
-
Vijaya Bank
Neutral
31
-
2,629
3,536
3,827
1.9
1.9
5.5
6.7
5.5
4.6
0.5
0.4
7.8
8.8
-
-
Yes Bank
Buy
681
825
28,583
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
845
-
81,072
16,553
19,160
16.0
16.2
17.7
21.5
47.8
39.3
12.7
11.4
29.4
31.2
4.7
4.1
Britannia
Neutral
2,733
-
32,784
8,065
9,395
9.6
10.2
47.2
65.5
57.9
41.7
19.2
18.2
38.3
41.2
3.9
3.4
Colgate
Neutral
914
-
24,861
4,836
5,490
19.5
19.7
48.5
53.2
18.9
17.2
13.8
12.0
99.8
97.5
5.0
4.4
Dabur India
Accumulate
250
267
43,979
9,370
10,265
17.1
17.2
7.3
8.1
34.1
30.9
10.3
8.4
33.7
30.6
4.6
4.2
GlaxoSmith Con*
Neutral
5,936
-
24,968
4,919
5,742
17.2
17.4
168.3
191.2
35.3
31.1
10.0
8.5
28.8
28.9
4.6
3.9
Godrej Consumer
Neutral
1,211
-
41,247
10,168
12,886
16.1
16.1
32.1
38.4
37.7
31.5
7.7
7.1
19.7
21.0
4.2
3.3
www.angelbroking.com
Stock Watch
January 20, 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
811
-
175,566
34,940
38,957
17.5
17.7
20.8
24.7
39.0
32.9
43.4
34.7
110.5
114.2
4.8
4.3
ITC
Buy
314
382
252,432
41,068
45,068
37.8
37.4
13.9
15.9
22.6
19.8
7.6
6.7
34.1
33.8
5.8
5.2
Marico
Neutral
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
5,431
6,646
52,361
11,291
12,847
22.2
22.3
158.9
184.6
34.2
29.4
17.9
16.1
55.0
57.3
4.5
3.9
Tata Global
Accumulate
126
144
7,981
8,635
9,072
9.8
9.9
6.5
7.6
19.5
16.6
1.9
1.9
6.8
7.4
0.9
0.8
IT
HCL Tech^
Buy
839
1,132
118,171
42,038
47,503
23.2
23.5
55.8
62.9
15.0
13.3
3.5
2.7
23.0
19.8
2.4
1.9
Infosys
Accumulate
1,139
1,306
261,645
60,250
66,999
27.0
28.0
56.4
63.7
20.2
17.9
4.1
3.5
20.4
19.8
3.6
3.1
TCS
Buy
2,279
2,854
446,388
108,487
122,590
28.3
28.5
122.8
138.4
18.6
16.5
7.1
6.4
38.0
38.9
3.7
3.2
Tech Mahindra
Buy
512
646
49,541
25,566
28,890
16.0
17.0
26.3
31.9
19.5
16.1
3.5
3.0
17.9
18.6
1.7
1.4
Wipro
Buy
542
719
133,838
50,808
58,713
23.7
23.8
37.3
42.3
14.5
12.8
2.8
2.5
19.0
17.9
2.2
1.7
Media
D B Corp
Accumulate
312
356
5,732
2,241
2,495
27.8
27.9
21.8
25.6
14.3
12.2
3.7
3.3
26.7
28.5
2.5
2.2
HT Media
Neutral
82
-
1,905
2,495
2,603
11.2
11.2
7.3
8.6
11.2
9.5
0.9
0.8
7.4
8.1
0.3
0.2
Jagran Prakashan
Buy
158
189
5,164
2,170
2,355
27.2
26.2
8.9
9.9
17.8
16.0
3.7
3.3
20.9
20.5
2.3
2.1
Sun TV Network
Neutral
369
-
14,534
2,779
3,196
70.2
70.5
22.8
27.3
16.2
13.5
4.0
3.6
26.7
28.3
5.0
4.3
Hindustan Media
Neutral
273
-
2,006
920
1,031
20.0
20.0
19.2
20.9
14.2
13.1
2.3
2.0
16.4
15.3
1.7
1.5
Ventures
Metals & Mining
Coal India
Buy
309
380
194,923
76,167
84,130
19.9
22.3
22.4
25.8
13.8
12.0
5.0
4.8
35.5
41.0
1.9
1.7
Hind. Zinc
Buy
139
175
58,520
14,641
14,026
50.4
50.4
17.7
16.0
7.9
8.7
1.2
1.1
16.2
13.2
1.6
1.4
Hindalco
Neutral
72
-
14,827
104,356
111,186
8.7
9.5
6.7
11.1
10.7
6.5
0.4
0.4
3.5
5.9
0.7
0.6
JSW Steel
Neutral
999
-
24,145
42,308
45,147
16.4
20.7
(10.3)
49.5
20.2
1.1
1.1
(1.0)
5.6
1.6
1.5
NMDC
Neutral
84
-
33,125
8,237
10,893
46.6
44.5
10.0
11.7
8.4
7.2
0.9
0.8
12.5
13.0
3.8
2.9
SAIL
Neutral
43
-
17,575
45,915
53,954
7.2
10.5
1.5
4.4
28.3
9.7
0.4
0.4
2.3
4.1
1.0
0.9
Vedanta
Neutral
69
-
20,590
71,445
81,910
26.2
26.3
12.9
19.2
5.4
3.6
0.4
0.3
7.2
8.9
0.7
0.6
Tata Steel
Neutral
238
-
23,110
126,760
137,307
8.9
11.3
6.4
23.1
37.4
10.3
0.8
0.7
2.0
7.1
0.8
0.7
Oil & Gas
Cairn India
Neutral
115
-
21,477
11,323
12,490
49.4
51.0
20.7
20.7
5.5
5.6
0.4
0.3
6.4
6.1
1.0
0.4
GAIL
Neutral
342
-
43,395
64,856
70,933
9.1
9.6
24.0
28.9
14.3
11.9
1.2
1.1
8.8
9.6
0.9
0.8
ONGC
Neutral
218
-
186,510
154,564
167,321
36.8
37.4
28.6
32.5
7.6
6.7
1.0
0.9
12.7
13.5
1.4
1.3
Petronet LNG
Neutral
248
-
18,604
29,691
31,188
5.8
6.2
12.8
13.4
19.4
18.5
2.9
2.6
15.8
14.8
0.7
0.7
Indian Oil Corp
Accumulate
415
455
100,724
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
Accumulate
1,044
1,150
338,064
304,775
344,392
12.6
13.4
91.3
102.6
11.4
10.2
1.3
1.2
11.8
12.0
1.0
0.9
www.angelbroking.com
Stock Watch
January 20, 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
601
-
11,335
2,658
3,112
24.1
20.2
24.6
23.9
24.5
25.2
8.8
6.7
42.5
30.2
4.3
3.6
Aurobindo Pharma
Neutral
822
-
47,990
14,923
17,162
22.0
23.0
35.7
42.8
23.0
19.2
6.8
5.1
34.0
30.2
3.6
3.1
Aventis*
Neutral
4,119
-
9,485
2,082
2,371
17.4
20.8
118.2
151.5
34.9
27.2
5.1
4.1
19.9
25.5
4.2
3.5
Cadila Healthcare
Accumulate
308
352
31,480
10,224
11,840
21.0
22.0
14.6
17.6
21.1
17.5
5.8
4.5
30.8
29.0
3.1
2.6
Cipla
Accumulate
597
636
47,961
14,211
16,611
20.6
19.0
27.0
28.9
22.1
20.7
3.8
3.2
18.4
16.8
3.4
2.8
Dr Reddy's
Buy
2,916
3,933
49,755
16,838
19,575
25.0
23.1
167.5
178.8
17.4
16.3
3.7
3.1
23.1
20.4
2.9
2.4
Dishman Pharma
Neutral
302
-
2,441
1,733
1,906
21.5
21.5
17.0
19.9
17.8
15.2
1.8
1.6
10.5
11.2
1.9
1.6
GSK Pharma*
Neutral
3,184
-
26,969
2,870
3,158
20.0
22.1
59.5
68.3
53.5
46.6
15.8
16.2
28.5
34.3
8.9
8.1
Indoco Remedies
Neutral
304
-
2,800
1,033
1,199
15.9
18.2
9.4
13.6
32.3
22.3
4.8
4.1
15.7
19.7
2.8
2.4
Ipca labs
Buy
647
900
8,161
3,363
3,909
12.9
18.6
13.4
28.0
48.3
23.1
3.5
3.0
7.4
14.0
2.7
2.3
Lupin
Neutral
1,700
-
76,573
13,092
16,561
25.0
27.0
50.4
68.3
33.7
24.9
7.0
5.5
22.8
24.7
5.6
4.3
Sun Pharma
Buy
794
950
191,125
28,163
32,610
25.8
30.7
17.4
26.9
45.6
29.5
4.3
3.8
13.0
16.6
6.3
5.2
Power
Tata Power
Neutral
64
-
17,404
35,923
37,402
22.6
22.8
4.1
5.2
15.9
12.5
1.2
1.1
7.5
9.3
1.4
1.3
NTPC
Buy
135
157
111,520
87,064
98,846
23.5
23.5
11.7
13.2
11.6
10.3
1.3
1.2
11.4
12.1
2.3
2.1
Power Grid
Buy
136
170
71,280
20,702
23,361
86.7
86.4
12.1
13.2
11.3
10.3
1.7
1.5
15.6
15.1
8.4
7.8
Telecom
Bharti Airtel
Neutral
310
-
123,979
101,748
109,191
32.1
31.7
12.0
12.5
25.9
24.8
1.8
1.7
6.9
6.7
1.9
1.7
Idea Cellular
Neutral
117
-
41,980
34,282
36,941
32.0
31.5
5.9
6.2
19.8
18.8
1.8
1.6
9.9
9.3
1.8
1.7
zOthers
Abbott India
Neutral
5,263
-
11,184
2,715
3,153
14.5
14.1
134.3
152.2
39.2
34.6
9.8
8.1
27.4
25.6
3.8
3.2
Bajaj Electricals
Buy
178
290
1,794
4,719
5,287
5.2
5.8
8.6
12.7
20.8
14.0
2.4
2.1
11.4
14.8
0.4
0.3
Finolex Cables
Neutral
219
-
3,344
2,520
2,883
12.2
12.0
12.7
14.2
17.3
15.4
2.4
2.1
13.6
13.5
1.1
0.9
Goodyear India*
Buy
484
622
1,116
1,888
1,680
12.1
11.9
62.2
56.6
7.8
8.6
1.8
1.6
25.9
19.7
0.4
0.4
Hitachi
Neutral
1,045
-
2,841
1,779
2,081
7.8
8.8
21.8
33.4
47.9
31.3
7.7
6.3
17.4
22.1
1.7
1.4
Jyothy Laboratories
Neutral
279
-
5,047
1,620
1,847
11.5
11.5
7.3
8.5
38.2
32.9
4.9
4.6
13.3
14.4
3.0
2.5
MRF
Buy
36,322
45,575
15,401
20,316
14,488
21.4
21.1
5,488.0
3,798.0
6.6
9.6
2.3
1.8
41.1
21.2
0.7
0.9
Page Industries
Neutral
12,706
-
14,168
1,929
2,450
19.8
20.1
229.9
299.0
55.3
42.5
24.4
17.0
52.1
47.1
7.4
5.8
Relaxo Footwears
Neutral
424
-
5,092
1,767
2,152
12.3
12.5
19.3
25.1
22.0
16.9
5.4
4.2
27.7
27.8
2.9
2.4
Siyaram Silk Mills
Buy
1,073
1,354
1,005
1,636
1,815
11.5
11.5
89.9
104.1
11.9
10.3
2.0
1.7
17.9
17.8
0.8
0.7
Styrolution ABS India*
Neutral
673
-
1,183
1,271
1,440
8.6
9.2
32.0
41.1
21.0
16.4
2.1
1.9
10.7
12.4
0.9
0.8
TVS Srichakra
Buy
2,469
3,240
1,891
2,101
2,338
15.7
15.0
248.6
270.0
9.9
9.2
4.3
3.1
43.6
34.0
0.9
0.8
www.angelbroking.com
Stock Watch
January 20, 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
271
302
1,962
2,123
2,384
16.1
16.5
15.0
18.9
18.0
14.4
1.4
1.3
8.0
9.4
1.3
1.1
Kirloskar Engines India
Neutral
235
-
3,401
2,471
2,826
8.8
10.4
9.1
13.3
25.8
17.6
2.5
2.3
9.7
13.4
1.0
0.9
Ltd
M M Forgings
Buy
485
614
585
511
615
21.7
21.6
43.1
55.8
11.3
8.7
2.1
1.7
19.9
21.2
1.4
1.0
Banco Products (India) Neutral
121
-
868
1,208
1,353
11.0
12.3
10.8
14.5
11.3
8.4
1.3
1.2
11.9
14.5
0.7
0.6
Competent Automobiles Neutral
133
-
82
1,040
1,137
3.2
3.1
25.7
28.0
5.2
4.8
0.8
0.7
15.0
14.3
0.1
0.1
Nilkamal
Neutral
1,151
-
1,717
1,910
2,083
10.5
10.3
63.3
69.2
18.2
16.6
3.0
2.6
17.6
16.5
1.0
0.8
Visaka Industries
Buy
104
144
166
1,086
1,197
9.9
10.3
21.5
28.8
4.9
3.6
0.5
0.4
9.6
11.6
0.4
0.3
Transport Corporation of
Neutral
257
-
1,952
2,830
3,350
8.8
9.0
14.4
18.3
17.9
14.0
2.8
2.4
15.4
17.1
0.8
0.7
India
Elecon Engineering
Buy
67
85
730
1,369
1,533
13.7
14.9
3.3
6.1
20.2
11.1
1.3
1.2
6.6
11.4
0.9
0.8
Surya Roshni
Buy
142
201
620
2,992
3,223
8.1
8.4
14.7
18.3
9.6
7.7
0.9
0.8
9.7
11.0
0.5
0.5
MT Educare
Neutral
158
-
630
286
366
18.3
17.7
7.7
9.4
20.5
16.9
4.3
3.8
20.2
21.1
2.1
1.6
Radico Khaitan
Buy
107
156
1,430
1,565
1,687
12.2
13.0
5.7
7.1
18.9
15.1
1.6
1.5
8.3
9.6
1.4
1.3
Garware Wall Ropes
Buy
348
473
762
862
974
11.2
11.2
24.9
29.6
14.0
11.8
2.1
1.8
15.1
15.4
0.9
0.7
Wonderla Holidays
Neutral
369
-
2,082
206
308
44.0
43.6
9.0
12.9
41.0
28.6
5.6
5.1
13.7
17.8
10.0
6.7
Linc Pen & Plastics
Neutral
213
-
315
340
371
8.3
8.9
10.8
13.2
19.7
16.2
3.2
2.8
16.0
17.1
1.0
0.9
The Byke Hospitality
Neutral
152
-
610
222
287
20.5
20.5
5.6
7.6
27.0
20.2
5.1
4.2
18.9
20.8
2.8
2.1
Interglobe Aviation
Neutral
1,204
-
43,369
17,022
21,122
20.7
14.5
63.9
53.7
18.8
22.4
28.2
23.1
149.9
103.2
2.6
2.1
Coffee Day Enterprises
Neutral
244
-
5,031
2,692
2,964
17.0
18.6
-
4.7
-
51.5
3.0
2.8
0.2
5.5
2.3
2.1
Ltd
Navneet Education
Neutral
85
-
2,022
998
1,062
24.1
24.0
5.8
6.1
14.8
13.9
3.3
2.9
22.0
20.6
2.1
2.0
Navkar Corporation
Buy
193
265
2,745
365
436
38.3
37.5
5.6
5.9
34.1
32.8
2.1
2.0
6.3
6.1
8.3
7.2
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on January 19, 2016
www.angelbroking.com
Market Outlook
January 20, 2016
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
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