Market Outlook

October 20, 2015

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are expected to open on flat note tracking the SGX Nifty and most its

BSE Sensex

0.6

150

27,365

Asian peers.

Nifty

0.4

8,275

After turning in a strong performance last week, US Markets were slightly higher at

Mid Cap

0.7

11,124

Monday's close after an indecisive day of trading.

Small Cap

0.8

11,585

The European markets ended Monday's session with mixed movement. European

Bankex

(0.3)

(71)

20,389

energy and resource stocks were among the weakest performers.

The Indian markets extended gains for a third day in a row on Monday as Reliance

Global Indices

Chg (%)

(Pts)

(Close)

Industries reported its highest ever quarterly net profit for the September quarter and

Dow Jones

0.1

17,230

Chinese GDP data indicated the world's second-largest economy is not facing a big

risk of hard landing.

Nasdaq

0.4

4,905

FTSE

(0.4)

6,352

News & Result Analysis

Nikkei

(0.9)

(161)

18,131

 Infosys-Update

Hang Seng

0.0

23,076

 Result Review: HCL Tech

Shanghai Com

(0.1)

(5)

3,387

 Result Preview: Hero Motocorp, Sanofi India

Detailed analysis on Pg2

Advances / Declines

Bse

Nse

Investor’s Ready Reckoner

Advances

1,553

851

Key Domestic & Global Indicators

Declines

1,175

650

Stock Watch: Latest investment recommendations on 150+ stocks

Unchanged

155

Refer Pg7 onwards

Top Picks

Volumes (` Cr)

CMP

Target

Upside

Company

Sector

Rating

BSE

2,574

(`)

(%)

NSE

15,160

Axis Bank

Financials

Buy

507

701

38.3

ICICI Bank

Financials

Buy

287

370

28.8

Power Grid

Power

Buy

133

170

27.5

Net Inflows (` Cr)

Net

Mtd

Ytd

TCS

Buy

2,487

3,165

27.3

FII

402

3,073 1,21,137

Aurobindo Pharma Pharmaceuticals Accumulate

805

872

8.3

MFs

126

934

79,938

More Top Picks on Pg4

Top Gainers

Price (`)

Chg (%)

Key Upcoming Events

Consensus

Ifci

16.0

Date

Region

Event Description

Reading

Expectations

Pel

561

13.8

Oct 20

Housing Starts

1,126.00

1,147.00

Jetairways

417

8.8

Oct 20

Building permits

1,170.00

1,165.00

Amtekauto

8.6

Oct 22

Euro Zone

ECB announces interest rates

0.05

Sjvn

7.3

Oct 28

FOMC rate decision

0.25

Top Losers

Price (`)

Chg (%)

Lichsgfin

478

(3.5)

Redington

122

(3.2)

Ongc

258

(2.4)

Adanient

(2.4)

Pmcfin

(2.3)

As on October 19, 2015

www.angelbroking.com

Market Outlook

October 20, 2015

Infosys-Update

Infosys Ltd has considered and approved to acquire 100% stake in Noah

Consulting LLC, head quartered in Houston, Texas (USA), a leading provider

advanced information management consulting services for the oil and gas

industry, for US$70mn. The Company further informed that none of the promoter

or promoter group or group companies has any interest in Noah Consulting LLC

and this acquisition does not fall under the related party transaction. The

acquisition is small and would not impact the financials in a big way. We maintain

our buy with a price target of `1,306.

Review

HCL Tech (CMP: `857 / TP: `1,132 /Upside: 32.1%)

HCL Tech, posted results just in line with expectations, while EBIT margins came

ahead of expectations. On sales front, the company posted a 0.5% sequential

growth in USD revenues to US$1,545mn V/s US$1,547mn expected. On Constant

currency (CC), the company posted a 1.2% qoq rise in sales. In rupee terms,

revenues came in at `10,097cr V/s `10,085cr expected, up 3.3% qoq.

In terms of geography, US grew by 0.7% qoq CC growth; Europe grew by

5.6% qoq CC growth. In ROW de-grew by 8.4% qoq CC growth. In terms of

services, it was a broad based growth across all revenue segments driven by

Engineering and R&D Services at qoq CC 3.6%, Business Services at qoq CC

2.4%, and Infrastructure Services at qoq CC 0.9% on constant currency basis. In

terms of verticals, it was Financial services posted a qoq CC growth of 1.9%,

Manufacturing posted a qoq CC growth of 0.5%, Life Sciences & Healthcare

posted a qoq CC growth of 4.3%, Public Services posted a qoq CC growth of

4.9%, Retail & CPG posted a qoq CC growth of 1.4% and Telecommunications,

Media, Publishing & Entertainment a qoq CC growth of 1.0%.

On the operating front, the EBIT margins came in at 20.5% V/s 19.1% expected

and

20.2% in 1QFY2016, a qoq contraction of

~111bps. However, after

adjusting for US$18.4mn provision for the client, the EBIT margins came in at

19.4%. Consequently, Adj. PAT came in at `1,726cr V/s `1,741cr expected a dip

of 2.3% qoq. However, Ex Adjustment the PAT came in at `1,823cr

On the operating front, the utilization rate came in at 83.6% V/s 83.5% in

1QFY2016 while the attrition rate came in at 16.3% V/s 16.5% in 1QFY2016.

Strong client addition in the quarter continued: US$50mn + clients up by 1,

US$30mn + clients up by 3, US$20mn + clients up by 2. Overall, the company

has won 10 Transformational engagements during this quarter in excess of

US$1bn in TCV.

The stock has witnessed a huge correction post warning for a few soft quarters;

however we believe that the stock has corrected significantly and hence we

recommend a buy with a price target of `1,132.

www.angelbroking.com

Market Outlook

October 20, 2015

Y/E

Sales OPM

PAT

EPS ROE P/E P/BV EV/EBITDA EV/Sales

March

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2015E

42,038

23.5

7,960

56.4

23.2

15.2

3.5

10.1

2.4

FY2016E

47,053

23.5

8,879

62.9

19.8

13.6

2.7

8.0

1.9

Preview

Hero Motocorp (CMP: `2,614 / TP: ` /Upside: )

Hero Motocorp is slated to announce its 2QFY2016 results today. Hero’s topline is

expected to decline 4% yoy to Rs 6,657 cr. Hero’s volumes have declined 7%

during the quarter largely due to subdued two wheeler industry and market share

loss in the scooter segment. Realisation/vehicle is estimated to grow 3% mainly

due to price hikes. On the EBIDTA front, the margins are likely to improve 120 bp

yoy to 14.7% on account of cost control initiatives under the margin improvement

programme “Leap”. EBIDTA is estimated to grow 5% yoy to Rs 980 cr. However

higher depreciation on account of capacity expansion and lower other income, we

expect the Net Profit to decline 5% yoy to Rs 726 cr. We currently have Neutral

rating on the stock.

Y/E

Sales OPM

PAT

EPS ROE P/E P/BV EV/EBITDA EV/Sales

March

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2016E

28,500

14.1

2,933

146.9

37.8

17.8

6.7

12.0

1.6

FY2017E

32,764

14.3

3,335

167.0

36.5

15.7

5.7

9.9

1.4

Sanofi India (CMP: `3,929 / TP: /Upside:)

For, 3QCY2015, we expect the company to post a yoy growth of 10% to end the

period at `536cr V/s `487cr. On the operating front, the gross margins are

expected to come in at 48.3% same as last year, while the OPM’s are expected to

come in at 17.8% V/s 15.7% in 3QCY2014. Thus the reported net profit is

expected to come in at `70cr V/s `62cr, a yoy growth of 12.9%. We maintain our

neutral stance on the stock.

Y/E

Sales OPM

PAT

EPS ROE P/E P/BV EV/EBITDA EV/Sales

March

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2015E

2,156

15.1

253

109.7

18.4

35.8

4.9

25.7

3.9

FY2016E

2,455

16.8

308

133.9

22.5

29.3

4.0

19.2

3.2

Economic and Political News

 Govt raises wheat import tax to 25% from 10%

 RBI chief slams IMF for 'applauding' easy money policies

 September coal imports slump 27% to 12.6 mn tonne

Corporate News

 Maggi manufacture, sale allowed in Karnataka

 Indian Hotels board approves subsidiary amalgamation

 Mahindra & Mahindra forays into branded pulses business

www.angelbroking.com

Market Outlook

October 20, 2015

Top Picks ★★★★★

Large Cap

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

Robust US sales along with the acquisations, will aid the growth

Aurobindo

47,033

805

872

8.3

and stable margins.

Healthy pace of branch expansion, backed by distribution

Axis Bank

1,20,486

507

701

38.3

network.

Robust franchise and capital adequacy position will help the

ICICI Bank

1,66,797

287

370

28.8

bank to outperform the industry average.

Back on the growth trend; expect a long term growth of 14% to

Infosys

2,55,466

1,112

1,306

17.4

be a US$20bn in FY2020.

Government thrust on Renewable sector and strong order book

Inox Wind

8,787

396

505

27.5

would drive future growth.

LICHF continues to grow its retail loan book at a healthy pace

LIC HFL

24,098

478

570

19.4

with improvement in asset quality.

Direct beneficiary of the huge investments lined up in the power

Power Grid

69,763

133

170

27.5

transmission sector.

Growth to pick up from 2HFY2017, attractive given the risk-

TCS

4,90,016

2,487

3,165

27.3

reward.

Tech Mahindra

52,159

542

646

19.2

Acquisitions, to drive growth, normalised valuations attractive.

An improving liability franchise, capital adequacy well above

Yes Bank

32,262

770

953

23.8

Basel III requirements and lowest NPA ratio in the industry.

Source: Company, Angel Research

Mid Cap

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

Bajaj Electricals

2,547

252

341

35.1

Visible turnaround in E&P business to drive the earnings.

Garware Wall Ropes

766

350

390

11.3

Higher exports & easing material prices to drive profitability.

Comfortable balance sheet to support strong growth; this

MBL Infrastructures

973

235

360

53.5

coupled with attractive valuation to lead to rerating.

New product introductions and increased sourcing by clients to

Minda Industries

816

515

652

26.7

enable outpace industry growth.

Strong brand & quality teaching with innovative technologies &

MT Educare

575

144

169

17.0

higher government educational spending to boost growth.

Earnings boost on back of stable material prices and favorable

Radico Khaitan

1,261

112

18.2

pricing environment. Valuation discount to peers provides

additional comfort.

Structural shift in the Lighting industry towards LED lighting will

Surya Roshni

609

139

183

31.7

drive growth.

Tree House

1,274

301

449

49.1

Robust expansion plan for pre-schools to drive growth.

Source: Company, Angel Research

www.angelbroking.com

Market Outlook

October 20, 2015

Quarterly Bloomberg Brokers Consensus Estimate

Hero MotoCorp Ltd - October 20, 2015

Particulars (` cr)

2QFY16E

2QFY15

y-o-y (%)

1QFY16

q-o-q (%)

Net sales

6,665

6,864

(2.9)

6,856

(2.8)

EBITDA

989

935

5.8

1,048

(5.6)

EBITDA margin (%)

14.8

13.6

15.3

Net profit

716

763

(6.2)

750

(4.5)

ACC Ltd - October 20, 2015

Particulars (` cr)

3QFY16E

3QFY15

y-o-y (%)

2QFY16

q-o-q (%)

Net sales

2,753

2,742

0.4

2,961

(7.0)

EBITDA

259

379

(31.5)

334

(22.2)

EBITDA margin (%)

9.4

13.8

11.3

Net profit

116

205

(43.6)

131

(12.1)

Federal Bank Ltd - October 20, 2015

Particulars (` cr)

2QFY16E

2QFY15

y-o-y (%)

1QFY16

q-o-q (%)

PAT

244

240

1.6

141

72.7

Mahindra & Mahindra Ltd - October 21, 2015

Particulars (` cr)

2QFY16E

2QFY15

y-o-y (%)

1QFY16

q-o-q (%)

Net sales

8,588

9,418

(8.8)

9,708

(11.5)

EBITDA

1,121

1,009

11.1

1,252

(10.5)

EBITDA margin (%)

13.1

10.7

12.9

Net profit

911

947

(3.7)

852

6.9

Bajaj Auto Ltd - October 21, 2015

Particulars (` cr)

2QFY16E

2QFY15

y-o-y (%)

1QFY16

q-o-q (%)

Net sales

6,020

5,827

3.3

5,505

9.4

EBITDA

1,265

1,127

12.3

1,140

11.0

EBITDA margin (%)

21.0

19.3

20.7

Net profit

901

591

52.4

1,015

(11.2)

HDFC Bank Ltd - October 21, 2015

Particulars (` cr)

2QFY16E

2QFY15

y-o-y (%)

1QFY16

q-o-q (%)

PAT

2,882

2,381

21.0

2,696

6.9

Wipro Ltd Consol - October 21, 2015

Particulars (` cr)

2QFY16E

2QFY15

y-o-y (%)

1QFY16

q-o-q (%)

Net sales

12,813

11,684

9.7

12,238

4.7

EBITDA

2,713

2,481

9.3

2,606

4.1

EBITDA margin (%)

21.2

21.3

Net profit

2,227

2,085

6.8

2,188

1.8

www.angelbroking.com

Market Outlook

October 20, 2015

JSW Steel Ltd Consol - October 21, 2015

Particulars (` cr)

2QFY16E

2QFY15

y-o-y (%)

1QFY16

q-o-q (%)

Net sales

11,058

13,692

(19.2)

11,382

(2.8)

EBITDA

1,586

2,791

(43.2)

1,627

(2.5)

EBITDA margin (%)

14.3

20.4

14.3

Net profit

(187)

749

0.0

(107)

0.0

Cairn India Ltd Consol - October 21, 2015

Particulars (` cr)

2QFY16E

2QFY15

y-o-y (%)

1QFY16

q-o-q (%)

Net sales

2,263

3,982

(43.2)

2,627

(13.9)

EBITDA

940

2,656

(64.6)

1,290

(27.1)

EBITDA margin (%)

41.5

66.7

49.1

Net profit

588

2,278

(74.2)

835

(29.5)

Idea Cellular Ltd Consol - October 21, 2015

Particulars (` cr)

2QFY16E

2QFY15

y-o-y (%)

1QFY16

q-o-q (%)

Net sales

8,732

7,566

15.4

8,795

(0.7)

EBITDA

3,080

2,491

23.7

3,228

(4.6)

EBITDA margin (%)

35.3

32.9

36.7

Net profit

823

756

8.9

931

(11.6)

Asian Paints Ltd Consol - October 23, 2015

Particulars (` cr)

2QFY16E

2QFY15

y-o-y (%)

1QFY16

q-o-q (%)

Net sales

3,905

3,587

8.9

3,578

9.1

EBITDA

670

536

25.0

684

(1.9)

EBITDA margin (%)

17.2

15.0

19.1

Net profit

439

347

26.5

455

(3.5)

www.angelbroking.com

Market Outlook

October 20, 2015

Key Upcoming Events

Result Calendar

Date

Company

Oct 20, 2015

Hero Motocorp, ACC, Federal Bank, Mphasis, Jyothy Laboratories, Aventis

Oct 21, 2015

M&M, Bajaj Auto, HDFC Bank, Wipro, KPIT Cummins, NIIT, JSW Steel , Cairn India

Oct 22, 2015

Cadila Healthcare

Oct 23, 2015

Rallis, Asian Paints

Oct 24, 2015

Godrej Consumer, Persistent

Oct 26, 2015

United Phosphorus, Blue Star, HDFC, Hindustan Media Ventures, Hitachi

Oct 27, 2015

Maruti, TVS Motor, CEAT, Thermax, Axis Bank, Sesa Goa, Lupin, Alembic Pharma

Exide Industries, Amara Raja Batteries, Ambuja Cements, Syndicate Bank, Dabur India, Sun TV Network, HT Media,

Oct 28, 2015

Kirloskar Engines India Ltd, Elecon Engineering, Transport Corporation of India

Bharat Forge, Crompton Greaves, Shriram Trans., Nestle, Colgate, MRF, L G Balakrishnan & Bros, Dr Reddy's,

Oct 29, 2015

Glenmark Pharma., Dishman Pharma

Oct 30, 2015

Apollo Tyres, Subros, ICICI Bank, Kotak Mah. Bank, Indoco Remedies

Source: Bloomberg, Angel Research

Global economic events release calendar

Date

Time

Country

Event Description

Unit

Period

Bloomberg Data

Last Reported Estimated

Oct 20, 2015 6:00PM US

Housing Starts

Thousands

Sep

1,126.00

1,147.00

6:00PM US

Building permits

Thousands

Sep

1,170.00

1,165.00

Oct 22, 2015 6:00PM US

Initial Jobless claims

Thousands

Oct 17

255.00

265.00

7:30PM Euro Zone

Euro-Zone Consumer Confidence

Value

Oct A

(7.10)

(7.40)

7:30PM US

Existing home sales

Million

Sep

5.31

5.37

5:15PM Euro Zone

ECB announces interest rates

Oct 22

0.05

Oct 23, 2015 1:00PM Germany

PMI Services

Value

Oct P

54.10

53.90

1:00PM Germany

PMI Manufacturing

Value

Oct P

52.30

51.70

Oct 26, 2015 7:30PM US

New home sales

Thousands

Sep

552.00

549.00

Oct 27, 2015 3:00PM UK

GDP (YoY)

% Change

3Q A

2.40

7:30PM US

Consumer Confidence

S.A./ 1985=100

Oct

103.04

101.00

Oct 28, 2015 11:30PM US

FOMC rate decision

Oct 28

0.25

Oct 29, 2015 2:25PM Germany

Unemployment change (000's)

Thousands

Oct

2.00

6:00PM US

GDP Qoq (Annualised)

% Change

3Q A

3.90

1.90

Nov 1, 2015

6:30AM China

PMI Manufacturing

Value

Oct

49.80

Nov 2, 2015

3:00PM UK

PMI Manufacturing

Value

Oct

51.50

Nov 5, 2015

5:30PM UK

BOE Announces rates

% Ratio

Nov 5

0.50

Source: Bloomberg, Angel Research

Market Outlook

October 20, 2015

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

9.0

8.4

8.0

6.4

7.5

5.2

8.0

6.0

4.8

7.0

4.4

4.1

6.7

6.6

3.6

7.0

6.4

4.0

2.8

3.0

6.3

2.5

6.0

2.0

5.0

4.7

5.0

4.0

(2.0)

3.0

(4.0)

(2.7)

Source: CSO, Angel Research

Source: MOSPI, Angel Research

Exhibit 3: Monthly CPI inflation trends

Exhibit 4: Manufacturing and services PMI

(%)

56.0

Mfg. PMI

Services PMI

6.0

5.4

5.3

5.4

54.0

5.2

5.0

4.9

4.6

5.0

4.3

4.4

52.0

3.7

4.0

3.3

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

30.0

9.00

20.0

8.00

10.0

7.00

0.0

6.00

(10.0)

5.00

(20.0)

4.00

(30.0)

3.00

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

www.angelbroking.com

Market Outlook

October 20, 2015

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

47,447

(2.3)

(9.4)

(18.1)

Russia

Micex

1,716

(0.8)

4.9

26.2

India

Nifty

8,275

5.1

(3.9)

5.0

China

Shanghai Composite

3,387

5.6

(14.9)

41.4

South Africa

Top 40

47,720

4.7

1.4

14.2

Mexico

Mexbol

44,523

1.7

(2.3)

2.9

Indonesia

LQ45

785

7.8

(6.2)

(6.3)

Malaysia

KLCI

1,718

4.8

(0.2)

(4.4)

Thailand

SET 50

917

1.4

(5.7)

(10.9)

USA

Dow Jones

17,231

3.3

(4.8)

5.1

FTSE

6,352

2.7

(6.4)

(0.3)

Japan

Nikkei

18,131

(0.7)

(11.1)

14.9

Germany

DAX

10,164

(0.6)

(12.4)

16.6

France

CAC

4,704

1.1

(7.9)

13.1

Source: Bloomberg, Angel Research

www.angelbroking.com

Stock Watch

October 20, 2015

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY16E FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

Agri / Agri Chemical

Rallis

Neutral

214

4,161

2,075

2,394

14.4

9.5

11.0

22.5

19.5

4.5

3.9

21.1

21.3

2.1

1.8

United Phosphorus

Accumulate

488

510

20,916

13,698

15,752

17.6

32.1

38.5

15.2

12.7

3.0

2.5

21.4

21.3

1.6

1.3

Auto & Auto Ancillary

Ashok Leyland

Accumulate

27,335

18,186

21,529

10.8

11.2

3.3

4.5

29.1

21.3

5.0

4.6

17.3

21.6

1.4

1.1

Bajaj Auto

Accumulate

2,460

2,438

71,177

23,544

27,245

19.8

127.0

143.4

19.4

17.2

5.9

5.0

30.3

29.4

2.3

2.0

Eicher Motors

Buy

18,241

22,859

49,511

11,681

15,550

15.3

16.9

358.5

564.3

50.9

32.3

15.3

11.4

29.8

34.9

4.1

3.1

Hero Motocorp

Accumulate

2,614

2,672

52,189

28,500

32,764

14.1

14.3

146.9

167.0

17.8

15.7

6.7

5.7

37.8

36.5

1.5

1.3

L G Balakrishnan & Bros Neutral

491

771

1,254

1,394

11.6

11.8

35.9

41.7

13.7

11.8

1.9

1.6

13.5

13.8

0.7

0.6

Mahindra and Mahindra Accumulate

1,280

1,383

79,469

38,337

43,069

13.0

13.4

52.9

63.5

24.2

20.2

3.6

3.2

15.0

15.9

1.6

1.4

Maruti

Accumulate

4,460

4,735

134,740

58,102

68,587

16.7

16.9

182.0

225.5

24.5

19.8

4.9

4.2

19.9

21.0

2.1

1.7

Minda Industries

Buy

515

652

816

2,567

2,965

7.3

8.0

38.8

54.3

13.3

9.5

1.9

1.6

14.4

16.8

0.4

Rane Brake Lining

Buy

312

366

247

454

511

11.1

11.4

23.8

28.1

13.1

11.1

1.9

1.7

14.2

15.3

0.6

Setco Automotive

Neutral

225

602

594

741

12.7

13.7

8.4

15.8

26.8

14.3

2.8

2.4

10.4

16.9

1.5

1.2

Tata Motors

Neutral

379

109,281

264,038

297,882

13.8

13.9

34.5

38.9

11.0

9.7

1.8

1.6

17.6

16.8

0.5

TVS Motor

Neutral

247

11,732

11,702

13,713

6.8

7.7

10.1

14.5

24.5

17.0

6.0

4.8

24.5

28.3

0.9

0.8

Amara Raja Batteries

Neutral

1,021

17,432

5,101

6,224

17.8

17.6

31.1

39.2

32.8

26.0

8.1

6.5

24.8

3.2

2.6

Exide Industries

Neutral

156

13,256

7,363

8,247

13.7

14.5

6.6

7.7

23.6

20.3

3.0

2.7

12.6

13.3

1.5

1.3

Apollo Tyres

Neutral

194

9,865

12,576

12,978

16.8

16.1

22.3

19.9

8.7

9.7

1.5

1.3

17.2

13.4

0.8

0.9

Ceat

Neutral

1,247

5,046

6,041

6,597

14.3

14.2

101.5

116.6

12.3

10.7

2.5

2.0

20.0

19.1

1.0

0.9

JK Tyres

Neutral

106

2,406

7,446

7,669

15.2

14.0

19.6

18.4

5.4

5.8

1.4

1.1

25.2

19.5

0.7

0.6

Swaraj Engines

Neutral

877

1,089

593

677

14.5

14.8

51.2

60.8

17.1

14.4

4.0

3.6

23.3

24.8

1.7

1.4

Subros

Neutral

546

1,268

1,488

11.6

11.9

3.7

6.6

24.6

13.8

1.6

1.5

6.8

11.4

0.7

0.6

Indag Rubber

Neutral

185

485

283

329

17.0

17.2

13.0

15.4

14.3

12.0

3.1

2.6

21.8

21.6

1.3

1.1

Capital Goods

ACE

Neutral

456

660

839

4.7

8.2

1.0

3.9

46.1

11.8

1.4

1.3

3.2

11.3

0.7

0.6

BEML

Neutral

1,222

5,088

3,277

4,006

6.0

8.9

29.2

64.3

41.8

19.0

2.3

2.1

5.7

11.7

1.7

1.3

BGR Energy

Neutral

118

854

3,615

3,181

9.5

9.4

16.7

12.4

7.1

9.6

0.7

10.0

7.0

0.6

0.8

BHEL

Neutral

214

52,403

33,722

35,272

10.8

11.7

10.5

14.2

20.4

15.1

1.5

1.4

7.0

9.0

1.5

Blue Star

Buy

348

387

3,131

3,649

4,209

5.0

5.9

9.2

14.7

38.1

23.6

6.9

6.5

9.1

17.5

0.9

0.8

Crompton Greaves

Buy

187

204

11,717

13,484

14,687

4.9

6.2

4.5

7.1

41.5

26.3

2.9

2.7

7.2

10.8

0.9

0.8

Inox Wind

Buy

396

505

8,787

4,980

5,943

17.0

17.5

26.6

31.6

14.9

12.5

4.5

3.3

35.0

30.0

1.7

1.4

www.angelbroking.com

Stock Watch

October 20, 2015

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

Capital Goods

KEC International

Neutral

144

3,696

8,791

9,716

6.1

6.8

5.4

8.2

26.6

17.5

2.7

2.4

10.0

14.0

0.6

Thermax

Neutral

850

10,131

6,413

7,525

7.4

8.5

30.5

39.3

27.9

21.6

4.3

3.7

15.0

17.0

1.6

1.3

Cement

ACC

Accumulate

1,397

1,548

26,221

11,856

14,092

14.5

17.8

47.6

76.1

29.3

18.4

3.0

2.8

10.6

15.7

2.0

1.6

Ambuja Cements

Accumulate

210

233

32,629

10,569

12,022

20.7

22.2

8.7

10.7

24.2

19.7

3.1

2.9

13.0

15.2

2.7

2.3

India Cements

Buy

112

2,574

4,716

5,133

15.9

16.9

3.7

7.5

22.7

11.2

0.8

3.8

7.3

0.8

0.7

JK Cement

Buy

651

767

4,554

4,056

4,748

14.5

17.0

22.6

41.1

28.8

15.9

2.6

2.3

9.3

15.3

1.5

1.3

J K Lakshmi Cement

Buy

372

430

4,381

2,947

3,616

16.7

19.9

11.5

27.2

32.4

13.7

3.1

2.7

9.8

20.8

1.9

1.5

Mangalam Cements

Neutral

229

610

1,053

1,347

10.5

13.3

8.4

26.0

27.2

8.8

1.2

1.1

4.3

12.5

1.0

0.7

Orient Cement

Buy

174

183

3,561

1,854

2,524

21.2

22.2

7.7

11.1

22.6

15.7

3.2

2.8

13.3

15.7

2.4

1.7

Ramco Cements

Accumulate

349

350

8,297

4,036

4,545

20.8

21.3

15.1

18.8

23.1

18.5

2.8

2.5

12.9

14.3

2.4

2.1

Shree Cement^

Neutral

12,268

42,740

7,150

8,742

26.7

28.6

228.0

345.5

53.8

35.5

7.9

6.6

15.7

20.3

5.4

4.3

UltraTech Cement

Buy

2,903

3,282

79,666

27,562

31,548

20.4

22.3

111.9

143.3

25.9

20.3

3.7

3.2

15.2

16.8

2.8

2.4

Construction

ITNL

Neutral

3,068

7,360

8,825

34.0

35.9

1.0

5.0

93.3

18.7

0.4

0.3

1.4

3.8

3.7

KNR Constructions

Neutral

615

1,729

915

1,479

14.3

13.9

20.3

37.2

30.3

16.5

2.8

2.4

9.6

15.6

1.9

1.2

Larsen & Toubro

Buy

1,581

2,013

147,105

68,920

82,446

10.9

11.5

57.0

73.0

27.7

21.7

2.5

2.4

13.6

15.5

2.2

1.9

Gujarat Pipavav Port

Neutral

189

9,152

721

784

53.1

53.6

8.2

9.1

23.0

20.8

3.7

3.0

20.0

18.3

12.3

10.9

MBL Infrastructures

Buy

235

360

973

2,313

2,797

12.2

14.6

19.0

20.0

12.4

11.7

1.3

1.2

11.3

10.6

1.1

1.0

Nagarjuna Const.

Neutral

4,578

7,892

8,842

8.3

9.1

2.4

5.3

34.3

15.5

1.4

1.3

4.2

8.6

0.7

0.6

PNC Infratech

Neutral

514

2,636

1,798

2,132

13.2

13.5

22.0

30.0

23.4

17.1

2.1

1.9

11.5

11.4

1.4

1.2

Simplex Infra

Neutral

346

1,712

6,241

7,008

10.4

10.7

20.0

36.0

17.3

9.6

1.4

1.3

6.8

11.1

0.7

0.6

Financials

Allahabad Bank

Neutral

4,705

8,438

9,521

2.8

21.9

27.0

3.6

2.9

0.4

0.3

10.2

11.5

Axis Bank

Buy

507

701

120,486

26,941

32,298

3.5

3.6

37.4

46.4

13.6

10.9

2.7

2.4

18.7

20.0

Bank of Baroda

Neutral

175

40,392

19,027

21,737

1.9

2.0

16.9

24.5

10.4

7.2

1.0

0.9

9.1

12.1

Bank of India

Neutral

142

11,221

16,438

18,706

1.9

2.0

19.2

40.9

7.4

3.5

0.4

4.5

9.1

Canara Bank

Neutral

299

16,208

15,491

17,269

2.0

61.6

70.9

4.8

4.2

0.6

0.5

10.5

11.1

Dena Bank

Neutral

2,749

3,498

3,977

2.1

2.3

7.8

10.7

5.5

4.0

0.4

6.5

8.4

Federal Bank

Neutral

11,157

3,527

4,135

3.0

3.1

5.2

6.7

12.5

9.7

1.3

1.2

10.8

12.7

HDFC

Neutral

1,315

207,386

10,883

12,799

3.5

3.4

43.0

50.6

30.6

26.0

6.1

5.5

25.9

26.7

HDFC Bank

Buy

1,096

1,255

276,044

38,059

46,851

4.4

4.5

50.0

62.7

21.9

17.5

3.8

3.3

18.8

20.2

www.angelbroking.com

Stock Watch

October 20, 2015

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

Financials

ICICI Bank

Buy

287

370

166,797

35,810

41,871

3.4

3.5

22.0

26.2

13.1

11.0

2.3

1.9

15.0

15.6

IDBI Bank

Neutral

13,337

9,860

10,978

1.8

1.9

9.3

15.6

9.0

5.3

0.6

0.5

6.4

10.1

Indian Bank

Neutral

140

6,726

6,267

7,171

2.4

2.5

25.4

32.1

5.5

4.4

0.5

0.4

8.0

9.3

LIC Housing Finance

Buy

478

570

24,098

2,934

3,511

2.3

30.9

36.8

15.5

13.0

2.5

2.2

16.8

17.5

Oriental Bank

Neutral

144

4,330

7,730

8,595

2.4

2.5

38.8

47.4

3.7

3.1

0.3

8.6

9.8

Punjab Natl.Bank

Neutral

137

26,921

23,446

26,624

2.8

2.9

17.8

27.5

7.7

5.0

0.8

0.6

8.5

12.1

South Ind.Bank

Neutral

3,045

1,930

2,215

2.4

2.6

3.6

8.7

6.3

0.9

0.8

9.9

12.5

St Bk of India

Buy

255

307

197,563

83,847

96,307

2.8

20.1

25.1

12.7

10.1

1.4

1.2

11.5

13.1

Union Bank

Neutral

174

11,927

12,755

14,439

2.3

2.4

31.5

39.9

5.5

4.4

0.6

0.5

9.9

11.6

Vijaya Bank

Neutral

3,265

3,594

3,969

1.8

1.9

5.8

7.1

6.5

5.4

0.6

0.5

8.2

9.3

Yes Bank

Buy

770

953

32,262

7,204

9,078

3.2

57.8

69.5

13.3

11.1

2.4

2.0

19.6

22.6

FMCG

Asian Paints

Neutral

879

84,318

16,553

19,160

16.0

16.2

17.7

21.5

49.7

40.9

13.2

11.9

29.4

31.2

4.4

3.8

Britannia

Neutral

3,302

39,617

8,065

9,395

9.6

10.2

47.2

65.5

69.9

50.4

23.3

22.0

38.3

41.2

4.1

3.6

Colgate

Neutral

939

25,530

4,836

5,490

19.5

19.7

48.5

53.2

19.4

17.6

14.2

12.4

99.8

97.5

5.2

4.6

Dabur India

Neutral

273

47,873

9,370

10,265

17.1

17.2

7.3

8.1

37.2

33.6

11.2

9.1

33.7

30.6

5.1

4.6

GlaxoSmith Con*

Neutral

6,037

25,387

4,919

5,742

17.2

17.4

168.3

191.2

35.9

31.6

10.2

8.7

28.8

28.9

4.6

3.9

Godrej Consumer

Neutral

1,211

41,237

10,168

12,886

16.1

32.1

38.4

37.7

31.5

7.7

7.1

19.7

21.0

4.0

3.2

HUL

Neutral

794

171,735

34,940

38,957

17.5

17.7

20.8

24.7

38.2

32.1

42.4

33.9

110.5

114.2

4.7

4.2

ITC

Buy

351

409

281,650

41,068

45,068

37.8

37.4

13.9

15.9

25.2

22.1

8.5

7.4

34.1

33.8

5.8

5.3

Marico

Neutral

402

25,916

6,551

7,766

15.7

16.0

10.4

12.5

38.7

32.1

11.2

9.3

33.2

32.4

3.8

3.2

Nestle*

Accumulate

6,476

6,646

62,440

11,291

12,847

22.2

22.3

158.9

184.6

40.8

35.1

21.3

19.2

55.0

57.3

5.2

4.5

Tata Global

Buy

135

144

8,494

8,635

9,072

9.8

9.9

6.5

7.6

20.7

17.7

2.1

2.0

6.8

7.4

0.9

0.8

HCL Tech^

Buy

857

1,132

120,533

42,038

47,503

23.5

56.4

62.9

15.2

13.6

3.5

2.7

23.2

19.8

2.7

2.2

Infosys

Buy

1,112

1,306

255,466

60,250

66,999

28.0

58.3

63.7

19.1

17.5

4.0

3.4

20.9

19.7

3.6

3.1

TCS

Buy

2,487

3,168

490,016

108,420

123,559

28.8

28.7

127.2

143.9

19.6

17.3

7.8

7.2

39.9

41.8

4.2

3.6

Tech Mahindra

Buy

542

646

52,159

25,566

28,890

16.0

17.0

26.3

31.9

20.6

17.0

3.7

3.2

17.9

18.6

1.9

1.6

Wipro

Buy

577

719

142,587

52,414

58,704

23.7

23.8

38.4

42.3

15.0

13.7

2.9

2.6

19.5

18.0

2.4

2.0

Media

D B Corp

Accumulate

313

356

5,749

2,241

2,495

27.8

27.9

21.8

25.6

14.4

12.2

3.8

3.3

26.7

28.5

2.6

2.3

HT Media

Neutral

2,208

2,495

2,603

11.2

7.3

8.6

13.0

11.0

1.0

0.9

7.4

8.1

0.3

www.angelbroking.com

Stock Watch

October 20, 2015

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY16E FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

Media

Jagran Prakashan

Accumulate

143

156

4,667

1,939

2,122

26.0

8.3

9.2

17.2

15.5

2.9

2.7

17.5

17.1

2.3

2.1

Sun TV Network

Neutral

372

14,648

2,779

3,196

70.2

70.5

22.8

27.3

16.3

13.6

4.0

3.6

26.7

28.3

4.9

4.3

Hindustan Media

Buy

287

292

2,103

920

1,031

20.0

19.2

20.9

14.9

13.7

2.5

2.1

16.4

15.3

1.4

1.2

Ventures

Metals & Mining

Coal India

Buy

338

400

213,493

72,015

78,415

21.2

21.5

21.7

25.3

15.6

13.4

5.3

5.2

33.1

39.1

2.1

2.0

Hind. Zinc

Neutral

158

66,929

15,258

16,495

44.2

45.6

17.6

19.2

9.0

8.3

1.4

1.2

15.9

15.3

1.5

1.0

Hindalco

Neutral

17,852

104,356

111,186

8.7

9.5

6.7

11.1

12.9

7.8

0.5

0.4

3.5

5.9

0.7

0.6

JSW Steel

Neutral

890

21,523

48,125

53,595

18.8

21.0

46.9

97.5

19.0

9.1

0.9

4.4

9.5

1.3

1.1

NMDC

Neutral

104

41,094

8,237

10,893

46.6

44.5

10.0

11.7

10.4

8.9

1.2

1.0

12.5

13.0

4.5

3.4

SAIL

Neutral

22,963

45,915

53,954

7.2

10.5

1.5

4.4

36.9

12.7

0.5

2.3

4.1

1.1

1.0

Vedanta

Neutral

108

32,063

71,445

81,910

26.2

26.3

12.9

19.2

8.4

5.6

0.6

0.5

7.2

8.9

0.8

0.6

Tata Steel

Neutral

248

24,101

136,805

149,228

11.3

11.9

26.4

36.8

9.4

6.7

0.8

0.7

6.0

8.0

0.7

0.6

Oil & Gas

Cairn India

Neutral

160

29,979

11,323

12,490

49.4

51.0

20.7

7.7

0.5

6.4

6.1

1.5

0.9

GAIL

Neutral

326

41,289

64,856

70,933

9.1

9.6

24.0

28.9

13.6

11.3

1.2

1.1

8.8

9.6

0.7

ONGC

Neutral

258

220,689

154,564

167,321

36.8

37.4

28.6

32.5

9.0

7.9

1.2

1.1

12.7

13.5

1.5

1.4

Petronet LNG

Buy

191

210

14,329

39,007

40,785

3.8

4.2

9.2

11.0

20.9

17.4

2.3

2.1

11.6

12.7

0.4

Indian Oil Corp

Buy

406

455

98,563

359,607

402,760

5.9

6.1

42.5

48.7

9.6

8.3

1.3

1.1

14.1

14.4

0.4

0.3

Reliance Industries

Accumulate

963

930

311,990

313,085

362,904

13.1

13.8

78.4

92.9

12.3

10.4

1.3

1.2

10.8

11.6

1.3

1.2

Pharmaceuticals

Alembic Pharma

Neutral

718

13,535

2,601

3,115

21.2

20.2

20.8

23.9

34.5

30.0

11.1

8.4

37.2

31.8

4.9

4.1

Aurobindo Pharma

Buy

805

872

47,033

14,923

17,162

23.0

38.2

43.6

21.1

18.5

6.5

4.9

36.0

30.2

3.2

2.7

Aventis*

Neutral

3,930

9,050

2,156

2,455

15.1

16.8

109.7

133.9

35.8

29.4

4.9

4.0

18.4

22.5

4.1

3.5

Cadila Healthcare

Neutral

431

44,072

10,224

11,840

20.0

21.0

71.0

85.6

6.1

5.0

1.6

1.3

30.1

28.5

4.1

3.5

Cipla

Neutral

687

55,181

14,359

16,884

21.3

19.7

28.4

30.5

24.2

22.5

4.3

3.6

19.3

17.5

3.6

3.0

Dr Reddy's

Accumulate

4,337

4,169

73,948

17,903

20,842

22.7

22.8

160.5

189.5

27.0

22.9

5.5

4.5

22.2

21.7

3.7

3.1

Dishman Pharma

Neutral

370

2,989

1,716

1,888

20.2

16.3

21.6

22.7

17.2

2.1

1.9

9.7

11.7

1.6

1.3

GSK Pharma*

Neutral

3,307

28,013

2,870

3,158

20.0

22.1

59.5

68.3

55.6

48.4

16.4

16.9

28.5

34.3

9.4

8.6

Indoco Remedies

Neutral

324

2,990

1,088

1,262

18.2

13.1

15.5

24.8

20.9

4.8

4.1

21.2

21.1

2.8

2.4

Ipca labs

Accumulate

766

800

9,663

3,507

4,078

17.6

18.6

25.8

32.0

29.7

23.9

3.8

3.3

13.8

14.9

3.0

2.6

Lupin

Neutral

2,069

93,141

14,864

17,244

26.9

62.1

71.1

33.3

29.1

8.1

6.4

27.4

24.6

5.6

4.7

Sun Pharma

Accumulate

905

950

217,891

28,163

32,610

25.8

30.7

17.4

26.9

52.0

33.7

4.9

4.3

13.0

16.6

7.1

5.9

www.angelbroking.com

Stock Watch

October 20, 2015

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY16E FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

Power

Tata Power

Neutral

18,784

35,923

37,402

22.6

22.8

4.1

5.2

17.1

13.5

1.3

1.2

7.5

9.3

1.4

1.3

NTPC

Buy

127

157

104,965

87,064

98,846

23.5

11.7

13.2

10.9

9.6

1.2

1.1

11.4

12.1

2.2

1.9

Power Grid

Buy

133

170

69,763

20,702

23,361

86.7

86.4

12.1

13.2

11.0

10.1

1.6

1.4

15.6

15.1

8.2

7.6

Telecom

Bharti Airtel

Neutral

364

145,385

101,748

109,191

32.1

31.7

12.0

12.5

30.3

29.1

2.1

2.0

6.9

6.7

2.0

1.8

Idea Cellular

Neutral

151

54,516

34,282

36,941

32.0

31.5

5.9

6.2

25.7

24.4

2.4

2.1

9.9

9.3

2.1

1.9

zOthers

Abbott India

Neutral

5,462

11,605

2,715

3,153

14.5

14.1

134.3

152.2

40.7

35.9

10.2

8.4

27.4

25.6

4.2

3.6

Bajaj Electricals

Buy

252

341

2,547

4,719

5,287

5.2

5.8

8.6

12.7

29.5

19.9

3.4

3.0

11.4

14.8

0.5

Finolex Cables

Neutral

250

3,826

2,728

3,036

10.8

11.0

14.4

16.8

17.4

14.9

2.6

2.3

15.2

15.3

1.0

0.9

Goodyear India*

Buy

567

655

1,308

1,953

1,766

12.4

12.0

67.4

59.6

8.4

9.5

2.1

1.8

27.7

20.2

0.4

Hitachi

Neutral

1,491

4,055

1,806

2,112

9.0

9.2

28.6

29.1

52.1

51.3

13.0

10.5

28.1

22.6

2.1

1.7

Jyothy Laboratories

Neutral

312

5,649

1,620

1,847

11.5

7.3

8.5

42.8

36.8

5.5

5.1

13.3

14.4

3.3

2.8

MRF

Accumulate

41,901

43,575

17,771

20,727

14,841

19.3

18.6

4,905.8

3,351.9

8.5

12.5

2.7

2.2

37.6

19.6

0.8

1.1

Page Industries

Neutral

14,197

15,835

1,929

2,450

19.8

20.1

229.9

299.0

61.8

47.5

27.3

18.9

52.1

47.1

7.5

5.9

Relaxo Footwears

Neutral

536

6,430

1,767

2,152

12.3

12.5

19.3

25.1

27.8

21.4

6.8

5.3

27.7

27.8

3.7

3.0

Siyaram Silk Mills

Buy

954

1,221

894

1,653

1,873

11.7

12.2

99.3

122.1

9.6

7.8

1.7

1.5

19.5

20.2

0.7

0.6

Styrolution ABS India*

Neutral

822

1,446

1,271

1,440

8.6

9.2

32.0

41.1

25.7

20.0

2.6

2.4

10.7

12.4

1.0

0.9

Tree House

Buy

301

449

1,274

259

324

56.8

17.0

21.7

17.7

13.9

1.8

1.6

10.1

11.5

5.6

4.6

TVS Srichakra

Buy

3,008

3,210

2,303

2,127

2,388

15.2

14.9

237.7

267.5

12.7

11.3

5.4

3.8

51.7

39.8

1.0

0.9

HSIL

Accumulate

307

302

2,222

2,182

2,404

16.3

16.5

15.8

18.9

19.5

16.3

1.6

1.5

8.4

9.4

1.3

1.1

Kirloskar Engines India

Neutral

280

4,047

2,634

3,252

10.1

12.0

10.9

17.4

25.7

16.0

2.9

2.6

11.4

16.8

1.2

0.9

Ltd

M M Forgings

Buy

543

797

656

563

671

22.1

22.9

51.0

66.5

10.7

8.2

2.2

1.8

23.1

24.1

1.3

1.1

Banco Products (India)

Neutral

138

988

1,208

1,353

11.0

12.3

10.8

14.5

12.8

9.5

1.5

1.3

11.9

14.5

0.7

0.6

Competent Automobiles Neutral

149

1,007

1,114

3.1

23.7

28.2

6.3

5.3

0.9

0.8

13.9

14.6

0.1

Nilkamal

Neutral

986

1,472

1,948

2,147

10.6

10.3

60.0

67.0

16.4

14.7

2.6

2.2

16.8

16.1

0.8

0.7

Visaka Industries

Buy

148

166

236

1,158

1,272

8.6

9.5

23.7

32.7

6.3

4.5

0.6

10.1

12.5

0.3

Transport Corporation of

Buy

307

293

2,336

2,830

3,350

8.8

9.0

14.4

18.3

21.4

16.8

3.3

2.9

15.4

17.1

0.8

0.7

India

Elecon Engineering

Buy

813

1,452

1,596

14.0

14.7

4.4

6.2

16.9

12.0

1.4

1.3

8.6

11.2

0.8

0.7

Surya Roshni

Buy

139

183

609

2,992

3,223

8.3

8.5

14.7

18.3

9.5

7.6

0.9

0.8

9.8

11.0

0.5

0.4

MT Educare

Buy

144

169

575

286

366

18.3

17.7

7.7

9.4

18.7

15.4

3.9

3.5

20.2

21.1

1.7

1.3

www.angelbroking.com

Stock Watch

October 20, 2015

Company Name

Reco

CMP

Target Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E

zOthers

Radico Khaitan

Buy

112

1,261

1,565

1,687

11.9

12.4

5.4

6.6

17.5

14.4

1.4

1.3

8.0

9.0

1.2

Garware Wall Ropes

Buy

350

390

766

875

983

10.4

10.6

23.1

27.8

15.2

12.6

2.1

1.9

14.1

14.8

0.8

0.7

Wonderla Holidays

Accumulate

305

322

1,720

206

308

44.0

43.6

9.0

12.9

33.8

23.6

4.6

4.2

13.7

17.8

7.7

5.1

Linc Pen & Plastics

Buy

165

185

245

340

371

8.3

8.9

10.8

13.2

15.3

12.5

2.5

2.1

16.0

17.1

0.7

0.6

The Byke Hospitality

Accumulate

160

181

643

222

287

20.5

5.6

7.6

28.4

21.2

5.4

4.4

18.9

20.8

2.9

2.3

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on October 19, 2015

www.angelbroking.com

Market Outlook

October 20, 2015

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

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