Market Outlook
March 21, 2016
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian market is expected to open on a flat to positive note tracking the SGX Nifty.
BSE Sensex
1.1
275
24,953
Nifty
1.2
92
7,604
US indices ended the week on a strong footing wherein Dow Jones surged by 2.3%
during the week. Stocks appeared to benefit from the upward momentum seen on
Mid Cap
0.7
67
10,300
the Wall Street since the Federal Reserve's monetary policy announcement on
Small Cap
0.6
63
10,309
Wednesday. The Fed announcement was widely interpreted as dovish, as the revised
Bankex
1.5
259
17,852
forecast for interest rates showed that officials now expect only two rate hikes by the
end of this year compared to the four predicted back in December.
Global Indices
Chg (%)
(Pts)
(Close)
The European markets got off to a weak start on Friday, but quickly recovered from
Dow Jones
0.7
121
17,602
that early drop. Trading action was choppy for the rest of the session, as the markets
Nasdaq
0.4
21
4,796
settled into a sideways trend. Banking stocks were among the top performers at the
FTSE
(0.2)
(11)
6,190
end of the trading week. The European Central Bank can reduce its deposit rate
further into negative territory, if new shocks emerge to threaten inflation and growth,
Nikkei
(1.2)
(212)
16,725
and the bank can also consider distributing money directly to people as an extreme
Hang Seng
0.8
168
20,672
step said an ECB Executive Board Member and Chief Economist.
Shanghai Com
1.7
50
2,955
Indian shares ended firmly in positive as rise in commodity prices, positive global
cues and strength in rupee on the back of renewed foreign fund flows boosted
Advances / Declines
BSE
NSE
investor’s sentiment.
Advances
1,267
823
News & Result Analysis
Declines
1,352
714
Unchanged
183
79
Interest rate on Public Provident Fund cut to 8.1% from 8.7%
Detailed analysis on Pg2
Volumes (` Cr)
Investor’s Ready Reckoner
BSE
2,755
Key Domestic & Global Indicators
NSE
18,812
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg4 onwards
Net Inflows (` Cr)
Net
Mtd
Ytd
Top Picks
FII
939
10,657
(31,046)
CMP
Target
Upside
Company
Sector
Rating
MFs
(393)
(3,141)
74,087
(`)
(`)
(%)
Amara Raja Batteries Auto & Auto Ancillary
Buy
902
1,040
15.3
Top Gainers
Price (`)
Chg (%)
HCL Tech
IT
Buy
824
1,038
26.0
LIC Housing Finance Financials
Buy
464
592
27.6
Cox&Kings
190
7.3
Bharat Electronics
Capital Goods
Buy
1,103
1,414
28.2
Voltas
269
6.9
Navkar Corporation Others
Buy
166
265
59.7
Prestige
139
6.8
More Top Picks on Pg3
Vedl
92
6.4
Shreecem
12,332
6.0
Key Upcoming Events
Previous
Consensus
Date
Region
Event Description
Reading
Expectations
Top Losers
Price (`)
Chg (%)
Mar 21 US
Existing Home Sales (Feb)
5.47M
5.31M
Lupin
1,559
(6.9)
Mar 25 US
GDP Qoq (Annualized) - % Change
1.00
1.00
Rtnpower
11
(4.9)
Apr 1 China
PMI Manufacturing
49.00
---
Den
87
(4.8)
Apr 5 India
RBI Repo Rate
6.75%
---
6.(
Ibulhsgfin
612
(3.7)
Vakrangee
215
(3.1)
As on March 18, 2016
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Market Outlook
March 21, 2016
Interest rate on Public Provident Fund cut to 8.1% from 8.7%
The government announced a steep cut in interest rates on small savings schemes
such as Public Provident Fund (PPF), National Savings Certificate (NSC) and Kisan
Vikas Patras - which will fetch up to 90 basis points lower returns during the April-
June quarter. The interest rate on PPF scheme will be cut to 8.1% for the period
April 1 to June 30, from 8.7%, at present.
The below table summarized the existing as well as the new rates for various
deposits and schemes:
Interest Rate -
New
Type
Change
Now
Interest Rate
PPF
8.7
8.1
(0.6)
Sukanya Samriddhi Account
9.2
8.6
(0.6)
Senior citizen savings scheme (5 yrs)
9.3
8.6
(0.7)
Kisan Vikas Patra
8.7
7.8
(0.9)
National Savings Certificate (5 yrs)
8.5
8.1
(0.4)
Monthly Income Account (5 yrs)
8.4
7.8
(0.6)
Post office deposit (5 yrs)
8.5
7.9
(0.6)
Post office recurring deposit (5 yrs)
8.4
7.4
(1.0)
Post office deposit (1 yrs)
8.4
7.1
(1.3)
A reduction in rates on small savings is also bad news for those with large balance
in fixed deposits, especially senior citizens, as banks are now expected to follow
government action with similar cuts. However, this is a very positive step for the
banks as the deposit rates by the banks will be reduced accordingly which will
ensure a reduction in the lending rate. We expect nearly 100bp cut in the bank’s
base rate over FY2017 and this could lead to a positive impact for all the rate
sensitive sectors. Our top picks include HDFC bank from the banking space and
LIC Housing Finance from the Housing Finance space.
Economic and Political News
Govt expects no dividend from at least 9 PSU banks
Govt to finish 59% of `6 lakh cr borrowing budgeted for FY17 in first half
Forex reserves jump $2.54 billion to $353.40 billion
Corporate News
Tata Steel expects `20,000cr investment in Gopalpur SEZ
Torrent Pharma's Dahej plant gets EIR from USFDA
Aurobindo Pharma gets USFDA nod for osteoporosis drug
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Market Outlook
March 21, 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
15,408
902
1,040
15.3
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
27,079
95
111
16.7
Focus on exports and LCV's provides additional growth
avenue.
Uptick in defense capex by government when coupled with
Bharat Electronics
26,468
1,103
1,414
28.2
BELs strong market positioning, indicate that good times are
ahead for BEL.
The stock is trading at attractive valuations and is factoring all
HCL Tech
1,16,194
824
1,038
26.0
the bad news.
Strong visibility for a robust 20% earnings trajectory, coupled
HDFC Bank
2,60,002
1,029
1,262
22.7
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
2,74,275
1,190
1,347
13.2
to be a US$20bn in FY2020.
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
23,394
464
592
27.6
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
11,426
952
1,089
14.4
State Governments and opportunity from Smart City, positions
NBCC to report strong growth, going forward.
New launches to enable outpace industry growth; margins
TVS Motors
13,625
287
330
15.1
expansion to boost earnings.
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
3,276
364
439
20.5
growth. EMPPAC division's profitability to improve once
operating environment turns around.
Commencement of new projects, downtrend in the interest rate
IL&FS Transport
2,382
72
93
28.5
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
4,781
146
189
29.2
business (Radio City) would also boost the company's revenue
growth.
Speedier execution and speedier sales, strong revenue visibilty
Mahindra Lifespace
1,760
429
554
29.2
in short-to-long run, attractive valuations
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,366
166
265
59.7
as well CFS augurs well for the company
Earnings boost on back of stable material prices and
Radico Khaitan
1,282
96
156
61.8
favourable pricing environment. Valuation discount to peers
provides additional comfort
Strong brands and distribution network would boost growth
Siyaram Silk Mills
929
992
1,354
36.6
going ahead. Stock currently trades at an inexpensive
valuation.
Source: Company, Angel Research
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Market Outlook
March 21, 2016
Key Upcoming Events
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
Mar 21, 2016 7:30PM
US
Existing home sales
Million
Feb
5.47
5.31
Mar 22, 2016 3:00PM
UK
CPI (YoY)
% Change
Feb
0.30
0.40
2:00PM
Germany
PMI Manufacturing
Value
Mar P
50.50
50.80
2:00PM
Germany
PMI Services
Value
Mar P
55.30
55.00
Mar 23, 2016 8:30PM
Euro Zone
Euro-Zone Consumer Confidence
Value
Mar A
(8.80)
(8.30)
7:30PM
US
New home sales
Thousands
Feb
494.00
510.00
Mar 24, 2016 6:00PM
US
Initial Jobless claims
Thousands
Mar 19
265.00
--
Mar 25, 2016 6:00PM
US
GDP Qoq (Annualised)
% Change
4Q T
1.00
1.00
Mar 29, 2016 7:30PM
US
Consumer Confidence
S.A./ 1985=100
Mar
92.20
--
Mar 31, 2016 1:25PM
Germany
Unemployment change (000's)
Thousands
Mar
(10.00)
--
2:00PM
UK
GDP (YoY)
% Change
4Q F
1.90
--
Apr 1, 2016
2:00PM
UK
PMI Manufacturing
Value
Mar
50.80
--
6:30AM
China
PMI Manufacturing
Value
Mar
49.00
--
6:00PM
US
Change in Nonfarm payrolls
Thousands
Mar
242.00
--
6:00PM
US
Unnemployment rate
%
Mar
4.90
--
Apr 5, 2016
11:00AM
India
RBI Reverse Repo rate
%
Apr 5
5.75
--
11:00AM
India
RBI Repo rate
%
Apr 5
6.75
--
11:00AM
India
RBI Cash Reserve ratio
%
Apr 5
4.00
--
Apr 8, 2016
India
Imports YoY%
% Change
Mar
(5.00)
--
India
Exports YoY%
% Change
Mar
(5.66)
--
2:00PM
UK
Industrial Production (YoY)
% Change
Feb
0.20
--
Apr 11, 2016
7:00AM
China
Consumer Price Index (YoY)
% Change
Mar
2.30
--
Apr 12, 2016
5:30PM
India
Industrial Production YoY
% Change
Feb
(1.50)
--
Apr 13, 2016
US
Producer Price Index (mom)
% Change
Mar
(0.60)
--
China
Exports YoY%
% Change
Mar
(25.40)
--
Apr 14, 2016 12:00PM
India
Monthly Wholesale Prices YoY%
% Change
Mar
(0.91)
--
6:00PM
US
Consumer price index (mom)
% Change
Mar
(0.20)
--
2:30PM
Euro Zone
Euro-Zone CPI (YoY)
%
Mar F
(0.20)
--
4:30PM
UK
BOE Announces rates
% Ratio
Apr 14
0.50
--
Apr 15, 2016
6:45PM
US
Industrial Production
%
Mar
(0.49)
--
7:30AM
China
Industrial Production (YoY)
% Change
Mar
5.90
--
7:30AM
China
Real GDP (YoY)
% Change
1Q
6.80
--
Apr 19, 2016
6:00PM
US
Housing Starts
Thousands
Mar
1,178.00
--
6:00PM
US
Building permits
Thousands
Mar
1,167.00
--
Source: Bloomberg, Angel Research
Market Outlook
March 21, 2016
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
12.0
8.3
9.9
7.8
7.7
10.0
8.0
7.5
7.6
7.3
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
2.5
3.0
2.5
6.0
2.0
5.0
4.5
-
4.0
(2.0)
(1.2)
(1.5)
(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
Mfg. PMI
Services PMI
(%)
56.0
5.6
5.7
6.0
5.4
5.4
5.3
5.2
4.9
5.0
5.0
54.0
5.0
4.4
3.7
3.7
52.0
4.0
50.0
3.0
2.0
48.0
1.0
46.0
-
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
8.00
(5.0)
7.00
(10.0)
6.00
(15.0)
(20.0)
5.00
(25.0)
4.00
(30.0)
(35.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
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Market Outlook
March 21, 2016
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.8
6.0
5.3
5.0
4.5
4.0
2.8
1.9
1.9
2.1
1.4
2.0
0.6
0.7
-
(2.0)
(4.0)
(4.1)
(6.0)
(5.9)
(8.0)
Source: Bloomberg, Angel Research
Exhibit 2: 2015 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
8.0
7.3
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)
(3.0)
(4.0)
(3.8)
(6.0)
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
(x)
25.0
20.0
15.0
10.0
5.0
-
Source: IMF, Angel Research
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Market Outlook
March 21, 2016
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
50,815
22.1
11.4
3.9
Russia
Micex
1,914
10.1
11.3
17.3
India
Nifty
7,604
7.9
(1.9)
(11.9)
China
Shanghai Composite
2,955
3.1
(14.0)
(10.2)
South Africa
Top 40
47,812
7.2
6.4
2.4
Mexico
Mexbol
45,482
4.4
4.7
3.4
Indonesia
LQ45
852
2.5
13.4
(10.0)
Malaysia
KLCI
1,716
3.1
4.1
(3.9)
Thailand
SET 50
889
9.2
6.8
(11.6)
USA
Dow Jones
17,602
7.0
0.4
(2.9)
UK
FTSE
6,190
2.6
2.1
(12.0)
Japan
Nikkei
16,725
5.6
(11.4)
(10.7)
Germany
DAX
9,951
6.1
(4.8)
(16.4)
France
CAC
4,463
5.4
(4.6)
(10.9)
Source: Bloomberg, Angel Research
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Stock Watch
March 21, 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
168
-
3,265
2,097
2,415
14.4
14.4
9.5
11.0
17.7
15.3
3.5
3.0
21.1
21.3
1.6
1.4
United Phosphorus
Accumulate
436
480
18,696
12,500
14,375
18.3
18.3
29.8
35.9
14.6
12.2
2.7
2.3
20.0
20.3
1.6
1.3
Auto & Auto Ancillary
Ashok Leyland
Buy
95
111
27,079
17,995
21,544
11.4
11.6
3.4
4.7
28.0
20.2
4.9
4.5
17.7
22.2
1.5
1.2
Bajaj Auto
Accumulate
2,270
2,585
65,681
22,709
25,860
20.9
20.1
129.0
143.6
17.6
15.8
5.4
4.6
30.7
29.4
2.4
2.1
Bharat Forge
Accumulate
825
875
19,216
7,351
8,318
19.9
19.7
31.2
36.5
26.5
22.6
4.7
4.0
19.3
19.2
2.8
2.4
Eicher Motors
Accumulate
18,036
20,044
48,988
15,556
16,747
15.5
17.3
464.8
597.5
38.8
30.2
14.2
10.4
36.2
34.3
3.1
2.8
Gabriel India
Buy
84
101
1,210
1,415
1,544
8.7
9.0
4.6
5.4
18.3
15.6
3.3
3.0
18.1
18.9
0.8
0.7
Hero Motocorp
Neutral
2,833
-
56,569
28,244
30,532
15.5
15.9
156.7
168.5
18.1
16.8
7.2
6.1
39.9
36.4
1.8
1.7
Jamna Auto Industries Buy
132
160
1,054
1,281
1,473
11.2
11.5
7.6
9.2
17.4
14.4
4.4
3.6
25.4
25.2
0.9
0.8
L G Balakrishnan & Bros Neutral
425
-
667
1,254
1,394
11.6
11.8
35.9
41.7
11.9
10.2
1.6
1.4
13.5
13.8
0.6
0.6
Mahindra and Mahindra Accumulate
1,222
1,364
75,910
38,416
42,904
13.7
13.9
54.8
63.4
22.3
19.3
3.4
3.1
15.4
15.8
1.6
1.4
Maruti
Neutral
3,630
-
109,641
57,865
68,104
16.4
16.7
176.3
225.5
20.6
16.1
4.0
3.4
19.4
21.2
1.7
1.4
Minda Industries
Accumulate
930
1,047
1,476
2,523
2,890
8.7
9.0
55.0
65.4
16.9
14.2
3.3
2.7
19.3
18.7
0.7
0.6
Motherson Sumi
Buy
250
313
33,055
39,343
45,100
8.8
9.1
10.1
12.5
24.7
20.0
7.8
6.1
35.3
34.4
0.9
0.8
Rane Brake Lining
Buy
358
465
283
454
511
11.5
12.0
25.2
31.0
14.2
11.6
2.1
1.9
14.9
16.6
0.8
0.7
Setco Automotive
Neutral
31
-
409
594
741
12.7
13.7
1.7
3.2
18.0
9.6
1.9
1.6
10.4
16.9
1.1
0.9
Tata Motors
Neutral
366
-
105,643
259,686
273,957
13.0
13.4
25.9
29.5
14.1
12.4
1.9
1.6
8.0
9.0
0.6
0.6
TVS Motor
Buy
287
330
13,626
11,263
13,122
6.9
8.5
9.2
15.0
31.2
19.1
7.1
5.7
22.7
29.6
1.2
1.0
Amara Raja Batteries
Buy
902
1,040
15,408
4,892
5,871
17.4
17.6
28.8
37.1
31.3
24.3
7.3
5.9
23.4
24.1
3.1
2.5
Exide Industries
Buy
136
162
11,564
6,950
7,784
14.4
14.8
6.6
7.3
20.6
18.6
2.6
2.4
12.6
12.8
1.4
1.2
Apollo Tyres
Accumulate
170
183
8,676
12,056
12,714
17.2
16.4
23.0
20.3
7.4
8.4
1.3
1.1
17.7
13.6
0.8
0.8
Ceat
Neutral
1,087
-
4,396
6,041
6,597
14.1
13.7
99.5
111.9
10.9
9.7
2.2
1.8
19.6
18.5
0.9
0.8
JK Tyres
Neutral
83
-
1,877
7,446
7,669
15.2
14.0
19.6
18.4
4.2
4.5
1.1
0.9
25.2
19.5
0.6
0.6
Swaraj Engines
Accumulate
846
919
1,051
552
630
14.2
14.7
44.6
54.1
19.0
15.7
4.4
4.0
23.2
25.6
1.8
1.5
Subros
Neutral
85
-
511
1,293
1,527
11.8
11.9
4.2
6.7
20.3
12.7
1.5
1.4
7.7
11.5
0.7
0.6
Indag Rubber
Neutral
164
-
431
283
329
17.0
17.2
13.0
15.4
12.7
10.7
2.8
2.3
21.8
21.6
1.2
1.0
Capital Goods
ACE
Neutral
36
-
358
660
839
4.7
8.2
1.0
3.9
36.2
9.3
1.1
1.0
3.2
11.3
0.7
0.6
BEML
Accumulate
1,017
1,157
4,236
3,277
4,006
6.0
8.9
36.2
64.3
28.1
15.8
2.0
1.8
5.7
11.7
1.4
1.1
Bharat Electronics
Buy
1,103
1,414
26,468
7,737
8,634
16.8
17.2
54.0
61.5
20.4
17.9
2.9
2.6
39.3
45.6
2.5
2.2
www.angelbroking.com
Stock Watch
March 21, 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
269
353
8,897
5,363
5,963
8.0
9.1
11.0
13.8
24.5
19.5
3.8
3.3
16.2
17.9
1.6
1.4
BGR Energy
Neutral
102
-
739
3,615
3,181
9.5
9.4
16.7
12.4
6.1
8.3
0.6
0.6
10.0
7.0
0.6
0.8
BHEL
Neutral
113
-
27,744
33,722
35,272
10.8
11.7
10.5
14.2
10.8
8.0
0.8
0.8
7.0
9.0
0.9
0.9
Blue Star
Buy
364
439
3,276
3,548
3,977
6.3
6.9
13.7
17.2
26.6
21.2
6.7
4.4
26.1
25.4
1.0
0.9
Crompton Greaves
Neutral
48
-
2,990
13,484
14,687
4.9
6.2
4.5
7.1
10.6
6.7
0.8
0.7
7.2
10.8
0.4
0.3
Greaves Cotton
Neutral
122
-
2,984
1,655
1,755
16.6
16.8
7.4
7.8
16.5
15.7
3.3
3.1
21.1
20.6
1.8
1.6
Inox Wind
Buy
267
458
5,925
4,980
5,943
17.0
17.5
26.6
31.6
10.0
8.5
3.0
2.2
35.0
30.0
1.3
1.1
KEC International
Neutral
120
-
3,093
8,791
9,716
6.1
6.8
5.4
8.2
22.3
14.7
2.2
2.0
10.0
14.0
0.6
0.5
Thermax
Neutral
772
-
9,198
6,413
7,525
7.4
8.5
30.5
39.3
25.3
19.6
3.9
3.4
15.0
17.0
1.4
1.2
VATech Wabag
Neutral
509
-
2,774
2,722
3,336
7.9
8.1
19.5
24.6
26.1
20.7
2.7
2.4
11.1
12.4
1.1
0.9
Cement
ACC
Neutral
1,337
-
25,103
13,151
14,757
16.4
18.3
63.9
83.4
20.9
16.0
2.7
2.5
13.3
16.1
1.7
1.5
Ambuja Cements
Neutral
222
-
34,444
11,564
12,556
19.4
20.7
8.9
10.1
24.9
22.0
3.1
3.0
12.8
13.8
2.6
2.4
HeidelbergCement
Neutral
78
-
1,771
1,772
1,926
13.3
15.4
1.0
3.0
78.2
26.1
2.0
1.8
2.6
7.9
1.6
1.4
India Cements
Neutral
81
-
2,480
4,216
4,840
18.0
19.5
4.0
9.9
20.2
8.2
0.8
0.8
4.0
9.5
0.9
0.7
JK Cement
Neutral
619
-
4,332
3,661
4,742
10.1
15.8
7.5
28.5
82.6
21.7
2.5
2.2
7.5
22.9
1.7
1.2
J K Lakshmi Cement
Neutral
329
-
3,867
2,947
3,616
16.7
19.9
11.5
27.2
28.6
12.1
2.7
2.3
9.8
20.8
1.7
1.4
Mangalam Cements
Neutral
211
-
563
1,053
1,347
10.5
13.3
8.4
26.0
25.1
8.1
1.1
1.0
4.3
12.5
0.9
0.7
Orient Cement
Neutral
145
-
2,974
1,854
2,524
21.2
22.2
7.7
11.1
18.9
13.1
2.7
2.3
13.3
15.7
2.3
1.6
Ramco Cements
Neutral
397
-
9,449
4,036
4,545
20.8
21.3
15.1
18.8
26.3
21.1
3.2
2.9
12.9
14.3
2.9
2.5
Shree Cement^
Neutral
12,332
-
42,963
7,150
8,742
26.7
28.6
228.0
345.5
54.1
35.7
8.0
6.7
15.7
20.3
5.8
4.6
UltraTech Cement
Neutral
3,110
-
85,355
24,669
29,265
18.2
20.6
82.0
120.0
37.9
25.9
4.1
3.6
11.3
14.7
3.5
3.0
Construction
ITNL
Buy
72
93
2,382
7,360
8,825
34.0
35.9
7.0
9.0
10.3
8.0
0.4
0.3
3.2
3.7
3.7
3.6
KNR Constructions
Buy
494
603
1,389
937
1,470
14.3
14.0
44.2
38.6
11.2
12.8
2.2
1.9
15.4
15.4
1.6
1.0
Larsen & Toubro
Accumulate
1,199
1,310
111,708
58,870
65,708
8.3
10.3
42.0
53.0
28.6
22.6
2.0
1.8
8.8
11.2
2.1
1.9
Gujarat Pipavav Port
Neutral
167
-
8,064
629
684
51.0
52.2
6.4
5.9
26.1
28.3
3.4
3.2
15.9
12.7
12.5
11.3
MBL Infrastructures
Buy
139
285
575
2,313
2,797
12.2
14.6
19.0
20.0
7.3
6.9
0.8
0.7
11.3
10.6
1.0
0.9
Nagarjuna Const.
Neutral
71
-
3,955
7,892
8,842
8.8
9.1
3.0
5.3
23.7
13.4
1.2
1.1
5.0
8.5
0.7
0.6
PNC Infratech
Accumulate
490
558
2,512
1,873
2,288
13.2
13.5
24.0
32.0
20.4
15.3
2.0
1.8
12.1
12.3
1.4
1.2
Simplex Infra
Neutral
226
-
1,117
5,955
6,829
10.3
10.5
16.0
31.0
14.1
7.3
0.8
0.7
5.3
9.9
0.7
0.6
www.angelbroking.com
Stock Watch
March 21, 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
567
-
834
1,539
1,801
12.8
12.7
59.0
72.1
9.6
7.9
1.4
1.2
18.6
16.8
0.5
0.5
Sadbhav Engineering
Accumulate
259
289
4,444
3,481
4,219
10.7
10.8
8.2
11.7
31.6
22.1
3.0
2.6
10.3
13.5
1.5
1.3
NBCC
Accumulate
952
1,089
11,426
5,816
7,382
6.9
7.7
29.6
39.8
32.2
23.9
5.8
4.6
24.1
26.7
1.7
1.3
MEP Infra
Neutral
38
-
620
1,956
1,876
28.1
30.5
1.3
3.0
29.4
12.7
6.2
4.2
21.2
32.8
1.7
1.7
SIPL
Neutral
85
-
2,982
675
1,042
62.4
64.7
-
-
3.2
3.6
-
-
16.1
10.9
Engineers India
Neutral
162
-
5,455
1,667
1,725
13.5
16.0
9.7
11.4
16.7
14.2
2.0
1.9
11.7
13.4
2.1
2.1
Financials
Allahabad Bank
Neutral
53
-
3,174
8,569
9,392
2.8
2.9
16.3
27.5
3.2
1.9
0.3
0.2
7.6
11.9
-
-
Axis Bank
Accumulate
436
494
103,830
26,473
31,527
3.5
3.6
35.7
43.5
12.2
10.0
2.1
1.8
17.9
18.9
-
-
Bank of Baroda
Neutral
144
-
33,191
18,485
21,025
1.9
2.0
13.5
21.1
10.7
6.8
0.9
0.8
7.3
10.6
-
-
Bank of India
Neutral
97
-
7,843
15,972
17,271
1.9
2.0
15.3
33.4
6.3
2.9
0.3
0.3
3.6
7.6
-
-
Canara Bank
Neutral
190
-
10,322
15,441
16,945
2.0
2.1
46.6
70.4
4.1
2.7
0.4
0.3
8.0
11.2
-
-
Dena Bank
Neutral
29
-
1,842
3,440
3,840
2.1
2.3
7.3
10.0
3.9
2.8
0.3
0.2
6.1
7.9
-
-
Federal Bank
Neutral
50
-
8,572
3,477
3,999
3.0
3.0
5.0
6.2
10.0
8.0
1.0
0.9
10.6
11.9
-
-
HDFC
Neutral
1,128
-
178,093
10,358
11,852
3.3
3.3
41.1
47.0
27.5
24.0
5.2
4.8
24.7
24.9
-
-
HDFC Bank
Buy
1,029
1,262
260,002
38,309
47,302
4.3
4.3
49.3
61.1
20.9
16.9
3.6
3.1
18.5
19.7
-
-
ICICI Bank
Accumulate
230
254
133,927
34,279
39,262
3.3
3.3
21.0
24.4
11.0
9.5
1.9
1.6
14.4
14.7
-
-
IDBI Bank
Neutral
67
-
12,759
9,625
10,455
1.8
1.8
8.5
14.2
7.9
4.7
0.5
0.4
5.9
9.3
-
-
Indian Bank
Neutral
102
-
4,921
6,160
6,858
2.5
2.5
24.5
29.8
4.2
3.4
0.3
0.3
7.7
8.6
-
-
LIC Housing Finance
Buy
464
592
23,394
3,101
3,745
2.5
2.5
33.0
40.2
14.1
11.5
2.6
2.2
19.7
20.5
-
-
Oriental Bank
Neutral
91
-
2,730
7,643
8,373
2.4
2.4
37.2
45.4
2.5
2.0
0.2
0.2
8.2
9.4
-
-
Punjab Natl.Bank
Neutral
84
-
16,563
23,638
26,557
2.8
2.8
17.9
27.2
4.7
3.1
0.5
0.4
8.5
12.0
-
-
South Ind.Bank
Neutral
18
-
2,390
1,965
2,185
2.5
2.5
2.5
3.3
7.1
5.4
0.7
0.6
9.5
11.7
-
-
St Bk of India
Neutral
191
-
148,308
79,958
86,061
2.6
2.6
13.4
20.7
14.3
9.2
1.2
1.1
11.5
12.8
-
-
Union Bank
Neutral
128
-
8,803
12,646
14,129
2.3
2.4
31.0
39.1
4.1
3.3
0.4
0.4
9.8
11.4
-
-
Vijaya Bank
Neutral
31
-
2,633
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
Neutral
814
-
34,224
7,190
9,011
3.2
3.3
58.2
69.7
14.0
11.7
2.5
2.1
19.2
19.6
-
-
FMCG
Asian Paints
Neutral
875
-
83,920
16,553
19,160
16.0
16.2
17.7
21.5
49.5
40.7
13.1
11.8
29.4
31.2
4.9
4.2
Britannia
Neutral
2,687
-
32,242
8,481
9,795
14.0
14.1
65.5
78.3
41.0
34.3
19.4
15.9
38.3
41.2
3.7
3.2
Colgate
Neutral
851
-
23,135
4,836
5,490
19.5
19.7
48.5
53.2
17.5
16.0
12.9
11.2
99.8
97.5
4.7
4.1
www.angelbroking.com
Stock Watch
March 21, 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
Dabur India
Accumulate
249
267
43,873
9,370
10,265
17.1
17.2
7.3
8.1
34.0
30.8
10.3
8.3
33.7
30.6
4.6
4.2
GlaxoSmith Con*
Neutral
5,980
-
25,148
4,919
5,742
17.2
17.4
168.3
191.2
35.5
31.3
10.1
8.6
28.8
28.9
4.7
4.0
Godrej Consumer
Neutral
1,327
-
45,199
10,168
12,886
16.1
16.1
32.1
38.4
41.4
34.6
8.4
7.8
19.7
21.0
4.5
3.6
HUL
Neutral
846
-
183,074
34,940
38,957
17.5
17.7
20.8
24.7
40.7
34.3
45.2
36.2
110.5
114.2
5.0
4.5
ITC
Accumulate
325
359
261,243
36,804
38,776
37.9
37.9
12.2
12.9
26.6
25.2
7.4
6.5
27.7
25.8
6.7
6.3
Marico
Neutral
247
-
31,893
6,551
7,766
15.7
16.0
10.4
12.5
23.8
19.8
6.9
5.8
33.2
32.4
4.8
4.0
Nestle*
Buy
5,200
6,646
50,132
11,291
12,847
22.2
22.3
158.9
184.6
32.7
28.2
17.1
15.4
55.0
57.3
4.3
3.7
Tata Global
Buy
119
144
7,504
8,635
9,072
9.8
9.9
6.5
7.6
18.3
15.6
1.8
1.8
6.8
7.4
0.8
0.8
IT
HCL Tech^
Buy
824
1,038
116,194
42,038
47,503
21.2
21.5
51.5
57.7
16.0
14.3
3.5
2.7
21.5
18.8
2.4
1.9
Infosys
Accumulate
1,190
1,347
274,275
61,850
69,981
27.5
27.5
59.4
65.7
20.0
18.1
4.3
3.6
21.2
20.1
3.7
3.1
TCS
Buy
2,427
2,854
478,272
108,487
122,590
28.3
28.5
122.8
138.4
19.8
17.5
7.5
6.8
38.0
38.9
4.0
3.5
Tech Mahindra
Accumulate
493
530
47,712
26,524
29,177
16.2
17.0
28.8
33.6
17.1
14.7
3.3
2.8
19.3
19.1
1.6
1.4
Wipro
Buy
547
680
135,057
50,808
56,189
23.7
23.8
37.3
40.7
14.7
13.4
2.8
2.6
19.2
17.7
2.1
1.8
Media
D B Corp
Accumulate
314
356
5,766
2,241
2,495
27.8
27.9
21.8
25.6
14.4
12.3
3.8
3.3
26.7
28.5
2.5
2.3
HT Media
Neutral
80
-
1,862
2,495
2,603
11.2
11.2
7.3
8.6
11.0
9.3
0.9
0.8
7.4
8.1
0.3
0.2
Jagran Prakashan
Buy
146
189
4,781
2,170
2,355
27.2
26.2
8.9
9.9
16.4
14.8
3.5
3.0
20.9
20.5
2.1
1.9
Sun TV Network
Neutral
370
-
14,563
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
247
-
1,810
920
1,031
20.0
20.0
19.2
20.9
12.8
11.8
2.1
1.8
16.4
15.3
1.5
1.3
Ventures
Metals & Mining
Coal India
Buy
298
380
188,007
76,167
84,130
19.9
22.3
22.4
25.8
13.3
11.5
4.8
4.7
35.5
41.0
1.8
1.6
Hind. Zinc
Neutral
172
-
72,485
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
2.4
Hindalco
Neutral
85
-
17,573
104,356
111,186
8.7
9.5
6.7
11.1
12.7
7.7
0.5
0.4
3.5
5.9
0.7
0.6
JSW Steel
Neutral
1,212
-
29,285
42,308
45,147
16.4
20.7
(10.3)
49.5
24.5
1.4
1.3
(1.0)
5.6
1.7
1.6
NMDC
Neutral
98
-
38,894
8,237
10,893
46.6
44.5
10.0
11.7
9.9
8.4
1.1
1.0
12.5
13.0
4.5
3.4
SAIL
Neutral
43
-
17,697
45,915
53,954
7.2
10.5
1.5
4.4
28.5
9.8
0.4
0.4
2.3
4.1
1.0
0.9
Vedanta
Neutral
92
-
27,364
71,445
81,910
26.2
26.3
12.9
19.2
7.2
4.8
0.5
0.4
7.2
8.9
0.8
0.6
Tata Steel
Neutral
302
-
29,331
126,760
137,307
8.9
11.3
6.4
23.1
47.5
13.1
1.0
0.9
2.0
7.1
0.8
0.8
Oil & Gas
Cairn India
Neutral
155
-
29,032
11,323
12,490
49.4
51.0
20.7
20.7
7.5
7.5
0.5
0.5
6.4
6.1
1.6
1.0
GAIL
Neutral
364
-
46,192
64,856
70,933
9.1
9.6
24.0
28.9
15.2
12.6
1.3
1.2
8.8
9.6
0.9
0.8
ONGC
Neutral
215
-
183,558
154,564
167,321
36.8
37.4
28.6
32.5
7.5
6.6
1.0
0.9
12.7
13.5
1.4
1.3
www.angelbroking.com
Stock Watch
March 21, 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
Petronet LNG
Neutral
248
-
18,566
29,691
31,188
5.8
6.2
12.8
13.4
19.4
18.4
2.9
2.6
15.8
14.8
0.7
0.7
Indian Oil Corp
Buy
391
455
94,945
359,607
402,760
5.9
6.1
42.5
48.7
9.2
8.0
1.2
1.1
14.1
14.4
0.4
0.3
Reliance Industries
Accumulate
1,025
1,150
332,176
304,775
344,392
12.6
13.4
91.3
102.6
11.2
10.0
1.3
1.1
11.8
12.0
1.0
0.9
Pharmaceuticals
Alembic Pharma
Neutral
612
-
11,529
3,274
3,802
26.9
19.4
35.0
28.7
17.5
21.3
7.7
5.8
55.6
31.2
3.5
2.9
Aurobindo Pharma
Buy
721
856
42,185
14,923
17,162
22.0
23.0
35.7
42.8
20.2
16.8
5.9
4.5
34.0
30.2
3.2
2.7
Aventis*
Neutral
4,164
-
9,589
2,082
2,371
17.4
20.8
118.2
151.5
35.2
27.5
5.2
4.1
19.9
25.5
4.3
3.6
Cadila Healthcare
Neutral
341
-
34,935
10,224
11,840
21.0
22.0
14.6
17.6
23.4
19.4
6.4
5.0
30.8
29.0
3.5
2.9
Cipla
Accumulate
528
605
42,447
13,979
16,447
20.2
18.6
25.7
27.5
20.6
19.2
3.4
2.9
17.6
16.1
3.0
2.5
Dr Reddy's
Buy
3,170
3,933
54,067
16,838
19,575
25.0
23.1
167.5
178.8
18.9
17.7
4.0
3.3
23.1
20.4
3.1
2.7
Dishman Pharma
Neutral
343
-
2,772
1,733
1,906
21.5
21.5
17.0
19.9
20.2
17.3
2.0
1.8
10.5
11.2
2.1
1.8
GSK Pharma*
Neutral
3,398
-
28,779
2,870
3,158
20.0
22.1
59.5
68.3
57.1
49.8
16.8
17.3
28.5
34.3
9.5
8.7
Indoco Remedies
Neutral
274
-
2,524
1,033
1,199
15.9
18.2
9.4
13.6
29.1
20.1
4.3
3.7
15.7
19.7
2.5
2.2
Ipca labs
Buy
557
900
7,021
3,363
3,909
12.9
18.6
13.4
28.0
41.5
19.9
3.0
2.6
7.4
14.0
2.4
2.0
Lupin
Neutral
1,559
-
70,238
13,092
16,561
25.0
27.0
50.4
68.3
30.9
22.8
6.4
5.1
22.8
24.7
5.1
3.9
Sun Pharma
Buy
816
950
196,360
28,163
32,610
25.8
30.7
17.4
26.9
46.9
30.3
4.5
3.9
13.0
16.6
6.4
5.4
Power
Tata Power
Neutral
59
-
15,822
35,923
37,402
22.6
22.8
4.1
5.2
14.4
11.4
1.1
1.0
7.5
9.3
1.4
1.3
NTPC
Accumulate
127
146
105,047
87,271
99,297
23.5
23.5
11.8
13.3
10.8
9.6
1.2
1.1
11.5
12.2
2.2
2.0
Power Grid
Buy
137
170
71,568
20,702
23,361
86.7
86.4
12.1
13.2
11.3
10.4
1.7
1.5
15.6
15.1
8.4
7.8
Real Estate
MLIFE
Buy
429
554
1,760
697
1,011
14.9
19.3
13.8
20.1
31.1
21.3
1.2
1.1
3.8
5.3
3.8
2.6
Telecom
Bharti Airtel
Neutral
345
-
137,770
101,748
109,191
32.1
31.7
12.0
12.5
28.7
27.6
2.0
1.9
6.9
6.7
2.0
1.8
Idea Cellular
Neutral
102
-
36,761
34,282
36,941
32.0
31.5
5.9
6.2
17.3
16.5
1.6
1.4
9.9
9.3
1.7
1.6
zOthers
Abbott India
Neutral
4,613
-
9,802
2,715
3,153
14.5
14.1
134.3
152.2
34.4
30.3
8.6
7.1
27.4
25.6
3.3
2.8
Bajaj Electricals
Buy
194
237
1,956
4,719
5,287
5.2
5.8
8.6
12.7
22.6
15.3
2.6
2.3
11.4
14.8
0.4
0.4
Finolex Cables
Neutral
242
-
3,704
2,520
2,883
12.2
12.0
12.7
14.2
19.1
17.1
2.6
2.3
13.6
13.5
1.2
1.0
Goodyear India*
Buy
479
582
1,104
1,800
1,600
11.7
11.5
58.7
52.9
8.2
9.0
1.8
1.6
24.6
18.7
0.4
0.4
Hitachi
Neutral
1,145
-
3,113
1,779
2,081
7.8
8.8
21.8
33.4
52.5
34.3
8.5
6.9
17.4
22.1
1.8
1.5
Jyothy Laboratories
Neutral
282
-
5,108
1,620
1,847
11.5
11.5
7.3
8.5
38.7
33.3
5.0
4.6
13.3
14.4
3.0
2.6
MRF
Buy
34,680
45,575
14,708
20,316
14,488
21.4
21.1
5,488.0
3,798.0
6.3
9.1
2.2
1.8
41.1
21.2
0.7
0.9
Page Industries
Neutral
11,665
-
13,011
1,929
2,450
19.8
20.1
229.9
299.0
50.7
39.0
22.4
15.6
52.1
47.1
6.8
5.3
www.angelbroking.com
Stock Watch
March 21, 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
Relaxo Footwears
Neutral
377
-
4,526
1,767
2,152
12.3
12.5
19.3
25.1
19.6
15.0
4.8
3.7
27.7
27.8
2.6
2.1
Siyaram Silk Mills
Buy
992
1,354
929
1,636
1,815
11.5
11.5
89.9
104.1
11.0
9.5
1.8
1.6
17.9
17.8
0.7
0.6
Styrolution ABS India* Neutral
556
-
979
1,271
1,440
8.6
9.2
32.0
41.1
17.4
13.6
1.8
1.6
10.7
12.4
0.7
0.6
TVS Srichakra
Buy
2,355
3,217
1,803
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
Accumulate
281
302
2,030
2,123
2,384
16.1
16.5
15.0
18.9
18.7
14.9
1.5
1.4
8.0
9.4
1.3
1.1
Kirloskar Engines India
Neutral
207
-
2,999
2,403
2,554
8.6
9.9
9.2
10.5
22.6
19.8
2.2
2.1
9.7
10.7
0.9
0.8
Ltd
M M Forgings
Buy
433
614
523
511
615
21.7
21.6
43.1
55.8
10.0
7.8
1.8
1.5
19.9
21.2
1.2
0.9
Banco Products (India) Neutral
104
-
741
1,208
1,353
11.0
12.3
10.8
14.5
9.6
7.2
1.1
1.0
11.9
14.5
0.6
0.5
Competent Automobiles Neutral
132
-
81
1,040
1,137
3.2
3.1
25.7
28.0
5.1
4.7
0.8
0.7
15.0
14.3
0.1
0.1
Nilkamal
Neutral
1,113
-
1,660
1,871
2,031
10.7
10.5
63.2
69.8
17.6
16.0
2.9
2.5
17.6
16.6
0.9
0.8
Visaka Industries
Buy
103
144
164
1,086
1,197
9.9
10.3
21.5
28.8
4.8
3.6
0.5
0.4
9.6
11.6
0.4
0.3
Transport Corporation of
Neutral
278
-
2,111
2,830
3,350
8.8
9.0
14.4
18.3
19.3
15.2
3.0
2.6
15.4
17.1
0.9
0.8
India
Elecon Engineering
Neutral
57
-
619
1,359
1,482
10.3
13.7
0.8
3.9
70.7
14.6
1.2
1.1
1.6
7.8
0.8
0.7
Surya Roshni
Buy
133
201
581
2,992
3,223
8.1
8.4
14.7
18.3
9.0
7.2
0.8
0.8
9.7
11.0
0.5
0.4
MT Educare
Neutral
162
-
644
286
366
18.3
17.7
7.7
9.4
20.9
17.3
4.4
3.9
20.2
21.1
2.2
1.6
Radico Khaitan
Buy
96
156
1,282
1,517
1,635
12.7
13.4
5.8
7.1
16.6
13.6
1.4
1.3
8.6
9.6
1.3
1.2
Garware Wall Ropes
Buy
329
473
719
862
974
11.2
11.2
24.9
29.6
13.2
11.1
2.0
1.7
15.1
15.4
0.8
0.7
Wonderla Holidays
Neutral
359
-
2,030
206
308
44.0
43.6
9.0
12.9
39.9
27.9
5.5
4.9
13.7
17.8
9.8
6.5
Linc Pen & Plastics
Neutral
183
-
271
340
371
8.3
8.9
10.8
13.2
16.9
13.9
2.7
2.4
16.0
17.1
0.8
0.8
The Byke Hospitality
Neutral
154
-
617
222
287
20.5
20.5
5.6
7.6
27.3
20.4
5.1
4.2
18.9
20.8
2.8
2.2
Interglobe Aviation
Neutral
809
-
29,146
17,022
21,122
20.7
14.5
63.9
53.7
12.7
15.1
19.0
15.5
149.9
103.2
1.7
1.4
Coffee Day Enterprises
Neutral
233
-
4,796
2,692
2,964
17.0
18.6
-
4.7
-
49.1
2.9
2.7
0.2
5.5
2.2
2.0
Ltd
Navneet Education
Neutral
82
-
1,941
998
1,062
24.1
24.0
5.8
6.1
14.2
13.4
3.1
2.8
22.0
20.6
2.0
1.9
Navkar Corporation
Buy
166
265
2,366
365
436
38.3
37.5
5.6
5.9
29.4
28.2
1.8
1.7
6.3
6.1
7.3
6.3
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on March 18, 2016
www.angelbroking.com
Market Outlook
March 21, 2016
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
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