Market Outlook
January 22, 2016
Domestic Indices
Chg (%)
(Pts)
(Close)
Market Cues
BSE Sensex
(0.4)
(100)
23,962
Indian markets are expected to open in the green tracking the SGX Nifty and Asian
Nifty
(0.4)
(33)
7,277
markets.
Mid Cap
(0.3)
(30)
10,003
US markets recovered from their steep losses from the day before. U.S. Energy
Small Cap
0.1
54
10,366
stocks climbed as oil prices bounced back from their worst trading session in the last
Bankex
1.3
226
17,143
four months and strong earnings from Verizon lifted the Telecom stocks. Blue chip
stocks did better than the rest of the market.
Global Indices
Chg (%)
(Pts)
(Close)
Rebound in oil prices and positive commentary by ECB president Mario Draghi that
Dow Jones
0.7
116
15,883
ECB could do more to stimulate the Eurozone economy, helped European markets
to end the trading session up 2%. Notably, FTSE 350 mining index, bounced back
Nasdaq
0.0
0
4,472
from its 12-year lows, as Copper prices made modest gains.
FTSE
1.8
100
5,774
Nikkei
(2.4)
(399)
16,017
Sell-off in the Indian equity markets continued for the second consecutive session,
with Sensex closing below the psychological 24,000 mark for the first time since May
Hang Seng
(1.8)
(344)
18,542
2014. Weak Asian cues and decline in the crude oil prices dampened the sentiment
Shanghai Com
(3.2)
(96)
2,880
but recovery in the European markets helped Indian equities trim some of its losses
in the later part of trading session.
Advances / Declines
BSE
NSE
News & Result Analysis
Advances
1,329
224
L&T to divest its Nabha Power plant for `3,000cr
Declines
1,281
1,352
Result Review: Alembic Pharmaceuticals
Unchanged
173
34
Detailed analysis on Pg2
Investor’s Ready Reckoner
Volumes (` Cr)
Key Domestic & Global Indicators
BSE
3,089
Stock Watch: Latest investment recommendations on 150+ stocks
NSE
18,045
Refer P5 onwards
Net Inflows (` Cr)
Net
Mtd
Ytd
Top Picks
CMP
Target
Upside
FII
(761)
(8,251)
7,459
Company
Sector
Rating
(`)
(`)
(%)
MFs
810
2,764
71,592
Amara Raja Batteries Auto & Auto Ancillary
Buy
805
1,040
29.1
HCL Tech
IT
Buy
839
1,132
35.0
Top Gainers
Price (`)
Chg (%)
Larsen & Toubro
Construction
Buy
1,102
1,646
49.3
Niittech
494
11.2
LIC Housing Finance Financials
Buy
467
592
26.7
Appltd
626
6.5
Navkar Corporation Others
Buy
196
265
35.4
Jswenergy
73
5.4
More Top Picks on Pg4
Axisbank
409
5.2
Key Upcoming Events
Torntpower
217
5.2
Previous
Consensus
Date
Region
Event Description
Reading
Expectations
Jan 22
USA
Existing Home Sales
4.76
5.20
Top Losers
Price (`)
Chg (%)
Germany
PMI Services
56.00
55.50
Gati
104
(13.0)
Germany
PMI Manufacturing
53.20
53.00
Glenmark
740
(5.9)
Jan 26
USA
Consumer Confidence
96.50
97.00
Hathway
37
(5.9)
M&Mfin
208
(5.4)
NMDC
77
(5.1)
As on January 21, 2015
www.angelbroking.com
Market Outlook
January 22, 2016
L&T to divest its Nabha Power plant for `3,000cr
As per media reports, L&T is at advanced stages of selling its 700*2 MW Nabha
Power plant to Adani Group. Currently, the due diligence process is going on.
L&T has 2 coal fired units of 700 MW each at Raipura, Punjab. This plant turned
fully operational in FY2015. This power plant has been built on the super critical
technology of the Japanese company, Mitsubishi. L&T has signed 25 years power
sale agreement, wherein it would sell its entire power produced with Punjab State
Power Corporation. Further, L&T has tied-up with South Eastern Coalfields under a
20-year fuel supply agreement.
For FY2015, Nabha Power plant reported sales of `3,174cr and a PAT of `190cr.
For sale value of `3,000cr (as highlighted by the Media article), the transaction
would at 0.9x of the Book Value, which is at slight discount given the operational
status of power plant and fuel sourcing visibility.
This sale is in line with management’s strategy to divest its non-core assets and
clean its balance sheet. In FY2015 L&T has already done some non-core asset
divestments, which include (1) stake sale in Chandigarh Commercial Real Estate
project to raise `1,800cr, (2) stake sale in L&T Finance to raise `600cr, and
(3) stake sale in Salzer Electronics to raise `54cr. Also L&T plans to list its
subsidiary L&T Infotech where it intends to raise `2,600cr by selling its 15% stake
in the company. We expect all these initiatives to be in the right direction, as the
funds raised could be used to clean balance sheet as well as fund the upcoming
projects in its portfolio.
L&T stock in last 3 months has corrected by 27% owing to concerns over weak
order inflow numbers reported and concerns over Middle East Hydro-Carbon
projects (accounts for ~5% of Order book only). Based on YTD Order Inflows
announced, we now expect a possible miss on the Order Inflow growth guidance
for FY2016. However, on looking at Defense, Railways, Nuclear, Metros, Roads
award pipeline from the government side, we are optimistic that FY2017E would
see strong rebound in the Order inflow numbers.
Ascribing separate values to parent business (on P/E basis) and investments in
subsidiaries (using P/E, P/BV and M-cap basis), we arrive at FY2017E based
Target price of `1,646. At the current market price of `1,102, standalone entity is
trading at implied P/E multiple of 10x (FY2017E), which is attractive. We are of the
view that L&T is a proxy play for investors wanting to ride on Indian infrastructure
growth story. We recommend a Buy on the stock with target price of `1,646.
Result Review
Alembic Pharmaceuticals (CMP: `626 / TP: Neutral / Upside: )
During 3QFY2016, the company posted results better than expected. On sales the
company posted an 81.8% yoy growth in `921cr V/s `507cr in 3QFY2015 (`
700cr expected). The sales growth was mainly driven by the International business,
which posted a 248% yoy growth, while the Indian branded formulation business
posted a 15% yoy growth. However the Indian generic business posted a 40% yoy
dip in the sales. Overall formulations accounted for 86% of sales V/s 78% in
3QFY2015. API, on other hand posted a yoy growth of 24%.
www.angelbroking.com
Market Outlook
January 22, 2016
The Indian formulation markets for the 9months, the acute segment constituted
around 40% of domestic sales while the chronic segment was the remaining. The
international generic segment posted growth mainly on back of gAbilify.
Consequently, on operating front, the EBITDA margins came in at 41.7% V/s
20.1% in 3QFY2015 (27.5% expected), aided by the gross margins of 77.6% V/s
65.6% in 3QFY2015. The R&D expenditure during the quarter was 7.6% of sales
V/s 6.0% in 3QFY2015. Thus, the PAT came in at `270cr V/s `71cr in 3QFY2015
(`160cr expected), a yoy growth of 280%. We maintain our neutral rating on back
of the valuations.
Y/E
Sales OPM
PAT
EPS ROE P/E P/BV EV/EBITDA EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2016E
2,658
24.1
463
24.6
42.5
25.5
9.1
18.2
4.4
FY2017E
3,112
20.2
451
23.9
30.2
26.2
7.0
18.3
3.7
Quarterly Bloomberg Brokers Consensus Estimate
Cairn India Ltd (Consol) - January 22, 2016
Particulars (` cr)
2QFY16E
2QFY15
y-o-y (%)
1QFY16
q-o-q (%)
Net sales
2,017
3,504
(42.4)
2,242
(10.0)
EBITDA
706
2,027
(65.2)
910
(22.4)
EBITDA margin (%)
35.0
57.8
40.6
Net profit
207
1,349
(84.7)
672
(69.2)
ITC Ltd - January 22, 2016
Particulars (` cr)
2QFY16E
2QFY15
y-o-y (%)
1QFY16
q-o-q (%)
Net sales
9,451
8,800
7.4
8,804
7.3
EBITDA
3,724
3,464
7.5
3,560
4.6
EBITDA margin (%)
39.4
39.4
40.4
Net profit
2,756
2,635
4.6
2,431
13.4
Reliance Comm. (Consol) - January 22, 2016
Particulars (` cr)
2QFY16E
2QFY15
y-o-y (%)
1QFY16
q-o-q (%)
Net sales
5,484
5,359
2.3
5,260
4.3
EBITDA
1,835
1,818
0.9
1,751
4.8
EBITDA margin (%)
33.5
33.9
33.3
Net profit
161
201
(19.9)
156
3.2
Economic and Political News
SC refuses to advance BS VI norms deadline to April '20
Govt notifies new mining rules for minor minerals
DPP-2016 to be released next month: Parrikar
FDI of Insurance companies with Pension plan under CCEA lens
Corporate News
RIL to begin CBM production by FY16-end
Banks to get commission for unlocking household gold: RBI
www.angelbroking.com
Market Outlook
January 22, 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
13,756
805
1,040
29.1
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
23,792
84
111
32.8
Focus on exports and LCV's provides additional growth
avenue.
The stock is trading at attractive valuations and is factoring all
HCL Tech
118,206
839
1,132
35.0
the bad news.
Strong visibility for a robust 20% earnings trajectory, coupled
HDFC Bank
258,468
1,024
1,262
23.3
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
261,048
1,137
1,347
18.5
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
102,648
1,102
1,646
49.3
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
23,575
467
592
26.7
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
3,115
346
439
26.7
growth. EMPPAC division's profitability to improve once
operating environment turns around.
Change in business focus towards high-margin chronic &
Garware Wall Ropes
774
354
473
33.7
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
5,388
165
189
14.7
business (Radio City) would also boost the company's revenue
growth.
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,791
196
265
35.4
as well CFS augurs well for the company
Earnings boost on back of stable material prices and
Radico Khaitan
1,455
109
156
42.6
favourable pricing environment. Valuation discount to peers
provides additional comfort
Strong brands and distribution network would boost growth
Siyaram Silk Mills
945
1,009
1,354
34.3
going ahead. Stock currently trades at an inexpensive
valuation.
Structural shift in the Lighting industry towards LED lighting will
Surya Roshni
602
137
201
46.3
drive growth.
Source: Company, Angel Research
www.angelbroking.com
Market Outlook
January 22, 2016
Key Upcoming Events
Result Calendar
Date
Company
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, MRF, Nilkamal
Jan 26, 2016
Jan 27, 2016
Colgate, Godrej Consumer, HT Media, Kirloskar Engines India Ltd, L G Balakrishnan & Bros, Power Grid Corpn
Maruti, ICICI Bank, Syndicate Bank, Dabur India, Sesa Goa, Jyothy Laboratories, Tide Water Oil India, Glenmark
Jan 28, 2016
Pharma.
United Phosphorus, TVS Motor, Siemens, Thermax, Blue Star, Yes Bank, Jagran Prakashan, JSW Steel , Banco, Elecon
Jan 29, 2016
Engineering, Indoco Remedies, NTPC
Jan 30, 2016
IDFC, Shriram Trans., Electrosteel Castings, Relaxo
Jan 31, 2016
Feb 1, 2016
Tech Mahindra, Transport Corporation of India
Feb 2, 2016
Amara Raja Batteries, Cummins India, Crompton Greaves
Feb 3, 2016
Mangalam Cement, Hexaware, IOC
Feb 4, 2016
Bajaj Auto, ABB, J K Lakshmi Cements, Mphasis, Tata Steel, Aventis
Feb 5, 2016
Lupin, Cadila Healthcare, Tata Power Co., PTC India
Source: Bloomberg, Angel Research
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
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
97.00
Jan 27, 2016
8:30PM US
New home sales
Thousands
Dec
490.00
500.00
Jan 28, 2016
3:00PM UK
GDP (YoY)
% Change
4Q A
2.10
1.90
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
0.90
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
Source: Bloomberg, Angel Research
Market Outlook
January 22, 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
4.2
4.3
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 22, 2016
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.9
5.3
6.0
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
www.angelbroking.com
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Market Outlook
January 22, 2016
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
37,717
(16.1)
(19.4)
(21.6)
Russia
Micex
1,677
(6.4)
(5.9)
3.4
India
Nifty
7,277
(5.8)
(11.3)
(13.9)
China
Shanghai Composite
2,880
(19.4)
(12.9)
(9.3)
South Africa
Top 40
41,544
(7.4)
(12.8)
(3.4)
Mexico
Mexbol
41,167
(6.1)
(7.9)
(2.2)
Indonesia
LQ45
768
1.7
(0.1)
(14.4)
Malaysia
KLCI
1,601
(3.4)
(6.8)
(8.1)
Thailand
SET 50
775
(7.3)
(16.0)
(23.8)
USA
Dow Jones
15,883
(11.2)
(8.4)
(10.2)
UK
FTSE
5,774
(5.4)
(9.0)
(15.5)
Japan
Nikkei
16,017
(15.9)
(11.5)
(6.3)
Germany
DAX
9,574
(10.1)
(7.1)
(10.0)
France
CAC
4,206
(11.8)
(11.7)
(10.8)
Source: Bloomberg, Angel Research
www.angelbroking.com
www.angelbroking.com
Stock Watch
January 22, 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
144
-
2,801
2,097
2,415
14.4
14.4
9.5
11.0
15.2
13.1
3.0
2.6
21.1
21.3
1.6
1.4
United Phosphorus
Buy
378
510
16,195
13,698
15,752
17.6
17.6
32.1
38.5
11.8
9.8
2.3
1.9
21.4
21.3
1.4
1.2
Auto & Auto Ancillary
Ashok Leyland
Buy
84
111
23,792
17,995
21,544
11.4
11.6
3.4
4.7
24.6
17.8
4.3
4.0
17.7
22.2
1.4
1.1
Bajaj Auto
Accumulate
2,274
2,728
65,802
23,695
27,298
21.3
20.4
134.6
151.5
16.9
15.0
5.4
4.6
31.8
30.6
2.5
2.1
Bharat Forge
Accumulate
779
943
18,139
7,867
8,881
20.0
20.3
34.4
41.0
22.7
19.0
4.4
3.6
21.1
20.9
2.6
2.2
Eicher Motors
Accumulate
15,552
19,036
42,231
15,379
16,498
15.6
16.6
473.2
574.8
32.9
27.1
12.2
9.0
36.7
33.2
3.0
2.7
Gabriel India
Accumulate
80
101
1,156
1,415
1,544
8.7
9.0
4.6
5.4
17.5
14.9
3.2
2.8
18.1
18.9
0.9
0.8
Hero Motocorp
Accumulate
2,474
2,774
49,393
28,561
31,559
14.7
14.7
151.1
163.2
16.4
15.2
6.3
5.4
38.7
35.6
1.6
1.4
Jamna Auto Industries Neutral
135
-
1,079
1,292
1,486
9.3
9.8
6.0
7.5
22.5
18.0
4.7
3.9
20.7
21.8
1.0
0.8
L G Balakrishnan & Bros Neutral
462
-
724
1,254
1,394
11.6
11.8
35.9
41.7
12.9
11.1
1.7
1.5
13.5
13.8
0.7
0.6
Mahindra and Mahindra Buy
1,140
1,449
70,823
39,031
44,440
13.8
13.9
57.9
67.6
19.7
16.9
3.2
2.8
16.1
16.6
1.6
1.3
Maruti
Neutral
3,892
-
117,573
57,865
68,104
16.4
16.7
176.3
225.5
22.1
17.3
4.3
3.7
19.4
21.2
2.0
1.6
Minda Industries
Neutral
761
-
1,207
2,567
2,965
8.0
8.3
46.1
57.8
16.5
13.2
2.8
2.3
16.7
17.3
0.7
0.5
Motherson Sumi
Buy
248
313
32,810
39,343
45,100
8.8
9.1
10.1
12.5
24.6
19.8
7.8
6.1
35.3
34.4
1.0
0.9
Rane Brake Lining
Accumulate
296
366
234
454
511
11.1
11.4
23.8
28.1
12.4
10.5
1.8
1.6
14.2
15.3
0.7
0.7
Setco Automotive
Neutral
35
-
462
594
741
12.7
13.7
1.7
3.2
20.4
10.8
2.1
1.9
10.4
16.9
1.3
1.1
Tata Motors
Buy
329
409
95,105
266,022
312,667
12.8
13.1
26.3
38.3
12.5
8.6
1.7
1.4
8.4
12.1
0.6
0.5
TVS Motor
Buy
274
338
13,027
11,569
13,648
7.3
8.7
10.3
16.1
26.6
17.0
6.6
5.2
24.8
30.5
1.2
1.0
Amara Raja Batteries
Buy
805
1,040
13,756
4,892
5,871
17.4
17.6
28.8
37.1
28.0
21.7
6.5
5.2
23.4
24.1
2.9
2.4
Exide Industries
Accumulate
120
162
10,179
6,950
7,784
14.4
14.8
6.6
7.3
18.1
16.4
2.3
2.1
12.6
12.8
1.5
1.3
Apollo Tyres
Accumulate
135
171
6,895
12,146
12,689
16.8
16.0
21.2
19.0
6.4
7.1
1.1
0.9
16.5
13.0
0.7
0.7
Ceat
Accumulate
893
1,119
3,611
6,041
6,597
14.1
13.7
99.5
111.9
9.0
8.0
1.8
1.5
19.6
18.5
0.8
0.7
JK Tyres
Neutral
85
-
1,917
7,446
7,669
15.2
14.0
19.6
18.4
4.3
4.6
1.1
0.9
25.2
19.5
0.7
0.6
Swaraj Engines
Neutral
887
-
1,101
552
630
14.2
14.7
44.6
54.1
19.9
16.4
4.6
4.2
23.2
25.6
2.0
1.7
Subros
Neutral
84
-
502
1,268
1,488
11.6
11.9
3.7
6.6
22.6
12.7
1.5
1.4
6.8
11.4
0.8
0.6
Indag Rubber
Neutral
179
-
469
283
329
17.0
17.2
13.0
15.4
13.8
11.6
3.0
2.5
21.8
21.6
1.6
1.4
Capital Goods
ACE
Neutral
37
-
371
660
839
4.7
8.2
1.0
3.9
37.5
9.6
1.2
1.0
3.2
11.3
0.8
0.7
BEML
Neutral
1,075
-
4,478
3,277
4,006
6.0
8.9
29.2
64.3
36.8
16.7
2.1
1.9
5.7
11.7
1.6
1.3
Bharat Electronics
Accumulate
1,172
1,414
28,129
7,737
8,634
16.8
17.2
54.0
61.0
21.7
19.2
3.1
2.8
39.3
45.6
3.1
2.7
www.angelbroking.com
Stock Watch
January 22, 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
275
353
9,103
5,363
5,963
8.0
9.1
11.0
13.8
25.0
19.9
3.8
3.4
16.2
17.9
1.8
1.6
BGR Energy
Neutral
106
-
765
3,615
3,181
9.5
9.4
16.7
12.4
6.4
8.6
0.6
0.6
10.0
7.0
0.7
0.8
BHEL
Neutral
143
-
35,062
33,722
35,272
10.8
11.7
10.5
14.2
13.6
10.1
1.0
1.0
7.0
9.0
1.2
1.1
Blue Star
Buy
346
439
3,115
3,548
3,977
6.3
6.9
13.7
17.2
25.3
20.2
6.4
4.1
26.1
25.4
1.0
0.9
Crompton Greaves
Accumulate
168
204
10,526
13,484
14,687
4.9
6.2
4.5
7.1
37.3
23.7
2.6
2.5
7.2
10.8
1.0
0.9
Inox Wind
Buy
313
458
6,944
4,980
5,943
17.0
17.5
26.6
31.6
11.8
9.9
3.5
2.6
35.0
30.0
1.7
1.4
KEC International
Neutral
117
-
3,017
8,791
9,716
6.1
6.8
5.4
8.2
21.7
14.3
2.2
2.0
10.0
14.0
0.6
0.6
Thermax
Neutral
848
-
10,109
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
1,229
1,630
23,075
13,151
14,757
16.4
18.3
63.9
83.4
19.2
14.7
2.5
2.3
13.3
16.1
1.7
1.4
Ambuja Cements
Buy
192
233
29,843
11,564
12,556
19.4
20.7
8.9
10.1
21.6
19.0
2.7
2.6
12.8
13.8
2.3
2.1
HeidelbergCement
Neutral
68
-
1,546
1,772
1,926
13.3
15.4
1.0
3.0
68.2
22.7
1.7
1.6
2.6
7.9
1.5
1.3
India Cements
Accumulate
84
112
2,568
4,216
4,840
18.0
19.5
4.0
9.9
20.9
8.4
0.8
0.8
4.0
9.5
1.1
0.9
JK Cement
Buy
456
744
3,185
3,661
4,742
10.1
15.8
18.0
61.0
25.3
7.5
1.8
1.6
7.5
22.9
1.6
1.2
J K Lakshmi Cement
Buy
285
430
3,359
2,947
3,616
16.7
19.9
11.5
27.2
24.8
10.5
2.4
2.0
9.8
20.8
1.7
1.3
Mangalam Cements
Neutral
173
-
462
1,053
1,347
10.5
13.3
8.4
26.0
20.6
6.7
0.9
0.8
4.3
12.5
0.9
0.6
Orient Cement
Buy
137
183
2,803
1,854
2,524
21.2
22.2
7.7
11.1
17.8
12.3
2.6
2.2
13.3
15.7
2.4
1.7
Ramco Cements
Neutral
374
-
8,895
4,036
4,545
20.8
21.3
15.1
18.8
24.7
19.9
3.0
2.7
12.9
14.3
2.8
2.4
Shree Cement^
Neutral
9,484
-
33,040
7,150
8,742
26.7
28.6
228.0
345.5
41.6
27.5
6.1
5.1
15.7
20.3
5.2
4.1
UltraTech Cement
Buy
2,697
3,282
74,015
25,021
30,023
19.1
21.6
89.0
132.0
30.3
20.4
3.5
3.0
12.2
15.9
3.0
2.5
Construction
ITNL
Neutral
71
-
2,332
7,360
8,825
34.0
35.9
7.0
9.0
10.1
7.9
0.3
0.3
3.2
3.7
3.8
3.6
KNR Constructions
Buy
461
673
1,297
937
1,470
14.3
14.0
33.5
38.6
13.8
12.0
2.1
1.8
15.4
15.4
1.7
1.1
Larsen & Toubro
Buy
1,102
1,646
102,648
65,065
77,009
11.5
11.7
61.5
65.6
17.9
16.8
1.8
1.7
13.4
14.0
1.9
1.6
Gujarat Pipavav Port
Neutral
143
-
6,913
629
684
51.0
52.2
6.4
5.9
22.3
24.2
2.9
2.7
15.9
12.7
11.8
10.6
MBL Infrastructures
Buy
167
285
692
2,313
2,797
12.2
14.6
19.0
20.0
8.8
8.4
0.9
0.8
11.3
10.6
1.1
1.0
Nagarjuna Const.
Neutral
63
-
3,527
7,892
8,842
8.8
9.1
3.0
5.3
21.2
12.0
1.1
1.0
5.0
8.5
0.8
0.6
PNC Infratech
Accumulate
470
558
2,413
1,873
2,288
13.2
13.5
24.0
32.0
19.6
14.7
1.9
1.7
12.1
12.3
1.6
1.3
Simplex Infra
Neutral
278
-
1,377
5,955
6,829
10.3
10.5
16.0
31.0
17.4
9.0
0.9
0.8
5.3
9.9
0.8
0.7
Power Mech Projects
Neutral
602
-
886
1,539
1,801
12.8
12.7
59.0
72.1
10.2
8.4
1.5
1.3
18.6
16.8
0.6
0.5
Sadbhav Engineering
Neutral
296
-
5,071
3,481
4,219
10.7
10.8
8.0
12.0
37.0
24.6
3.4
3.0
10.3
13.5
1.8
1.5
www.angelbroking.com
Stock Watch
January 22, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Construction
NBCC
Accumulate
891
1,089
10,696
7,382
9,506
7.7
8.6
39.8
54.4
22.4
16.4
5.4
4.3
26.7
29.1
1.4
1.0
MEP Infra
Neutral
44
-
710
1,956
1,876
28.1
30.5
1.3
3.0
33.6
14.6
7.1
4.8
21.2
32.8
1.8
1.8
SIPL
Neutral
83
-
2,925
675
1,042
62.4
64.7
-
-
3.1
3.6
-
-
16.5
11.2
Financials
Allahabad Bank
Neutral
51
-
3,075
8,569
9,392
2.8
2.9
16.3
27.5
3.1
1.9
0.3
0.2
7.6
11.9
-
-
Axis Bank
Buy
409
630
97,287
26,473
31,527
3.5
3.6
35.7
43.5
11.4
9.4
2.2
1.9
17.9
18.9
-
-
Bank of Baroda
Neutral
125
-
28,710
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
95
-
7,733
15,972
17,271
1.9
2.0
15.3
33.4
6.2
2.9
0.3
0.2
3.6
7.6
-
-
Canara Bank
Neutral
175
-
9,500
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
34
-
2,204
3,440
3,840
2.1
2.3
7.3
10.0
4.7
3.4
0.4
0.3
6.1
7.9
-
-
Federal Bank
Neutral
48
-
8,176
3,477
3,999
3.0
3.0
5.0
6.2
9.5
7.6
1.0
0.9
10.6
11.9
-
-
HDFC
Neutral
1,134
-
179,091
10,358
11,852
3.3
3.3
41.1
47.0
27.6
24.1
5.3
4.8
24.7
24.9
-
-
HDFC Bank
Buy
1,024
1,262
258,468
38,309
47,302
4.3
4.3
49.3
61.1
20.8
16.8
3.6
3.1
18.5
19.7
-
-
ICICI Bank
Buy
226
354
131,474
34,279
39,262
3.3
3.3
21.0
24.4
10.8
9.3
1.8
1.5
14.4
14.7
-
-
IDBI Bank
Neutral
58
-
10,935
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
89
-
4,277
6,160
6,858
2.5
2.5
24.5
29.8
3.6
3.0
0.3
0.3
7.7
8.6
-
-
LIC Housing Finance
Buy
467
592
23,575
3,101
3,745
2.5
2.5
33.0
40.2
14.2
11.6
2.6
2.3
19.7
20.5
-
-
Oriental Bank
Neutral
105
-
3,162
7,643
8,373
2.4
2.4
37.2
45.4
2.8
2.3
0.3
0.2
8.2
9.4
-
-
Punjab Natl.Bank
Neutral
89
-
17,466
23,638
26,557
2.8
2.8
17.9
27.2
5.0
3.3
0.5
0.4
8.5
12.0
-
-
South Ind.Bank
Neutral
18
-
2,457
1,965
2,185
2.5
2.5
2.5
3.3
7.3
5.5
0.7
0.7
9.5
11.7
-
-
St Bk of India
Buy
176
283
136,508
82,520
93,299
2.7
2.8
20.0
24.5
8.8
7.2
1.0
0.9
11.5
12.8
-
-
Union Bank
Neutral
114
-
7,847
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
30
-
2,547
3,536
3,827
1.9
1.9
5.5
6.7
5.4
4.5
0.4
0.4
7.8
8.8
-
-
Yes Bank
Buy
654
921
27,433
7,190
9,011
3.2
3.3
58.2
69.7
11.2
9.4
2.0
1.7
19.2
19.6
-
-
FMCG
Asian Paints
Neutral
844
-
80,947
16,553
19,160
16.0
16.2
17.7
21.5
47.8
39.3
12.7
11.4
29.4
31.2
4.9
4.2
Britannia
Neutral
2,622
-
31,460
8,065
9,395
9.6
10.2
47.2
65.5
55.5
40.0
18.5
17.5
38.3
41.2
4.2
3.6
Colgate
Neutral
908
-
24,702
4,836
5,490
19.5
19.7
48.5
53.2
18.7
17.1
13.7
12.0
99.8
97.5
5.1
4.5
Dabur India
Neutral
241
-
42,395
9,370
10,265
17.1
17.2
7.3
8.1
32.9
29.8
9.9
8.1
33.7
30.6
5.0
4.5
GlaxoSmith Con*
Neutral
5,664
-
23,818
4,919
5,742
17.2
17.4
168.3
191.2
33.7
29.6
9.5
8.1
28.8
28.9
5.1
4.4
Godrej Consumer
Neutral
1,132
-
38,535
10,168
12,886
16.1
16.1
32.1
38.4
35.3
29.5
7.2
6.6
19.7
21.0
4.3
3.4
www.angelbroking.com
Stock Watch
January 22, 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
777
-
168,100
34,940
38,957
17.5
17.7
20.8
24.7
37.4
31.5
41.5
33.2
110.5
114.2
4.8
4.3
ITC
Buy
307
382
246,365
41,068
45,068
37.8
37.4
13.9
15.9
22.0
19.3
7.4
6.5
34.1
33.8
5.8
5.2
Marico
Neutral
220
-
28,384
6,551
7,766
15.7
16.0
10.4
12.5
21.2
17.6
6.2
5.1
33.2
32.4
4.4
3.7
Nestle*
Buy
5,445
6,646
52,502
11,291
12,847
22.2
22.3
158.9
184.6
34.3
29.5
17.9
16.1
55.0
57.3
4.7
4.1
Tata Global
Neutral
122
-
7,684
8,635
9,072
9.8
9.9
6.5
7.6
18.7
16.0
1.9
1.8
6.8
7.4
1.0
0.9
IT
HCL Tech^
Buy
839
1,132
118,206
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
Buy
1,137
1,306
261,048
60,250
66,999
27.0
28.0
56.4
63.7
20.2
17.8
4.1
3.5
20.4
19.8
3.3
2.8
TCS
Buy
2,261
3,165
445,553
111,274
126,852
28.4
28.7
125.4
143.9
18.0
15.7
7.1
6.6
39.9
42.2
3.9
3.3
Tech Mahindra
Buy
507
646
49,057
25,566
28,890
16.0
17.0
26.3
31.9
19.3
15.9
3.5
3.0
17.9
18.6
1.7
1.5
Wipro
Buy
551
719
136,049
50,808
58,713
23.7
23.8
37.3
42.3
14.8
13.0
2.8
2.5
19.0
17.9
2.3
1.8
Media
D B Corp
Accumulate
302
356
5,551
2,241
2,495
27.8
27.9
21.8
25.6
13.9
11.8
3.6
3.2
26.7
28.5
2.6
2.3
HT Media
Neutral
80
-
1,853
2,495
2,603
11.2
11.2
7.3
8.6
10.9
9.3
0.9
0.8
7.4
8.1
0.3
0.3
Jagran Prakashan
Accumulate
165
189
5,388
2,170
2,355
27.2
26.2
8.9
9.9
18.5
16.7
3.9
3.4
20.9
20.5
2.4
2.2
Sun TV Network
Neutral
347
-
13,691
2,779
3,196
70.2
70.5
22.8
27.3
15.2
12.7
3.8
3.4
26.7
28.3
5.7
5.0
Hindustan Media
Neutral
254
-
1,861
920
1,031
20.0
20.0
19.2
20.9
13.2
12.2
2.2
1.9
16.4
15.3
1.9
1.7
Ventures
Metals & Mining
Coal India
Buy
288
380
182,101
76,167
84,130
19.9
22.3
22.4
25.8
12.9
11.2
4.6
4.5
35.5
41.0
2.0
1.8
Hind. Zinc
Buy
141
175
59,662
14,641
14,026
50.4
50.4
17.7
16.0
8.0
8.8
1.2
1.1
16.2
13.2
1.7
1.5
Hindalco
Neutral
68
-
14,104
104,356
111,186
8.7
9.5
6.7
11.1
10.2
6.2
0.4
0.4
3.5
5.9
0.7
0.6
JSW Steel
Neutral
1,028
-
24,857
42,308
45,147
16.4
20.7
(10.3)
49.5
20.8
1.2
1.1
(1.0)
5.6
1.6
1.5
NMDC
Neutral
77
-
30,469
8,237
10,893
46.6
44.5
10.0
11.7
7.7
6.6
0.9
0.8
12.5
13.0
4.1
3.1
SAIL
Neutral
41
-
17,119
45,915
53,954
7.2
10.5
1.5
4.4
27.5
9.5
0.4
0.4
2.3
4.1
1.1
1.0
Vedanta
Neutral
62
-
18,500
71,445
81,910
26.2
26.3
12.9
19.2
4.8
3.3
0.3
0.3
7.2
8.9
0.8
0.6
Tata Steel
Neutral
235
-
22,780
126,760
137,307
8.9
11.3
6.4
23.1
36.9
10.2
0.7
0.7
2.0
7.1
0.8
0.7
Oil & Gas
Cairn India
Neutral
110
-
20,623
11,323
12,490
49.4
51.0
20.7
20.7
5.3
5.3
0.3
0.3
6.4
6.1
1.2
0.6
GAIL
Neutral
340
-
43,160
64,856
70,933
9.1
9.6
24.0
28.9
14.2
11.8
1.2
1.1
8.8
9.6
0.9
0.8
ONGC
Neutral
208
-
177,612
154,564
167,321
36.8
37.4
28.6
32.5
7.3
6.4
0.9
0.9
12.7
13.5
1.5
1.4
Petronet LNG
Neutral
242
-
18,143
29,691
31,188
5.8
6.2
12.8
13.4
18.9
18.0
2.8
2.5
15.8
14.8
0.7
0.7
Indian Oil Corp
Neutral
396
-
96,183
359,607
402,760
5.9
6.1
42.5
48.7
9.3
8.1
1.3
1.1
14.1
14.4
0.4
0.4
Reliance Industries
Accumulate
985
1,150
319,049
304,775
344,392
12.6
13.4
91.3
102.6
10.8
9.6
1.2
1.1
11.8
12.0
1.0
0.8
www.angelbroking.com
Stock Watch
January 22, 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
626
-
11,795
2,658
3,112
24.1
20.2
24.6
23.9
25.4
26.2
9.1
7.0
42.5
30.2
4.7
4.0
Aurobindo Pharma
Neutral
776
-
45,319
14,923
17,162
22.0
23.0
35.7
42.8
21.7
18.1
6.4
4.8
34.0
30.2
3.7
3.1
Aventis*
Neutral
4,100
-
9,443
2,082
2,371
17.4
20.8
118.2
151.5
34.7
27.1
5.1
4.1
19.9
25.5
4.4
3.6
Cadila Healthcare
Accumulate
298
352
30,477
10,224
11,840
21.0
22.0
14.6
17.6
20.4
16.9
5.6
4.4
30.8
29.0
3.2
2.7
Cipla
Neutral
582
-
46,720
14,211
16,611
20.6
19.0
27.0
28.9
21.5
20.1
3.7
3.1
18.4
16.8
3.5
2.9
Dr Reddy's
Buy
2,758
3,933
47,026
16,838
19,575
25.0
23.1
167.5
178.8
16.5
15.4
3.5
2.9
23.1
20.4
3.0
2.5
Dishman Pharma
Neutral
307
-
2,476
1,733
1,906
21.5
21.5
17.0
19.9
18.1
15.4
1.8
1.6
10.5
11.2
2.1
1.8
GSK Pharma*
Neutral
3,062
-
25,939
2,870
3,158
20.0
22.1
59.5
68.3
51.5
44.8
15.2
15.6
28.5
34.3
9.2
8.4
Indoco Remedies
Neutral
299
-
2,755
1,033
1,199
15.9
18.2
9.4
13.6
31.8
22.0
4.7
4.0
15.7
19.7
2.9
2.5
Ipca labs
Buy
624
900
7,879
3,363
3,909
12.9
18.6
13.4
28.0
46.6
22.3
3.3
2.9
7.4
14.0
2.8
2.4
Lupin
Neutral
1,683
-
75,828
13,092
16,561
25.0
27.0
50.4
68.3
33.4
24.6
6.9
5.5
22.8
24.7
5.6
4.3
Sun Pharma
Buy
773
950
186,091
28,163
32,610
25.8
30.7
17.4
26.9
44.4
28.8
4.2
3.7
13.0
16.6
6.2
5.2
Power
Tata Power
Neutral
61
-
16,539
35,923
37,402
22.6
22.8
4.1
5.2
15.1
11.9
1.2
1.1
7.5
9.3
1.5
1.4
NTPC
Accumulate
133
157
109,541
87,064
98,846
23.5
23.5
11.7
13.2
11.4
10.1
1.3
1.2
11.4
12.1
2.4
2.1
Power Grid
Buy
132
170
69,162
20,702
23,361
86.7
86.4
12.1
13.2
10.9
10.0
1.6
1.4
15.6
15.1
8.5
7.9
Telecom
Bharti Airtel
Neutral
309
-
123,680
101,748
109,191
32.1
31.7
12.0
12.5
25.8
24.8
1.8
1.7
6.9
6.7
1.9
1.7
Idea Cellular
Neutral
114
-
41,008
34,282
36,941
32.0
31.5
5.9
6.2
19.3
18.4
1.8
1.6
9.9
9.3
2.0
1.9
zOthers
Abbott India
Neutral
5,133
-
10,906
2,715
3,153
14.5
14.1
134.3
152.2
38.2
33.7
9.5
7.9
27.4
25.6
4.2
3.5
Bajaj Electricals
Buy
177
290
1,789
4,719
5,287
5.2
5.8
8.6
12.7
20.7
14.0
2.4
2.1
11.4
14.8
0.4
0.4
Finolex Cables
Neutral
219
-
3,352
2,520
2,883
12.2
12.0
12.7
14.2
17.3
15.4
2.4
2.1
13.6
13.5
1.3
1.1
Goodyear India*
Buy
489
622
1,127
1,888
1,680
12.1
11.9
62.2
56.6
7.9
8.6
1.8
1.6
25.9
19.7
0.4
0.4
Hitachi
Neutral
1,116
-
3,035
1,779
2,081
7.8
8.8
21.8
33.4
51.2
33.4
8.3
6.7
17.4
22.1
2.0
1.7
Jyothy Laboratories
Neutral
268
-
4,854
1,620
1,847
11.5
11.5
7.3
8.5
36.8
31.6
4.8
4.4
13.3
14.4
3.3
2.8
MRF
Buy
34,940
45,575
14,819
20,316
14,488
21.4
21.1
5,488.0
3,798.0
6.4
9.2
2.2
1.8
41.1
21.2
0.8
1.0
Page Industries
Neutral
12,186
-
13,593
1,929
2,450
19.8
20.1
229.9
299.0
53.0
40.8
23.4
16.3
52.1
47.1
7.8
6.1
Relaxo Footwears
Neutral
438
-
5,257
1,767
2,152
12.3
12.5
19.3
25.1
22.8
17.5
5.6
4.3
27.7
27.8
3.3
2.7
Siyaram Silk Mills
Accumulate
1,009
1,354
945
1,636
1,815
11.5
11.5
89.9
104.1
11.2
9.7
1.9
1.6
17.9
17.8
0.8
0.8
Styrolution ABS India*
Neutral
643
-
1,131
1,271
1,440
8.6
9.2
32.0
41.1
20.1
15.7
2.1
1.8
10.7
12.4
1.0
0.8
TVS Srichakra
Buy
2,409
3,240
1,844
2,101
2,338
15.7
15.0
248.6
270.0
9.7
8.9
4.2
3.0
43.6
34.0
1.0
0.9
www.angelbroking.com
Stock Watch
January 22, 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
Neutral
268
-
1,934
2,123
2,384
16.1
16.5
15.0
18.9
17.8
14.2
1.4
1.3
8.0
9.4
1.4
1.2
Kirloskar Engines India
Neutral
230
-
3,329
2,471
2,826
8.8
10.4
9.1
13.3
25.2
17.3
2.4
2.2
9.7
13.4
1.1
0.9
Ltd
M M Forgings
Accumulate
468
614
565
511
615
21.7
21.6
43.1
55.8
10.9
8.4
2.0
1.6
19.9
21.2
1.5
1.2
Banco Products (India) Neutral
120
-
857
1,208
1,353
11.0
12.3
10.8
14.5
11.1
8.3
1.3
1.1
11.9
14.5
0.8
0.7
Competent Automobiles Neutral
137
-
84
1,040
1,137
3.2
3.1
25.7
28.0
5.3
4.9
0.8
0.7
15.0
14.3
0.1
0.1
Nilkamal
Neutral
1,229
-
1,835
1,910
2,083
10.5
10.3
63.3
69.2
19.4
17.8
3.2
2.7
17.6
16.5
1.2
1.0
Visaka Industries
Buy
102
144
162
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
241
-
1,831
2,830
3,350
8.8
9.0
14.4
18.3
16.8
13.2
2.6
2.3
15.4
17.1
0.9
0.8
India
Elecon Engineering
Accumulate
64
85
701
1,369
1,533
13.7
14.9
3.3
6.1
19.4
10.6
1.3
1.2
6.6
11.4
1.0
0.9
Surya Roshni
Buy
137
201
602
2,992
3,223
8.1
8.4
14.7
18.3
9.4
7.5
0.9
0.8
9.7
11.0
0.5
0.5
MT Educare
Neutral
154
-
614
286
366
18.3
17.7
7.7
9.4
20.0
16.5
4.2
3.7
20.2
21.1
2.4
1.9
Radico Khaitan
Buy
109
156
1,455
1,565
1,687
12.2
13.0
5.7
7.1
19.2
15.4
1.6
1.5
8.3
9.6
1.5
1.3
Garware Wall Ropes
Buy
354
473
774
862
974
11.2
11.2
24.9
29.6
14.2
12.0
2.1
1.8
15.1
15.4
1.0
0.9
Wonderla Holidays
Neutral
380
-
2,148
206
308
44.0
43.6
9.0
12.9
42.2
29.5
5.8
5.2
13.7
17.8
10.6
7.1
Linc Pen & Plastics
Neutral
208
-
308
340
371
8.3
8.9
10.8
13.2
19.3
15.8
3.1
2.7
16.0
17.1
1.1
1.0
The Byke Hospitality
Neutral
150
-
603
222
287
20.5
20.5
5.6
7.6
26.7
19.9
5.0
4.1
18.9
20.8
2.8
2.2
Interglobe Aviation
Neutral
1,198
-
43,165
17,022
21,122
20.7
14.5
63.9
53.7
18.7
22.3
28.1
23.0
149.9
103.2
2.7
2.2
Coffee Day Enterprises
Neutral
246
-
5,075
2,692
2,964
17.0
18.6
-
4.7
-
52.0
3.0
2.9
0.2
5.5
2.5
2.3
Ltd
Navneet Education
Neutral
84
-
1,999
998
1,062
24.1
24.0
5.8
6.1
14.6
13.8
3.2
2.8
22.0
20.6
2.3
2.2
Navkar Corporation
Buy
196
265
2,791
365
436
38.3
37.5
5.6
5.9
34.7
33.3
2.2
2.0
6.3
6.1
8.8
7.5
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on January 21, 2016
www.angelbroking.com
Market Outlook
January 22, 2016
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
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