Market Outlook
February 23, 2016
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are expected to open marginally negative tracking the SGX Nifty and
BSE Sensex
0.3
80
23,789
some of its Asian peers.
Nifty
0.3
24
7,235
U.S. markets moved sharply higher in early trading and remained firmly positive
Mid Cap
0.7
73
9,876
throughout the trading session on Monday. The strength on Wall Street came amid a
Small Cap
0.5
45
9,922
sharp increase by the price of crude oil, which has recently been a key driver of
Bankex
0.5
79
16,353
the markets.
The European markets soared Monday, ending with broad-based gains as a rally by
Global Indices
Chg (%)
(Pts)
(Close)
oil futures and some metals calmed investor nerves after the recent commodity rout.
Dow Jones
1.4
229
16,621
Indian markets ended on positive note led by HUL, Bharti, Sun Pharma, Reliance
Nasdaq
1.5
66
4,571
and Lupin.
FTSE
1.5
87
6,038
Nikkei
0.9
144
16,111
News & Result Analysis
NTPC - offer for sale - subscribe
Hang Seng
0.9
179
19,464
Blue Star to set up two new state-of-the-art manufacturing facilities at Jammu
Shanghai Com
2.3
67
2,927
and Sri City
Detailed analysis on Pg2
Advances / Declines
BSE
NSE
Investor’s Ready Reckoner
Advances
1,404
834
Key Domestic & Global Indicators
Declines
1,169
702
Unchanged
143
62
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg4 onwards
Volumes (` Cr)
Top Picks
BSE
1,929
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
NSE
11,646
Amara Raja Batteries Auto & Auto Ancillary
Buy
891
1,040
16.7
HCL Tech
IT
Buy
840
1,038
23.6
Net Inflows (` Cr)
Net
Mtd
Ytd
LIC Housing Finance Financials
Buy
424
592
39.5
FII
(294)
(5,263)
(17,592)
Bharat Electronics
Capital Goods
Buy
1,158
1,414
22.2
MFs
212
2,434
79,934
Navkar Corporation Others
Buy
160
265
65.6
More Top Picks on Pg3
Top Gainers
Price (`)
Chg (%)
Key Upcoming Events
Bfutilitie
507
18.0
Previous
Consensus
Date
Region
Event Description
Reading
Expectations
Crompgreav
138
7.0
Feb 23 Germany
GDP (YoY)
2.10
-
Beml
1,040
6.9
Feb 23 US
Consumer Confidence
98.1
97.5
Jpinfratec
10
5.5
Feb 24 US
New home sales
544.0
520.0
Rtnpower
10
5.4
Feb 25 US
Initial Jobless claims
262.0
-
6.(
Top Losers
Price (`)
Chg (%)
Kec
103
(4.8)
Religare
284
(4.7)
Fortis
170
(3.1)
Jubilant
303
(2.9)
Iifl
175
(2.6)
As on February 22, 2016
www.angelbroking.com
Market Outlook
February 23, 2016
NTPC - offer for sale - subscribe
Capacity additions to drive regulated equity: NTPC is a long term growth
play on the power sector with the company’s strong capacity addition plans.
NTPC’s current consolidated capacity stands at 45,048MW, with a strong capacity
addition plan over the next 4-5 years. The company expects to add ~23,500MW
by FY2019 (~7,500MW by FY2017, ~8,050MW in FY2018 and ~8,200MW in
FY2019). NTPC has earmarked a consolidated capex of ~`31,500cr this fiscal.
With the strong capex plan, management expects a 45% jump in regulated equity
by FY2018 and a 75% increase by FY2019.
Well placed to benefit from demand recovery: Power sector woes were
mostly related to fuel supply issues and tepid demand from SEBs. We believe the
government is proactively taking steps to resolve both these issues. With increasing
production at Coal India, coal availability issues have already been sorted. The
UDAY scheme can help the SEBs restructure their debt and aims at permanent
solutions for the SEBs through increase in tariffs and improvement in operating
efficiencies. We believe NTPC is best placed within the power sector to benefit from
any such revival in power demand.
Outlook and valuation: We like NTPC for the growth offered by its regulated
equity model, huge capacity addition plans and expected improvement in demand
for power in the country. At the offer-for-sale (OFS) price of `122, the stock is
available at an FY2017E EV/EBITDA of ~8.3x and P/E of 9.2x FY2017E EPS
estimate of `13.3. Retail shareholders will get an additional discount of
5%,
implying an OFS floor price of `116. We remain positive on the stock with a target
price of `146, based on ~1.3x FY2017E BV, implying a 20% upside from the OFS
floor price (26% for retail investors). Hence, we recommend investors to subscribe
for NTPC shares in the OFS.
Company Background
Incorporated in 1975, NTPC is India’s largest power company with total installed
capacity of 45,548 MW (including JVs) with 18 coal based and 7 gas based
stations. The company has set a target to have an installed power generating
capacity of 1,28,000 MW by the year 2032. The capacity will have a diversified
fuel mix comprising 56% coal, 16% Gas, 11% Nuclear and 17% Renewable
Energy Sources including hydro. By 2032, non-fossil fuel based generation
capacity shall make up nearly 28% of NTPC’s portfolio. NTPC has been operating
its plants at high efficiency levels. Although the company has 17.73% of the total
national capacity, it contributes 25.91% of total power generation due to its focus
on high efficiency.
Issue Details
The Promoter (Government of India), proposes to sell 41,22,73,220 equity shares
of face value of `10 each, representing 5% of the total paid up equity share capital
of the company. NTPC has fixed the OFS floor price at `122 per share (~4%
discount to its closing price as on February 22, 2016). Retail shareholders will get
an additional discount of 5% over their bid price, implying a floor price of `116
(~9% discount to closing price). A minimum of 20% of the issue is reserved for
retail investors.
www.angelbroking.com
Market Outlook
February 23, 2016
The offer for sale will be open for subscription to non-retail investors on February
23, 2016. Non-retail investors who have placed their bids on February 23, 2016,
will be allowed to revise their bids on February 24, 2016.
Retail investors shall be allowed to place their bids only on February 24, 2016. We
would advise investors to monitor the bidding pattern and bid accordingly (slightly
above cut-off in case of oversubscription).
Exhibit 1: Shareholding Pattern
Pre-Issue
Post-Issue
Particulars
No. of shares
(%)
No. of shares
(%)
Promoter and promoter group
6,18,06,14,980
75.0
5,76,83,41,760
70.0
Total public holding
2,06,48,49,420
25.0
2,47,71,22,640
30.0
Total
8,24,54,64,400
100.0
8,24,54,64,400
100.0
Source: Company, Angel Research
Blue Star to set up two new state-of-the-art manufacturing
facilities at Jammu and Sri City
Blue Star has announced that it is in the process of setting up two new major
manufacturing facilities to redesign and augment its manufacturing footprint.
These plants will be located in Samba in Jammu and Sri City in Andhra Pradesh.
The company had earlier identified these two locations as it has closed down its
production at the Thane and Bharuch plants. The new plants will be primarily for
manufacturing its cooling products (room ac, deep freezers, water freezers, etc)
and the total investment will be to the tune of `215cr.
The Sri City plant will be its first plant in Southern India, geography from where it
derives a significant portion of air conditioner sales from thus resulting in
considerable savings in logistics cost. Samba facility would enable the company to
avail excise duty exemption for a period of 10 years from the commencement of
production. The current capacity stands at 0.7mn units which will be enhanced by
1.11mn units and the proposed capacity is expected to be added over a period of
3-4 years. Blue Star’s Room AC (RAC) sales have been consistently growing faster
than the industry which has enabled the company to gain market share.
The company’s market share currently stands at 10.5% and it is targeting market
share of ~12.0% in the near future. We believe that these new facilities will enable
Blue Star to further grow its cooling products business, especially RAC, where it is
outpacing market growth. We maintain our Positive view on the stock.
Economic and Political News
Maharashtra puts Mumbai-Nagpur expressway project on fast-track
Banks start debt restructuring of `1 lakh crore: Jayant Sinha
Panel to recommend maximum price of cotton seed to meet on February 23
Corporate News
BHEL to seal major power deal in Bangladesh, beating China
RCom gets CCI nod for acquiring Sistema Shyam
NHPC's Parbati-III plant resumes power generation
www.angelbroking.com
Market Outlook
February 23, 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
15,218
891
1,040
16.7
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
26,239
92
111
20.4
Focus on exports and LCV's provides additional growth
avenue.
Uptick in defense capex by government when coupled with
Bharat Electronics
27,780
1,158
1,414
22.2
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
1,18,369
840
1,038
23.6
the bad news.
Strong visibility for a robust 20% earnings trajectory, coupled
HDFC Bank
2,50,311
991
1,262
27.4
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
2,58,475
1,125
1,347
19.7
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
21,403
424
592
39.5
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
10,776
898
1,089
21.3
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
13,621
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
2,922
325
439
35.1
growth. EMPPAC division's profitability to improve once
operating environment turns around.
Economic recovery to have favourable impact on advertising &
circulation revenue growth. Further, the acquisition of a radio
Jagran Prakashan
4,905
150
189
26.0
business (Radio City) would also boost the company's revenue
growth.
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,282
160
265
65.6
as well CFS augurs well for the company
Earnings boost on back of stable material prices and
Radico Khaitan
1,355
102
156
53.2
favourable pricing environment. Valuation discount to peers
provides additional comfort
Strong brands and distribution network would boost growth
Siyaram Silk Mills
938
1,001
1,354
35.3
going ahead. Stock currently trades at an inexpensive
valuation.
Source: Company, Angel Research
www.angelbroking.com
Market Outlook
February 23, 2016
Key Upcoming Events
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
Feb 23, 2016 12:30PM
Germany
GDP nsa (YoY)
% Change
4Q F
2.10
2.10
8:30PM
US
Existing home sales
Million
Jan
5.46
5.40
8:30PM
US
Consumer Confidence
S.A./ 1985=100
Feb
98.10
97.50
Feb 24, 2016 8:30PM
US
New home sales
Thousands
Jan
544.00
520.00
Feb 25, 2016 7:00PM
US
Initial Jobless claims
Thousands
Feb 20
262.00
--
3:00PM
UK
GDP (YoY)
% Change
4Q P
1.90
1.90
3:30PM
Euro Zone
Euro-Zone CPI (YoY)
%
Jan F
0.40
0.40
Feb 26, 2016 7:00PM
US
GDP Qoq (Annualised)
% Change
4Q S
0.70
0.50
Mar 1, 2016
3:00PM
UK
PMI Manufacturing
Value
Feb
52.90
--
6:30AM
China
PMI Manufacturing
Value
Feb
49.40
--
2:25PM
Germany
Unemployment change (000's)
Thousands
Feb
(20.00)
--
Mar 4, 2016
7:00PM
US
Change in Nonfarm payrolls
Thousands
Feb
151.00
--
7:00PM
US
Unnemployment rate
%
Feb
4.90
--
Mar 8, 2016
China
Exports YoY%
% Change
Feb
(11.20)
--
3:30PM
Euro Zone
Euro-Zone GDP s.a. (QoQ)
% Change
4Q P
0.30
--
Mar 9, 2016
3:00PM
UK
Industrial Production (YoY)
% Change
Jan
(0.40)
--
Mar 10, 2016 7:00AM
China
Consumer Price Index (YoY)
% Change
Feb
1.80
--
India
Imports YoY%
% Change
Feb
(11.00)
--
India
Exports YoY%
% Change
Feb
(13.60)
--
6:15PM
Euro Zone
ECB announces interest rates
%
Mar 10
0.05
--
Mar 14, 2016 12:00PM
India
Monthly Wholesale Prices YoY%
% Change
Feb
(0.90)
--
5:30PM
India
Industrial Production YoY
% Change
Jan
(1.30)
--
Mar 15, 2016
US
Producer Price Index (mom)
% Change
Feb
(0.50)
--
Mar 16, 2016 6:00PM
US
Housing Starts
Thousands
Feb
1,099.00
--
6:00PM
US
Building permits
Thousands
Feb
1,202.00
--
3:00PM
UK
Jobless claims change
% Change
Feb
(14.80)
--
6:45PM
US
Industrial Production
%
Feb
0.92
--
11:30PM
US
FOMC rate decision
%
Mar 16
0.50
0.50
Mar 17, 2016 5:30PM
UK
BOE Announces rates
% Ratio
Mar 17
0.50
0.50
Mar 22, 2016 3:00PM
UK
CPI (YoY)
% Change
Feb
0.30
--
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
--
Source: Bloomberg, Angel Research
Market Outlook
February 23, 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
7.3
7.0
7.0
6.7
6.7
6.6
8.0
6.3
7.0
6.4
6.0
4.8
4.3
4.2
3.8
6.0
2.8
3.0
4.0
2.5
2.5
4.7
5.0
2.0
(3.2)
-
4.0
(2.0)
3.0
(4.0)
Source: CSO, Angel Research
Source: MOSPI, Angel Research
Exhibit 3: Monthly CPI inflation trends
Exhibit 4: Manufacturing and services PMI
(%)
56.0
Mfg. PMI
Services PMI
6.0
5.4
5.4
5.4
5.6
5.2
5.3
54.0
4.9
5.0
5.0
5.0
4.4
3.7
3.7
52.0
4.0
3.0
50.0
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)
7.50
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
February 23, 2016
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.8
5.3
6.0
5.0
4.7
4.0
2.9
1.9
1.8
1.8
1.3
1.6
2.0
1.0
(4.5)
(4.1)
-
(2.0)
(4.0)
(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
(3.0)
(3.8)
-
(2.0)
(4.0)
(6.0)
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
(x)
20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
-
Source: IMF, Angel Research
www.angelbroking.com
www.angelbroking.com
Market Outlook
February 23, 2016
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
43,235
14.0
(7.8)
(10.9)
Russia
Micex
1,822
8.7
0.7
1.4
India
Nifty
7,235
(1.0)
(7.8)
(18.4)
China
Shanghai Composite
2,927
(2.7)
(18.8)
(6.7)
South Africa
Top 40
43,694
5.2
(6.7)
(6.8)
Mexico
Mexbol
43,547
6.6
(2.4)
(0.0)
Indonesia
LQ45
823
6.9
8.7
(10.7)
Malaysia
KLCI
1,675
2.8
0.9
(6.9)
Thailand
SET 50
844
8.9
(5.4)
(20.2)
USA
Dow Jones
16,621
5.4
(5.0)
(8.3)
UK
FTSE
6,038
4.6
(4.6)
(13.1)
Japan
Nikkei
16,111
(1.9)
(16.9)
(10.4)
Germany
DAX
9,574
(0.0)
(12.6)
(14.6)
France
CAC
4,299
2.2
(12.5)
(13.2)
Source: Bloomberg, Angel Research
www.angelbroking.com
www.angelbroking.com
Stock Watch
February 23, 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
152
-
2,956
2,097
2,415
14.4
14.4
9.5
11.0
16.0
13.8
3.2
2.8
21.1
21.3
1.5
1.2
United Phosphorus
Buy
396
480
16,964
12,500
14,375
18.3
18.3
29.8
35.9
13.3
11.0
2.5
2.1
20.0
20.3
1.4
1.2
Auto & Auto Ancillary
Ashok Leyland
Buy
92
111
26,239
17,995
21,544
11.4
11.6
3.4
4.7
27.1
19.6
4.8
4.4
17.7
22.2
1.4
1.2
Bajaj Auto
Neutral
2,475
-
71,627
22,709
25,860
20.9
20.1
129.0
143.6
19.2
17.2
5.9
5.1
30.7
29.4
2.7
2.3
Bharat Forge
Buy
787
943
18,315
7,867
8,881
20.0
20.3
34.4
41.0
22.9
19.2
4.4
3.7
21.1
20.9
2.5
2.1
Eicher Motors
Accumulate
18,919
20,044
51,385
15,556
16,747
15.5
17.3
464.8
597.5
40.7
31.7
14.9
10.9
36.2
34.3
3.2
3.0
Gabriel India
Buy
79
101
1,137
1,415
1,544
8.7
9.0
4.6
5.4
17.2
14.7
3.1
2.8
18.1
18.9
0.8
0.7
Hero Motocorp
Accumulate
2,706
2,864
54,034
28,244
30,532
15.5
15.9
156.7
168.5
17.3
16.1
6.9
5.9
39.9
36.4
1.8
1.6
Jamna Auto Industries Buy
134
160
1,068
1,281
1,473
11.2
11.5
7.6
9.2
17.6
14.5
4.4
3.6
25.4
25.2
0.9
0.8
L G Balakrishnan & Bros Neutral
424
-
665
1,254
1,394
11.6
11.8
35.9
41.7
11.8
10.2
1.6
1.4
13.5
13.8
0.6
0.6
Mahindra and Mahindra Accumulate
1,237
1,364
76,851
38,416
42,904
13.7
13.9
54.8
63.4
22.6
19.5
3.5
3.1
15.4
15.8
1.7
1.4
Maruti
Neutral
3,523
-
106,432
57,865
68,104
16.4
16.7
176.3
225.5
20.0
15.6
3.9
3.3
19.4
21.2
1.6
1.3
Minda Industries
Buy
785
1,047
1,245
2,523
2,890
8.7
9.0
55.0
65.4
14.3
12.0
2.8
2.2
19.3
18.7
0.6
0.5
Motherson Sumi
Buy
220
313
29,140
39,343
45,100
8.8
9.1
10.1
12.5
21.8
17.6
6.9
5.4
35.3
34.4
0.8
0.7
Rane Brake Lining
Buy
374
465
296
454
511
11.5
12.0
25.2
31.0
14.9
12.1
2.2
2.0
14.9
16.6
0.8
0.7
Setco Automotive
Neutral
31
-
415
594
741
12.7
13.7
1.7
3.2
18.3
9.7
1.9
1.7
10.4
16.9
1.1
0.9
Tata Motors
Buy
319
371
92,044
259,686
273,957
13.0
13.4
25.9
29.5
12.3
10.8
1.6
1.4
8.0
9.0
0.5
0.5
TVS Motor
Buy
287
330
13,621
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
891
1,040
15,218
4,892
5,871
17.4
17.6
28.8
37.1
30.9
24.0
7.2
5.8
23.4
24.1
3.1
2.5
Exide Industries
Buy
129
162
10,965
6,950
7,784
14.4
14.8
6.6
7.3
19.6
17.7
2.5
2.3
12.6
12.8
1.3
1.2
Apollo Tyres
Accumulate
163
171
8,272
12,146
12,689
16.8
16.0
21.2
19.0
7.7
8.6
1.3
1.1
16.5
13.0
0.8
0.8
Ceat
Buy
969
1,119
3,918
6,041
6,597
14.1
13.7
99.5
111.9
9.7
8.7
1.9
1.6
19.6
18.5
0.8
0.7
JK Tyres
Neutral
82
-
1,853
7,446
7,669
15.2
14.0
19.6
18.4
4.2
4.4
1.1
0.9
25.2
19.5
0.6
0.6
Swaraj Engines
Accumulate
814
919
1,011
552
630
14.2
14.7
44.6
54.1
18.3
15.1
4.2
3.9
23.2
25.6
1.7
1.4
Subros
Neutral
82
-
492
1,293
1,527
11.8
11.9
4.2
6.7
19.5
12.2
1.5
1.3
7.7
11.5
0.7
0.6
Indag Rubber
Neutral
158
-
413
283
329
17.0
17.2
13.0
15.4
12.2
10.2
2.7
2.2
21.8
21.6
1.2
1.0
Capital Goods
ACE
Neutral
40
-
396
660
839
4.7
8.2
1.0
3.9
40.1
10.3
1.3
1.1
3.2
11.3
0.8
0.6
BEML
Accumulate
1,040
1,157
4,333
3,277
4,006
6.0
8.9
36.2
64.3
28.7
16.2
2.0
1.8
5.7
11.7
1.4
1.1
Bharat Electronics
Buy
1,158
1,414
27,780
7,737
8,634
16.8
17.2
54.0
61.5
21.4
18.8
3.1
2.7
39.3
45.6
2.7
2.3
www.angelbroking.com
Stock Watch
February 23, 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
238
353
7,882
5,363
5,963
8.0
9.1
11.0
13.8
21.7
17.3
3.3
2.9
16.2
17.9
1.4
1.3
BGR Energy
Neutral
98
-
707
3,615
3,181
9.5
9.4
16.7
12.4
5.9
7.9
0.6
0.5
10.0
7.0
0.6
0.8
BHEL
Neutral
101
-
24,782
33,722
35,272
10.8
11.7
10.5
14.2
9.6
7.1
0.7
0.7
7.0
9.0
0.8
0.8
Blue Star
Buy
325
439
2,922
3,548
3,977
6.3
6.9
13.7
17.2
23.7
18.9
6.0
3.9
26.1
25.4
0.9
0.8
Crompton Greaves
Neutral
138
-
8,677
13,484
14,687
4.9
6.2
4.5
7.1
30.8
19.5
2.2
2.0
7.2
10.8
0.8
0.7
Greaves Cotton
Neutral
125
-
3,055
1,655
1,755
16.6
16.8
7.4
7.8
16.9
16.0
3.4
3.2
21.1
20.6
1.8
1.7
Inox Wind
Buy
237
458
5,258
4,980
5,943
17.0
17.5
26.6
31.6
8.9
7.5
2.7
2.0
35.0
30.0
1.2
1.0
KEC International
Neutral
103
-
2,643
8,791
9,716
6.1
6.8
5.4
8.2
19.0
12.5
1.9
1.7
10.0
14.0
0.5
0.5
Thermax
Neutral
759
-
9,043
6,413
7,525
7.4
8.5
30.5
39.3
24.9
19.3
3.8
3.3
15.0
17.0
1.4
1.1
Cement
ACC
Neutral
1,281
-
24,049
13,151
14,757
16.4
18.3
63.9
83.4
20.1
15.4
2.6
2.4
13.3
16.1
1.7
1.4
Ambuja Cements
Neutral
196
-
30,363
11,564
12,556
19.4
20.7
8.9
10.1
22.0
19.4
2.8
2.6
12.8
13.8
2.3
2.1
HeidelbergCement
Neutral
65
-
1,465
1,772
1,926
13.3
15.4
1.0
3.0
64.7
21.6
1.6
1.5
2.6
7.9
1.4
1.2
India Cements
Neutral
73
-
2,235
4,216
4,840
18.0
19.5
4.0
9.9
18.2
7.4
0.7
0.7
4.0
9.5
0.9
0.7
JK Cement
Buy
454
605
3,175
3,661
4,742
10.1
15.8
7.5
28.5
60.6
15.9
1.8
1.6
7.5
22.9
1.3
1.0
J K Lakshmi Cement
Neutral
270
-
3,172
2,947
3,616
16.7
19.9
11.5
27.2
23.4
9.9
2.2
1.9
9.8
20.8
1.5
1.2
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
0.8
0.6
Orient Cement
Neutral
133
-
2,734
1,854
2,524
21.2
22.2
7.7
11.1
17.3
12.0
2.5
2.2
13.3
15.7
2.2
1.5
Ramco Cements
Neutral
369
-
8,787
4,036
4,545
20.8
21.3
15.1
18.8
24.4
19.6
3.0
2.7
12.9
14.3
2.7
2.3
Shree Cement^
Neutral
10,790
-
37,591
7,150
8,742
26.7
28.6
228.0
345.5
47.3
31.2
7.0
5.8
15.7
20.3
5.0
4.0
UltraTech Cement
Accumulate
2,919
3,107
80,092
24,669
29,265
18.2
20.6
82.0
120.0
35.6
24.3
3.8
3.4
11.3
14.7
3.3
2.8
Construction
ITNL
Neutral
68
-
2,240
7,360
8,825
34.0
35.9
7.0
9.0
9.7
7.6
0.3
0.3
3.2
3.7
3.7
3.6
KNR Constructions
Buy
450
603
1,265
937
1,470
14.3
14.0
44.2
38.6
10.2
11.7
2.0
1.8
15.4
15.4
1.4
0.9
Larsen & Toubro
Accumulate
1,150
1,310
107,162
58,870
65,708
8.3
10.3
42.0
53.0
27.4
21.7
1.9
1.7
8.8
11.2
2.0
1.8
Gujarat Pipavav Port
Neutral
152
-
7,324
629
684
51.0
52.2
6.4
5.9
23.7
25.7
3.1
2.9
15.9
12.7
11.3
10.2
MBL Infrastructures
Buy
136
285
562
2,313
2,797
12.2
14.6
19.0
20.0
7.1
6.8
0.7
0.7
11.3
10.6
1.0
0.9
Nagarjuna Const.
Neutral
67
-
3,697
7,892
8,842
8.8
9.1
3.0
5.3
22.2
12.6
1.1
1.0
5.0
8.5
0.7
0.6
PNC Infratech
Accumulate
520
558
2,667
1,873
2,288
13.2
13.5
24.0
32.0
21.7
16.2
2.1
1.9
12.1
12.3
1.5
1.3
Simplex Infra
Neutral
230
-
1,138
5,955
6,829
10.3
10.5
16.0
31.0
14.4
7.4
0.8
0.7
5.3
9.9
0.7
0.6
Power Mech Projects
Neutral
572
-
841
1,539
1,801
12.8
12.7
59.0
72.1
9.7
7.9
1.5
1.2
18.6
16.8
0.6
0.5
www.angelbroking.com
Stock Watch
February 23, 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
Sadbhav Engineering
Buy
229
289
3,928
3,481
4,219
10.7
10.8
8.2
11.7
27.9
19.6
2.7
2.3
10.3
13.5
1.4
1.2
NBCC
Buy
898
1,089
10,776
5,816
7,382
6.9
7.7
29.6
39.8
30.3
22.6
5.4
4.3
24.1
26.7
1.6
1.2
MEP Infra
Neutral
40
-
655
1,956
1,876
28.1
30.5
1.3
3.0
31.0
13.4
6.5
4.4
21.2
32.8
1.8
1.7
SIPL
Neutral
80
-
2,834
675
1,042
62.4
64.7
-
-
3.0
3.4
-
-
15.9
10.7
Financials
Allahabad Bank
Neutral
44
-
2,657
8,569
9,392
2.8
2.9
16.3
27.5
2.7
1.6
0.3
0.2
7.6
11.9
-
-
Axis Bank
Buy
397
494
94,531
26,473
31,527
3.5
3.6
35.7
43.5
11.1
9.1
1.9
1.6
17.9
18.9
-
-
Bank of Baroda
Neutral
139
-
32,120
18,485
21,025
1.9
2.0
13.5
21.1
10.4
6.6
0.8
0.7
7.3
10.6
-
-
Bank of India
Neutral
87
-
7,056
15,972
17,271
1.9
2.0
15.3
33.4
5.7
2.6
0.3
0.2
3.6
7.6
-
-
Canara Bank
Neutral
168
-
9,130
15,441
16,945
2.0
2.1
46.6
70.4
3.6
2.4
0.3
0.3
8.0
11.2
-
-
Dena Bank
Neutral
28
-
1,810
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
49
-
8,494
3,477
3,999
3.0
3.0
5.0
6.2
9.9
7.9
1.0
0.9
10.6
11.9
-
-
HDFC
Neutral
1,058
-
167,101
10,358
11,852
3.3
3.3
41.1
47.0
25.8
22.5
4.9
4.5
24.7
24.9
-
-
HDFC Bank
Buy
991
1,262
250,311
38,309
47,302
4.3
4.3
49.3
61.1
20.1
16.2
3.5
3.0
18.5
19.7
-
-
ICICI Bank
Buy
198
254
115,356
34,279
39,262
3.3
3.3
21.0
24.4
9.5
8.1
1.6
1.4
14.4
14.7
-
-
IDBI Bank
Neutral
57
-
10,802
9,625
10,455
1.8
1.8
8.5
14.2
6.7
4.0
0.4
0.4
5.9
9.3
-
-
Indian Bank
Neutral
85
-
4,087
6,160
6,858
2.5
2.5
24.5
29.8
3.5
2.9
0.3
0.2
7.7
8.6
-
-
LIC Housing Finance
Buy
424
592
21,403
3,101
3,745
2.5
2.5
33.0
40.2
12.9
10.6
2.4
2.0
19.7
20.5
-
-
Oriental Bank
Neutral
82
-
2,460
7,643
8,373
2.4
2.4
37.2
45.4
2.2
1.8
0.2
0.2
8.2
9.4
-
-
Punjab Natl.Bank
Neutral
76
-
14,855
23,638
26,557
2.8
2.8
17.9
27.2
4.2
2.8
0.4
0.4
8.5
12.0
-
-
South Ind.Bank
Neutral
17
-
2,289
1,965
2,185
2.5
2.5
2.5
3.3
6.8
5.1
0.7
0.6
9.5
11.7
-
-
St Bk of India
Neutral
165
-
128,047
79,958
86,061
2.6
2.6
13.4
20.7
12.3
8.0
1.0
0.9
11.5
12.8
-
-
Union Bank
Neutral
116
-
7,957
12,646
14,129
2.3
2.4
31.0
39.1
3.7
3.0
0.4
0.3
9.8
11.4
-
-
Vijaya Bank
Neutral
31
-
2,676
3,536
3,827
1.9
1.9
5.5
6.7
5.6
4.7
0.5
0.4
7.8
8.8
-
-
Yes Bank
Accumulate
713
767
29,927
7,190
9,011
3.2
3.3
58.2
69.7
12.2
10.2
2.2
1.9
19.2
19.6
-
-
FMCG
Asian Paints
Neutral
869
-
83,349
16,553
19,160
16.0
16.2
17.7
21.5
49.2
40.4
13.1
11.7
29.4
31.2
4.9
4.2
Britannia
Neutral
2,796
-
33,544
8,481
9,795
14.0
14.1
65.5
78.3
42.7
35.7
20.2
16.6
38.3
41.2
3.8
3.3
Colgate
Neutral
832
-
22,632
4,836
5,490
19.5
19.7
48.5
53.2
17.2
15.6
12.6
11.0
99.8
97.5
4.6
4.0
Dabur India
Accumulate
249
267
43,741
9,370
10,265
17.1
17.2
7.3
8.1
33.9
30.7
10.2
8.3
33.7
30.6
4.6
4.2
GlaxoSmith Con*
Accumulate
5,630
6,118
23,678
4,919
5,742
17.2
17.4
168.3
191.2
33.5
29.5
9.5
8.1
28.8
28.9
4.4
3.7
www.angelbroking.com
Stock Watch
February 23, 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
Godrej Consumer
Neutral
1,213
-
41,303
10,168
12,886
16.1
16.1
32.1
38.4
37.8
31.6
7.7
7.1
19.7
21.0
4.2
3.3
HUL
Neutral
859
-
185,844
34,940
38,957
17.5
17.7
20.8
24.7
41.3
34.8
45.9
36.7
110.5
114.2
5.1
4.6
ITC
Buy
300
359
240,826
36,804
38,776
37.9
37.9
12.2
12.9
24.6
23.2
6.8
6.0
27.7
25.8
6.1
5.8
Marico
Neutral
241
-
31,106
6,551
7,766
15.7
16.0
10.4
12.5
23.2
19.3
6.7
5.6
33.2
32.4
4.7
3.9
Nestle*
Buy
5,274
6,646
50,852
11,291
12,847
22.2
22.3
158.9
184.6
33.2
28.6
17.4
15.6
55.0
57.3
4.3
3.8
Tata Global
Buy
109
144
6,886
8,635
9,072
9.8
9.9
6.5
7.6
16.8
14.4
1.7
1.6
6.8
7.4
0.7
0.7
IT
HCL Tech^
Buy
840
1,038
118,369
42,038
47,503
21.2
21.5
51.5
57.7
16.3
14.6
3.5
2.7
21.5
18.8
2.4
2.0
Infosys
Buy
1,125
1,347
258,475
61,850
69,981
27.5
27.5
59.4
65.7
18.9
17.1
4.0
3.4
21.2
20.1
3.5
2.9
TCS
Buy
2,314
2,854
455,996
108,487
122,590
28.3
28.5
122.8
138.4
18.9
16.7
7.2
6.5
38.0
38.9
3.8
3.3
Tech Mahindra
Buy
432
530
41,783
26,524
29,177
16.2
17.0
28.8
33.6
15.0
12.9
2.9
2.5
19.3
19.1
1.3
1.2
Wipro
Buy
543
680
134,127
50,808
56,189
23.7
23.8
37.3
40.7
14.6
13.3
2.8
2.5
19.2
17.7
2.1
1.7
Media
D B Corp
Buy
305
356
5,604
2,241
2,495
27.8
27.9
21.8
25.6
14.0
11.9
3.7
3.2
26.7
28.5
2.4
2.2
HT Media
Neutral
80
-
1,854
2,495
2,603
11.2
11.2
7.3
8.6
10.9
9.3
0.9
0.8
7.4
8.1
0.2
0.2
Jagran Prakashan
Buy
150
189
4,905
2,170
2,355
27.2
26.2
8.9
9.9
16.9
15.2
3.5
3.1
20.9
20.5
2.2
2.0
Sun TV Network
Neutral
329
-
12,963
2,779
3,196
70.2
70.5
22.8
27.3
14.4
12.1
3.6
3.2
26.7
28.3
4.4
3.8
Hindustan Media
Neutral
265
-
1,945
920
1,031
20.0
20.0
19.2
20.9
13.8
12.7
2.3
2.0
16.4
15.3
1.7
1.5
Ventures
Metals & Mining
Coal India
Buy
314
380
198,271
76,167
84,130
19.9
22.3
22.4
25.8
14.0
12.2
5.1
4.9
35.5
41.0
1.9
1.7
Hind. Zinc
Accumulate
164
175
69,190
14,641
14,026
50.4
50.4
17.7
16.0
9.3
10.2
1.4
1.3
16.2
13.2
2.3
2.2
Hindalco
Neutral
70
-
14,352
104,356
111,186
8.7
9.5
6.7
11.1
10.3
6.3
0.4
0.4
3.5
5.9
0.7
0.6
JSW Steel
Neutral
1,103
-
26,655
42,308
45,147
16.4
20.7
(10.3)
49.5
22.3
1.2
1.2
(1.0)
5.6
1.7
1.6
NMDC
Neutral
93
-
36,852
8,237
10,893
46.6
44.5
10.0
11.7
9.3
8.0
1.0
0.9
12.5
13.0
4.3
3.3
SAIL
Neutral
36
-
14,972
45,915
53,954
7.2
10.5
1.5
4.4
24.1
8.3
0.4
0.3
2.3
4.1
1.0
0.9
Vedanta
Neutral
74
-
21,968
71,445
81,910
26.2
26.3
12.9
19.2
5.8
3.9
0.4
0.4
7.2
8.9
0.8
0.6
Tata Steel
Neutral
255
-
24,785
126,760
137,307
8.9
11.3
6.4
23.1
40.1
11.1
0.8
0.8
2.0
7.1
0.8
0.7
Oil & Gas
Cairn India
Neutral
132
-
24,720
11,323
12,490
49.4
51.0
20.7
20.7
6.4
6.4
0.4
0.4
6.4
6.1
1.3
0.6
GAIL
Neutral
322
-
40,820
64,856
70,933
9.1
9.6
24.0
28.9
13.4
11.2
1.1
1.1
8.8
9.6
0.8
0.7
ONGC
Neutral
214
-
183,430
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
Petronet LNG
Neutral
244
-
18,274
29,691
31,188
5.8
6.2
12.8
13.4
19.1
18.2
2.8
2.5
15.8
14.8
0.7
0.7
Indian Oil Corp
Buy
378
455
91,874
359,607
402,760
5.9
6.1
42.5
48.7
8.9
7.8
1.2
1.1
14.1
14.4
0.4
0.3
www.angelbroking.com
Stock Watch
February 23, 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
Reliance Industries
Buy
962
1,150
311,776
304,775
344,392
12.6
13.4
91.3
102.6
10.6
9.4
1.2
1.1
11.8
12.0
0.9
0.8
Pharmaceuticals
Alembic Pharma
Neutral
617
-
11,624
3,274
3,802
26.9
19.4
35.0
28.7
17.6
21.5
7.8
5.9
55.6
31.2
3.5
3.0
Aurobindo Pharma
Buy
655
856
38,294
14,923
17,162
22.0
23.0
35.7
42.8
18.3
15.3
5.4
4.1
34.0
30.2
2.9
2.5
Aventis*
Neutral
4,249
-
9,787
2,082
2,371
17.4
20.8
118.2
151.5
36.0
28.1
5.3
4.2
19.9
25.5
4.4
3.6
Cadila Healthcare
Accumulate
329
352
33,702
10,224
11,840
21.0
22.0
14.6
17.6
22.6
18.7
6.2
4.8
30.8
29.0
3.4
2.8
Cipla
Buy
531
636
42,619
14,211
16,611
20.6
19.0
27.0
28.9
19.7
18.4
3.3
2.9
18.4
16.8
3.0
2.5
Dr Reddy's
Buy
3,101
3,933
52,882
16,838
19,575
25.0
23.1
167.5
178.8
18.5
17.3
3.9
3.3
23.1
20.4
3.1
2.6
Dishman Pharma
Neutral
301
-
2,430
1,733
1,906
21.5
21.5
17.0
19.9
17.7
15.1
1.8
1.6
10.5
11.2
1.9
1.6
GSK Pharma*
Neutral
3,219
-
27,267
2,870
3,158
20.0
22.1
59.5
68.3
54.1
47.1
16.0
16.4
28.5
34.3
9.0
8.2
Indoco Remedies
Neutral
254
-
2,339
1,033
1,199
15.9
18.2
9.4
13.6
27.0
18.7
4.0
3.4
15.7
19.7
2.3
2.0
Ipca labs
Buy
634
900
8,005
3,363
3,909
12.9
18.6
13.4
28.0
47.4
22.7
3.4
3.0
7.4
14.0
2.7
2.3
Lupin
Neutral
1,811
-
81,589
13,092
16,561
25.0
27.0
50.4
68.3
35.9
26.5
7.4
5.9
22.8
24.7
5.9
4.6
Sun Pharma
Accumulate
882
950
212,359
28,163
32,610
25.8
30.7
17.4
26.9
50.7
32.8
4.8
4.2
13.0
16.6
7.0
5.8
Power
Tata Power
Neutral
59
-
15,849
35,923
37,402
22.6
22.8
4.1
5.2
14.5
11.4
1.1
1.0
7.5
9.3
1.4
1.3
NTPC
Buy
127
157
104,594
87,064
98,846
23.5
23.5
11.7
13.2
10.8
9.6
1.2
1.1
11.4
12.1
2.2
2.0
Power Grid
Buy
140
170
73,033
20,702
23,361
86.7
86.4
12.1
13.2
11.6
10.6
1.7
1.5
15.6
15.1
8.5
7.9
Telecom
Bharti Airtel
Neutral
329
-
131,634
101,748
109,191
32.1
31.7
12.0
12.5
27.4
26.3
1.9
1.8
6.9
6.7
1.9
1.7
Idea Cellular
Neutral
109
-
39,335
34,282
36,941
32.0
31.5
5.9
6.2
18.5
17.6
1.7
1.5
9.9
9.3
1.7
1.6
zOthers
Abbott India
Neutral
4,878
-
10,365
2,715
3,153
14.5
14.1
134.3
152.2
36.3
32.0
9.1
7.5
27.4
25.6
3.5
3.0
Bajaj Electricals
Buy
168
237
1,692
4,719
5,287
5.2
5.8
8.6
12.7
19.6
13.2
2.2
2.0
11.4
14.8
0.4
0.3
Finolex Cables
Neutral
235
-
3,601
2,520
2,883
12.2
12.0
12.7
14.2
18.6
16.6
2.5
2.2
13.6
13.5
1.2
1.0
Goodyear India*
Buy
477
582
1,100
1,800
1,600
11.7
11.5
58.7
52.9
8.1
9.0
1.8
1.6
24.6
18.7
0.4
0.4
Hitachi
Neutral
1,092
-
2,970
1,779
2,081
7.8
8.8
21.8
33.4
50.1
32.7
8.1
6.5
17.4
22.1
1.7
1.5
Jyothy Laboratories
Neutral
270
-
4,890
1,620
1,847
11.5
11.5
7.3
8.5
37.0
31.9
4.8
4.4
13.3
14.4
2.9
2.4
MRF
Buy
33,685
45,575
14,286
20,316
14,488
21.4
21.1
5,488.0
3,798.0
6.1
8.9
2.1
1.7
41.1
21.2
0.7
0.9
Page Industries
Neutral
10,551
-
11,769
1,929
2,450
19.8
20.1
229.9
299.0
45.9
35.3
20.3
14.1
52.1
47.1
6.1
4.8
Relaxo Footwears
Neutral
394
-
4,731
1,767
2,152
12.3
12.5
19.3
25.1
20.5
15.7
5.0
3.9
27.7
27.8
2.7
2.2
Siyaram Silk Mills
Buy
1,001
1,354
938
1,636
1,815
11.5
11.5
89.9
104.1
11.1
9.6
1.8
1.6
17.9
17.8
0.7
0.7
Styrolution ABS India*
Neutral
500
-
879
1,271
1,440
8.6
9.2
32.0
41.1
15.6
12.2
1.6
1.4
10.7
12.4
0.7
0.6
www.angelbroking.com
Stock Watch
February 23, 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
TVS Srichakra
Buy
2,281
3,217
1,747
2,035
2,252
15.9
15.3
248.6
268.1
9.2
8.5
4.0
2.9
43.6
33.9
0.9
0.8
HSIL
Buy
237
302
1,710
2,123
2,384
16.1
16.5
15.0
18.9
15.7
12.5
1.2
1.1
8.0
9.4
1.1
1.0
Kirloskar Engines India
Neutral
207
-
2,992
2,403
2,554
8.6
9.9
9.2
10.5
22.5
19.7
2.2
2.1
9.7
10.7
0.9
0.8
Ltd
M M Forgings
Buy
419
614
506
511
615
21.7
21.6
43.1
55.8
9.7
7.5
1.8
1.5
19.9
21.2
1.2
0.9
Banco Products (India) Neutral
96
-
686
1,208
1,353
11.0
12.3
10.8
14.5
8.9
6.6
1.0
0.9
11.9
14.5
0.5
0.5
Competent Automobiles Neutral
130
-
80
1,040
1,137
3.2
3.1
25.7
28.0
5.1
4.6
0.8
0.7
15.0
14.3
0.1
0.1
Nilkamal
Neutral
1,019
-
1,521
1,871
2,031
10.7
10.5
63.2
69.8
16.1
14.6
2.6
2.3
17.6
16.6
0.9
0.8
Visaka Industries
Buy
97
144
155
1,086
1,197
9.9
10.3
21.5
28.8
4.5
3.4
0.4
0.4
9.6
11.6
0.4
0.3
Transport Corporation of
Neutral
233
-
1,773
2,830
3,350
8.8
9.0
14.4
18.3
16.2
12.7
2.5
2.2
15.4
17.1
0.8
0.7
India
Elecon Engineering
Neutral
52
-
562
1,359
1,482
10.3
13.7
0.8
3.9
64.3
13.3
1.1
1.0
1.6
7.8
0.8
0.7
Surya Roshni
Buy
135
201
592
2,992
3,223
8.1
8.4
14.7
18.3
9.2
7.4
0.9
0.8
9.7
11.0
0.5
0.4
MT Educare
Neutral
148
-
591
286
366
18.3
17.7
7.7
9.4
19.2
15.8
4.1
3.5
20.2
21.1
2.0
1.5
Radico Khaitan
Buy
102
156
1,355
1,517
1,635
12.7
13.4
5.8
7.1
17.5
14.3
1.5
1.4
8.6
9.6
1.4
1.3
Garware Wall Ropes
Buy
307
473
672
862
974
11.2
11.2
24.9
29.6
12.4
10.4
1.9
1.6
15.1
15.4
0.8
0.7
Wonderla Holidays
Neutral
360
-
2,033
206
308
44.0
43.6
9.0
12.9
40.0
27.9
5.5
5.0
13.7
17.8
9.8
6.5
Linc Pen & Plastics
Accumulate
174
185
257
340
371
8.3
8.9
10.8
13.2
16.1
13.2
2.6
2.3
16.0
17.1
0.8
0.7
The Byke Hospitality
Neutral
155
-
620
222
287
20.5
20.5
5.6
7.6
27.4
20.5
5.2
4.2
18.9
20.8
2.8
2.2
Interglobe Aviation
Neutral
820
-
29,546
17,022
21,122
20.7
14.5
63.9
53.7
12.8
15.3
19.2
15.8
149.9
103.2
1.8
1.4
Coffee Day Enterprises
Neutral
225
-
4,638
2,692
2,964
17.0
18.6
-
4.7
-
47.5
2.8
2.6
0.2
5.5
2.1
2.0
Ltd
Navneet Education
Neutral
84
-
2,001
998
1,062
24.1
24.0
5.8
6.1
14.6
13.8
3.2
2.8
22.0
20.6
2.1
2.0
Navkar Corporation
Buy
160
265
2,282
365
436
38.3
37.5
5.6
5.9
28.4
27.2
1.8
1.7
6.3
6.1
7.1
6.1
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on February 22, 2016
www.angelbroking.com
Market Outlook
February 23, 2016
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
DISCLAIMER
Angel Broking Private Limited (hereinafter referred to as “Angel”) is a registered Member of National Stock Exchange of India Limited,
Bombay Stock Exchange Limited and Metropolitian Stock Exchange of India Limited. It is also registered as a Depository Participant with
CDSL and Portfolio Manager with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel Broking Private Limited is a
registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number
INH000000164. Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing
/dealing in securities Market. Angel or its associates including its relatives/analyst do not hold any financial interest/beneficial ownership
of more than 1% in the company covered by Analyst. Angel or its associates/analyst has not received any compensation / managed or co
-managed public offering of securities of the company covered by Analyst during the past twelve months. Angel/analyst has not served as
an officer, director or employee of company covered by Analyst and has not been engaged in market making activity of the company
covered by Analyst.
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies
referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and
risks of such an investment.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources
believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is for
general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way responsible for any
loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Angel Broking Pvt.
Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make any
representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel Broking
Pvt. Limited endeavors to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance,
or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or
in connection with the use of this information.
Note: Please refer to the important ‘Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the
latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may have
investment positions in the stocks recommended in this report.
www.angelbroking.com