Market Outlook
March 02, 2017
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open positive tracking the SGX Nifty and global cues.
BSE Sensex
0.8
241
28,984
US stocks rallied strongly on Wednesday as stocks reacted positively to President
Nifty
0.7
66
8,946
Trump’s address. The Institute for Supply Management stated that its purchasing
Mid Cap
0.1
17
13,570
managers index climbed to 57.7 in February against an expectation of
56.4.
Small Cap
0.5
62
13,753
Financial stocks saw substantial strength with the Dow Jones Banks Index increasing
by 3.2 percent to a nine-year closing high.
Bankex
1.0
224
23,707
UK stocks had strong session as the markets reacted positively to President Trump’s
pledge to spend $1tln on infrastructure as well as tax relief for the middle class.
Global Indices
Chg (%)
(Pts)
(Close)
British manufacturing sector expanded at the slowest pace in three months in
Dow Jones
1.5
303
21,116
February. The Markit/CIPS purchasing managers' index dropped to 54.6 from 55.7
Nasdaq
1.3
79
5,904
in January.
FTSE
1.6
119
7,383
The Indian indices rallied during Wednesday’s session on better than expected Q3
Nikkei
1.4
275
19,394
GDP data. The Metal index closed up 1.91 percent on improving macroeconomic
Hang Seng
0.2
36
23,776
conditions and investor sentiment. The Oil and Gas index continued its losses from
Shanghai Com
0.2
5
3,247
the previous session and closed down 0.91 percent.
News Analysis
Advances / Declines
BSE
NSE
JSW Steel offers to buy controlling stake in Monnet Ispat
Advances
1,670
1,001
Declines
1,200
652
Blue Star to increase prices in April as input costs increase
Unchanged
192
81
Detailed analysis on Pg2
Investor’s Ready Reckoner
Volumes (` Cr)
Key Domestic & Global Indicators
BSE
3,816
Stock Watch: Latest investment recommendations on 150+ stocks
NSE
22,741
Refer Pg5 onwards
Net Inflows (` Cr)
Net
Mtd
Ytd
Top Picks
CMP
Target
Upside
FII
1,034
10,485
10,439
Company
Sector
Rating
(`)
(`)
(%)
MFs
1,000
1,855
7,070
Amara Raja Batteries Auto & Auto Ancillary
Buy
851
1,009
18.5
HCL Tech
IT
Buy
850
1,000
17.7
Top Gainers
Price (`)
Chg (%)
Power Grid Corp.
Power
Buy
193
223
15.8
Navkar Corp.
Others
Buy
166
265
59.8
Sobha
337
15.9
KEI Industries
Others
Buy
183
207
13.3
Centralbk
94
10.1
More Top Picks on Pg3
Deltacorp
153
7.3
Intellect
119
7.0
Key Upcoming Events
Previous
Consensus
Unitech
6
6.3
Date
Region
Event Description
Reading
Expectations
Mar 02 US
Initial Jobless claims
244.00
245.00
Top Losers
Price (`)
Chg (%)
Mar 03 China
Exports YoY%
7.90
13.00
Bharatfin
819
(3.0)
Mar 07 Germany PMI Services
54.40
54.40
Mar 08 Euro Zone Euro-Zone GDP s.a. (QoQ)
0.40
Bajfinance
1,075
(2.9)
Mar 09 China
Consumer Price Index (YoY)
2.50
1.70
Jpassociat
16
(2.9)
More Events on Pg4
Piind
826
(2.6)
Natcopharm
783
(2.5)
As on March 01, 2017
Market Outlook
March 02, 2017
News Analysis
JSW Steel offers to buy controlling stake in Monnet Ispat
JSW Steel made an offer to buy the controlling stake in Monnet Ispat & Energy
through the strategic debt restructuring (SDR) route. The company is undergoing
strategic debt restructuring (SDR) and lenders, who own 51 per cent stake, are
exploring the option of handing over its control and management to outside
investors.
Monnet Ispat has a de-risked business portfolio that encompasses manufacturing
and marketing of sponge iron, steel and ferro alloys. MIEL is also engaged in
mining of minerals like coal and iron ore.
Blue Star to increase prices in April as input costs increase
Air conditioning equipment manufacturer Blue Star Ltd says air conditioner prices
are expected to go up by 5 per cent as the prices of raw materials such as steel
and copper have increased. The price hike would come into play in April and
could hamper sales across the market. The prices of steel and copper fell in 2015
but since then there has been a recovery in prices. Higher prices generally mean
lower sales. However, sales will also depend on the intensity of the summer.
Blue star has seen a growth of 30 to 35 percent this year. Every year the company
has generally grown 5-10 per cent higher than the market growth rate. This year
the expected growth will be five per cent more than the market average due to
large existing base. We currently have a Accumulate rating on this stock at a target
of `634.
Economic and Political News
LPG prices raised by `86 per cylinder to reflect international prices
Finance Bill proposes 10% tax on income earned from carbon credits
Indian companies raised $1.82 bln from overseas markets through external
commercial borrowings and rupee-denominated bonds in January 2017
Corporate News
Eveready Industries introduces air purifiers to its small home appliances
businesses
Hero MotoCorp sales down 4.75% YoY to 5,24,766 units in Feb 2017
Tata Motors sales down 2% YoY to 47,573 units in Feb 2017
TVS sales down 3.6% YoY to 211,470 units in Feb 2017
M&M sales down 2.92% YoY to 42,714 units in Feb 2017
Market Outlook
March 02, 2017
Top Picks
Large Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
To outpace battery industry growth due to better
Amara Raja Batteries
14,541
851
1,009
18.5
technological products leading to market share gains in both
the automotive OEM and replacement segments.
The stock is trading at attractive valuations and is factoring
HCL Tech
1,19,902
850
1,000
17.7
all the bad news.
Back on the growth trend, expect a long term growth of 14%
Infosys
2,35,437
1,025
1,249
21.8
to be a US$20bn in FY2020.
Strong order backlog and improvement in execution would
Larsen & Toubro
1,37,640
1,475
1,634
10.8
trigger the growth for the L&T
One of the largest pharma companies with strong
Lupin
66,350
1,469
1,809
23.1
international presence. It has a rich pipeline of ANDAs which
is also one of the largest among the generic companies.
Going forward, we expect the company to report strong
Power Grid Corporation
1,00,734
193
223
15.8
top-line CAGR of ~16% and bottom-line CAGR of ~19%
over FY16-18 on back of strong capitalization guidance
Source: Company, Angel Research
Mid Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
We expect the company would report strong profitability
Asian Granito
846
281
351
24.8
owing to better product mix, higher B2C sales and
amalgamation synergy.
Among the top 4 players in the consumer durables segment.
Bajaj Electricals
2,651
262
295
12.7
Improved profitability backed by turn around in E&P segment.
Strong order book lends earnings visibility.
Favourable outlook for the AC industry to augur well for
Cooling products business which is out pacing the market
Blue Star
5,380
563
634
12.6
growth. EMPPAC division's profitability to improve once
operating environment turns around.
With a focus on the low and medium income (LMI) consumer
Dewan Housing Finance
10,404
332
350
5.3
segment, the company has increased its presence in tier-II &
III cities where the growth opportunity is immense.
Strong loan growth backed by diversified loan portfolio and
Equitas Holdings
5,934
176
235
33.6
adequate CAR. ROE & ROA likely to remain decent as risk of
dilution remains low. Attractive valuations considering growth.
Economic recovery to have favourable impact on advertising
& circulation revenue growth. Further, the acquisition of a
Jagran Prakashan
6,108
187
225
20.4
radio business (Radio City) would also boost the company's
revenue growth.
High order book execution in EPC segment, rising B2C sales
KEI Industries
1,421
183
207
13.3
and higher exports to boost the revenues and profitability
Speedier execution and speedier sales, strong revenue visibilty
Mahindra Lifespace
1,420
346
522
50.9
in short-to-long run, attractive valuations
Higher growth in domestic branded sales and healthy export
Mirza International
1,088
90
107
18.4
to boost the profitability.
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,364
166
265
59.8
as well CFS augurs well for the company
Market leadership in Hindi news genre and no. 2 viewership
ranking in English news genre, exit from the radio business,
TV Today Network
1,559
261
385
47.3
and anticipated growth in ad spends by corporates to benefit
the stock.
Source: Company, Angel Research
Market Outlook
March 02, 2017
Key Upcoming Events
Global economic events release calendar
Bloomberg Data
Date
Time
Country
Event Description
Unit
Period
Last Reported
Estimated
Mar 02, 2017
7:00 PM US
Initial Jobless claims
Thousands
Feb 25
244.00
245.00
Mar 03, 2017
China
Exports YoY%
% Change
Feb
7.90
13.00
Mar 07, 2017
2:25 PM Germany PMI Services
Value
Feb F
54.40
54.40
Mar 08, 2017
3:30 PM Euro Zone Euro-Zone GDP s.a. (QoQ)
% Change
4Q F
0.40
Mar 09, 2017
7:00 AM China
Consumer Price Index (YoY)
% Change
Feb
2.50
1.70
6:15 PM Euro Zone ECB announces interest rates
%
Mar 9
0.00
Mar 10, 2017
India
Imports YoY%
% Change
Feb
10.70
India
Exports YoY%
% Change
Feb
4.30
3:00 PM UK
Industrial Production (YoY)
% Change
Jan
4.30
5:30 PM India
Industrial Production YoY
% Change
Jan
-0.40
7:00 PM US
Change in Nonfarm payrolls
Thousands
Feb
227.00
175.00
7:00 PM US
Unnemployment rate
%
Feb
4.80
4.70
Mar 14, 2017 12:00 PM India
Monthly Wholesale Prices YoY%
% Change
Feb
5.25
3:00 PM UK
Jobless claims change
% Change
Feb
-42.40
March 15, 2017
US
Producer Price Index (mom)
% Change
Feb
1.10
6:00 PM US
Consumer price index (mom)
% Change
Feb
0.60
0.00
11:30 PM US
FOMC rate decision
%
Mar 15
0.75
0.75
Mar 16, 2017
3:30 PM Euro Zone Euro-Zone CPI (YoY)
%
Feb F
1.80
6:00 PM US
Housing Starts
Thousands
Feb
1246.00
1250.00
6:00 PM US
Building permits
Thousands
Feb
######
1250.00
Mar
5:30 PM UK
BOE Announces rates
0.25
% Ratio
16
Mar 17, 2017
6:45 PM US
Industrial Production
%
Feb
(0.25)
0.20
Mar 21, 2017
3:00 PM UK
CPI (YoY)
% Change
Feb
1.80
Mar 22, 2017
8:30 PM Euro Zone Euro-Zone Consumer Confidence
Value
Mar A
(6.20)
Mar 23, 2017
7:30 PM US
New home sales
Thousands
Feb
555.00
Source: Bloomberg, Angel Research
Market Outlook
March 02, 2017
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
8.3
7.0
5.7
7.9
6.0
8.0
7.5
7.5
7.6
7.4
7.2
5.0
7.1
7.0
6.6
6.7
4.0
7.0
3.0
2.2
5.8
1.9
6.0
2.0
1.3
0.7
1.0
0.3
5.0
-
4.0
(1.0)
(0.7)
(0.4)
(2.0)
3.0
(1.3)
(3.0)
(1.8)
(2.5)
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
(%)
7.0
54.0
6.1
5.8
5.8
6.0
5.3
5.5
5.1
52.0
4.8
5.0
4.4
4.2
50.0
3.6
4.0
3.4
3.2
48.0
3.0
46.0
2.0
44.0
1.0
42.0
-
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
15.0
7.00
10.0
6.50
5.0
6.00
0.0
5.50
(5.0)
5.00
(10.0)
4.50
(15.0)
4.00
(20.0)
(25.0)
3.50
(30.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
March 02, 2017
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.8
0.7
5.3
6.0
4.9
4.5
4.0
3.0
2.0
1.9
1.2
1.2
1.7
2.0
-
(2.0)
(0.4)
(4.0)
(2.9)
Source: Bloomberg, Angel Research
Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
10.0
7.6
8.0
6.6
6.0
4.9
4.3
4.0
3.2
1.8
1.7
1.6
2.0
1.3
(0.8)
0.5
(3.3)
0.1
-
(2.0)
(4.0)
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
Market Outlook
March 02, 2017
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
66,989
1.2
8.8
56.5
Russia
Micex
2,060
(9.1)
(1.3)
10.8
India
Nifty
8,946
3.5
9.9
25.8
China
Shanghai Composite
3,247
3.3
0.2
10.9
South Africa
Top 40
44,677
(2.6)
1.1
1.9
Mexico
Mexbol
47,454
0.1
4.6
6.1
Indonesia
LQ45
888
1.7
5.3
10.7
Malaysia
KLCI
1,698
0.8
4.1
2.0
Thailand
SET 50
986
(1.0)
6.2
21.0
USA
Dow Jones
21,116
5.1
10.3
24.9
UK
FTSE
7,383
3.7
8.6
20.4
Japan
Nikkei
19,394
0.1
5.5
20.4
Germany
DAX
12,067
3.3
13.4
24.5
France
CAC
4,961
3.7
8.4
14.0
Source: Bloomberg, Angel Research
Stock Watch
March 02, 2017
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 )
FY17E FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
Agri / Agri Chemical
Rallis
Neutral
240
-
4,676
1,937
2,164
13.3
14.3
9.0
11.0
26.7
21.9
4.7
4.1
18.4
19.8
2.5
2.2
United Phosphorus
Neutral
718
-
36,376
15,176
17,604
18.5
18.5
37.4
44.6
19.2
16.1
3.8
3.1
21.4
21.2
2.5
2.1
Auto & Auto Ancillary
Ashok Leyland
Buy
89
111
25,399
20,021
21,915
11.6
11.9
4.5
5.3
19.8
16.8
4.0
3.6
20.6
21.5
1.2
1.1
Bajaj Auto
Neutral
2,773
-
80,241
25,093
27,891
19.5
19.2
143.9
162.5
19.3
17.1
5.4
4.7
30.3
29.4
2.9
2.6
Bharat Forge
Neutral
1,050
-
24,446
7,726
8,713
20.5
21.2
35.3
42.7
29.8
24.6
5.5
5.0
18.9
20.1
3.2
2.8
Eicher Motors
Neutral
23,710
-
64,515
16,583
20,447
17.5
18.0
598.0
745.2
39.7
31.8
13.6
10.3
41.2
38.3
3.7
3.0
Gabriel India
Accumulate
116
130
1,662
1,544
1,715
9.0
9.3
5.4
6.3
21.4
18.4
4.1
3.6
18.9
19.5
1.0
0.9
Hero Motocorp
Accumulate
3,184
3,446
63,583
28,083
30,096
15.3
15.7
171.8
187.0
18.5
17.0
6.5
5.4
30.1
27.9
2.1
1.9
Jamna Auto Industries Neutral
213
-
1,693
1,486
1,620
9.8
9.9
15.0
17.2
14.2
12.4
3.1
2.6
21.8
21.3
1.2
1.1
L G Balakrishnan & Bros Neutral
562
-
882
1,302
1,432
11.6
11.9
43.7
53.0
12.9
10.6
1.8
1.7
13.8
14.2
0.8
0.7
Mahindra and Mahindra Neutral
1,348
-
83,711
46,534
53,077
11.6
11.7
67.3
78.1
20.0
17.3
3.3
2.8
15.4
15.8
1.8
1.5
Maruti
Accumulate
5,921
6,560
178,862
67,822
83,288
16.0
16.4
253.8
312.4
23.3
19.0
5.4
4.3
23.0
22.9
2.3
1.8
Minda Industries
Neutral
435
-
3,450
2,728
3,042
9.0
9.1
68.2
86.2
6.4
5.1
1.5
1.2
23.8
24.3
1.3
1.2
Motherson Sumi
Neutral
361
-
50,628
45,896
53,687
7.8
8.3
13.0
16.1
27.7
22.4
8.9
7.1
34.7
35.4
1.2
1.0
Rane Brake Lining
Neutral
977
-
773
511
562
11.3
11.5
28.1
30.9
34.8
31.6
5.3
4.8
15.3
15.0
1.7
1.5
Setco Automotive
Neutral
37
-
488
741
837
13.0
13.0
15.2
17.0
2.4
2.2
0.4
0.4
15.8
16.3
1.0
0.9
Tata Motors
Neutral
449
-
129,671
300,209
338,549
8.9
8.4
42.7
54.3
10.5
8.3
1.7
1.4
15.6
17.2
0.5
0.5
TVS Motor
Neutral
425
-
20,184
13,390
15,948
6.9
7.1
12.8
16.5
33.3
25.7
8.3
6.6
26.3
27.2
1.5
1.3
Amara Raja Batteries
Buy
851
1,009
14,541
5,305
6,100
16.0
16.3
28.4
34.0
30.0
25.0
5.8
4.8
19.3
19.3
2.7
2.4
Exide Industries
Neutral
213
-
18,075
7,439
8,307
15.0
15.0
8.1
9.3
26.3
22.9
3.7
3.3
14.3
16.7
2.0
1.8
Apollo Tyres
Buy
186
235
9,458
12,877
14,504
14.3
13.9
21.4
23.0
8.7
8.1
1.4
1.2
16.4
15.2
0.9
0.8
Ceat
Buy
1,180
1,450
4,775
7,524
8,624
13.0
12.7
131.1
144.3
9.0
8.2
1.7
1.4
19.8
18.6
0.7
0.6
JK Tyres
Neutral
125
-
2,837
7,455
8,056
15.0
15.0
21.8
24.5
5.7
5.1
1.2
1.0
22.8
21.3
0.5
0.4
Swaraj Engines
Neutral
1,411
-
1,752
660
810
15.2
16.4
54.5
72.8
25.9
19.4
8.1
7.3
31.5
39.2
2.5
2.0
Subros
Neutral
197
-
1,180
1,488
1,681
11.7
11.9
6.4
7.2
30.7
27.4
3.3
2.9
10.8
11.4
1.0
0.9
Indag Rubber
Neutral
198
-
520
286
326
19.8
16.8
11.7
13.3
16.9
14.9
2.9
2.7
17.8
17.1
1.5
1.3
Capital Goods
ACE
Neutral
55
-
549
709
814
4.1
4.6
1.4
2.1
39.6
26.4
1.6
1.5
4.4
6.0
0.9
0.8
BEML
Neutral
1,330
-
5,541
3,451
4,055
6.3
9.2
31.4
57.9
42.4
23.0
2.5
2.3
6.3
10.9
1.7
1.5
Bharat Electronics
Neutral
1,521
-
33,977
8,137
9,169
16.8
17.2
58.7
62.5
25.9
24.3
4.0
3.6
44.6
46.3
3.2
2.8
Stock Watch
March 02, 2017
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 )
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
Capital Goods
Voltas
Accumulate
377
407
12,486
6,511
7,514
7.9
8.7
12.9
16.3
29.3
23.2
5.3
4.6
16.7
18.5
1.7
1.4
BGR Energy
Neutral
138
-
994
16,567
33,848
6.0
5.6
7.8
5.9
17.7
23.4
1.0
1.0
4.7
4.2
0.2
0.1
BHEL
Neutral
161
-
39,296
28,797
34,742
-
2.8
2.3
6.9
69.8
23.3
1.2
1.2
1.3
4.8
1.0
0.7
Blue Star
Accumulate
563
634
5,380
4,283
5,077
5.9
7.3
14.9
22.1
37.8
25.4
7.3
6.2
20.4
26.4
1.3
1.1
Crompton Greaves
Neutral
69
-
4,350
5,777
6,120
5.9
7.0
3.3
4.5
21.0
15.4
0.9
0.9
4.4
5.9
0.7
0.6
Greaves Cotton
Neutral
164
-
4,006
1,755
1,881
16.8
16.9
7.8
8.5
21.0
19.3
4.2
3.9
20.6
20.9
2.0
1.8
Inox Wind
Neutral
169
-
3,759
5,605
6,267
15.7
16.4
24.8
30.0
6.8
5.7
1.9
1.4
25.9
24.4
0.7
0.6
KEC International
Neutral
168
-
4,319
9,294
10,186
7.9
8.1
9.9
11.9
17.0
14.1
2.5
2.2
15.6
16.3
0.7
0.6
KEI Industries
Accumulate
183
207
1,421
2,682
3,058
10.4
10.0
11.7
12.8
15.6
14.3
3.1
2.6
20.1
18.2
0.7
0.6
Thermax
Neutral
871
-
10,377
5,421
5,940
7.3
7.3
25.7
30.2
33.9
28.8
4.1
3.8
12.2
13.1
1.8
1.6
VATech Wabag
Buy
587
681
3,200
3,136
3,845
8.9
9.1
26.0
35.9
22.6
16.3
2.8
2.4
13.4
15.9
0.9
0.7
Cement
ACC
Neutral
1,410
-
26,486
11,225
13,172
13.2
16.9
44.5
75.5
31.7
18.7
3.0
2.8
11.2
14.2
2.4
2.0
Ambuja Cements
Neutral
229
-
45,451
9,350
10,979
18.2
22.5
5.8
9.5
39.5
24.1
3.3
3.0
10.2
12.5
4.9
4.1
India Cements
Neutral
169
-
5,187
4,364
4,997
18.5
19.2
7.9
11.3
21.4
14.9
1.5
1.5
8.0
8.5
1.9
1.7
JK Cement
Neutral
881
-
6,156
4,398
5,173
15.5
17.5
31.2
55.5
28.2
15.9
3.4
2.9
12.0
15.5
1.9
1.6
J K Lakshmi Cement
Neutral
406
-
4,777
2,913
3,412
14.5
19.5
7.5
22.5
54.1
18.0
3.3
2.8
12.5
18.0
2.2
1.9
Orient Cement
Neutral
149
-
3,052
2,114
2,558
18.5
20.5
8.1
11.3
18.4
13.2
2.7
2.3
9.0
14.0
2.1
1.6
UltraTech Cement
Neutral
3,735
-
102,514
25,768
30,385
21.0
23.5
111.0
160.0
33.7
23.3
4.3
3.8
13.5
15.8
4.1
3.4
Construction
ITNL
Neutral
103
-
3,383
8,946
10,017
31.0
31.6
8.1
9.1
12.7
11.3
0.5
0.5
4.2
5.0
3.7
3.4
KNR Constructions
Neutral
177
-
2,483
1,385
1,673
14.7
14.0
41.2
48.5
4.3
3.6
0.8
0.7
14.9
15.2
1.9
1.5
Larsen & Toubro
Accumulate
1,475
1,634
137,640
111,017
124,908
11.0
11.0
61.1
66.7
24.2
22.1
2.9
2.7
13.1
12.9
2.3
2.1
Gujarat Pipavav Port
Neutral
153
-
7,418
705
788
52.2
51.7
5.0
5.6
30.7
27.4
3.0
2.7
11.2
11.2
10.2
8.6
Nagarjuna Const.
Neutral
83
-
4,611
8,842
9,775
9.1
8.8
5.3
6.4
15.7
13.0
1.2
1.1
8.2
9.1
0.7
0.6
PNC Infratech
Buy
101
143
2,590
2,350
2,904
13.1
13.2
9.0
8.8
11.2
11.5
0.4
0.4
15.9
13.9
1.2
1.0
Simplex Infra
Neutral
300
-
1,483
6,829
7,954
10.5
10.5
31.4
37.4
9.6
8.0
1.0
0.9
9.9
13.4
0.6
0.5
Power Mech Projects
Neutral
435
-
640
1,801
2,219
12.7
14.6
72.1
113.9
6.0
3.8
1.1
0.9
16.8
11.9
0.4
0.3
Sadbhav Engineering
Accumulate
273
298
4,684
3,598
4,140
10.3
10.6
9.0
11.9
30.3
22.9
3.2
2.8
9.9
11.9
1.6
1.4
NBCC
Neutral
165
-
14,859
7,428
9,549
7.9
8.6
8.2
11.0
20.1
15.0
1.0
0.8
28.2
28.7
1.7
1.3
MEP Infra
Neutral
46
-
741
1,877
1,943
30.6
29.8
3.0
4.2
15.2
10.9
7.4
5.0
0.6
0.6
1.8
1.6
Stock Watch
March 02, 2017
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 )
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
Construction
SIPL
Neutral
94
-
3,311
1,036
1,252
65.5
66.2
(8.4)
(5.6)
3.5
4.0
(22.8)
(15.9)
11.4
9.5
Engineers India
Neutral
150
-
10,081
1,725
1,935
16.0
19.1
11.4
13.9
13.1
10.8
1.8
1.8
13.4
15.3
4.8
4.3
Financials
Axis Bank
Accumulate
513
580
122,791
46,932
53,575
3.5
3.4
32.4
44.6
15.9
11.5
2.0
1.8
13.6
16.5
-
-
Bank of Baroda
Neutral
165
-
38,111
19,980
23,178
1.8
1.8
11.5
17.3
14.4
9.6
1.7
1.4
8.3
10.1
-
-
Canara Bank
Neutral
296
-
16,059
15,225
16,836
1.8
1.8
14.5
28.0
20.4
10.6
1.4
1.1
5.8
8.5
-
-
Can Fin Homes
Accumulate
1,989
2,128
5,296
420
526
3.5
3.5
86.5
107.8
23.0
18.5
5.0
4.1
23.6
24.1
-
-
Cholamandalam Inv. &
Buy
974
1,230
15,219
2,012
2,317
6.3
6.3
42.7
53.6
22.8
18.2
3.6
3.1
16.9
18.3
-
-
Fin. Co.
Dewan Housing Finance Accumulate
332
350
10,404
2,225
2,688
2.9
2.9
29.7
34.6
11.2
9.6
1.8
1.5
16.1
16.8
-
-
Equitas Holdings
Buy
176
235
5,934
939
1,281
11.7
11.5
5.8
8.2
30.3
21.5
2.6
2.3
10.9
11.5
-
-
Federal Bank
Neutral
88
-
15,131
8,259
8,995
3.0
3.0
4.3
5.6
20.4
15.7
1.7
1.6
8.5
10.1
-
-
HDFC
Neutral
1,401
-
222,126
11,475
13,450
3.4
3.4
45.3
52.5
30.9
26.7
6.0
5.3
20.2
20.5
-
-
HDFC Bank
Neutral
1,390
-
355,812
46,097
55,433
4.5
4.5
58.4
68.0
23.8
20.4
4.2
3.5
18.8
18.6
-
-
ICICI Bank
Accumulate
279
315
162,452
42,800
44,686
3.1
3.3
18.0
21.9
15.5
12.7
2.1
2.0
11.1
12.3
-
-
Lakshmi Vilas Bank
Accumulate
163
174
3,120
3,339
3,799
2.7
2.8
11.0
14.0
14.8
11.6
1.5
1.4
11.2
12.7
-
-
LIC Housing Finance
Accumulate
562
630
28,370
3,712
4,293
2.6
2.5
39.0
46.0
14.4
12.2
2.7
2.3
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
143
-
30,345
23,532
23,595
2.3
2.4
6.8
12.6
21.0
11.3
3.2
2.3
3.3
6.5
-
-
RBL Bank
Neutral
479
-
17,719
1,783
2,309
2.6
2.6
12.7
16.4
37.7
29.2
4.1
3.7
12.8
13.3
-
-
South Ind.Bank
Neutral
21
-
2,826
6,435
7,578
2.5
2.5
2.7
3.1
7.7
6.7
1.0
0.8
10.1
11.2
-
-
St Bk of India
Neutral
272
-
216,839
88,650
98,335
2.6
2.6
13.5
18.8
20.1
14.5
1.9
1.7
7.0
8.5
-
-
Union Bank
Neutral
149
-
10,215
13,450
14,925
2.3
2.3
25.5
34.5
5.8
4.3
0.9
0.7
7.5
10.2
-
-
Yes Bank
Neutral
1,454
-
61,543
8,978
11,281
3.3
3.4
74.0
90.0
19.6
16.2
3.7
3.2
17.0
17.2
-
-
FMCG
Akzo Nobel India
Accumulate
1,537
1,720
7,373
2,955
3,309
13.3
13.7
57.2
69.3
26.9
22.2
8.8
7.4
32.7
33.3
2.3
2.0
Asian Paints
Neutral
1,031
-
98,874
17,128
18,978
16.8
16.4
19.1
20.7
54.0
49.8
18.8
17.7
34.8
35.5
5.7
5.1
Britannia
Accumulate
3,181
3,626
38,173
9,594
11,011
14.6
14.9
80.3
94.0
39.6
33.8
16.3
12.6
41.2
-
3.8
3.3
Colgate
Accumulate
896
995
24,381
4,605
5,149
23.4
23.4
23.8
26.9
37.7
33.3
20.9
16.3
64.8
66.8
5.2
4.6
Dabur India
Accumulate
276
304
48,583
8,315
9,405
19.8
20.7
8.1
9.2
34.1
30.0
9.5
7.9
31.6
31.0
5.5
4.8
GlaxoSmith Con*
Neutral
5,076
-
21,348
4,350
4,823
21.2
21.4
179.2
196.5
28.3
25.8
7.5
6.4
27.1
26.8
4.3
3.8
Godrej Consumer
Neutral
1,664
-
56,686
10,235
11,428
18.4
18.6
41.1
44.2
40.5
37.7
9.0
7.6
24.9
24.8
5.6
5.0
HUL
Neutral
875
-
189,266
35,252
38,495
17.8
17.8
20.7
22.4
42.4
39.1
40.5
34.7
95.6
88.9
5.2
4.8
Stock Watch
March 02, 2017
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 )
FY17E FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FMCG
ITC
Accumulate
269
284
325,823
40,059
44,439
38.3
39.2
9.0
10.1
29.9
26.5
8.3
7.3
27.8
27.5
7.6
6.9
Marico
Accumulate
279
300
35,950
6,430
7,349
18.8
19.5
6.4
7.7
43.5
36.2
13.1
11.1
33.2
32.5
5.4
4.7
Nestle*
Neutral
6,232
-
60,084
10,073
11,807
20.7
21.5
124.8
154.2
49.9
40.4
20.5
18.4
34.8
36.7
5.8
4.9
Tata Global
Neutral
144
-
9,063
8,675
9,088
9.8
9.8
7.4
8.2
19.4
17.5
2.2
2.1
7.9
8.1
1.0
0.9
Procter & Gamble
Neutral
7,030
-
22,820
2,939
3,342
23.2
23.0
146.2
163.7
48.1
42.9
107.7
103.2
25.3
23.5
7.3
6.4
Hygiene
IT
HCL Tech^
Buy
850
1,000
119,902
49,242
57,168
20.5
20.5
55.7
64.1
15.3
13.3
3.1
2.4
20.3
17.9
2.3
1.9
Infosys
Buy
1,025
1,249
235,437
68,350
77,326
27.0
27.0
62.5
69.4
16.4
14.8
3.5
3.2
21.3
21.6
2.9
2.5
TCS
Accumulate
2,480
2,700
488,676
119,025
133,308
27.6
27.6
131.2
145.5
18.9
17.0
6.1
5.6
32.4
33.1
3.9
3.4
Tech Mahindra
Buy
499
600
48,560
29,673
32,937
15.5
17.0
32.8
39.9
15.2
12.5
3.0
2.6
19.6
20.7
1.4
1.2
Wipro
Buy
488
583
118,664
55,440
60,430
18.1
18.1
36.1
38.9
13.5
12.6
2.4
2.2
19.0
17.6
1.9
1.6
Media
D B Corp
Neutral
375
-
6,890
2,297
2,590
27.4
28.2
21.0
23.4
17.8
16.0
4.2
3.6
23.7
23.1
2.8
2.4
HT Media
Neutral
85
-
1,976
2,693
2,991
12.6
12.9
7.9
9.0
10.8
9.4
0.9
0.8
7.8
8.3
0.3
0.2
Jagran Prakashan
Buy
187
225
6,108
2,355
2,635
28.0
28.0
10.8
12.5
17.3
15.0
3.8
3.2
21.7
21.7
2.6
2.3
Sun TV Network
Neutral
724
-
28,512
2,850
3,265
70.1
71.0
26.2
30.4
27.6
23.8
7.1
6.2
24.3
25.6
9.6
8.2
Hindustan Media
Neutral
269
-
1,973
1,016
1,138
24.3
25.2
27.3
30.1
9.9
8.9
1.9
1.7
16.2
15.8
1.3
1.1
Ventures
TV Today Network
Buy
261
385
1,559
637
743
27.5
27.5
18.4
21.4
14.2
12.2
2.5
2.1
17.4
17.2
2.1
1.7
Metals & Mining
Coal India
Neutral
321
-
199,258
84,638
94,297
21.4
22.3
24.5
27.1
13.1
11.9
5.5
5.2
42.6
46.0
1.9
1.7
Hind. Zinc
Neutral
318
-
134,429
14,252
18,465
55.9
48.3
15.8
21.5
20.1
14.8
3.3
2.9
17.0
20.7
9.4
7.3
Hindalco
Neutral
189
-
39,086
107,899
112,095
7.4
8.2
9.2
13.0
20.6
14.6
1.0
0.9
4.8
6.6
0.9
0.8
JSW Steel
Neutral
190
-
45,855
53,201
58,779
16.1
16.2
130.6
153.7
1.5
1.2
0.2
0.2
14.0
14.4
1.6
1.4
NMDC
Neutral
150
-
47,522
6,643
7,284
44.4
47.7
7.1
7.7
21.2
19.5
1.8
1.8
8.8
9.2
4.9
4.4
SAIL
Neutral
63
-
26,164
47,528
53,738
(0.7)
2.1
(1.9)
2.6
24.4
0.7
0.7
(1.6)
3.9
1.4
1.3
Vedanta
Neutral
266
-
78,713
71,744
81,944
19.2
21.7
13.4
20.1
19.8
13.2
1.7
1.5
8.4
11.3
1.5
1.2
Tata Steel
Neutral
500
-
48,590
121,374
121,856
7.2
8.4
18.6
34.3
26.9
14.6
1.7
1.5
6.1
10.1
1.0
1.0
Oil & Gas
Cairn India
Neutral
291
-
54,551
9,127
10,632
4.3
20.6
8.8
11.7
33.1
24.9
1.1
1.0
3.3
4.2
7.4
6.2
GAIL
Neutral
507
-
64,324
56,220
65,198
9.3
10.1
27.1
33.3
18.7
15.2
1.7
1.6
9.3
10.7
1.3
1.1
ONGC
Neutral
194
-
248,772
137,222
152,563
15.0
21.8
19.5
24.1
9.9
8.0
0.9
0.8
8.5
10.1
2.1
1.9
Indian Oil Corp
Neutral
382
-
185,350
373,359
428,656
5.9
5.5
54.0
59.3
7.1
6.4
1.1
1.0
16.0
15.6
0.7
0.6
Reliance Industries
Neutral
1,234
-
400,341
301,963
358,039
12.1
12.6
87.7
101.7
14.1
12.1
1.4
1.3
10.7
11.3
1.8
1.5
Stock Watch
March 02, 2017
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 )
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
Pharmaceuticals
Alembic Pharma
Neutral
573
-
10,804
3,483
4,083
20.2
21.4
24.3
30.4
23.6
18.9
5.4
4.3
25.5
25.3
3.0
2.5
Alkem Laboratories Ltd
Neutral
2,144
-
25,637
6,065
7,009
18.7
20.0
80.2
92.0
26.7
23.3
6.0
5.0
22.5
21.6
4.2
3.6
Aurobindo Pharma
Buy
679
877
39,742
15,720
18,078
23.7
23.7
41.4
47.3
16.4
14.4
4.3
3.3
29.6
26.1
2.8
2.4
Aventis*
Neutral
4,246
-
9,779
2,277
2,597
17.3
18.3
149.4
172.0
28.4
24.7
4.7
3.8
25.1
28.8
4.0
3.2
Cadila Healthcare
Neutral
439
-
44,906
10,429
12,318
17.7
21.6
13.1
19.2
33.5
22.9
7.0
5.6
22.8
27.1
4.3
3.6
Cipla
Sell
587
465
47,251
15,378
18,089
15.7
16.8
19.3
24.5
30.4
24.0
3.6
3.2
12.3
13.9
3.2
2.7
Dr Reddy's
Neutral
2,927
-
48,492
16,043
18,119
18.0
23.0
78.6
130.9
37.2
22.4
3.6
3.2
10.1
15.2
2.8
2.7
Dishman Pharma
Neutral
230
-
3,710
1,718
1,890
22.7
22.8
9.5
11.3
24.2
20.3
2.3
2.1
10.1
10.9
2.6
2.3
GSK Pharma*
Neutral
2,683
-
22,726
2,800
3,290
10.2
20.6
32.2
60.3
83.3
44.5
15.4
15.2
17.2
34.5
7.9
6.8
Indoco Remedies
Reduce
270
240
2,492
1,112
1,289
16.2
18.2
11.6
16.0
23.3
16.9
3.7
3.1
17.0
20.1
2.4
2.0
Ipca labs
Accumulate
554
613
6,985
3,258
3,747
12.8
15.3
12.1
19.2
45.8
28.8
2.9
2.6
6.4
9.5
2.3
2.0
Lupin
Buy
1,469
1,809
66,350
15,912
18,644
26.4
26.7
58.1
69.3
25.3
21.2
4.9
4.0
21.4
20.9
4.2
3.5
Sun Pharma
Buy
694
847
166,577
31,129
35,258
32.0
32.9
30.2
35.3
23.0
19.7
3.8
3.1
20.0
20.1
4.9
4.2
Power
Tata Power
Neutral
82
-
22,166
36,916
39,557
17.4
27.1
5.1
6.3
16.1
13.0
1.4
1.3
9.0
10.3
1.6
1.5
NTPC
Neutral
160
-
131,969
86,605
95,545
17.5
20.8
11.8
13.4
13.6
11.9
1.4
1.3
10.5
11.1
2.9
2.9
Power Grid
Buy
193
223
100,734
25,315
29,193
88.2
88.7
14.2
17.2
13.6
11.2
2.1
1.8
15.2
16.1
8.6
7.8
Real Estate
Prestige Estate
Buy
172
210
6,446
4,707
5,105
25.2
26.0
10.3
13.0
16.7
13.2
1.3
1.2
10.3
10.2
2.5
2.2
MLIFE
Buy
346
522
1,420
1,152
1,300
22.7
24.6
29.9
35.8
11.6
9.7
0.9
0.8
7.6
8.6
1.9
1.6
Telecom
Bharti Airtel
Neutral
363
-
144,946
105,086
114,808
34.5
34.7
12.2
16.4
29.7
22.1
2.0
1.9
6.8
8.4
2.3
2.0
Idea Cellular
Neutral
113
-
40,771
40,133
43,731
37.2
37.1
6.4
6.5
17.7
17.4
1.5
1.4
8.2
7.6
2.0
1.7
zOthers
Abbott India
Neutral
4,464
-
9,486
3,153
3,583
14.1
14.4
152.2
182.7
29.3
24.4
144.0
123.0
25.6
26.1
2.7
2.3
Asian Granito
Buy
281
351
846
1,060
1,169
12.2
12.5
12.7
15.9
22.2
17.7
2.1
1.9
9.5
10.7
1.1
1.0
Bajaj Electricals
Accumulate
262
295
2,651
4,801
5,351
5.7
6.2
10.4
13.7
25.1
19.1
3.1
2.8
12.4
14.5
0.5
0.5
Banco Products (India)
Neutral
204
-
1,458
1,353
1,471
12.3
12.4
14.5
16.3
14.1
12.5
19.4
17.5
14.5
14.6
1.0
109.1
Coffee Day Enterprises
Neutral
234
-
4,823
2,964
3,260
20.5
21.2
4.7
8.0
-
29.3
2.7
2.5
5.5
8.5
2.0
1.8
Ltd
Competent Automobiles Neutral
173
-
106
1,137
1,256
3.1
2.7
28.0
23.6
6.2
7.3
33.3
30.1
14.3
11.5
0.1
0.1
Elecon Engineering
Neutral
55
-
613
1,482
1,660
13.7
14.5
3.9
5.8
14.0
9.4
3.3
3.0
7.8
10.9
0.7
0.6
Finolex Cables
Neutral
441
-
6,737
2,883
3,115
12.0
12.1
14.2
18.6
31.0
23.7
16.5
14.4
15.8
14.6
2.0
1.8
Garware Wall Ropes
Neutral
690
-
1,510
863
928
15.1
15.2
36.4
39.4
19.0
17.5
3.4
2.9
17.5
15.9
1.7
1.5
Stock Watch
March 02, 2017
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 )
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
zOthers
Goodyear India*
Neutral
709
-
1,636
1,598
1,704
10.4
10.2
49.4
52.6
14.4
13.5
66.3
58.1
18.2
17.0
0.7
98.3
Hitachi
Neutral
1,432
-
3,893
2,081
2,433
8.8
8.9
33.4
39.9
42.9
35.9
34.6
28.8
22.1
21.4
1.9
1.6
HSIL
Neutral
313
-
2,264
2,384
2,515
15.8
16.3
15.3
19.4
20.5
16.1
20.3
17.5
7.8
9.3
1.1
1.0
Interglobe Aviation
Neutral
871
-
31,478
21,122
26,005
14.5
27.6
110.7
132.1
7.9
6.6
47.1
33.6
168.5
201.1
1.5
1.1
Jyothy Laboratories
Neutral
373
-
6,773
1,440
2,052
11.5
13.0
8.5
10.0
43.9
37.3
10.6
9.8
18.6
19.3
5.0
3.5
Kirloskar Engines India
Neutral
359
-
5,191
2,554
2,800
9.9
10.0
10.5
12.1
34.2
29.7
14.3
13.5
10.7
11.7
1.7
1.5
Ltd
Linc Pen & Plastics
Neutral
263
-
388
382
420
9.3
9.5
13.5
15.7
19.5
16.7
3.3
2.9
17.1
17.3
1.1
1.0
M M Forgings
Neutral
470
-
567
546
608
20.4
20.7
41.3
48.7
11.4
9.6
64.4
57.0
16.6
17.0
0.9
0.8
Manpasand Bever.
Neutral
740
-
4,234
836
1,087
19.6
19.4
16.9
23.8
43.8
31.1
5.3
4.6
12.0
14.8
4.8
3.6
Mirza International
Buy
90
107
1,088
1,024
1,148
18.0
18.0
6.9
8.0
13.1
11.3
2.2
1.9
16.6
16.3
1.3
1.1
MT Educare
Neutral
99
-
395
366
417
17.7
18.2
9.4
10.8
10.6
9.2
2.4
2.0
22.2
22.3
1.0
0.8
Narayana Hrudaya
Neutral
320
-
6,541
1,873
2,166
11.5
11.7
2.6
4.0
121.0
80.7
7.4
6.7
6.1
8.3
3.6
3.1
Navkar Corporation
Buy
166
265
2,364
369
561
42.9
42.3
7.2
11.5
23.0
14.4
1.7
1.5
7.4
10.5
7.4
4.9
Navneet Education
Neutral
150
-
3,492
1,062
1,147
24.0
24.0
6.1
6.6
24.5
22.6
5.0
4.5
20.6
19.8
3.4
3.1
Nilkamal
Neutral
1,988
-
2,967
1,995
2,165
10.7
10.4
69.8
80.6
28.5
24.7
113.6
98.7
16.6
16.5
1.5
1.3
Page Industries
Neutral
14,402
-
16,063
2,450
3,124
20.1
17.6
299.0
310.0
48.2
46.5
320.8
244.9
47.1
87.5
6.6
5.2
Parag Milk Foods
Neutral
225
-
1,890
1,919
2,231
9.3
9.6
9.5
12.9
23.8
17.4
3.7
3.1
15.5
17.5
1.1
1.0
Quick Heal
Neutral
248
-
1,735
408
495
27.3
27.0
7.7
8.8
32.0
28.2
3.0
3.0
9.3
10.6
3.4
2.8
Radico Khaitan
Accumulate
130
147
1,728
1,667
1,824
13.0
13.2
6.7
8.2
19.5
15.9
1.8
1.6
9.0
10.2
1.4
1.3
Relaxo Footwears
Neutral
432
-
5,193
2,085
2,469
9.2
8.2
7.6
8.0
57.2
54.4
22.2
18.9
17.9
18.8
2.6
2.2
S H Kelkar & Co.
Neutral
296
-
4,282
1,036
1,160
15.1
15.0
6.1
7.2
48.5
41.2
5.2
4.8
10.7
11.5
4.0
3.5
Siyaram Silk Mills
Neutral
1,702
-
1,596
1,652
1,857
11.6
11.7
92.4
110.1
18.4
15.5
2.7
2.4
14.7
15.2
1.2
1.0
Styrolution ABS India*
Neutral
607
-
1,067
1,440
1,537
9.2
9.0
40.6
42.6
14.9
14.2
38.2
34.7
12.3
11.6
0.7
0.6
Surya Roshni
Neutral
194
-
848
3,342
3,625
7.8
7.5
17.3
19.8
11.2
9.8
21.3
17.1
10.5
10.8
0.5
0.5
Team Lease Serv.
Neutral
862
-
1,474
3,229
4,001
1.5
1.8
22.8
32.8
37.9
26.3
4.1
3.5
10.7
13.4
0.4
0.3
The Byke Hospitality
Neutral
167
-
671
287
384
20.5
20.5
7.6
10.7
22.0
15.6
4.6
3.7
20.7
23.5
2.4
1.8
Transport Corporation of
Neutral
205
-
1,573
2,671
2,911
8.5
8.8
13.9
15.7
14.8
13.1
2.0
1.8
13.7
13.8
0.7
0.6
India
TVS Srichakra
Neutral
3,027
-
2,318
2,304
2,614
13.7
13.8
231.1
266.6
13.1
11.4
340.2
267.8
33.9
29.3
1.0
0.9
UFO Moviez
Neutral
403
-
1,112
619
685
33.2
33.4
30.0
34.9
13.4
11.5
1.9
1.6
13.8
13.9
1.5
1.2
Stock Watch
March 02, 2017
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 )
FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E
zOthers
Visaka Industries
Neutral
240
-
382
1,051
1,138
10.3
10.4
21.0
23.1
11.4
10.4
30.8
28.9
9.0
9.2
0.6
0.6
VRL Logistics
Neutral
292
-
2,668
1,902
2,119
16.7
16.6
14.6
16.8
20.1
17.4
4.4
3.9
21.9
22.2
1.5
1.3
Wonderla Holidays
Neutral
375
-
2,116
287
355
38.0
40.0
11.3
14.2
33.1
26.4
4.8
4.2
21.4
23.9
7.1
5.7
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on March 01, 2017
Market Outlook
March 02, 2017
Research Team Tel: 022 - 39357800
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