Market Outlook
January 03, 2017
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open flat with a negative bias tracking SGX Nifty and
BSE Sensex
(0.1)
(31)
26,595
global cues.
Nifty
(0.1)
(6)
8,180
US markets remained closed on account of new year. While the first day of the year
Mid Cap
0.8
100
12,131
was on Sunday the financial markets across US observed holiday on Monday. Most
Small Cap
1.2
144
12,190
of the European markets ended on a positive note on the first trading session of the
new year.
Bankex
(1.2)
(246)
20,503
Indian markets traded on a weak note for the entire in range bound manner and
Global Indices
Chg (%)
(Pts)
(Close)
closed marginally negative. With sharp rate cuts by banks the credit growth for the
industry should revive. However, it could take some time before the impact is felt.
Dow Jones
(0.3)
(57)
19,762
However, in the mean time investors are worried about the margins of banks and
Nasdaq
(0.9)
(49)
5,383
competition to HFCs and hence we saw some selling in selective HFC and Banks
FTSE
0.3
23
7,143
during the day. In the near term quarterly results and commentary by corporate as
Nikkei
(0.2)
(31)
19,114
to how 2017 looks forwards to them will be closely watched by Indian market
Hang Seng
1.0
210
22,001
participants.
Shanghai Com
0.2
8
3,104
News Analysis
Core Sector grows by 4.9% in November, 2016
Advances / Declines
BSE
NSE
Detailed analysis on Pg2
Advances
1,931
1,192
Investor’s Ready Reckoner
Declines
826
428
Unchanged
86
79
Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocks
Volumes (` Cr)
Refer Pg5 onwards
BSE
2,515
Top Picks
NSE
13,590
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
Amara Raja Batteries Auto & Auto Ancillary
Buy
896
1,167
30.2
Net Inflows (` Cr)
Net
Mtd
Ytd
Alkem Laboratories
Pharmaceuticals
Buy
1,612
1,989
23.4
FII
(679)
(8,495)
18,783
HCL Tech
IT
Buy
829
1,000
20.6
MFs
1,423
6,423
44,608
Power Grid Corp.
Power
Buy
183
223
21.6
Navkar Corp.
Others
Buy
168
265
58.1
More Top Picks on Pg4
Top Gainers
Price (`)
Chg (%)
Mmtc
62
17.1
Key Upcoming Events
Escorts
321
8.3
Previous
Consensus
Date
Region
Event Description
Reading
Expectations
Hindcopper
64
7.3
Jan 03 Germany
Unemployment change (000’s)
(5.0)
(5.0)
Dlf
119
6.7
Jan 03 UK
PMI Manufacturing
53.4
53.3
Oberoirlty
314
6.5
Jan 04 Germany
PMI Services
53.8
53.8
Jan 05 US
Initial Jobless claims
265.0
--
More Events on Pg4
Top Losers
Price (`)
Chg (%)
Lichsgfin
530
(5.2)
Hdfc
1,219
(3.4)
Bankbaroda
149
(2.5)
Sbin
244
(2.5)
Marico
254
(2.4)
As on January 02, 2017
Market Outlook
January 03, 2017
News Analysis
Core sector grows by 4.9% in November, 2016
The core sector in India reported a healthy growth of 4.9% in November, 2016.
On a YoY comparison this looks strong as the sectors had grown by only 0.6% in
November, 2015. The growth rate of the eight infrastructure sector - coal, crude
oil, natural gas, refinery products, fertilizers, steels, cement, and electricity was 6.6
for October, 2016. For April-November-2016 cumulative the growth for the same
was 4.9%. The Eight Core Industries comprises of 38% of the weight of the items
included in the IIP.
Coal production which has an weight of 4.38% increased by 6.4% YoY, while
crude oil having an weight of 5.22% reported a decline of 5.4% YoY. Natural Gas
has a lower weight of 1.71% and witnessed a decline of 1.7%. One of the key
sectors, Refinery Products having a weight of 5.94% increased by 2%.
Overall construction activity has been slow in the country and this is visible from
the lower cement production which increased by 0.5%. Fertilisers increased by
2.4% while Steel & Alloys which has relatively much higher weight of 6.68% in the
index grew by a healthy pace of 5.6%. Some stability in the global metals prices
would have encouraged metal producers in taking call for incrementally higher
production. One of the highest weights in the Index is carried by Electricity
(10.32%) which reported a strong growth of 10.2% in November, 2016. The Index
for base year of the eight core industries is taken as 2004-05.
Economic and Political News
Power transmission investment likely to be `2 lakhs cr in the next plan says
CEA
GST Council to meet Commerce Minsiter Nirmala Sitharaman today
Corporate News
M&M Sales decline 4% at 36,363 units in December,2016
Credit growth to pick up after rate cut, says SBI
Hero Moto Corp reported a 33.9% drop in total sales for Dec
Promoter infused `1700cr in Adani Power in FY17
Market Outlook
January 03, 2017
Top Picks ★★★★★
Large Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
To outpace battery industry growth due to better
Amara Raja Batteries
15,308
896
1,167
30.2
technological products leading to market share gains in both
the automotive OEM and replacement segments.
Strong growth in domestic business due to its leadership in
Alkem Laboratories
19,277
1,612
1,989
23.4
acute therapeutic segment. Alkem expects to launch more
products in USA, which bodes for its international business.
The stock is trading at attractive valuations and is factoring all
HCL Tech
1,17,027
829
1,000
20.6
the bad news.
Back on the growth trend, expect a long term growth of 14%
Infosys
2,30,062
1,002
1,249
24.7
to be a US$20bn in FY2020.
Strong order backlog and improvement in execution would
Larsen & Tourbo
1,26,919
1,361
1,634
20.1
trigger the growth for the L&T
One of the largest pharma companies with strong
Lupin
67,908
1,504
1,809
20.3
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 top-
Power Grid Corporation
95,974
183
223
21.6
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
657
218
351
60.7
owing to better product mix, higher B2C sales and
amalgamation synergy.
Among the top 4 players in the consumer durables segment.
Bajaj Electricals
2,231
220
274
24.2
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
4,598
481
634
31.7
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
7,825
250
350
40.1
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
5,027
150
235
56.8
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
5,857
179
225
25.6
radio business (Radio City) would also boost the company's
revenue growth.
Speedier execution and speedier sales, strong revenue visibilty
Mahindra Lifespace
1,470
358
522
45.7
in short-to-long run, attractive valuations
We expect the company to report strong growth on back of
healthy growth in domestic branded sales (owing to
Mirza International
1,044
87
107
23.3
aggressive ad spend and addition in the number of EBOs &
multi-brand outlets [MBOs]) and healthy export revenues.
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,390
168
265
58.1
as well CFS augurs well for the company
Strong brands and distribution network would boost growth
Siyaram Silk Mills
1,215
1,296
1,605
23.8
going ahead. Stock currently trades at an inexpensive
valuation.
Market leadership in Hindi news genre and no. 2 viewership
ranking in English news genre, exit from the radio business,
TV Today Network
1,585
266
385
44.9
and anticipated growth in ad spends by corporates to benefit
the stock.
Source: Company, Angel Research
Market Outlook
January 03, 2017
Key Upcoming Events
Global economic events release calendar
Bloomberg Data
Date
Time
Country
Event Description
Unit
Period
Last Reported
Estimated
Jan 03, 2017
2:25 PM
Germany
Unemployment change (000's)
Thousands
Dec
(5.00)
(5.00)
3:00 PM
UK
PMI Manufacturing
Value
Dec
53.40
53.30
Jan 04, 2017
2:25 PM
Germany
PMI Services
Value
Dec F
53.80
53.80
Jan 05, 2017
7:00 PM
US
Change in Nonfarm payrolls
Thousands
Dec
178.00
175.00
Jan 06, 2017
7:00 PM
US
Initial Jobless claims
Thousands
Dec 31
265.00
3:30 PM
Euro Zone
Euro-Zone Consumer Confidence
Value
Dec F
(5.10)
(5.80)
7:00 PM
US
Unnemployment rate
%
Dec
4.60
4.70
Jan 10, 2017
7:00 AM
China
Consumer Price Index (YoY)
% Change
Dec
2.30
2.20
India
Imports YoY%
% Change
Dec
10.40
India
Exports YoY%
% Change
Dec
2.30
Jan 11, 2017
3:00 PM
UK
Industrial Production (YoY)
% Change
Nov
(1.10)
Jan 12, 2017
5:30 PM
India
Industrial Production YoY
% Change
Nov
(1.90)
Jan 13, 2017
China
Exports YoY%
% Change
Dec
(1.60)
(3.00)
US
Producer Price Index (mom)
% Change
Dec
-
Jan 16, 2017
12:00 PM
India
Monthly Wholesale Prices YoY%
% Change
Dec
3.15
Jan 17, 2017
7:00 PM
US
Consumer price index (mom)
% Change
Dec
0.20
Jan 18, 2017
3:00 PM
UK
CPI (YoY)
% Change
Dec
1.20
3:30 PM
Euro Zone
Euro-Zone CPI (YoY)
%
Dec F
0.60
3:00 PM
UK
Jobless claims change
% Change
Dec
2.40
7:45 PM
US
Industrial Production
%
Dec
(0.44)
Jan 19, 2017
7:00 PM
US
Housing Starts
Thousands
Dec
1,090.00
7:00 PM
US
Building permits
Thousands
Dec
1,212.00
6:15 PM
Euro Zone
ECB announces interest rates
%
Jan 19
-
Jan 20, 2017
7:30 AM
China
Industrial Production (YoY)
% Change
Dec
6.20
7:30 AM
China
Real GDP (YoY)
% Change
4Q
6.70
Source: Bloomberg, Angel Research
Market Outlook
January 03, 2017
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
8.3
3.0
2.2
7.9
1.9
7.5
7.5
7.6
8.0
7.3
2.0
7.2
7.1
1.3
6.6
6.7
0.7
7.0
6.4
1.0
0.3
5.8
6.0
-
5.0
(1.0)
(0.7)
(0.9)
4.0
(1.3)
(2.0)
(1.6)
(1.9)
3.0
(3.0)
(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
5.6
5.7
5.8
5.8
6.0
5.3
5.5
52.0
5.1
4.8
5.0
4.4
4.2
50.0
3.6
4.0
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)
(20.0)
4.00
(25.0)
3.50
(30.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
January 03, 2017
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.7
5.3
6.0
5.0
0.7
4.3
4.0
3.2
2.2
1.7
1.5
2.0
1.0
1.1
-
(2.0)
(0.4)
(2.9)
(4.0)
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
s
(x)
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
-
Source: IMF, Angel Research
Market Outlook
January 03, 2017
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
59,589
(3.7)
0.4
36.5
Russia
Micex
2,233
6.1
12.9
26.8
India
Nifty
8,180
(0.2)
(4.8)
3.2
China
Shanghai Composite
3,104
(4.4)
4.3
(14.0)
South Africa
Top 40
43,902
(0.7)
(2.9)
(4.6)
Mexico
Mexbol
45,695
0.8
(4.1)
8.7
Indonesia
LQ45
885
2.8
(4.6)
12.9
Malaysia
KLCI
1,642
0.8
(1.4)
(0.1)
Thailand
SET 50
965
3.2
2.5
20.3
USA
Dow Jones
19,763
3.4
8.9
15.2
UK
FTSE
7,143
5.0
3.2
16.4
Japan
Nikkei
19,114
4.4
14.6
1.0
Germany
DAX
11,481
9.0
10.3
17.8
France
CAC
4,862
6.6
9.6
11.5
Source: Bloomberg, Angel Research
Stock Watch
January 03, 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
Accumulate
203
209
3,948
1,937
2,164
13.3
14.3
9.0
11.0
22.6
18.5
3.9
3.4
18.4
19.8
2.0
1.7
United Phosphorus
Accumulate
658
684
33,380
15,176
17,604
18.5
18.5
37.4
44.6
17.6
14.8
3.5
2.9
21.4
21.2
2.3
1.9
Auto & Auto Ancillary
Ashok Leyland
Buy
81
111
23,037
22,407
26,022
10.6
10.6
5.2
6.4
15.5
12.6
3.5
3.0
23.6
24.7
1.1
0.9
Bajaj Auto
Neutral
2,597
-
75,143
25,093
27,891
19.5
19.2
143.9
162.5
18.0
16.0
5.1
4.4
30.3
29.4
2.8
2.4
Bharat Forge
Neutral
924
-
21,508
7,726
8,713
20.5
21.2
35.3
42.7
26.2
21.6
4.8
4.4
18.9
20.1
2.8
2.4
Eicher Motors
Neutral
22,524
-
61,273
16,583
20,447
17.5
18.0
598.0
745.2
37.7
30.2
12.9
9.8
41.2
38.3
3.4
2.7
Gabriel India
Buy
110
130
1,583
1,544
1,715
9.0
9.3
5.4
6.3
20.4
17.5
3.9
3.4
18.9
19.5
1.0
0.8
Hero Motocorp
Buy
3,029
3,541
60,481
30,958
34,139
15.7
15.7
193.6
208.3
15.6
14.5
6.1
5.1
34.2
30.5
1.8
1.6
Jamna Auto Industries Neutral
174
-
1,385
1,486
1,620
9.8
9.9
15.0
17.2
11.6
10.1
2.5
2.2
21.8
21.3
1.0
0.9
L G Balakrishnan & Bros Neutral
572
-
898
1,302
1,432
11.6
11.9
43.7
53.0
13.1
10.8
1.9
1.7
13.8
14.2
0.7
0.7
Mahindra and Mahindra Neutral
1,225
-
76,078
46,534
53,077
11.6
11.7
67.3
78.1
18.2
15.7
3.0
2.6
15.4
15.8
1.6
1.3
Maruti
Accumulate
5,466
6,006
165,120
68,057
82,958
15.8
15.5
212.1
261.2
25.8
20.9
5.1
4.3
19.8
20.3
2.0
1.6
Minda Industries
Neutral
316
-
2,507
2,728
3,042
9.0
9.1
68.2
86.2
4.6
3.7
1.1
0.8
23.8
24.3
0.9
0.8
Motherson Sumi
Neutral
328
-
46,074
45,896
53,687
7.8
8.3
13.0
16.1
25.2
20.4
8.1
6.5
34.7
35.4
1.1
0.9
Rane Brake Lining
Neutral
999
-
790
511
562
11.3
11.5
28.1
30.9
35.5
32.3
5.4
4.9
15.3
15.0
1.7
1.5
Setco Automotive
Neutral
38
-
507
741
837
13.0
13.0
15.2
17.0
2.5
2.2
0.4
0.4
15.8
16.3
1.1
1.0
Tata Motors
Neutral
487
-
140,679
300,209
338,549
8.9
8.4
42.7
54.3
11.4
9.0
1.8
1.5
15.6
17.2
0.6
0.5
TVS Motor
Neutral
366
-
17,395
13,390
15,948
6.9
7.1
12.8
16.5
28.7
22.1
7.1
5.7
26.3
27.2
1.3
1.1
Amara Raja Batteries
Buy
896
1,167
15,308
5,504
6,605
17.6
17.5
33.4
40.9
26.8
21.9
5.9
4.8
22.1
22.0
2.7
2.2
Exide Industries
Neutral
183
-
15,555
7,439
8,307
15.0
15.0
8.1
9.3
22.6
19.7
3.2
2.8
14.3
16.7
1.7
1.5
Apollo Tyres
Buy
186
235
9,481
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
1,179
1,450
4,770
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
116
-
2,623
7,455
8,056
15.0
15.0
21.8
24.5
5.3
4.7
1.1
0.9
22.8
21.3
0.5
0.4
Swaraj Engines
Neutral
1,339
-
1,663
660
810
15.2
16.4
54.5
72.8
24.6
18.4
7.7
7.0
31.5
39.2
2.3
1.8
Subros
Neutral
168
-
1,008
1,488
1,681
11.7
11.9
6.4
7.2
26.2
23.4
2.8
2.5
10.8
11.4
0.9
0.8
Indag Rubber
Neutral
181
-
476
286
326
19.8
16.8
11.7
13.3
15.5
13.6
2.6
2.5
17.8
17.1
1.3
1.2
Capital Goods
ACE
Neutral
46
-
453
709
814
4.1
4.6
1.4
2.1
32.7
21.8
1.4
1.3
4.4
6.0
0.8
0.7
BEML
Neutral
998
-
4,157
3,451
4,055
6.3
9.2
31.4
57.9
31.8
17.2
1.9
1.7
6.3
10.9
1.3
1.1
Bharat Electronics
Neutral
1,366
-
30,500
8,137
9,169
16.8
17.2
58.7
62.5
23.3
21.9
3.6
3.2
44.6
46.3
2.8
2.5
Stock Watch
January 03, 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
Buy
329
407
10,878
6,511
7,514
7.9
8.7
12.9
16.3
25.5
20.2
4.6
4.0
16.7
18.5
1.4
1.2
BGR Energy
Neutral
116
-
835
16,567
33,848
6.0
5.6
7.8
5.9
14.8
19.6
0.9
0.8
4.7
4.2
0.2
0.1
BHEL
Neutral
123
-
30,032
28,797
34,742
-
2.8
2.3
6.9
53.4
17.8
0.9
0.9
1.3
4.8
0.7
0.5
Blue Star
Buy
481
634
4,598
4,283
5,077
5.9
7.3
14.9
22.1
32.3
21.8
6.3
5.3
20.4
26.4
1.1
0.9
Crompton Greaves
Neutral
60
-
3,764
5,777
6,120
5.9
7.0
3.3
4.5
18.2
13.3
0.8
0.8
4.4
5.9
0.6
0.5
Greaves Cotton
Neutral
124
-
3,021
1,755
1,881
16.8
16.9
7.8
8.5
15.9
14.6
3.2
3.0
20.6
20.9
1.4
1.3
Inox Wind
Neutral
187
-
4,145
5,605
6,267
15.7
16.4
24.8
30.0
7.5
6.2
2.1
1.5
25.9
24.4
0.8
0.6
KEC International
Neutral
140
-
3,588
9,294
10,186
7.9
8.1
9.9
11.9
14.1
11.7
2.1
1.8
15.6
16.3
0.6
0.6
KEI Industries
Buy
125
153
972
2,574
2,921
10.4
10.0
10.1
11.8
12.4
10.6
2.2
1.8
17.7
17.4
0.6
0.5
Thermax
Neutral
742
-
8,837
5,421
5,940
7.3
7.3
25.7
30.2
28.9
24.6
3.5
3.2
12.2
13.1
1.5
1.4
VATech Wabag
Buy
476
681
2,597
3,136
3,845
8.9
9.1
26.0
35.9
18.3
13.3
2.3
2.0
13.4
15.9
0.7
0.6
Cement
ACC
Neutral
1,353
-
25,405
11,225
13,172
13.2
16.9
44.5
75.5
30.4
17.9
2.9
2.7
11.2
14.2
2.2
1.9
Ambuja Cements
Neutral
214
-
42,503
9,350
10,979
18.2
22.5
5.8
9.5
36.9
22.5
3.1
2.8
10.2
12.5
4.4
3.7
India Cements
Neutral
123
-
3,769
4,364
4,997
18.5
19.2
7.9
11.3
15.5
10.9
1.1
1.1
8.0
8.5
1.6
1.4
JK Cement
Neutral
737
-
5,150
4,398
5,173
15.5
17.5
31.2
55.5
23.6
13.3
2.8
2.5
12.0
15.5
1.7
1.4
J K Lakshmi Cement
Buy
365
565
4,294
2,913
3,412
14.5
19.5
7.5
22.5
48.7
16.2
3.0
2.5
12.5
18.0
2.0
1.7
Orient Cement
Buy
128
215
2,612
2,114
2,558
18.5
20.5
8.1
11.3
15.7
11.3
2.3
2.0
9.0
14.0
1.8
1.4
UltraTech Cement
Neutral
3,365
-
92,350
25,768
30,385
21.0
23.5
111.0
160.0
30.3
21.0
3.9
3.4
13.5
15.8
3.6
2.9
Construction
ITNL
Neutral
103
-
3,401
8,946
10,017
31.0
31.6
8.1
9.1
12.8
11.4
0.5
0.5
4.2
5.0
3.7
3.4
KNR Constructions
Neutral
169
-
2,369
1,385
1,673
14.7
14.0
41.2
48.5
4.1
3.5
0.8
0.7
14.9
15.2
1.8
1.5
Larsen & Toubro
Buy
1,361
1,634
126,919
111,017
124,908
11.0
11.0
61.1
66.7
22.3
20.4
2.7
2.5
13.1
12.9
2.2
2.0
Gujarat Pipavav Port
Neutral
131
-
6,355
705
788
52.2
51.7
5.0
5.6
26.3
23.5
2.6
2.3
11.2
11.2
8.6
7.2
Nagarjuna Const.
Neutral
84
-
4,653
8,842
9,775
9.1
8.8
5.3
6.4
15.8
13.1
1.3
1.2
8.2
9.1
0.7
0.6
PNC Infratech
Buy
105
143
2,694
2,350
2,904
13.1
13.2
9.0
8.8
11.7
11.9
0.4
0.4
15.9
13.9
1.2
1.0
Simplex Infra
Neutral
286
-
1,415
6,829
7,954
10.5
10.5
31.4
37.4
9.1
7.7
0.9
0.9
9.9
13.4
0.6
0.5
Power Mech Projects
Neutral
450
-
662
1,801
2,219
12.7
14.6
72.1
113.9
6.2
4.0
1.2
1.0
16.8
11.9
0.4
0.3
Sadbhav Engineering
Accumulate
277
298
4,749
3,598
4,140
10.3
10.6
9.0
11.9
30.8
23.3
3.2
2.8
9.9
11.9
1.6
1.4
NBCC
Neutral
253
-
15,207
7,428
9,549
7.9
8.6
8.2
11.0
30.9
23.0
1.5
1.2
28.2
28.7
1.6
1.2
MEP Infra
Neutral
37
-
593
1,877
1,943
30.6
29.8
3.0
4.2
12.2
8.7
5.9
4.0
0.6
0.6
1.7
1.5
Stock Watch
January 03, 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
96
-
3,381
1,036
1,252
65.5
66.2
(8.4)
(5.6)
3.6
4.1
(22.8)
(15.9)
11.4
9.5
Engineers India
Neutral
153
-
10,341
1,725
1,935
16.0
19.1
11.4
13.9
13.5
11.0
1.9
1.8
13.4
15.3
4.8
4.3
Financials
Axis Bank
Buy
447
630
106,819
46,932
53,575
3.5
3.4
32.4
44.6
13.8
10.0
1.8
1.5
13.6
16.5
-
-
Bank of Baroda
Neutral
149
-
34,344
19,980
23,178
1.8
1.8
11.5
17.3
13.0
8.6
1.5
1.2
8.3
10.1
-
-
Canara Bank
Neutral
262
-
14,251
15,225
16,836
1.8
1.8
14.5
28.0
18.1
9.4
1.3
1.0
5.8
8.5
-
-
Dewan Housing Finance Buy
250
350
7,825
2,225
2,688
2.9
2.9
29.7
34.6
8.4
7.2
1.4
1.2
16.1
16.8
-
-
Equitas Holdings
Buy
150
235
5,027
939
1,281
11.7
11.5
5.8
8.2
25.8
18.3
2.2
2.0
10.9
11.5
-
-
Federal Bank
Neutral
67
-
11,442
9,353
10,623
2.9
2.9
4.4
5.8
15.1
11.5
1.5
1.3
9.5
11.0
-
-
HDFC
Neutral
1,219
-
193,239
11,475
13,450
3.4
3.4
45.3
52.5
26.9
23.2
5.2
4.6
20.2
20.5
-
-
HDFC Bank
Accumulate
1,197
1,350
305,670
46,097
55,433
4.5
4.5
58.4
68.0
20.5
17.6
3.6
3.0
18.8
18.6
-
-
ICICI Bank
Buy
252
315
146,560
42,800
44,686
3.1
3.3
18.0
21.9
14.0
11.5
1.9
1.8
11.1
12.3
-
-
Lakshmi Vilas Bank
Buy
142
174
2,552
3,339
3,799
2.7
2.8
11.0
14.0
12.9
10.2
1.3
1.2
11.2
12.7
-
-
LIC Housing Finance
Accumulate
530
630
26,757
3,712
4,293
2.6
2.5
39.0
46.0
13.6
11.5
2.6
2.2
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
116
-
24,610
23,532
23,595
2.3
2.4
6.8
12.6
17.0
9.2
2.6
1.9
3.3
6.5
-
-
RBL Bank
Neutral
336
-
12,418
1,783
2,309
2.6
2.6
12.7
16.4
26.4
20.5
2.9
2.6
12.8
13.3
-
-
South Ind.Bank
Neutral
20
-
2,663
6,435
7,578
2.5
2.5
2.7
3.1
7.3
6.4
0.9
0.8
10.1
11.2
-
-
St Bk of India
Neutral
244
-
189,101
88,650
98,335
2.6
2.6
13.5
18.8
18.0
13.0
1.7
1.5
7.0
8.5
-
-
Union Bank
Neutral
125
-
8,614
13,450
14,925
2.3
2.3
25.5
34.5
4.9
3.6
0.7
0.6
7.5
10.2
-
-
Yes Bank
Neutral
1,144
-
48,386
8,978
11,281
3.3
3.4
74.0
90.0
15.5
12.7
2.9
2.5
17.0
17.2
-
-
FMCG
Asian Paints
Neutral
904
-
86,668
17,128
18,978
16.8
16.4
19.1
20.7
47.3
43.7
16.5
15.5
34.8
35.5
4.9
4.4
Britannia
Buy
2,884
3,626
34,612
9,594
11,011
14.6
14.9
80.3
94.0
35.9
30.7
14.8
11.4
41.2
-
3.5
3.0
Colgate
Accumulate
902
995
24,540
4,605
5,149
23.4
23.4
23.8
26.9
37.9
33.5
21.0
16.4
64.8
66.8
5.3
4.7
Dabur India
Accumulate
277
304
48,812
8,315
9,405
19.8
20.7
8.1
9.2
34.2
30.1
9.5
7.9
31.6
31.0
5.5
4.9
GlaxoSmith Con*
Neutral
5,046
-
21,220
4,350
4,823
21.2
21.4
179.2
196.5
28.2
25.7
7.5
6.3
27.1
26.8
4.2
3.7
Godrej Consumer
Neutral
1,522
-
51,839
10,235
11,428
18.4
18.6
41.1
44.2
37.0
34.4
8.2
6.9
24.9
24.8
5.1
4.5
HUL
Neutral
825
-
178,455
35,252
38,495
17.8
17.8
20.7
22.4
39.9
36.8
38.2
32.7
95.6
88.9
4.9
4.5
ITC
Buy
241
284
292,367
40,059
44,439
38.3
39.2
9.0
10.1
26.9
23.8
7.5
6.5
27.8
27.5
6.8
6.1
Marico
Buy
254
300
32,760
6,430
7,349
18.8
19.5
6.4
7.7
39.7
33.0
12.0
10.1
33.2
32.5
5.0
4.4
Nestle*
Neutral
5,993
-
57,784
10,073
11,807
20.7
21.5
124.8
154.2
48.0
38.9
19.7
17.7
34.8
36.7
5.6
4.7
Stock Watch
January 03, 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
Tata Global
Neutral
124
-
7,798
8,675
9,088
9.8
9.8
7.4
8.2
16.7
15.1
1.9
1.8
7.9
8.1
0.8
0.8
Procter & Gamble
Neutral
6,995
-
22,705
2,939
3,342
23.2
23.0
146.2
163.7
47.8
42.7
107.1
102.7
25.3
23.5
7.3
6.4
Hygiene
IT
HCL Tech^
Buy
829
1,000
117,027
49,242
57,168
20.5
20.5
55.7
64.1
14.9
12.9
3.0
2.3
20.3
17.9
2.2
1.8
Infosys
Buy
1,002
1,249
230,062
68,350
77,326
27.0
27.0
62.5
69.4
16.0
14.4
3.4
3.1
21.3
21.6
2.8
2.5
TCS
Accumulate
2,359
2,620
464,834
119,025
133,308
27.6
27.6
131.2
145.5
18.0
16.2
5.8
5.4
32.4
33.1
3.7
3.3
Tech Mahindra
Buy
488
600
47,464
29,673
32,937
15.5
17.0
32.8
39.9
14.9
12.2
2.9
2.5
19.6
20.7
1.3
1.1
Wipro
Buy
473
590
114,895
55,440
60,430
18.1
18.1
35.9
39.9
13.2
11.9
2.4
2.2
19.0
19.3
1.8
1.6
Media
D B Corp
Neutral
361
-
6,643
2,297
2,590
27.4
28.2
21.0
23.4
17.2
15.4
4.0
3.5
23.7
23.1
2.7
2.3
HT Media
Neutral
74
-
1,713
2,693
2,991
12.6
12.9
7.9
9.0
9.3
8.2
0.8
0.7
7.8
8.3
0.2
0.1
Jagran Prakashan
Buy
179
225
5,857
2,355
2,635
28.0
28.0
10.8
12.5
16.6
14.3
3.6
3.1
21.7
21.7
2.5
2.2
Sun TV Network
Neutral
502
-
19,769
2,850
3,265
70.1
71.0
26.2
30.4
19.2
16.5
4.9
4.3
24.3
25.6
6.4
5.5
Hindustan Media
Neutral
267
-
1,960
1,016
1,138
24.3
25.2
27.3
30.1
9.8
8.9
1.9
1.7
16.2
15.8
1.2
1.1
Ventures
TV Today Network
Buy
266
385
1,585
637
743
27.5
27.5
18.4
21.4
14.5
12.4
2.5
2.1
17.4
17.2
2.1
1.7
Metals & Mining
Coal India
Neutral
301
-
186,657
84,638
94,297
21.4
22.3
24.5
27.1
12.3
11.1
5.1
4.9
42.6
46.0
1.7
1.5
Hind. Zinc
Neutral
260
-
109,753
14,252
18,465
55.9
48.3
15.8
21.5
16.4
12.1
2.7
2.3
17.0
20.7
7.6
5.9
Hindalco
Neutral
158
-
32,728
107,899
112,095
7.4
8.2
9.2
13.0
17.2
12.2
0.8
0.8
4.8
6.6
0.8
0.8
JSW Steel
Neutral
1,634
-
39,503
53,201
58,779
16.1
16.2
130.6
153.7
12.5
10.6
1.7
1.5
14.0
14.4
1.5
1.3
NMDC
Neutral
128
-
40,561
6,643
7,284
44.4
47.7
7.1
7.7
18.1
16.7
1.6
1.5
8.8
9.2
3.6
3.3
SAIL
Neutral
50
-
20,836
47,528
53,738
(0.7)
2.1
(1.9)
2.6
19.4
0.6
0.5
(1.6)
3.9
1.3
1.2
Vedanta
Neutral
221
-
65,505
71,744
81,944
19.2
21.7
13.4
20.1
16.5
11.0
1.4
1.3
8.4
11.3
1.3
1.0
Tata Steel
Neutral
406
-
39,426
121,374
121,856
7.2
8.4
18.6
34.3
21.8
11.8
1.4
1.3
6.1
10.1
1.0
0.9
Oil & Gas
Cairn India
Neutral
247
-
46,259
9,127
10,632
4.3
20.6
8.8
11.7
28.0
21.1
0.9
0.9
3.3
4.2
6.4
5.4
GAIL
Neutral
436
-
55,261
56,220
65,198
9.3
10.1
27.1
33.3
16.1
13.1
1.5
1.4
9.3
10.7
1.2
1.0
ONGC
Neutral
192
-
246,912
137,222
152,563
15.0
21.8
19.5
24.1
9.9
8.0
0.8
0.8
8.5
10.1
2.1
1.9
Indian Oil Corp
Neutral
327
-
159,007
373,359
428,656
5.9
5.5
54.0
59.3
6.1
5.5
0.9
0.9
16.0
15.6
0.6
0.5
Reliance Industries
Neutral
1,083
-
351,314
301,963
358,039
12.1
12.6
87.7
101.7
12.4
10.7
1.3
1.2
10.7
11.3
1.6
1.4
Pharmaceuticals
Alembic Pharma
Neutral
600
-
11,302
3,483
4,083
20.2
21.4
24.3
30.4
24.7
19.7
5.6
4.5
25.5
25.3
3.2
2.6
Aurobindo Pharma
Buy
675
877
39,487
15,720
18,078
23.7
23.7
41.4
47.3
16.3
14.3
4.2
3.3
29.6
26.1
2.7
2.4
Aventis*
Neutral
4,310
-
9,925
2,277
2,597
17.3
18.3
149.4
172.0
28.9
25.1
4.8
3.9
25.1
28.8
4.0
3.3
Stock Watch
January 03, 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
Cadila Healthcare
Accumulate
355
400
36,363
10,429
12,318
22.6
22.0
16.9
19.2
21.0
18.5
5.4
4.3
28.5
25.7
3.5
2.9
Cipla
Reduce
566
490
45,521
15,378
18,089
17.4
18.4
21.6
27.2
26.2
20.8
3.4
3.0
13.7
15.2
3.2
2.6
Dr Reddy's
Neutral
3,087
-
51,146
16,043
18,119
20.8
22.4
112.4
142.9
27.5
21.6
3.7
3.2
14.1
15.9
3.1
2.8
Dishman Pharma
Neutral
220
-
3,551
1,718
1,890
22.7
22.8
9.5
11.3
23.2
19.5
2.2
2.0
10.1
10.9
2.5
2.2
GSK Pharma*
Neutral
2,727
-
23,102
3,000
3,312
15.4
20.6
46.5
60.8
58.7
44.9
14.1
14.0
26.3
30.6
7.4
6.8
Indoco Remedies
Reduce
264
240
2,428
1,112
1,289
16.2
18.2
11.6
16.0
22.7
16.5
3.6
3.1
17.0
20.1
2.3
1.9
Ipca labs
Buy
528
613
6,667
3,303
3,799
15.3
15.3
17.3
19.7
30.5
26.8
2.7
2.4
9.1
9.4
2.2
1.9
Lupin
Buy
1,504
1,809
67,908
15,912
18,644
26.4
26.7
58.1
69.3
25.9
21.7
5.0
4.1
21.4
20.9
4.3
3.5
Sun Pharma
Buy
635
847
152,302
31,129
35,258
32.0
32.9
30.2
35.3
21.0
18.0
3.4
2.8
20.0
20.1
4.4
3.7
Power
Tata Power
Neutral
75
-
20,393
36,916
39,557
17.4
27.1
5.1
6.3
14.8
12.0
1.3
1.2
9.0
10.3
1.6
1.4
NTPC
Neutral
165
-
135,803
86,605
95,545
17.5
20.8
11.8
13.4
14.0
12.3
1.4
1.3
10.5
11.1
2.9
2.9
Power Grid
Buy
183
223
95,974
25,315
29,193
88.2
88.7
14.2
17.2
13.0
10.7
2.0
1.7
15.2
16.1
8.4
7.6
Real Estate
Prestige Estate
Buy
170
210
6,375
4,707
5,105
25.2
26.0
10.3
13.0
16.5
13.1
1.3
1.2
10.3
10.2
2.5
2.2
MLIFE
Buy
358
522
1,470
1,152
1,300
22.7
24.6
29.9
35.8
12.0
10.0
0.9
0.8
7.6
8.6
2.0
1.6
Telecom
Bharti Airtel
Neutral
311
-
124,319
105,086
114,808
34.5
34.7
12.2
16.4
25.5
19.0
1.7
1.6
6.8
8.4
2.1
1.8
Idea Cellular
Neutral
75
-
26,992
40,133
43,731
37.2
37.1
6.4
6.5
11.7
11.5
1.0
0.9
8.2
7.6
1.7
1.4
zOthers
Abbott India
Neutral
4,695
-
9,977
3,153
3,583
14.1
14.4
152.2
182.7
30.9
25.7
151.5
129.4
25.6
26.1
2.9
2.5
Asian Granito
Buy
218
351
657
1,071
1,182
12.1
12.4
12.7
16.0
17.2
13.7
1.6
1.5
9.5
10.7
0.9
0.8
Bajaj Electricals
Buy
220
274
2,231
4,801
5,351
5.7
6.2
10.4
13.7
21.2
16.1
2.6
2.3
12.4
14.5
0.5
0.4
Banco Products (India)
Neutral
190
-
1,361
1,353
1,471
12.3
12.4
14.5
16.3
13.1
11.7
18.1
16.3
14.5
14.6
0.9
100.2
Coffee Day Enterprises
Neutral
197
-
4,049
2,964
3,260
20.5
21.2
4.7
8.0
-
24.6
2.3
2.1
5.5
8.5
1.8
1.6
Ltd
Competent Automobiles Neutral
158
-
97
1,137
1,256
3.1
2.7
28.0
23.6
5.6
6.7
30.4
27.4
14.3
11.5
0.1
0.1
Elecon Engineering
Neutral
56
-
633
1,482
1,660
13.7
14.5
3.9
5.8
14.5
9.7
3.4
3.1
7.8
10.9
0.8
0.7
Finolex Cables
Neutral
405
-
6,197
2,883
3,115
12.0
12.1
14.2
18.6
28.5
21.8
15.2
13.3
15.8
14.6
1.9
1.7
Garware Wall Ropes
Neutral
610
-
1,334
873
938
14.3
14.3
35.2
37.5
17.3
16.3
3.0
2.6
17.5
15.9
1.4
1.3
Goodyear India*
Neutral
680
-
1,568
1,598
1,704
10.4
10.2
49.4
52.6
13.8
12.9
63.5
55.7
18.2
17.0
0.6
88.6
Hitachi
Neutral
1,381
-
3,755
2,081
2,433
8.8
8.9
33.4
39.9
41.4
34.6
33.4
27.8
22.1
21.4
1.8
1.5
HSIL
Neutral
281
-
2,034
2,384
2,515
15.8
16.3
15.3
19.4
18.4
14.5
18.3
15.7
7.8
9.3
1.0
0.9
Interglobe Aviation
Neutral
822
-
29,725
21,122
26,005
14.5
27.6
110.7
132.1
7.4
6.2
44.5
31.8
168.5
201.1
1.4
1.1
Stock Watch
January 03, 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
Jyothy Laboratories
Neutral
337
-
6,115
1,440
2,052
11.5
13.0
8.5
10.0
39.6
33.7
9.6
8.9
18.6
19.3
4.5
3.2
Kirloskar Engines India
Neutral
327
-
4,725
2,554
2,800
9.9
10.0
10.5
12.1
31.1
27.0
13.0
12.3
10.7
11.7
1.5
1.3
Ltd
Linc Pen & Plastics
Neutral
231
-
342
382
420
9.3
9.5
13.5
15.7
17.2
14.7
2.9
2.5
17.1
17.3
1.0
0.9
M M Forgings
Neutral
435
-
525
546
608
20.4
20.7
41.3
48.7
10.5
8.9
59.6
52.7
16.6
17.0
0.8
0.7
Manpasand Bever.
Neutral
553
-
3,166
836
1,087
19.6
19.4
16.9
23.8
32.8
23.2
3.9
3.4
12.0
14.8
3.5
2.6
Mirza International
Buy
87
107
1,044
987
1,106
18.0
18.0
6.5
7.6
13.3
11.4
2.1
1.8
15.9
15.7
1.2
1.1
MT Educare
Neutral
118
-
469
366
417
17.7
18.2
9.4
10.8
12.6
10.9
2.8
2.4
22.2
22.3
1.2
1.0
Narayana Hrudaya
Neutral
342
-
6,989
1,873
2,166
11.5
11.7
2.6
4.0
129.3
86.3
7.9
7.2
6.1
8.3
3.9
3.3
Navkar Corporation
Buy
168
265
2,390
369
561
42.9
42.3
7.2
11.5
23.2
14.6
1.7
1.5
7.4
10.5
7.4
4.9
Navneet Education
Neutral
112
-
2,674
1,062
1,147
24.0
24.0
6.1
6.6
18.4
16.9
3.8
3.4
20.6
19.8
2.6
2.4
Nilkamal
Neutral
1,408
-
2,101
1,995
2,165
10.7
10.4
69.8
80.6
20.2
17.5
80.5
69.9
16.6
16.5
0.9
0.8
Page Industries
Neutral
13,892
-
15,495
2,450
3,124
20.1
17.6
299.0
310.0
46.5
44.8
309.4
236.2
47.1
87.5
6.3
5.0
Parag Milk Foods
Neutral
262
-
2,206
1,919
2,231
9.3
9.6
9.5
12.9
27.8
20.3
4.3
3.6
15.5
17.5
1.3
1.1
Quick Heal
Neutral
260
-
1,822
408
495
27.3
27.0
7.7
8.8
33.6
29.6
3.1
3.1
9.3
10.6
3.5
2.9
Radico Khaitan
Buy
111
147
1,472
1,667
1,824
13.0
13.2
6.7
8.2
16.6
13.5
1.5
1.4
9.0
10.2
1.3
1.1
Relaxo Footwears
Neutral
406
-
4,881
2,085
2,469
9.2
8.2
7.6
8.0
53.8
51.1
20.8
17.8
17.9
18.8
2.4
2.1
S H Kelkar & Co.
Neutral
306
-
4,432
1,036
1,160
15.1
15.0
6.1
7.2
50.2
42.7
5.4
4.9
10.7
11.5
4.2
3.7
Siyaram Silk Mills
Accumulate
1,296
1,605
1,215
1,733
1,948
11.6
11.7
96.6
114.7
13.4
11.3
2.1
1.8
15.3
15.7
0.9
0.8
Styrolution ABS India*
Neutral
597
-
1,050
1,440
1,537
9.2
9.0
40.6
42.6
14.7
14.0
37.6
34.1
12.3
11.6
0.7
0.6
Surya Roshni
Neutral
177
-
776
3,342
3,625
7.8
7.5
17.3
19.8
10.3
9.0
19.5
15.6
10.5
10.8
0.5
0.4
Team Lease Serv.
Neutral
871
-
1,489
3,229
4,001
1.5
1.8
22.8
32.8
38.3
26.5
4.1
3.6
10.7
13.4
0.4
0.3
The Byke Hospitality
Neutral
165
-
661
287
384
20.5
20.5
7.6
10.7
21.7
15.4
4.5
3.7
20.7
23.5
2.3
1.7
Transport Corporation of
Neutral
148
-
1,136
2,671
2,911
8.5
8.8
13.9
15.7
10.7
9.5
1.5
1.3
13.7
13.8
0.5
0.5
India
TVS Srichakra
Neutral
3,196
-
2,447
2,304
2,614
13.7
13.8
231.1
266.6
13.8
12.0
359.1
282.7
33.9
29.3
1.1
0.9
UFO Moviez
Neutral
406
-
1,120
619
685
33.2
33.4
30.0
34.9
13.6
11.6
1.9
1.6
13.8
13.9
1.5
1.2
Visaka Industries
Neutral
198
-
315
1,051
1,138
10.3
10.4
21.0
23.1
9.4
8.6
25.4
23.8
9.0
9.2
0.5
0.5
VRL Logistics
Neutral
259
-
2,361
1,902
2,119
16.7
16.6
14.6
16.8
17.8
15.4
3.9
3.4
21.9
22.2
1.4
1.2
Wonderla Holidays
Neutral
340
-
1,921
287
355
38.0
40.0
11.3
14.2
30.1
23.9
4.3
3.8
21.4
23.9
6.4
5.2
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on January 02, 2017
Market Outlook
January 03, 2017
Research Team Tel: 022 - 39357800
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