Market Outlook
April 03, 2019
Domestic Indices
Chg (%)
(Pts)
(Close)
Market Cues
BSE Sensex
0.5
185
39,057
Indian markets are likely to open flat tracking global indices and SGX Nifty.
Nifty
0.4
44
11,713
US Stocks showed a lack of direction over the course of the trading session on
Mid Cap
0.0
(6)
15,554
Tuesday following the strong upward move seen in the previous session. While the
Small Cap
(0.2)
(28)
15,117
Dow remained in negative territory, the broader Nasdaq and the S&P 500 spent the
Bankex
0.3
90
34,147
day bouncing back and forth across the unchanged line. The Dow slipped 0.3
percent to 26,179 while the Nasdaq inched 0.3 percent higher to 7,849.
Global Indices
Chg (%)
(Pts)
(Close)
U.K. Market ended on a firm note on Tuesday, as investor sentiment continued to
Dow Jones
(0.3)
(79)
26,179
remain positive thanks to recent encouraging data on U.S. and Chinese
Nasdaq
0.3
20
7,849
manufacturing activity. The FTSE 100 was up by 1.0% to 7,391.
FTSE
1.0
74
7,391
On domestic front, Indian shares hit fresh record closing highs on Tuesday, with the
Nikkei
0.0
(4)
21,505
BSE Sensex climbing for a fourth straight session in a row, as investors believed the
Hang Seng
0.2
63
29,625
RBI would follow up with another round of rate cut on April 4. The benchmark BSE
Shanghai Com
0.2
7
3,177
Sensex was ended up by 0.5% to 39,057 at the end of trading session.
Advances / Declines
BSE
NSE
News Analysis
1,207
826
Advances
Sensex’s roller-coaster journey: From 100 to 39,000
1,343
899
Declines
166
364
Detailed analysis on Pg2
Unchanged
Investor’s Ready Reckoner
Volumes (` Cr)
Key Domestic & Global Indicators
BSE
3,038
Stock Watch: Latest investment recommendations on 150+ stocks
NSE
36,413
Refer Pg5 onwards
Top Picks
Net Inflows (` Cr)
Net
Mtd
Ytd
CMP
Target
Upside
Company
Sector
Rating
FII
(895)
822
(199)
(`)
(`)
(%)
Blue Star
Capital Goods
Buy
706
867
22.8
*MFs
(518)
5,097
6,274
ICICI Bank
Financials
Buy
397
460
15.7
Parag Milk Foods
Others
Buy
261
330
26.5
Top Gainers
Price (`)
Chg (%)
Bata India
Others
Accumulate
1,383
1,479
6.9
SUZLON
7
10.2
KEI Industries
Capital Goods
Buy
420
486
15.7
LAKSHVILAS
85
9.6
More Top Picks on Pg4
GODREJPROP
891
9.6
Key Upcoming Events
TATAMOTORS
203
8.4
Previous
Consensus
Date
Region
Event Description
ReadingExpectations
IIFL
467
7.4
Mar 26, 2019
TU Central Bank Inflation Report
Mar 27, 2019
TH Exports YoY
0.06
--
Top Losers
Price (`)
Chg (%)
Mar 27, 2019
TH Exports
$22380m
--
CYIENT*
579
-10.8
Mar 30, 2019
TH Imports YoY
0.24
--
IDEA
17
-5.6
Mar 30, 2019
TH Imports
$21776m
--
More Events on Pg7
RCOM
4
-4.8
NBCC
64
-4.5
DEEPAKFERT
127
-4.2
As on Apr 02, 2019
Market Outlook
April 03, 2019
News Analysis
Sensex’s roller-coaster journey: From 100 to 39,000
On 1 April 2019, the BSE Sensex climbed the peak of 39,000 points for the first
time. The 30-share Sensex, India’s oldest stock market index, also completed 40
years on the same day. The Sensex was launched in 1986 but 1 April 1979 is the
base year when the index was set at 100. “It is a matter of pride for BSE that
Sensex has completed 40 years. It was the first real-time index of India and caught
the imagination of the investing public. Till date it represents India’s stock markets
in public imagination," said Ashish Chauhan, chief executive officer, BSE Ltd. The
Sensex is seen as the barometer of India’s growth and reflects the changes in the
economy over time. So if stocks of companies in industrial, material and consumer
discretionary segments, such as engineering, cement, fertilizers and consumer
electronics, dominated the initial composition, the services sector came to
represent it with the inclusion of financial services, telecommunications and others
in the mid-1990s. From early 2000, sectors such as information technology,
financial services, consumer discretionary, healthcare and even energy became
important components of the Sensex.
“The S&P BSE Sensex has remained the essential gauge for the economic health of
the Indian market over the last 40 years and continues to demonstrate tremendous
vitality. The reputation, integrity and track record of this benchmark fully reflects
the fundamental role that indices play in today’s financial market. The S&P BSE
Sensex is a witness of the evolution of the Indian economy, having passed many
milestones in the last 40 years. The benchmark closed for the first time above the
10,000 mark in 2006, above 20,000 in 2007 and reached 30,000 in 2017," said
Koel Ghosh, head, South Asia, S&P Dow Jones Indices.
Economic and Political News
SC verdict on RBI's Feb 12 circular may delay resolution of stressed assets
Indian Railways targets at least 50% of freight traffic by 2030
Realtors can opt for old GST rates with input tax credit till May 10
WTO trims global trade growth forecast for 2019 to 2.6% from 3.7%
Corporate News
Cash-strapped Jet Airways offers its Boeing 737 pilots leave without pay
MTNL will stay afloat even after service licence expires on April 6: DoT
No production of Tata Nano for third month in a row, no sales in March
Delhi High Court rejects HUL's plea on Emami's Fair and Handsome
Manappuram Finance signs MoU with Autolite to finance electrical vehicles
Mindtree panel ropes in Khaitan and Co, ICICI Securities as advisors
Market Outlook
April 03, 2019
Top Picks
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
Favorable outlook for the AC industry to augur well
for Cooling products business which is out pacing
Blue Star
6,800
706
867
22.8
the market growth. EMPPAC division's profitability
to improve once operating environment turns
around.
Well capitalized with CAR of 18.1% which gives
sufficient room to grow asset base. Faster
ICICI Bank
2,56,204
397
460
15.7
resolution of NPA would reduce provision cost,
which would help to report better ROE.
High order book execution in EPC segment, rising
KEI Industries
3,315
420
486
15.7
B2C sales and higher exports to boost the revenues
and profitability
Expected to benefit from the lower capex
Music Broadcast Limited
1,648
60
95
59.4
requirement and 15 year long radio broadcast
licensing.
Strong brands and distribution network would
Siyaram Silk Mills
1,931
412
606
47.1
boost growth going ahead. Stock currently trades
at an inexpensive valuation.
GST regime and the Gujarat plant are expected to
Maruti Suzuki
2,07,917
6,883
10,820
57.2
improve the company’s sales volume and margins,
respectively.
We expect loan book to grow at 24.3% over next
GIC Housing
1,470
273
424
55.3
two year; change in borrowing mix will help in NIM
improvement
Third largest brand play in luggage segment
Increased product offerings and improving
Safari Industries
1,636
733
1,000
36.5
distribution network is leading to strong growth in
business. Likely to post robust growth for next 3-4
years
We expect financialisation of savings and
Aditya Birla Capital
22,685
103
151
46.5
increasing penetration in Insurance & Mutual fund
would ensure steady growth.
One of the leading Indian dairy products
companies in India created strong brands in dairy
products. Rising revenue share of high-margin
Parag Milk Foods
2,194
261
330
26.5
Value Added Products and reduction in interest cost
is likely to boost margins and earnings in next few
years.
HDFC Bank maintained its steady growth in the
4QFY18. The bank’s net profit grew by 20.3%.
Steady growth in interest income and other income
HDFC Bank
6,25,666
2,297
2,500
8.8
aided PAT growth. The Strong liability franchise
and healthy capitalisation provides strong earning
visibility. At the current market price, the bank is
trading at 3.2x FY20E ABV.
Market Outlook
April 03, 2019
Continued...
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
We expect strong PAT growth on back of
healthy growth in automobile segment (on back
of new launches and facelifts in some of the
M&M
82,940
667
1,050
57.4
model ) and strong growth in Tractors segment
coupled by its strong brand recall and
improvement in rural sentiment
Market leader in the room air conditioner (RAC)
outsourced manufacturing space in India with a
market share of
55.4%. It is a one-stop
Amber Enterprises
2,698
858
984
14.7
solutions provider for the major brands in the
RAC industry and currently serves eight out of
the 10 top RAC brands in India
BIL is the largest footwear retailer in India,
offering footwear, accessories and bags across
brands. We expect BIL to report net PAT CAGR
of
~16% to
~`3115cr over FY2018-20E
Bata India
17,781
1,383
1,479
6.9
mainly due to new product launches, higher
number of stores addition and focus on
women’s high growth segment and margin
improvement
SHTF is in the sweet spot with benefits from
stronger CV volumes, NIMs unaffected by rising
Shriram Transport Finance
27,229
1,200
1,764
47.0
bond yields on the back of stronger pricing
power and an enhancing ROE by 750bps over
FY18-20E, supported by decline in credit cost.
We expect JSPL’s top line to grow at 27% CAGR
over FY19-FY20 on the back of strong steel
demand and capacity addition. On the bottom
Jindal Steel & Power Limited
17,902
185
327
76.8
line front, we expect JSPL to turn in to profit by
FY19 on back of strong operating margin
improvement.
GMM Pfaudler Limited (GMM) is the Indian
market leader in glass-lined (GL) steel
equipment. GMM is expected to cross CAGR
GMM Pfaudler Ltd
1,776
1,215
1,400
15.2
15%+ in revenue over the next few years
mainly led by uptick in demand from user
industries and it is also expecting to increase its
share of non-GL business to 50% by 2020.
Aurobindo Pharmaceuticals, amongst the
Indian Pharmaceutical companies, is well
placed to face the challenging generic markets,
given its focus on achieving growth through
Aurobindo Pharmaceuticals
46,023
786
890
13.3
productivity. Aurobindo will report net revenue
& net profit CAGR of ~13% & ~8% resp.
during FY2018-20E. Valuations are cheap V/s
its peers and own fair multiples of 17-18x.
We believe advance to grow at a healthy CAGR
of 35% over FY18-20E. Below peers level ROA
RBL Bank
29,032
681
763
12.0
(1.2% FY18) to expand led by margin
expansion and lower credit cost.
TTK Prestige has emerged as one of the leading
brands in kitchen appliances in India after its
successful transformation from a single product
TTK Prestige
9,951
8,541
9,250
8.3
company to offering an entire gamut of home
and kitchen appliances. We are expecting a
CAGR of 18% in revenue and 25% in PAT over
FY2018-20.
Maintain Hold.
Source: Company, Angel Research
Market Outlook
April 03, 2019
Continued...
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
We expect Inox Wind to report exponential
growth in top-line and bottom-line over FY19-
20E. The growth would be led by changing
renewable energy industry dynamics in favor of
Inox Winds
1,523
69
120
74.8
wind energy segment viz. changes in auction
regime from Feed-In-Tariff (FIT) to reverse
auction regime and Government’s guidance for
10GW auction in FY19 and FY20 each.
Considering the strong CV demand due to
change in BS-VI emission norms (will trigger
pre-buying activities), pick up in construction
Ashok Leyland
26,214
89
156
74.7
activities and no significant impact on industry
due to recent axle load norms, we recommend
BUY on Ashok Leyland at current valuations.
Source: Company, Angel Research
Fundamental Call
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
CCL is likely to maintain the strong growth
CCL Products
3,908
294
360
22.6
trajectory over FY18-20 backed by capacity
expansion and new geographical foray
We forecast Nilkamal to report top-line CAGR of
~9% to `2,635cr over FY17-20E on the back of
Nilkamal
2,146
1,438
2,178
51.5
healthy demand growth in plastic division. On the
bottom-line front, we estimate
~10% CAGR to
`162cr owing to improvement in volumes.
Elantas Beck India is the Indian market leader in
liquid insulation segment used in electrical
equipments like motors, transformers etc. It derives
Elantas Beck India Ltd
1,883
2,376
2,500
5.2
demand from several industries which are expected
to register 10%+ CAGR in demand in the coming
years. We can book out from the stock with 16%
profit at Rs. 2500 TP.
Greenply Industries Ltd (GIL) manufactures plywood
& allied products and medium density fibreboards
(MDF). GIL to report net revenue CAGR of ~14% to
Greenply Industries
2,010
164
256
56.1
~`2,478cr over FY2017-20E mainly due to healthy
growth in plywood & lamination business on the
back of strong brand and distribution network
L&T Fin’s new management is on track to achieve
L&T Finance Holding
30,132
151
210
39.3
ROE of 18% by 2020 and recent capital infusion of
`3000cr would support advance growth.
Well planned strategy to grow small business loans
and cross-selling would propel fees income. We
Yes Bank
64,914
280
290
3.4
expect YES to grow its advance much higher than
industry and improvement in asset quality to
support profitability.
Market Outlook
April 03, 2019
Global economic events release calendar
D ate
Time
C ountry
Event Description
Unit
Period
Bl oomberg Data
L ast Reporte d
E stimate d
Mar 16, 2019
JN
Housi ng Starts YoY
% Change
Sep
0.02
(0.01)
Mar 20, 2019
JN
Annualized Housing Starts
% Change
Sep
0.957m
0.950m
Mar 20, 2019
JN
Construction Orders YoY
% Change
Sep
0.01
--
Mar 21, 2019
12: 00 AM
ES
Industrial Production YoY
% Change
Sep
0.06
--
Mar 21, 2019
12: 00 AM
RO
ILO Unemployment Rate
% Change
Sep
0.04
--
Mar 22, 2019
3:15 AM
DE
Unempl oyment Rate SA
% Change
Sep
0.03
--
Mar 23, 2019
4:30 AM
DE
Unempl oyment Rate Gross Rate
% Change
Sep
0.04
0.04
Mar 23, 2019
4:30 AM
FI
Trade Balance
% Change
Aug F
-400m
--
Mar 24, 2019
4:30 AM
TU
Economic Confidence
% Change
Oct
71.00
--
Mar 25, 2019
5:20 AM
TU
Trade Balance
% Ratio
Sep
-2.42b
-1.90b
Mar 25, 2019
5:20 AM
TU
Central Bank Infl ation Re port
%
Mar 26, 2019
5:30 AM
TH
Exports YoY
% Change
Sep
0.06
--
Mar 26, 2019
5:30 AM
TH
Exports
% Change
Sep
$22380m
--
Mar 27, 2019
5:31 AM
TH
Imports YoY
%
Sep
0.24
--
Mar 27, 2019
5:31 AM
TH
Imports
%
Sep
$21776m
--
Mar 28, 2019
5:31 AM
TH
Trade Balance
Thousands
Sep
$604m
--
Mar 28, 2019
6:00 AM
TH
BoP Current Account Balance
% Change
Sep
$753m
$1200m
Mar 29, 2019
0-Jan-00
AU
CPI YoY
% Change
3Q
0.02
0.02
Source: Company, Angel Research
Market Outlook
April 03, 2019
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
10.0
9.0
8.5
9.1
8.0
7.3
7.5
9.0
8.2
6.9
6.9
8.0
8.1
6.6
7.6
7.7
7.0
8.0
7.2
6.8
7.0
6.0
5.3
7.0
6.3
4.5
6.1
5.0
4.1
5.6
3.9
6.0
4.0
5.0
3.0
1.8
4.0
2.0
1.0
3.0
-
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
54.0
5.2
5.1
4.9
4.9
4.9
4.6
52.0
5.0
4.4
4.3
4.2
50.0
3.6
3.7
4.0
3.3
48.0
3.0
46.0
2.0
44.0
1.0
42.0
40.0
-
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
35.0
7.00
30.0
6.50
25.0
6.00
20.0
5.50
15.0
5.00
10.0
4.50
5.0
4.00
0.0
3.50
(5.0)
3.00
Source: Bloomberg, Angel Research As of 25 Sep, 2018
Source: RBI, Angel Research
Market Outlook
April 03, 2019
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
8.0
(%)
6.9
7.0
5.8
6.0
5.3
5.0
5.0
1.1
3.7
4.0
2.5
3.0
2.2
1.8
2.0
1.5
1.4
0.8
1.0
0.3
-
Source: Bloomberg, Angel Research
Exhibit 2: 2017 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
6.7
6.8
7.0
6.0
5.4
5.2
5.0
3.7
4.0
3.0
1.8
2.2
2.0
1.7
1.6
1.5
2.0
0.7
0.7
1.0
-
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
(x)
25.0
20.0
15.0
10.0
5.0
-
Source: IMF, Angel Research As of 25 Sep, 2018
Market Outlook
April 03, 2019
Exhibit 4: Relative performance of indices across globe
Returns (%)
C ountry
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
87424
11.2
10.4
15.1
Russia
Micex
2352
-5.0
1.3
13.0
India
Nifty
10387
-5.6
-8.5
-0.6
China
Shanghai Composite
2603
-7.7
-9.5
-23.8
South Africa
Top 40
46141
-6.9
-10.1
-12.7
Mexico
Mexbol
42340
-11.2
-15.1
-11.3
Indonesia
LQ45
923
-2.4
-1.2
-8.3
Malaysia
KLCI
1704
-3.6
-4.4
-2.2
Thailand
SET 50
1104
-4.7
-0.5
0.8
USA
Dow Jones
25116
-5.8
-1.2
6.8
UK
FTSE
7085
-5.2
-8.0
-5.9
Japan
Nikkei
21770
-10.8
-3.8
-3.4
Germany
DAX
11448
-7.2
-10.6
-14.8
France
CAC
5093
-7.5
-7.6
-7.6
Source: Bloomberg, Angel Research As of 02 Nov, 2018
Market Outlook
April 03, 2019
Exhibit 7: Historical Angel Top Picks/Fundamental Calls
D ate Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Curre nt Status
17-08-2018
Top Picks
Ashok Leyland
128
156
Open
10-08-2018
Top Picks
Inox Wind
107
127
Open
30-11-2018
Top Picks
TTK Prstige
7,206
8,200
Open
09-08-2018
Top Picks
TTK Prstige
6,206
7,500
06-07-2018
Top Picks
Aurobindo Pharma
603
780
Open
30-08-2018
Top Picks
RBL Bank
626
690
Open
06-07-2018
Top Picks
RBL Bank
565
670
06-07-2018
Top Picks
Yes Bank
348
418
Open
30-06-2018
Top Picks
Jindal Steel & Power
222
350
Open
20-06-2018
Top Picks
Shriram Transport Finance Com
1,466
1,764
Open
30-07-2018
Top Picks
Bata India
918
1,007
Open
23-07-2018
Top Picks
Bata India
842
955
01-07-2018
Top Picks
Bata India
862
948
18-06-2018
Top Picks
Bata India
779
896
14-06-2018
Top Picks
Amber Enterprise s
1,026
1,230
Open
07-06-2018
Top Picks
M&M
918
1050
Open
04-05-2018
Top Picks
M&M
860
990
03-05-2018
Fundamental
L&T Finance Hol ding
171
210
Open
02-05-2018
Top Picks
HDFC Bank
1944
2315
Open
04-05-2018
Top Picks
Matrimony.com Ltd
573
1016
Closed(17/08/ 2018)
20-04-2018
Top Picks
Matrimony.com Ltd
781
984
15-05-2018
Top Picks
Parag Milk F oods Limited
310
410
Open
16-04-2018
Top Picks
Parag Milk F oods Limited
249
333
27-08-2018
Top Picks
GMM Pfaudler Limited
1,170
1,287
Open
18-08-2018
Top Picks
GMM Pfaudler Limited
1,024
1,200
07-08-2018
Top Picks
GMM Pfaudler Limited
984
1,100
29-06-2018
Fundamental
GMM Pfaudler Limited
932
1,020
14-05-2018
Fundamental
GMM Pfaudler Limited
818
900
06-04-2018
Fundamental
GMM Pfaudler Limited
712
861
07-03-2018
Fundamental
Ashok Leyland Ltd
139
163
Closed (26/ 04/ 2018)
03-03-2018
Fundamental
Greenply Industries
340
395
Open
27-08-2018
Top Picks
Safari Industries
974
1,071
Open
14-08-2018
Top Picks
Safari Industries
868
1,000
07-08-2018
Top Picks
Safari Industries
788
870
16-07-2018
Top Picks
Safari Industries
693
800
16-04-2018
Top Picks
Safari Industries
651
750
21-02-2018
Top Picks
Safari Industries
532
650
31-05-2018
Top Picks
HSIL Ltd
348
Closed (31/ 05/ 2018)
16-02-2018
Top Picks
HSIL Ltd
433
510
07-02-2018
Fundamental
Elantas Beck India Ltd.
2155
2500
Open
01-02-2018
Top Picks
ICICI Bank
352
416
Open
01-02-2018
Top Picks
Aditya Birla Capital
167
218
Open
04-01-2018
Fundamental
CCL Products
278
360
Open
03-01-2018
Fundamental
Nilkamal Ltd
1880
2178
Open
01-01-2018
Fundamental
Capital First Ltd
693
850
Closed (15/ 01/ 2018)
30-12-2017
Fundamental
Shreyans Industries Ltd
205
247
Closed
Source: Company, Angel Research
Market Outlook
April 03, 2019
Exhibit 8: Historical Angel Top Picks/Fundamental Calls
D ate Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Curre nt Status
Fundamental
Prism Cement Ltd
160
Closed (09/ 05/ 2018)
21-12-2017
Fundamental
Prism Cement Ltd
118
131
18-12-2017
Fundamental Menon Bearings Limited
92
114
Closed (17/ 01/ 2018)
14-12-2017
Top Picks
Ruchira Papers Ltd.
188
244
Closed (09/ 02/ 2018)
17-05-2018
Top Picks
Century Plyboards India
280
Closed(17/05/ 2018)
28-11-2017
Top Picks
Century Plyboards India
317
400
19-12-2017
Top Picks
LT Foods
85
Closed(18/06/ 2018)
06-11-2017
Top Picks
LT Foods
74
96
16-10-2017
FundamentalEndurance Technologie s Ltd
1111
1277
Closed (01/ 12/ 2017)
11-09-2017
Top Picks
GIC Housing
533
655
Open
10-10-2017
Top Picks
Music Broadcast Limited
404
475
Open
20-07-2017
Top Picks
Music Broadcast Limited
368
434
07-07-2017
Fundamental L&T Finance Hol dings Ltd
149
179
Closed (28/ 8/2017)
06-07-2017
Fundamental
Syngene International
478
564
Closed (1/3/2018)
05-07-2017
Top Picks
Maruti
7371
10619
Open
05-06-2017
Top Picks
Karur Vysya Bank
127
100
Closed (12/ 03/ 2018)
23-05-2018
Top Picks
KEI Industrie s
481
589
Open
04-01-2017
Top Picks
KEI Industrie s
125
485
31-05-2018
Top Picks
Alkem Lab
1978
Closed (31/ 05/ 2018)
01-12-2016
Top Picks
Alkem Lab
1700
2441
17-10-2016
Top Picks
Asian Granito
267
534
Closed (18/ 02/ 2018)
17-05-2018
Top Picks
TV Today Network
460
Closed (17/ 05/ 2018)
04-08-2016
Top Picks
TV Today Network
297
603
05-04-2016
Top Picks
DHFL
189
720
Open
25-06-2018
Top Picks
Navkar Corporation
207
Closed(25/06/ 2018)
05-01-2016
Top Picks
Navkar Corporation
207
265
Open
08-12-2015
Top Picks
Blue Star
357
867
Open
30-10-2015
Top Picks
Siyaram Silk Mills
186
851
Open
Source: Company
Market Outlook
April 03, 2019
Research Team Tel: 022 - 39357800
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