Market Outlook
October 03, 2018
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Cl ose)
Indian markets are likely to open positive tracking global indices and SGX Nifty.
BSE Sensex
0.8
299
36,526
U.S. stocks fluctuated over the course of the trading session on Tuesday before
Nifty
0.7
77
11,008
eventually ending the session mixed. Despite the choppy trading on the day, the
Mid Cap
0.5
77
14,840
Dow reached a new record closing high. The major averages ended the day on
Small Cap
(0.3)
(35)
14,395
opposite sides of the unchanged line. While the Dow climbed up by 0.5% to 26,773,
Bankex
1
278
28,270
the Nasdaq fell by 0.5% to 7,999.
UK stocks drifted lower on Tuesday, with Brexit worries and growing tensions
Global Indices
Chg (%)
(Pts)
(Cl ose)
between the United States and China keeping investors nervous. Concerns about the
spending plans of Italy's new populist government also weighed on markets. The
Dow Jones
0.5
122
26,773
FTSE 100 was down by 0.6 percent at 7,449.
Nasdaq
(0.5)
(38)
7,999
FTSE
(0.6)
(47)
7,449
On domestic front, Indian stocks reversed earlier losses to finish sharply higher on
Nikkei
0.5
125
24,246
Monday after a survey showed activity in India's manufacturing sector expanded
more quickly in September on strong domestic and export order growth. The BSE
Hang Seng
0.3
73
27,788
Sensex rose by 0.8% to 36,526. The markets were closed on Tuesday on account of
Shanghai Com
1.1
30
2,821
Gandhi Jayanti.
A dvances / Declines
BSE
NSE
Advances
527
299
News Analysis
Declines
2,128
1,480
Manufacturing PMI rises to 52.2 in September on back of new orders
Unchanged
146
278
Detailed analysis on Pg2
Volumes (` Cr)
Investor’s Ready Reckoner
BSE
1,820
Key Domestic & Global Indicators
NSE
853
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg5 onwards
Net Inflows (` Cr)
Ne t
Mtd
Ytd
Top Picks
FII
(1,077)
(1,418)
(6,857)
C MP
Target
U psi de
C ompany
Sector
R ating
*MFs
1,125
3,967
80,584
(`)
(`)
(%)
Blue Star
Capital Goods
Buy
565
867
53.5
Dewan Housi ng Finance
Financials
Buy
275
500
81.8
Top Gainers
Price (`)
Chg (%)
Parag Milk F oods
Others
Buy
240
410
70.8
LAKSHVILAS
85
19.9
Bata India
Others
Buy
972
1,243
27.9
IL&FSTRANS
27
19.5
KEI Industrie s
Capital Goods
Buy
357
589
65.0
More Top Picks on Pg4
DHFL
318
15.4
INFIBEAM
67
14.2
Key Upcoming Events
SREINFRA
36
11.4
Previous
C onsensus
D ate
Region
Event Description
ReadingExpectations
Oct 05, 2018 US
Change in N onfarm payrolls
201.00
Top Losers
Price (`)
Chg (%)
Oct 05, 2018 US
Unnemployment rate
3.90
PCJEWELLER
55
-10.9
Oct 05, 2018 India
RBI Reverse Re po rate
52.80
Oct 05, 2018 India
RBI Repo rate
201.00
IBREALEST
83
-7.0
More Events on Pg7
JAICORPLTD
106
-6.6
SHOPERSTOP
499
-6.0
FORCEMOT
1725
-5.9
As on Oct 1, 2018
Market Outlook
October 03, 2018
News Analysis
Manufacturing PMI rises to 52.2 in September on back of new
orders
Manufacturing activity rose in September on the back of new orders from both
domestic and foreign markets, showed the widely-tracked Nikkei purchasing
managers' index (PMI). This also led to the generation of new jobs, even as
September activities were slightly lower than in July.
At 52.2 points in September, PMI was up from 51.7 in August. A reading below 50
is contraction while a score above that denotes expansion. In July, PMI stood at
52.3 points.
Growth of India’s manufacturing sector picked up during the latest survey period,
reflective of strengthening demand especially from foreign clients, which helped to
drive export growth up to its highest level since the turn of the year. Meanwhile,
price pressures intensified ahead of the Reserve Bank of India’s (RBI’s) monetary
policy review as input costs rose the most since June. A strong US dollar and
supply shortages had exacerbated high global prices for steel and fuel.
Output charges increased subsequently, albeit at a rate that remains well below
the equivalent measure for input prices. Rising prices continued to weigh on
sentiment, with confidence dropping a little to reach a three-month low.
Nonetheless, on balance, firms remain confident that output will continue to rise,
buoyed by recent new business wins.
Manufacturing firms boosted their workforce amid gains in new work orders. It
was primarily manufacturing which resulted in the country’s Gross Domestic
Product (GDP) growth of 8.2 per cent in the first quarter of the current financial
year — a two-year high.
Economic and Political News
India's core sector growth slips to 8-month low of 4.2% in August
DoT seeks legal opinion on ombudsman creation under telecom regulator Trai
Govt mulls 100% FDI in insurance broking; insurers' cap to stay at 49%
10 states offer 102 mineral blocks for auction in FY19, Jharkhand tops list
Muted cargo growth making port companies cautious on investment
Corporate News
IL&FS asset sale plan hangs in the balance
Coal India plans to pick up 20-30% stake in Australian coal mining firm
Shriram Group not looking at merging entities for now, says R Thyagarajan
PE-led buyout deals hit a record $5.5 billion
Ericsson settlement deal row: RCom seeks 60 days more for payment
Auto components maker Minda Corp to merge 5 subsidiaries over 6 to 8
months
Market Outlook
October 03, 2018
Top Picks
Market Cap
C MP
Target
Upside
C ompany
R ationale
(` Cr)
(`)
(`)
(%)
Favorable outlook for the AC industry to augur
well for Cooling products business which is out
Blue Star
5,471
568
867
52.6
pacing the market growth. EMPPAC division's
profitability
to
improve once oper ating
environment turns around.
With a focus on the low and medium income (LMI)
consumer se gme nt, the company has increased its
Dewan Housi ng Finance
9,976
318
720
126.4
presence in tier-II & III cities where the growth
opportunity i s immense.
Well capitalized with CAR of 18.1% which gives
sufficient room to grow asset base. Faster
ICICI Bank
2,02,149
314
416
32.5
resolution of NPA would reduce provision cost,
which would help to report better ROE.
High order book execution in EPC segment, rising
KEI Industrie s
2,986
381
589
54.6
B2C sales and higher exports to boost the
revenues and profitability
Expected to benefit from the lower capex
Music Broadcast Limited
1,792
314
475
51.3
requirement and 15 year long radio broadcast
licensing.
Strong brands and distribution network would
Siyaram Silk Mills
1,950
416
851
104.6
boost growth going ahe ad. Stock currently trades
at an inexpensive valuation.
GST regime and the Gujarat plant are expected to
Maruti Suzuki
2,25,512
7,465
10,820
44.9
improve the company’s sales volume and
margins, respectively.
We expect loan book to grow at 24.3% over next
GIC Housing
1,366
254
540
112.6
two year; change in borrowing mix will help in
NIM improvement
Third largest brand play in luggage segme nt
Increase d product offerings and improving
Safari Industries
1,562
700
1,071
53.0
distribution network i s leadi ng to strong growth i n
busine ss. Likely to post robust growth for next 3-4
years
We expect financialisation of savings and
Aditya Birla Capital
24,435
111
218
96.4
increasing penetration in Insurance & Mutual fund
would ensure steady growth.
One of the leading Indian dairy products
companie s in Indi a created strong brands in dairy
products. Rising revenue share of high -margin
Parag Milk F oods
2,064
245
410
67.3
Value Added Products and reduction in interest
cost is likely to boost margins and earnings in next
few years.
HDFC Bank maintaine d 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
5,53,312
2,036
2,350
15.4
aided PAT growth. The Strong liability franchise
and healthy capitalisation provi des strong earning
visibility. At the current market price, the bank is
trading at 3.2x FY20E ABV.
Source: Company, Angel Research
Market Outlook
October 03, 2018
Continued...
Market Cap
C MP
Target
Upside
C ompany
R ationale
(` Cr)
(`)
(`)
(%)
We expect strong PAT growth on back of
healthy growth in automobile segment (on
back of new launches and facelifts in some of
M&M
1,05,373
848
1,050
23.8
the model
) and strong growth in Tractors
segment coupled by its strong brand recall
and improveme nt 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 Enterprise s
2,878
915
1,230
34.4
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 footwe ar 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
12,444
968
1,243
28.4
mainly due to new product launches, hi gher
number of store s addition and focus on
women’s high growth se gme nt and margin
improve ment
SHTF is in the sweet spot with benefits from
stronger CV volumes, NIMs unaffected by
Shriram Transport Finance
rising bond yields on the back of stronger
25,801
1,137
1,764
55.1
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
Jindal Steel & Power Limited
18,768
194
327
68.6
bottom line front, we expect JSPL to turn in to
profit by FY19 on back of strong operating
margin improve ment.
GMM Pfaudler Limited (GMM) is the Indian
market leader in glass-lined (GL) steel
equipme nt. GMM is expected to cross CAGR
GMM Pfaulder
1,354
926
1,287
39.0
15%+ in revenue over the next few years
mainly led by uptick in de mand from user
industries and it is also expecting to increase its
share of non-GL business to 50% by 2020.
Aurobindo Pharmace uticals, amongst the
Indian Pharmaceutical companie s, is well
placed to face the challenging generic markets,
given its focus on achieving growth through
Aurobindo Pharmaceutical s
45,039
769
870
13.1
productivity. Aurobindo will report net revenue
& net profit CAGR of
~13% & ~8% re sp.
during FY2018-20E. Valuations are cheap V/ s
its peers and own fair multiples of 17-18x.
Well planne d strategy to grow small business
loans and cross-selling would propel fee s
Yes Bank
46,463
201
435
116.4
income. We expect YES to grow its advance
much higher than industry and improve ment in
asset quality to support profitability.
We believe advance to grow at a he althy
CAGR of 35% over FY18-20E. Below peers
RBL Bank
22,445
529
670
26.7
level ROA
(1.2% FY18) to expand led by
margin expansion and lower cre dit cost.
TTK Prestige has emerged as one of the
leading brands in kitchen appliances in India
after its succe ssful transformati on from a single
TTK Prestige
7,204
6,183
8,200
32.6
product 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.
Source: Company, Angel Research
Market Outlook
October 03, 2018
Continued...
Market Cap
C MP
Target
Upside
C ompany
R ationale
(` Cr)
(`)
(`)
(%)
We expect Inox Wind to report expone ntial
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
1,875
85
127
49.4
wind energy segment viz. changes in auction
regime from Feed-In-Tariff (FIT) to reverse
auction regi me 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
35,182
120
156
30.0
activities and no signi ficant 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
C MP
Target
Upside
C ompany
R ationale
(` Cr)
(`)
(`)
(%)
CCL is likely to maintain the strong growth
CCL Products
3,325
250
360
44.0
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
2,450
1,642
2,178
32.6
healthy de mand growth in pl astic divi sion. O n the
bottom-line front, we e stimate
~10% CAGR to
`162cr owing to improve ment in volumes.
Elantas Beck India is the Indian market leader in
liquid insulation segment used in electrical
equipme nts li ke motors, transformers etc. It derives
Elantas Beck India Ltd
1,546
1,950
2,500
28.2
demand from several industries w hich are expected
to register 10%+ CAGR in de mand in the coming
years.
Greenply Industries Ltd (GIL) manufactures plywood
& allied products and medium density fibreboards
(MDF). GIL to report net revenue CAGR of ~14% to
Greenply Industries
1,809
148
333
125.0
~`2,478cr over FY2017-20E mainly due to healthy
growth in plywood & lamination busine ss on the
back of strong brand and di stribution network
L&T Fin’s new manage ment is on track to achieve
L&T Finance Hol ding
26,171
131
210
60.3
ROE of 18% by 2020 and recent capital infusion of
`3000cr would support advance growth.
Market Outlook
October 03, 2018
Key Upcoming Events
Global economic events release calendar
Bl oomberg Data
D ate
Time
C ountry
Event Description
Unit
Period
L ast Reporte d
E stimate d
Oct 05, 2018
6:00 PM US
Change in N onfarm payrolls
Thousands
Sep
201.00Oct 05, 2018
6:00 PM US
Unnemployment rate
%
Sep
3.90
2:30 PM India
RBI Reverse Re po rate
%
Oct 5
6.25
2:30 PM India
RBI Repo rate
%
Oct 5
6.50
US
Producer Price Index (mom)
% Change
Sep
-
Oct 10, 2018
2:00 PM UK
Industrial Production (YoY)
% Change
Aug
0.90Oct 10, 2018
6:00 PM US
Consumer price index (mom)
% Change
Sep
0.20
Oct 11, 2018
2:30 PM India
RBI Cash Reserve ratio
%
Oct 5
4.00Oct 11, 2018
Oct 12, 2018
5:30 PM India
Industrial Production YoY
% Change
Aug
6.60Oct 12, 2018
China
Exports YoY%
% Change
Sep
9.80
Oct 16, 2018
0-Jan-00 UK
Joble ss claims change
Thousands
Sep
8.70Oct 16, 2018
0-Jan-00 China
Consumer Price Index (YoY)
% Change
Sep
2.30
Oct 19, 2018
0-Jan-00 China
Real GDP (YoY)
% Change
3Q
6.70Oct 19, 2018
Oct 25, 2018
0-Jan-00 Euro Zone ECB announces interest rates
%
Oct 25
-Oct 25, 2018
Source: Bloomberg, Angel Research
Market Outlook
October 03, 2018
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
Source: RBI, Angel Research
Market Outlook
October 03, 2018
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
Market Outlook
October 03, 2018
Exhibit 4: Relative performance of indices across globe
Returns (%)
C ountry
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
75,429
(4.0)
5.6
2.7
Russia
Micex
4,327
1.4
7.1
11.4
India
Nifty
11,515
0.7
6.1
14.1
China
Shanghai Composite
2,682
(1.5)
(11.3)
(20.8)
South Africa
Top 40
50,441
1.7
(1.7)
1.9
Mexico
Mexbol
49,612
2.2
6.3
(1.0)
Indonesia
LQ45
937
(2.7)
(2.6)
(4.7)
Malaysia
KLCI
1,804
(0.1)
1.6
1.7
Thailand
SET 50
1,136
2.5
0.7
9.9
USA
Dow Jones
26,155
3.4
3.9
17.5
UK
FTSE
7,304
(4.0)
(4.3)
0.7
Japan
Nikkei
23,095
4.0
1.1
19.8
Germany
DAX
12,124
(0.3)
(5.5)
(3.2)
France
CAC
5,353
0.9
(1.8)
2.1
Source: Bloomberg, Angel Research As of 25 Sep, 2018
Market Outlook
October 03, 2018
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
31-08-2018
Top Picks
TTK Prstige
7,235
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
October 03, 2018
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
October 03, 2018
Research Team Tel: 022 - 39357800
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