Market Outlook

November 03, 2016

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are likely to open negative tracking global cues and SGX Nifty.

BSE Sensex

(1.3)

(349)

27,527

Nifty

(1.3)

(112)

8,514

U.S. stocks extended losses on Wednesday, with the S&P 500 recording its longest

Mid Cap

(1.8)

(247)

13,194

losing streak in five years after the Federal Reserve, as expected, kept interest rates

Small Cap

(1.8)

(250)

13,307

unchanged. In announcing its decision, the Fed indicated that it doesn’t need for

much more evidence to justify a move, boosting the chances of a hike at its final

Bankex

(1.2)

(256)

21,993

meeting of the year. The S&P 500 index dropped 14 points to close at 2,098, falling

for seven sessions in a row for the first time since November 2011. The Dow Jones

Global Indices

Chg (%)

(Pts)

(Close)

Industrial Average declined 77 points to finish at 17,960.

Dow Jones

(0.4)

(77)

17,960

European stocks ended sharply lower on Wednesday, as the possibility of a victory

Nasdaq

(0.9)

(48)

5,106

by Donald Trump in next week’s U.S. presidential election and lower oil prices

FTSE

(1.0)

(72)

6,845

spooked global equity markets. The U.K.’s FTSE 100 index declined 1% to 6,845.

Nikkei

(1.8)

(308)

17,135

On the domestic turf, benchmark share indices ended over

1% lower on

Hang Seng

(1.5)

(337)

22,811

Wednesday, tracking a sell-off in global markets, amid growing uncertainty over the

Shanghai Com

(0.6)

(20)

3,103

US elections and the Fed's stance on interest rates at its two-day meet which

concludes later today. The S&P BSE Sensex ended down 349 points at 27,527 and

Advances / Declines

BSE

NSE

the Nifty50 closed 112 points lower at 8,514.

Advances

966

316

Result Review

Declines

1,990

1,336

 Aurobindo Pharma may buy Portugal's Generis, deal likely to be valued at

Unchanged

105

$200 million

Detailed analysis on Pg2

Volumes (` Cr)

BSE

3,274

Investor’s Ready Reckoner

NSE

18,578

Key Domestic & Global Indicators

Stock Watch: Latest investment recommendations on 150+ stocks

Net Inflows (` Cr)

Net

Mtd

Ytd

Refer Pg6 onwards

FII

(96)

44,918

Top Picks

MFs

560

8,106

22,052

CMP

Target

Upside

Company

Sector

Rating

(`)

(%)

Amara Raja Batteries Auto & Auto Ancill.

Buy

1,029

1,218

18.4

Top Gainers

Price (`)

Chg (%)

HCL Tech

Buy

764

1,000

30.9

Sreinfra

7.0

Bharat Electronics

Capital Goods

Accumulate

1,302

1,414

8.6

Skfindia

1,491

5.6

Equitas Holdings

Financials

Buy

176

235

33.7

Mmtc

4.7

Navkar Corporation Others

Buy

203

265

30.6

More Top Picks on Pg4

M&M

1,369

3.5

Infratel

367

3.2

Key Upcoming Events

Consensus

Date

Region

Event Description

Reading

Expectations

Top Losers

Price (`)

Chg (%)

Nov 03 US

FOMC rate decision

0.50

Canbk

294

(5.6)

Nov 03 UK

BOE Announces rates

0.25

Orientbank

121

(5.4)

Nov 04 US

Unnemployment rate

5.00

4.90

Gsfc

(5.4)

Nov 04 Germany

PMI Services

54.10

Nov 04 US

Change in Nonfarm payrolls

156.00

175.00

Hdil

(4.9)

6.(

More Events on Pg5

Deltacorp

169

(4.9)

As on November 02, 2016

www.angelbroking.com

Market Outlook

November 03, 2016

News analysis

Aurobindo Pharma may buy Portugal's Generis, deal likely to be

valued at $200 million

Hyderabad-based Aurobindo Pharma has expressed preliminary interest in

acquiring Portuguese drug maker Generis Farmaceutica for about $200 million.

Generis has presence across anti-infective, respiratory, anti-diabetes and

dermatology drugs, besides a contract manufacturing and analytical services arm.

It generated sales of around $60 million last year.

Aurobindo's bid comes on the heels of last month’s shot at Israeli drug maker

Teva's UK product portfolio, where it was outbid by Intas Pharmaceuticals.

Aurobindo's move to buy the Portuguese firm is seen as resurrection of an earlier

interest after its Teva chase was foiled. The Generis deal has been on the table for

a few months now and it fits Aurobindo's valuation range and its ambitions in

Europe.

Aurobindo has been among Indian drug makers keen on acquisition-led growth of

international operations. Its global sales reached

`13,896cr in FY16, from

`5,855cr in FY13. In Europe, Aurobindo's sales shot to `3,130cr last year, an 88%

CAGR from `468cr in 2013. The company wants to consolidate presence among

the top 10 in Europe, where its target markets are France, Germany, the

Netherlands, Spain, the UK, Portugal, Italy and Romania.

At a recent investor presentation, the company said lower generics penetration in

Italy, Spain and France offers growth potential as the share of generics improves. It

is also targeting extended presence in certain East European markets.

Although generics is beginning to show green shoots in European markets, a

section of the Indian industry believes it will be a difficult market due to its

scattered healthcare systems, a slow economic growth rate, near stagnating

healthcare spend and limited scope to increase prices due to tender-based

procurements in key markets. Besides, securing manufacturing efficiencies is a

challenge.

Aurobindo has worked around those issues and fared better than most of its

Indian peers. Two years ago, Aurobindo acquired the European business of the

erstwhile Actavis, which incurred losses in the early phase. It has started showing

signs of a turnaround in the last few quarters.

In recent times, Indian drug makers have turned aggressive bidders for

international assets. Last month, it was reported that Sun and Lupin were among a

handful of parties interested in buying the dermatology assets of German giant

Bayer for a deal that may be priced at over $1billion.

www.angelbroking.com

Market Outlook

November 03, 2016

Quarterly Bloomberg Brokers Consensus Estimate

Ambuja Cement Ltd - Nov 3, 2016

Particulars ( ` cr)

3QCY16E

3QCY15

y-o-y (%)

2QCY16

q-o-q (%)

Net sales

2,624

2,095

25.3

2,541

3.3

EBITDA

501

310

61.7

601

(16.6)

EBITDA margin (%)

19.1

14.8

23.6

Net profit

333

154

116.6

400

(16.7)

Union Bank Of India Ltd - Nov 4, 2016

Particulars ( ` cr)

2QFY17E

2QFY16

y-o-y (%)

1QFY17

q-o-q (%)

Net profit

203

658

(69.2)

166

22.1

Titan Ltd - Nov 4, 2016

Particulars ( ` cr)

2QFY17E

2QFY16

y-o-y (%)

1QFY17

q-o-q (%)

Net sales

3,058

2,655

15.2

2,783

9.9

EBITDA

275

203

35.5

292

(5.9)

EBITDA margin (%)

9.0

7.6

10.5

Net profit

180

145

23.8

127

42.1

United Breweries Ltd - Nov 4, 2016

Particulars ( ` cr)

2QFY17E

2QFY16

y-o-y (%)

1QFY17

q-o-q (%)

Net sales

1,640

1,016

61.3

1,486

10.4

EBITDA

296

150

97.1

290

2.1

EBITDA margin (%)

18.0

14.8

19.5

Net profit

142

194.2

147

(3.6)

Punjab National Bank Ltd - Nov 5, 2016

Particulars ( ` cr)

2QFY17E

2QFY16

y-o-y (%)

1QFY17

q-o-q (%)

Net profit

125

621

(80.0)

306

(59.4)

Economic and Political News

 S&P affirms India's sovereign ratings, says outlook is stable

 US Fed holds interest rates, sets up possible December rate hike

 Hillary Clinton narrowly beats Donald Trump among independents in new poll

Corporate News

 Hero MotoCorp sales up 4% at 6,63,153 units in October

 Adani, JSW and SembCorp in race to buy BC Jindal group's Odisha power

plant

 Zensar Technologies acquires UX design agency Foolproof

www.angelbroking.com

Market Outlook

November 03, 2016

Top Picks ★★★★★

Large Cap

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

To outpace battery industry growth due to better technological

Amara Raja Batteries

17,571

1,029

1,218

18.4

products leading to market share gains in both the

automotive OEM and replacement segments.

Healthy pace of branch expansion, backed by distribution

Axis Bank

1,13,538

476

630

32.4

network, will be the driving force for the bank’s retail business

and overall earnings.

Uptick in defense capex by government when coupled with

Bharat Electronics

31,244

1,302

1,414

8.6

BELs strong market positioning, indicate that good times are

ahead for BEL.

The stock is trading at attractive valuations and is factoring all

HCL Tech

1,07,803

764

1,000

30.9

the bad news.

Back on the growth trend, expect a long term growth of 14%

Infosys

2,25,353

981

1,249

27.3

to be a US$20bn in FY2020.

Source: Company, Angel Research

Mid Cap

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

We expect the company would report strong profitability

Asian Granito

799

266

351

32.2

owing to better product mix, higher B2C sales and

amalgamation synergy.

Among the top 4 players in the consumer durables segment.

Bajaj Electricals

2,632

261

306

17.5

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

5,307

557

634

13.9

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

9,926

317

350

10.4

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

5,894

176

235

33.7

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

6,378

195

225

15.3

radio business (Radio City) would also boost the company's

revenue growth.

Speedier execution and speedier sales, strong revenue visibilty

Mahindra Lifespace

1,728

421

522

23.9

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

1,095

113

24.2

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

2,893

203

265

30.6

as well CFS augurs well for the company.

Strong brands and distribution network would boost growth

Siyaram Silk Mills

1,457

1,554

1,714

10.3

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

2,079

349

363

4.2

and anticipated growth in ad spends by corporates to benefit

the stock.

Source: Company, Angel Research

www.angelbroking.com

Market Outlook

November 3, 2016

Key Upcoming Events

Result Calendar

Date

Company

November 03, 2016 Ambuja Cements, Mphasis, MM Forging

Union Bank, Allahabad Bank, Central Bank, Competent Automobiles, Transport Corporation of India,

November 04, 2016

Radico Khaitan

Amara Raja Batteries, Automotive Axle, Mangalam Cement, Punjab Natl.Bank, Dena Bank, Bank of

November 05, 2016

Maharashtra, Relaxo, Sterling Tools

November 07, 2016 CEAT, ICICI Bank, Godrej Consumer, GlaxoSmith Con, Britannia, Cravatex, Aventis

November 08, 2016 Bharat Forge, Ashok Leyland, BHEL, Vesuvius India, UFO Moviez

Source: Bloomberg, Angel Research

Global economic events release calendar

Bloomberg Data

Date

Time

Country

Event Description

Unit

Period

Last Reported

Estimated

Nov 03, 2016

11:30 PM

FOMC rate decision

% Nov 2

0.50

5:30 PM

BOE Announces rates

% Ratio Nov 3

0.25

Nov 04, 2016

6:00 PM

Unnemployment rate

% Oct

5.00

4.90

2:25 PM Germany

PMI Services

Value Oct F

54.10

6:00 PM

Change in Nonfarm payrolls

Thousands Oct

156.00

175.00

Nov 08, 2016

China

Exports YoY%

% Change Oct

(10.00)

(6.00)

3:00 PM

Industrial Production (YoY)

% Change Sep

0.70

Nov 09, 2016

7:00 AM

China

Consumer Price Index (YoY)

% Change Oct

1.90

2.10

Nov 10, 2016

India

Imports YoY%

% Change Oct

(2.50)

India

Exports YoY%

% Change Oct

4.60

Nov 11, 2016

5:30 PM

India

Industrial Production YoY

% Change Sep

(0.70)

Nov 14, 2016

7:30 AM

China

Industrial Production (YoY)

% Change Oct

6.10

6.20

12:00 PM

India

Monthly Wholesale Prices YoY%

% Change Oct

3.57

Nov 15, 2016

3:30 PM Euro Zone

Euro-Zone GDP s.a. (QoQ)

% Change 3Q P

0.30

12:30 PM Germany

GDP nsa (YoY)

% Change 3Q P

3.10

3:00 PM

CPI (YoY)

% Change Oct

1.00

Nov 16, 2016

3:00 PM

Jobless claims change

% Change Oct

0.70

7:45 PM

Industrial Production

% Oct

0.06

0.10

Producer Price Index (mom)

% Change Oct

0.80

Source: Bloomberg, Angel Research

www.angelbroking.com

Market Outlook

November 03, 2016

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

9.0

12.0

8.3

9.9

7.8

7.9

10.0

8.0

7.5

7.6

7.2

7.1

8.0

6.6

6.7

7.0

6.4

6.0

5.8

6.0

4.0

1.9

2.0

1.3

2.0

0.3

5.0

4.0

(2.0)

(0.7)

(0.9)

(1.3)

(1.6)

(4.0)

(2.5)

3.0

(3.4)

(6.0)

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

(%)

55.0

7.0

6.1

54.0

5.6

5.7

5.8

6.0

5.4

5.5

5.0

5.3

5.1

53.0

4.8

5.0

4.3

52.0

4.0

51.0

50.0

3.0

49.0

2.0

48.0

1.0

47.0

46.0

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

10.0

7.00

5.0

6.50

0.0

6.00

(5.0)

5.50

(10.0)

5.00

(15.0)

4.50

(20.0)

4.00

(25.0)

(30.0)

3.50

(35.0)

3.00

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

www.angelbroking.com

Market Outlook

November 03, 2016

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

63,326

8.5

11.6

34.6

Russia

Micex

1,969

(0.1)

2.1

14.4

India

Nifty

8,514

(0.9)

(1.8)

3.1

China

Shanghai Composite

3,103

4.1

1.7

(9.1)

South Africa

Top 40

43,835

(2.9)

(3.9)

(9.4)

Mexico

Mexbol

47,303

0.1

1.6

4.3

Indonesia

LQ45

925

(2.0)

(0.2)

14.9

Malaysia

KLCI

1,660

0.4

(2.8)

Thailand

SET 50

938

(0.7)

(0.8)

2.6

USA

Dow Jones

17,960

(1.5)

0.7

FTSE

6,845

(2.0)

3.2

7.5

Japan

Nikkei

17,135

4.2

3.4

(9.0)

Germany

DAX

10,371

(0.6)

2.7

(4.0)

France

CAC

4,415

(0.3)

2.1

(10.4)

Source: Bloomberg, Angel Research

www.angelbroking.com

Stock Watch

November 03, 2016

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Agri / Agri Chemical

Rallis

Neutral

216

4,208

1,937

2,164

13.3

14.3

9.0

11.0

24.0

19.7

4.2

3.7

18.4

19.8

2.4

2.1

United Phosphorus

Neutral

680

34,470

15,176

17,604

18.5

37.4

44.6

18.2

15.3

3.6

3.0

21.4

21.2

2.5

2.1

Auto & Auto Ancillary

Ashok Leyland

Buy

111

25,556

22,407

26,022

10.6

5.2

6.4

17.2

14.0

3.9

3.3

23.6

24.7

1.2

1.0

Bajaj Auto

Neutral

2,818

81,533

25,093

27,891

19.5

19.2

143.9

162.5

19.6

17.3

5.5

4.7

30.3

29.4

3.0

2.6

Bharat Forge

Neutral

852

19,838

7,726

8,713

20.5

21.2

35.3

42.7

24.1

20.0

4.5

4.0

18.9

20.1

2.7

2.3

Eicher Motors

Neutral

24,780

67,305

16,583

20,447

17.5

18.0

598.0

745.2

41.4

33.3

14.2

10.8

41.2

38.3

3.9

3.1

Gabriel India

Neutral

121

1,739

1,544

1,715

9.0

9.3

5.4

6.3

22.4

19.2

4.2

3.8

18.9

19.5

1.1

1.0

Hero Motocorp

Neutral

3,324

66,381

31,253

35,198

15.3

15.0

172.3

192.1

19.3

17.3

7.1

6.1

38.9

37.0

2.0

1.8

Jamna Auto Industries Neutral

225

1,794

1,486

1,620

9.8

9.9

15.0

17.2

15.0

13.1

3.3

2.8

21.8

21.3

1.3

1.2

L G Balakrishnan & Bros Neutral

684

1,074

1,302

1,432

11.6

11.9

43.7

53.0

15.7

12.9

2.2

2.0

13.8

14.2

0.9

0.8

Mahindra and Mahindra Neutral

1,369

85,049

46,534

53,077

11.6

11.7

67.3

78.1

20.3

17.5

3.3

2.9

15.4

15.8

1.7

1.5

Maruti

Neutral

5,799

175,164

69,186

82,217

14.7

14.4

198.5

241.4

29.2

24.0

5.7

4.6

20.2

20.0

2.2

1.8

Minda Industries

Neutral

384

3,050

2,728

3,042

9.0

9.1

68.2

86.2

5.6

4.5

1.3

1.0

23.8

24.3

1.1

1.0

Motherson Sumi

Neutral

323

45,358

45,896

53,687

7.8

8.3

13.0

16.1

24.8

20.1

8.0

6.4

34.7

35.4

1.1

0.9

Rane Brake Lining

Neutral

1,084

858

511

562

11.3

11.5

28.1

30.9

38.6

35.1

5.9

5.4

15.3

15.0

2.1

1.9

Setco Automotive

Neutral

562

741

837

13.0

15.2

17.0

2.8

2.5

0.5

0.4

15.8

16.3

1.2

1.1

Tata Motors

Neutral

514

148,402

300,209

338,549

8.9

8.4

42.7

54.3

12.1

9.5

1.9

1.6

15.6

17.2

0.6

TVS Motor

Neutral

401

19,030

13,390

15,948

6.9

7.1

12.8

16.5

31.4

24.2

7.8

6.2

26.3

27.2

1.5

1.2

Amara Raja Batteries

Buy

1,029

1,218

17,571

5,429

6,471

17.5

17.6

35.3

43.5

29.1

23.7

6.7

5.4

25.3

24.8

3.1

2.5

Exide Industries

Neutral

197

16,749

7,439

8,307

15.0

8.1

9.3

24.3

21.2

3.4

3.0

14.3

16.7

1.9

1.7

Apollo Tyres

Accumulate

199

235

10,145

12,877

14,504

14.3

13.9

21.4

23.0

9.3

8.7

1.4

1.3

16.4

15.2

1.0

0.9

Ceat

Accumulate

1,204

1,450

4,869

7,524

8,624

13.0

12.7

131.1

144.3

9.2

8.3

1.7

1.4

19.8

18.6

0.8

0.7

JK Tyres

Neutral

143

3,246

7,455

8,056

15.0

21.8

24.5

6.6

5.8

1.4

1.1

22.8

21.3

0.6

0.5

Swaraj Engines

Neutral

1,375

1,708

660

810

15.2

16.4

54.5

72.8

25.2

18.9

7.9

7.1

31.5

39.2

2.4

1.9

Subros

Neutral

167

999

1,488

1,681

11.7

11.9

6.4

7.2

26.0

23.2

2.8

2.5

10.8

11.4

0.8

0.7

Indag Rubber

Neutral

189

497

286

326

19.8

16.8

11.7

13.3

16.2

14.2

2.7

2.6

17.8

17.1

1.5

1.3

Capital Goods

ACE

Neutral

551

709

814

4.1

4.6

1.4

2.1

39.8

26.5

1.6

4.4

6.0

0.8

0.7

BEML

Buy

916

1,157

3,813

3,451

4,055

6.3

9.2

31.4

57.9

29.2

15.8

1.8

1.6

6.3

10.9

1.2

1.0

Bharat Electronics

Accumulate

1,302

1,414

31,244

8,137

9,169

16.8

17.2

58.7

62.5

22.2

20.8

3.4

3.1

44.6

46.3

2.7

2.4

www.angelbroking.com

Stock Watch

November 03, 2016

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Capital Goods

Voltas

Neutral

373

12,347

6,511

7,514

7.9

8.7

12.9

16.3

28.9

22.9

5.2

4.6

16.7

18.5

1.8

1.5

BGR Energy

Neutral

119

858

16,567

33,848

6.0

5.6

7.8

5.9

15.3

20.2

0.9

0.8

4.7

4.2

0.2

0.1

BHEL

Neutral

137

33,606

28,797

34,742

2.8

2.3

6.9

59.7

19.9

1.0

1.3

4.8

0.8

0.6

Blue Star

Buy

557

634

5,307

4,283

5,077

5.9

7.3

14.9

22.1

37.4

25.2

7.3

6.1

20.4

26.4

1.3

1.1

Crompton Greaves

Neutral

4,835

5,777

6,120

5.9

7.0

3.3

4.5

23.4

17.1

1.0

4.4

5.9

0.8

0.7

Greaves Cotton

Neutral

137

3,351

1,755

1,881

16.8

16.9

7.8

8.5

17.6

16.1

3.5

3.3

20.6

20.9

1.6

1.5

Inox Wind

Buy

218

286

4,827

5,605

6,267

15.7

16.4

24.8

30.0

8.8

7.3

2.4

1.8

25.9

24.4

0.9

0.8

KEC International

Neutral

123

3,160

9,294

10,186

7.9

8.1

9.9

11.9

12.4

10.3

1.8

1.6

15.6

16.3

0.6

0.5

Thermax

Neutral

851

10,137

5,421

5,940

7.3

25.7

30.2

33.1

28.2

4.0

3.7

12.2

13.1

1.8

1.6

VATech Wabag

Buy

489

681

2,664

3,136

3,845

8.9

9.1

26.0

35.9

18.8

13.6

2.4

2.0

13.4

15.9

0.8

0.6

Cement

ACC

Neutral

1,491

27,995

11,225

13,172

13.2

16.9

44.5

75.5

33.5

19.8

3.2

2.9

11.2

14.2

2.6

2.2

Ambuja Cements

Neutral

241

47,775

9,350

10,979

18.2

22.5

5.8

9.5

41.5

25.3

3.5

3.1

10.2

12.5

5.3

4.5

India Cements

Neutral

155

4,763

4,364

4,997

18.5

19.2

7.9

11.3

19.6

13.7

1.4

8.0

8.5

1.9

1.6

JK Cement

Neutral

909

6,356

4,398

5,173

15.5

17.5

31.2

55.5

29.1

16.4

3.5

3.0

12.0

15.5

2.0

1.7

J K Lakshmi Cement

Accumulate

482

565

5,676

2,913

3,412

14.5

19.5

7.5

22.5

64.3

21.4

4.0

3.3

12.5

18.0

2.6

2.2

Orient Cement

Buy

171

215

3,503

2,114

2,558

18.5

20.5

8.1

11.3

21.1

15.1

3.1

2.6

9.0

14.0

2.3

1.8

UltraTech Cement

Neutral

3,895

106,892

25,768

30,385

21.0

23.5

111.0

160.0

35.1

24.3

4.5

3.9

13.5

15.8

4.4

3.6

Construction

ITNL

Neutral

105

3,467

8,946

10,017

31.0

31.6

8.1

9.1

13.0

11.6

0.5

4.2

5.0

3.8

3.5

KNR Constructions

Neutral

722

2,032

1,385

1,673

14.7

14.0

41.2

48.5

17.5

14.9

3.3

2.8

14.9

15.2

1.7

1.4

Larsen & Toubro

Accumulate

1,446

1,700

134,801

67,665

77,249

10.7

11.5

57.3

71.2

25.2

20.3

2.3

2.2

12.6

14.3

2.2

1.9

Gujarat Pipavav Port

Neutral

168

8,127

705

788

52.2

51.7

5.0

5.6

33.6

30.0

3.3

3.0

11.2

11.3

9.6

Nagarjuna Const.

Neutral

4,953

8,842

9,775

9.1

8.8

5.3

6.4

16.8

13.9

1.3

1.2

8.2

9.1

0.8

0.7

PNC Infratech

Buy

120

143

3,087

2,350

2,904

13.1

13.2

9.0

8.8

13.4

13.7

0.5

0.4

15.9

13.9

1.5

1.2

Simplex Infra

Neutral

322

1,592

6,829

7,954

10.5

31.4

37.4

10.3

8.6

1.1

1.0

9.9

13.4

0.7

0.6

Power Mech Projects

Neutral

495

728

1,801

2,219

12.7

14.6

72.1

113.9

6.9

4.4

1.3

1.1

16.8

11.9

0.4

0.3

Sadbhav Engineering

Accumulate

269

298

4,606

3,598

4,140

10.3

10.6

9.0

11.9

29.8

22.6

3.1

2.7

9.9

11.9

1.6

1.4

NBCC

Neutral

240

14,373

7,428

9,549

7.9

8.6

8.2

11.0

29.2

21.8

1.5

1.2

28.2

28.7

1.7

1.2

MEP Infra

Neutral

674

1,877

1,943

30.6

29.8

3.0

4.2

13.8

9.9

6.7

4.5

0.6

1.8

1.6

SIPL

Neutral

100

3,513

1,036

1,252

65.5

66.2

(8.4)

(5.6)

3.7

4.3

(22.8)

(15.9)

11.8

9.8

www.angelbroking.com

Stock Watch

November 03, 2016

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Construction

Engineers India

Neutral

262

8,840

1,725

1,935

16.0

19.1

11.4

13.9

23.0

18.9

3.2

3.1

13.4

15.3

4.3

3.8

Financials

Axis Bank

Buy

476

630

113,538

46,932

53,575

3.5

3.4

32.4

44.6

14.7

10.7

1.9

1.6

13.6

16.5

Bank of Baroda

Neutral

150

34,539

19,980

23,178

1.8

11.5

17.3

13.0

8.7

1.5

1.2

8.3

10.1

Canara Bank

Neutral

294

15,972

15,225

16,836

1.8

14.5

28.0

20.3

10.5

1.4

1.1

5.8

8.5

Dewan Housing Finance Accumulate

317

350

9,926

2,225

2,688

2.9

29.7

34.6

10.7

9.2

1.7

1.5

16.1

16.8

Equitas Holdings

Buy

176

235

5,894

939

1,281

11.7

11.5

5.8

8.2

30.3

21.4

2.6

2.3

10.9

11.5

Federal Bank

Neutral

13,642

9,353

10,623

2.9

4.4

5.8

18.1

13.7

1.7

1.5

9.5

11.0

HDFC

Neutral

1,404

221,952

11,475

13,450

3.4

45.3

52.5

31.0

26.7

6.0

5.3

20.2

20.5

HDFC Bank

Accumulate

1,246

1,350

315,468

46,097

55,433

4.5

58.4

68.0

21.3

18.3

3.7

3.1

18.8

18.6

ICICI Bank

Neutral

272

158,194

39,029

45,903

3.3

16.7

16.3

16.7

2.0

1.8

10.1

12.4

LIC Housing Finance

Accumulate

573

630

28,930

3,712

4,293

2.6

2.5

39.0

46.0

14.7

12.5

2.8

2.4

19.9

20.1

Punjab Natl.Bank

Neutral

137

29,100

23,532

23,595

2.3

2.4

6.8

12.6

20.1

10.9

3.1

2.2

3.3

6.5

RBL Bank

Accumulate

382

365

14,129

1,783

2,309

2.6

12.7

16.4

30.1

23.3

3.3

2.9

12.8

13.3

South Ind.Bank

Neutral

3,112

6,435

7,578

2.5

2.7

3.1

8.5

7.4

1.1

0.9

10.1

11.2

St Bk of India

Neutral

251

195,079

88,650

98,335

2.6

13.5

18.8

18.6

13.4

1.8

1.6

7.0

8.5

Union Bank

Neutral

139

9,562

13,450

14,925

2.3

25.5

34.5

5.5

4.0

0.8

0.7

7.5

10.2

Yes Bank

Neutral

1,211

50,974

8,978

11,281

3.3

3.4

74.0

90.0

16.4

13.5

3.1

2.6

17.0

17.2

FMCG

Asian Paints

Neutral

1,062

101,872

17,128

18,978

16.8

16.4

19.1

20.7

55.6

51.3

19.4

18.3

34.8

35.5

6.3

5.7

Britannia

Accumulate

3,303

3,626

39,622

9,795

11,040

14.6

14.9

80.3

94.0

41.1

35.1

16.9

13.1

41.2

3.9

3.4

Colgate

Accumulate

956

995

26,011

4,605

5,149

23.4

23.8

26.9

40.2

35.6

22.2

17.4

64.8

66.8

5.5

4.9

Dabur India

Accumulate

294

304

51,772

8,315

9,405

19.8

20.7

8.1

9.2

36.3

32.0

10.1

8.4

31.6

31.0

5.7

5.0

GlaxoSmith Con*

Neutral

5,943

24,992

4,350

4,823

21.2

21.4

179.2

196.5

33.2

30.3

8.8

7.5

27.1

26.8

5.3

4.7

Godrej Consumer

Neutral

1,563

53,227

10,235

11,428

18.4

18.6

41.1

44.2

38.0

35.4

8.4

7.1

24.9

24.8

5.5

4.8

HUL

Neutral

841

182,110

35,252

38,495

17.6

17.4

20.4

21.9

41.2

38.4

33.9

29.7

82.2

77.3

4.9

4.5

ITC

Buy

237

283

286,440

40,059

44,439

39.0

39.2

9.1

10.1

26.1

23.5

7.1

6.2

27.2

26.5

6.7

6.0

Marico

Accumulate

269

300

34,648

6,430

7,349

18.8

19.5

6.4

7.7

42.0

34.9

12.7

10.7

33.2

32.5

5.5

4.8

Nestle*

Neutral

6,749

65,067

10,073

11,807

20.7

21.5

124.8

154.2

54.1

43.8

22.2

20.0

34.8

36.7

6.3

5.4

Tata Global

Neutral

135

8,517

8,675

9,088

9.8

7.4

8.2

18.2

16.5

2.1

2.0

7.9

8.1

1.0

0.9

Procter & Gamble

Neutral

7,160

23,243

2,939

3,342

23.2

23.0

146.2

163.7

49.0

43.7

109.7

105.1

25.3

23.5

7.3

6.4

Hygiene

www.angelbroking.com

Stock Watch

November 03, 2016

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

HCL Tech^

Buy

764

1,000

107,803

49,242

57,168

20.5

55.7

64.1

13.7

11.9

2.8

2.1

20.3

17.9

2.2

1.8

Infosys

Buy

981

1,249

225,353

68,350

77,326

27.0

62.5

69.4

15.7

14.1

3.4

3.1

21.3

21.6

2.9

2.5

TCS

Accumulate

2,304

2,620

454,075

119,025

133,308

27.6

131.2

145.5

17.6

15.8

5.7

5.2

32.4

33.1

3.7

3.3

Tech Mahindra

Buy

430

700

41,740

30,347

33,685

17.0

37.5

41.3

11.5

10.4

2.5

2.2

21.8

20.7

1.1

0.9

Wipro

Buy

458

590

111,315

55,440

60,430

18.1

35.9

39.9

12.8

11.5

2.3

2.1

19.0

19.3

1.8

1.7

Media

D B Corp

Neutral

381

7,005

2,297

2,590

27.4

28.2

21.0

23.4

18.2

16.3

4.2

3.7

23.7

23.1

2.9

2.5

HT Media

Neutral

2,000

2,693

2,991

12.6

12.9

7.9

9.0

10.9

9.6

0.9

7.8

8.3

0.4

0.2

Jagran Prakashan

Accumulate

195

225

6,378

2,355

2,635

28.0

10.8

12.5

18.1

15.6

3.9

3.4

21.7

2.8

2.4

Sun TV Network

Neutral

534

21,048

2,850

3,265

70.1

71.0

26.2

30.4

20.4

17.6

5.2

4.6

24.3

25.6

7.0

5.9

Hindustan Media

Neutral

301

2,209

1,016

1,138

24.3

25.2

27.3

30.1

11.0

10.0

2.1

1.9

16.2

15.8

1.5

1.3

Ventures

TV Today Network

Accumulate

349

363

2,079

637

743

27.5

18.4

21.4

19.0

16.3

3.3

2.8

17.4

17.2

2.7

2.3

Metals & Mining

Coal India

Neutral

328

206,987

84,638

94,297

21.4

22.3

24.5

27.1

13.4

12.1

5.6

5.3

42.6

46.0

1.9

1.7

Hind. Zinc

Neutral

270

113,957

14,252

18,465

55.9

48.3

15.8

21.5

17.1

12.5

2.8

2.4

17.0

20.7

7.5

5.8

Hindalco

Neutral

156

32,286

107,899

112,095

7.4

8.2

9.2

13.0

17.0

12.0

0.8

4.8

6.6

0.8

JSW Steel

Neutral

1,634

39,494

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

138

54,852

6,643

7,284

44.4

47.7

7.1

7.7

19.5

18.0

1.7

1.6

8.8

9.2

5.1

4.6

SAIL

Neutral

21,229

47,528

53,738

(0.7)

2.1

(1.9)

2.6

19.8

0.6

0.5

(1.6)

3.9

1.3

1.2

Vedanta

Neutral

218

64,704

71,744

81,944

19.2

21.7

13.4

20.1

16.3

10.9

1.4

1.3

8.4

11.3

1.2

0.9

Tata Steel

Neutral

414

40,174

121,374

121,856

7.2

8.4

18.6

34.3

22.2

12.1

1.4

1.3

6.1

10.1

1.0

Oil & Gas

Cairn India

Neutral

241

45,184

9,127

10,632

4.3

20.6

8.8

11.7

27.4

20.6

0.9

3.3

4.2

6.2

5.1

GAIL

Neutral

429

54,392

56,220

65,198

9.3

10.1

27.1

33.3

15.8

12.9

1.5

1.4

9.3

10.7

1.2

1.0

ONGC

Neutral

277

237,287

137,222

152,563

15.0

21.8

19.5

24.1

14.2

11.5

1.2

8.5

10.1

2.1

1.9

Indian Oil Corp

Neutral

316

153,495

373,359

428,656

5.9

5.5

54.0

59.3

5.9

5.3

0.9

0.8

16.0

15.6

0.6

0.5

Reliance Industries

Neutral

1,024

332,043

301,963

358,039

12.1

12.6

87.7

101.7

11.7

10.1

1.2

1.1

10.7

11.3

1.6

1.3

Pharmaceuticals

Alembic Pharma

Neutral

673

12,679

3,483

4,083

20.2

21.4

24.3

30.4

27.7

22.1

6.3

5.0

25.5

25.3

3.6

3.0

Aurobindo Pharma

Accumulate

789

877

46,170

15,720

18,078

23.7

41.4

47.3

19.1

16.7

5.0

3.9

29.6

26.1

3.3

2.9

Sanofi India*

Neutral

4,256

9,802

2,357

2,692

17.3

153.5

169.2

27.7

25.2

4.7

3.8

25.8

28.4

3.9

3.2

Cadila Healthcare

Neutral

405

41,503

11,126

13,148

22.0

17.1

20.0

23.7

20.3

6.1

4.8

28.8

26.6

3.8

3.1

Cipla

Sell

559

490

44,903

15,378

18,089

17.4

18.4

21.6

27.2

25.9

20.5

3.4

2.9

13.7

15.2

3.3

2.7

www.angelbroking.com

Stock Watch

November 03, 2016

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Pharmaceuticals

Dr Reddy's

Neutral

3,258

53,991

16,043

18,119

23.1

24.7

126.0

157.8

25.9

20.7

3.8

3.3

15.7

17.1

3.3

2.9

Dishman Pharma

Sell

245

3,961

1,718

1,890

22.7

22.8

9.5

11.3

25.8

21.7

2.5

2.3

10.1

10.9

2.6

2.3

GSK Pharma*

Neutral

2,813

23,824

3,528

3,811

16.6

18.8

51.8

59.4

54.3

47.4

14.5

26.3

30.6

6.8

6.4

Indoco Remedies

Sell

282

225

2,597

1,112

1,289

18.2

13.2

15.6

21.4

18.1

3.8

3.2

19.2

2.6

2.2

Ipca labs

Neutral

596

7,520

3,303

3,799

15.3

17.3

19.7

34.5

30.3

3.0

2.7

9.1

9.4

2.5

2.2

Lupin

Buy

1,496

1,809

67,423

15,912

18,644

26.4

26.7

58.1

69.3

25.7

21.6

5.0

4.1

21.4

20.9

4.4

3.6

Sun Pharma

Buy

715

944

172,006

31,129

35,258

30.0

30.9

28.0

32.8

25.5

21.8

3.9

3.3

18.7

18.9

5.4

4.5

Power

Tata Power

Neutral

20,839

36,916

39,557

17.4

27.1

5.1

6.3

15.1

12.2

1.3

1.2

9.0

10.3

1.6

1.5

NTPC

Neutral

156

128,712

86,605

95,545

17.5

20.8

11.8

13.4

13.2

11.7

1.3

10.5

11.1

2.8

Power Grid

Neutral

175

91,631

25,763

29,762

74.3

73.1

14.8

17.3

11.8

10.1

1.9

1.6

16.9

17.5

7.9

7.5

Real Estate

MLIFE

Buy

421

522

1,728

1,152

1,300

22.7

24.6

29.9

35.8

14.1

11.8

1.0

7.6

8.6

2.3

1.9

Telecom

Bharti Airtel

Neutral

310

123,720

105,086

114,808

34.5

34.7

12.2

16.4

25.4

18.9

1.7

1.6

6.8

8.4

2.1

1.8

Idea Cellular

Neutral

26,754

40,133

43,731

37.2

37.1

6.4

6.5

11.6

11.4

1.0

0.9

8.2

7.6

1.7

1.4

zOthers

Abbott India

Neutral

4,798

10,196

3,153

3,583

14.1

14.4

152.2

182.7

31.5

26.3

154.8

132.2

25.6

26.1

2.9

2.5

Bajaj Electricals

Buy

261

306

2,632

5,099

5,805

5.6

5.9

11.4

14.6

22.9

17.9

3.1

2.7

13.4

15.1

0.5

Finolex Cables

Neutral

440

6,732

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

Goodyear India*

Neutral

788

1,817

1,598

1,704

10.4

10.2

49.4

52.6

16.0

15.0

73.6

64.6

18.2

17.0

0.8

113.6

Hitachi

Neutral

1,510

4,106

2,081

2,433

8.8

8.9

33.4

39.9

45.2

37.9

36.5

30.4

22.1

21.4

2.0

1.7

Jyothy Laboratories

Neutral

354

6,432

1,440

2,052

11.5

13.0

8.5

10.0

41.7

35.4

10.1

9.3

18.6

19.3

4.8

3.3

Page Industries

Neutral

16,144

18,007

2,450

3,124

20.1

17.6

299.0

310.0

54.0

52.1

359.6

274.5

47.1

87.5

7.7

6.0

Relaxo Footwears

Neutral

429

5,146

2,085

2,469

9.2

8.2

7.6

8.0

56.7

53.9

22.0

18.8

17.9

18.8

2.6

2.2

Siyaram Silk Mills

Accumulate

1,554

1,714

1,457

1,799

2,040

11.6

11.7

104.9

122.4

14.8

12.7

2.4

2.1

16.4

1.0

0.9

Styrolution ABS India*

Neutral

636

1,119

1,440

1,537

9.2

9.0

40.6

42.6

15.7

14.9

40.0

36.4

12.3

11.6

0.8

0.7

TVS Srichakra

Neutral

3,792

2,903

2,304

2,614

13.7

13.8

231.1

266.6

16.4

14.2

426.1

335.5

33.9

29.3

1.3

1.1

HSIL

Neutral

346

2,503

2,384

2,515

15.8

16.3

15.3

19.4

22.6

17.9

22.5

19.4

7.8

9.3

1.2

1.1

Kirloskar Engines India

Neutral

345

4,996

2,554

2,800

9.9

10.0

10.5

12.1

32.9

28.6

13.8

13.0

10.7

11.7

1.6

1.4

Ltd

M M Forgings

Neutral

455

549

546

608

20.4

20.7

41.3

48.7

11.0

9.3

62.3

55.2

16.6

17.0

0.8

Banco Products (India)

Neutral

215

1,540

1,353

1,471

12.3

12.4

14.5

16.3

14.9

13.2

20.5

18.5

14.5

14.6

1.1

122.9

Competent Automobiles Neutral

193

118

1,137

1,256

3.1

2.7

28.0

23.6

6.9

8.2

37.1

33.5

14.3

11.5

0.1

www.angelbroking.com

Stock Watch

November 03, 2016

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

zOthers

Nilkamal

Neutral

1,704

2,543

1,995

2,165

10.7

10.4

69.8

80.6

24.4

21.1

97.4

84.6

16.6

16.5

1.3

1.2

Visaka Industries

Neutral

219

349

1,051

1,138

10.3

10.4

21.0

23.1

10.4

9.5

28.1

26.3

9.0

9.2

0.6

Transport Corporation of

Neutral

183

1,399

2,671

2,911

8.5

8.8

13.9

15.7

13.2

11.7

1.8

1.6

13.7

13.8

0.6

India

Elecon Engineering

Neutral

702

1,482

1,660

13.7

14.5

3.9

5.8

16.5

11.1

3.9

3.6

7.8

10.9

0.8

0.7

Surya Roshni

Neutral

232

1,018

3,342

3,625

7.8

7.5

17.3

19.8

13.4

11.8

25.5

20.5

10.5

10.8

0.6

0.5

MT Educare

Neutral

132

525

366

417

17.7

18.2

9.4

10.8

14.1

12.2

3.1

2.7

22.2

22.3

1.4

1.2

Radico Khaitan

Neutral

139

1,853

1,659

1,802

13.0

13.2

6.3

7.4

22.0

18.9

1.9

1.8

8.6

9.3

1.5

1.4

Garware Wall Ropes

Neutral

549

1,201

873

938

12.9

13.1

30.9

34.9

17.8

15.7

2.8

2.4

15.7

15.2

1.3

1.2

Wonderla Holidays

Neutral

375

2,121

287

355

38.0

40.0

11.3

14.2

33.2

26.4

4.8

4.2

21.4

23.9

7.7

6.2

Linc Pen & Plastics

Neutral

257

380

382

420

9.3

9.5

13.5

15.7

19.1

16.4

3.3

2.8

17.1

17.3

1.1

1.0

The Byke Hospitality

Neutral

188

755

287

384

20.5

7.6

10.7

24.8

17.6

5.2

4.2

20.7

23.5

2.6

1.9

Interglobe Aviation

Neutral

940

33,870

21,122

26,005

14.5

27.6

110.7

132.1

8.5

7.1

50.8

36.3

168.5

201.1

1.6

1.2

Coffee Day Enterprises

Neutral

222

4,567

2,964

3,260

20.5

21.2

4.7

8.0

27.7

2.6

2.4

5.5

8.5

2.0

1.7

Ltd

Navneet Education

Neutral

109

2,591

1,062

1,147

24.0

6.1

6.6

17.9

16.4

3.7

3.3

20.6

19.8

2.5

2.3

Navkar Corporation

Buy

203

265

2,893

408

612

42.9

42.3

6.8

11.5

30.0

17.6

2.1

1.9

6.9

10.5

7.9

5.3

UFO Moviez

Neutral

481

1,327

619

685

33.2

33.4

30.0

34.9

16.1

13.8

2.2

1.9

13.8

13.9

1.7

1.4

VRL Logistics

Neutral

281

2,566

1,902

2,119

16.7

16.6

14.6

16.8

19.3

16.7

4.2

3.7

21.9

22.2

1.6

1.4

Team Lease Serv.

Neutral

994

1,699

3,229

4,001

1.5

1.8

22.8

32.8

43.7

30.3

4.7

4.1

10.7

13.4

0.4

0.3

S H Kelkar & Co.

Neutral

311

4,498

1,036

1,160

15.1

15.0

6.1

7.2

50.9

43.3

5.4

5.0

10.7

11.5

4.2

3.7

Quick Heal

Neutral

247

1,731

408

495

27.3

27.0

7.7

8.8

31.9

28.1

3.0

9.3

10.6

3.5

2.9

Narayana Hrudaya

Neutral

342

6,993

1,873

2,166

11.5

11.7

2.6

4.0

129.4

86.3

7.9

7.2

6.1

8.3

4.0

3.5

Manpasand Bever.

Neutral

709

4,057

836

1,087

19.6

19.4

16.9

23.8

42.0

29.8

5.0

4.4

12.0

14.8

4.7

3.5

Parag Milk Foods

Neutral

317

2,606

1,919

2,231

9.3

9.6

9.5

12.9

33.6

24.5

5.2

4.3

15.5

17.5

1.5

1.3

Mirza International

Buy

113

1,095

1,024

1,148

18.0

6.9

8.0

13.5

11.7

2.3

1.9

16.6

16.2

1.3

1.1

Asian Granito

Buy

273

351

799

1,118

1,220

11.8

12.0

13.0

16.0

21.0

17.1

2.0

1.8

9.7

10.7

1.0

0.9

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on November 02, 2016

www.angelbroking.com

Market Outlook

November 03, 2016

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

DISCLAIMER

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registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number

INH000000164. Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing

/dealing in securities Market. Angel or its associates/analyst has not received any compensation / managed or

co-managed public offering of securities of the company covered by Analyst during the past twelve months.

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decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make

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