Market Outlook
January 04, 2019
Domestic Indices
Chg (%)
(Pts)
(Cl ose)
Market Cues
BSE Sensex
(1.1)
(378)
35,513
Indian markets are likely to open flat tracking global indices and SGX Nifty.
Nifty
(1.1)
(118)
10,792
Mid Cap
(1)
(156)
15,076
US stocks continue to see considerable weakness in mid-day trading on Thursday
Small Cap
(0.6)
(85)
14,573
after moving sharply lower early in the session. The Dow plumetted by 2.8 percent
to 22,686 and Nasdaq was down by 3 percent to 6,464.
Bankex
(0.7)
(226)
30,153
U.K. stock stocks succumbed to heavy selling pressure on Thursday, tracking weak
Global Indices
Chg (%)
(Pts)
(Cl ose)
global markets as revenue growth warnings from Apple and weak manufacturing
data from U.S.A added to investor concerns over slowing global growth. The FTSE
Dow Jones
(2.8)
(660)
22,686
100 declined by 0.6% to 6,692.
Nasdaq
(3.0)
(202)
6,464
FTSE
(0.6)
(42)
6,692
On domestic front, Indian shares fell sharply on Thursday as global growth worries
persisted and investors adopted a cautious stance ahead of corporate earnings
Nikkei
(0.3)
(63)
20,015
beginning next week. During the trading session
t
he BSE Sensex fell by 1% to
Hang Seng
(0.3)
(66)
25,064
35,513.
Shanghai Com
0
(1)
2,464
News Analysis
A dvances / Declines
BSE
NSE
RCom files case in Supreme Court against DoT over Jio deal
Advances
921
553
Declines
1,656
1,148
Detailed analysis on Pg2
Unchanged
149
361
Investor’s Ready Reckoner
Key Domestic & Global Indicators
Volumes (` Cr)
Stock Watch: Latest investment recommendations on 150+ stocks
BSE
2,210
Refer Pg5 onwards
NSE
27,159
Top Picks
C MP
Target
U psi de
Net Inflows (` Cr)
Ne t
Mtd
Ytd
C ompany
Sector
R ating
(`)
(`)
(%)
FII
4,745
5,519
(31,943)
Blue Star
Capital Goods
Buy
624
867
38.9
*MFs
583
(745) -114,458
ICICI Bank
Financials
Accumulate
363
416
14.5
Parag Milk F oods
Others
Buy
245
330
34.9
Bata India
Others
Accumulate
1,111
1,243
11.9
Top Gainers
Price (`)
Chg (%)
KEI Industrie s
Capital Goods
Buy
355
486
36.9
COX&KINGS
170
5.7
More Top Picks on Pg4
NAUKRI
1497
4.3
UJJIVAN
286
4.0
Key Upcoming Events
Previous
C onsensus
ASAHIINDIA
267
3.8
D ate
Region
Event Description
ReadingExpectations
INFRATEL
271
2.9
Jan 02, 2019
TU Central Bank Inflation Report
Jan 02, 2019
TH Exports YoY
0.06
--
Top Losers
Price (`)
Chg (%)
Jan 03, 2019
TH Exports
$22380m
--
Jan 03, 2019
TH Imports YoY
0.24
--
DENABANK
14
-19.8
Jan 04, 2019
TH Imports
$21776m
--
VIJAYABAN K
47
-7.3
More Events on Pg7
JINDALSTEL
147
-7.1
JETAIRWAYS
247
-6.4
RELINFRA
289
-5.5
As on Jan 03, 2018
Market Outlook
January 04, 2019
News Analysis
RCom files case in Supreme Court against DoT over Jio deal
Reliance Communications Ltd on Thursday filed a contempt of court plea against
the department of telecommunications in the Supreme Court claiming that it failed
to furnish a no-objection certificate clearing RCom’s spectrum deal with Reliance
Jio Infocomm Ltd even after the court had directed it to do so.
This means that the proposed asset sale, announced in December 2017 and
initially expected to be cleared by March
2018, will be delayed again,
affecting repayment to the lenders of RCom.
The Supreme Court had on 30 November cleared the sale of spectrum by Anil
Ambani-controlled RCom to elder brother Mukesh Ambani’s Reliance Jio on the
condition that the seller furnished ₹1,400 crore as corporate guarantee to the
government within two days. This corporate guarantee, to be furnished by Reliance
Realty, a unit of RCom, was in addition to the land parcel that had to be given as
security. The Supreme Court had also asked the central government to grant a no-
objection certificate within a week of receiving the corporate guarantee.
But DoT, on its part, refused to furnish the no-objection certificate after Reliance Jio
did not agree to assume payment liabilities of RCom to complete the spectrum
trading deal between the two companies.
Under the government’s spectrum trading guidelines, DoT has the right to recover
these dues.
Economic and Political News
IBC helped creditors recover Rs 80,000 crore to date, says Arun Jaitley
Supreme Court issues a notice to Sasan Power on a states' plea
Modi to roll out projects worth Rs 4,500 crore in Odisha on January 5
Corporate News
Essar Steel insolvency case: NCLAT asks NCLT to expedite decision
Bharti Airtel likely to see ARPU rise benefit only from March quarter
Jet Airways lenders to take a call on recasting loans in three weeks
Maggi fiasco returns to haunt Nestle India as SC revives class action suit
Power Grid Corporation board approves investments worth Rs 379.45 crore
Market Outlook
January 04, 2019
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 busine ss which i s out pacing
Blue Star
6,011
624
867
38.9
the market growth. EMPPAC division' s profitability
to improve once operating environme nt turns
around.
Well capitalized with CAR of 18.1% which gives
sufficient room to grow asset base. Faster
ICICI Bank
2,33,961
363
416
14.5
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
2,802
355
486
36.9
B2C sales and higher exports to boost the revenues
and profitability
Expected to benefit from the lower capex
Music Broadcast Limited
1,765
312
475
52.0
requirement and
15 year l ong radio broadcast
licensing.
Strong brands and distribution network would
Siyaram Silk Mills
1,663
355
606
70.8
boost growth going ahead. Stock currently trades
at an inexpensive valuation.
GST regime and the Gujarat plant are expected to
Maruti Suzuki
2,17,615
7,204
10,820
50.2
improve the company’s sales volume and margins,
respectively.
We expect loan book to grow at 24.3% over next
GIC Housing
1,375
255
424
66.0
two year; change in borrowing mix will help in NIM
improve ment
Third large st brand pl ay in luggage segment
Increase d product offerings and improving
Safari Industries
1,769
793
1,000
26.1
distribution network is leading to strong growth in
busine ss. Likely to post robust growth for next 3-4
years
We expect financialisation of savings and
Aditya Birla Capital
21,706
99
151
53.1
increasing penetration in Insurance & Mutual fund
would ensure steady growth.
One of the le ading Indi an dairy products
companie s in India created strong brands in dairy
products. Rising revenue share of high-margin
Parag Milk F oods
2,058
245
330
34.9
Value Adde d Products and reduction in interest cost
is likely to boost margins and earnings in next few
years.
HDFC Bank maintaine d its ste ady growth in the
4QFY18. The bank’s net profit grew by
20.3%.
Steady growth in interest income and other income
HDFC Bank
5,74,427
2,112
2,350
11.3
aided PAT growth. The Strong liability franchise
and healthy capitalisati on provide s strong earning
visibility. At the current market price, the bank is
trading at 3.2x FY20E ABV.
Market Outlook
January 04, 2019
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 the
M&M
89,379
719
1,050
46.0
model ) and strong growth in Tractors segme nt
coupled by its strong brand recall and
improve ment in rural sentime nt
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
2,822
897
1,135
26.5
solutions provi der for the major brands i n 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
14,283
1,111
1,243
11.9
mainly due to new product launche s, higher
number of stores addition and focus on
women’s high growth se gment and margi n
improve ment
SHTF is in the sweet spot with benefits from
stronger CV volumes, NIMs unaffected by rising
Shriram Transport Finance
26,276
1,158
1,764
52.3
bond yields on the back of stronger pricing
power and an enhancing ROE by 750bps over
FY18-20E, supported by decline in cre dit 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. O n the bottom
Jindal Steel & Power Limited
14,219
147
327
122.6
line front, we expect JSPL to turn in to profit by
FY19 on back of strong operating margi n
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 Pfaudler Ltd
1,736
1,188
1,287
8.3
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 Pharmaceuticals, amongst the
Indian Pharmaceutical companies, i s well
placed to face the challenging ge neric markets,
given its focus on achieving growth through
Aurobindo Pharmaceutical s
41,945
716
870
21.5
productivity. Aurobindo will report net revenue
& net profit CAGR of
~13% & ~8% resp.
during F Y2018-20E. 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
23,929
562
690
22.7
(1.2% F Y18) to expand led by margi n
expansion and lower credit cost.
TTK Prestige has emerged as one of the leading
brands in kitchen appliances in Indi a after its
successful transformati on from a single product
TTK Prestige
8,647
7,486
8,200
9.5
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
Continued...
Market Outlook
January 04, 2019
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
1,697
76
127
66.1
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
28,798
98
156
59.0
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
3,579
269
360
33.8
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
2,168
1,453
2,178
49.9
healthy de mand growth in plastic division. On the
bottom-line front, we estimate
~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 like motors, transformers etc. It derives
Elantas Beck India Ltd
1,758
2,217
2,500
12.8
demand from several industries which are expected
to register 10%+ CAGR in demand in the coming
years.
Greenply Industries Ltd (GIL) manufactures plywood
& allied products and me dium density fibreboards
(MDF). GIL to report net revenue CAGR of ~14% to
Greenply Industries
1,686
138
256
86.2
~`2,478cr over FY2017-20E mainly due to healthy
growth in plywood & lamination business on the
back of strong brand and di stribution network
L&T Fin’s new management i s on track to achieve
L&T Finance Hol ding
29,061
146
210
44.3
ROE of 18% by 2020 and recent capital infusion of
`3000cr would support advance growth.
With a focus on the low and me dium income (LMI)
consumer segment, the company has increased its
Dewan Housi ng Finance
7,372
235
300
27.7
presence in tier-II & III cities where the growth
opportunity i s immense.
Well planned strategy to grow small busine ss loans
and cross-selling would propel fees income. We
Yes Bank
42,523
184
290
57.7
expect YES to grow its advance much higher than
industry and improveme nt in asset quality to
support profitability.
Market Outlook
January 04, 2019
Global economic events release calendar
Bl oomberg Data
D ate
Time
C ountry
Event Description
Unit
Period
L ast Reporte d
E stimate d
Jan 02, 2019
JN
Housi ng Starts YoY
% Change
Sep
0.02
(0.01)
Jan 02, 2019
JN
Annualized Housing Starts
% Change
Sep
0.957m
0.950m
Jan 02, 2019
JN
Construction Orders YoY
% Change
Sep
0.01
--
Jan 02, 2019
12: 00 AM
ES
Industrial Production YoY
% Change
Sep
0.06
--
Jan 03, 2019
12: 00 AM
RO
ILO Unemployment Rate
% Change
Sep
0.04
--
Jan 03, 2019
3:15 AM
DE
Unempl oyment Rate SA
% Change
Sep
0.03
--
Jan 03, 2019
4:30 AM
DE
Unempl oyment Rate Gross Rate
% Change
Sep
0.04
0.04
Jan 03, 2019
4:30 AM
FI
Trade Balance
% Change
Aug F
-400m
--
Jan 03, 2019
4:30 AM
TU
Economic Confidence
% Change
Oct
71.00
--
Jan 04, 2019
5:20 AM
TU
Trade Balance
% Ratio
Sep
-2.42b
-1.90b
Jan 04, 2019
5:20 AM
TU
Central Bank Infl ation Re port
%
Jan 04, 2019
5:30 AM
TH
Exports YoY
% Change
Sep
0.06
--
Jan 04, 2019
5:30 AM
TH
Exports
% Change
Sep
$22380m
--
Jan 04, 2019
5:31 AM
TH
Imports YoY
% Sep
0.24
--
Jan 05, 2019
5:31 AM
TH
Imports
% Sep
$21776m
--
Jan 05, 2019
5:31 AM
TH
Trade Balance
Thousands
Sep
$604m
--
Jan 05, 2019
6:00 AM
TH
BoP Current Account Balance
% Change
Sep
$753m
$1200m
Jan 05, 2019
0-Jan-00
AU
CPI YoY
% Change
3Q
0.02
0.02
Source: Company, Angel Research
Market Outlook
January 04, 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
January 04, 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
January 04, 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
January 04, 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
January 04, 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
January 04, 2019
Research Team Tel: 022 - 39357800
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